YWR: HF Manager Notes

This week I met with my favorite fund of funds manager. She’s great. I share my views and she shares her summary of what the fund managers are saying. I also love her spin on things, because she smiles, listens and then thinks the complete opposite.

She was the one who called the bottom in the Euro at 1.03 the end of 2024 for the sole reason that nobody she spoke to could think of a single reason for the Euro to go up. None. In fact if you were bullish the Euro at that time they would strap you to a stretcher and wheel you away as a crazy person. Which was why she liked it. Classic YWR Insanity Trade.

Her top 12 takeways:

#1 Went to a hedge fund conference in Rome and the European managers are underweight US because they hate Trump. This is the complete opposite of several years ago when the same managers were all overweight US and bragging about it (while underweight Europe). Suggests the US could continue to do well.