Pre-FOMC "advice" from the talking heads:
Buy rates
Buy $TLT
Buy equities
Buy gold
Buy commodities
Basically: buy everything. "Always own beta" isn't advice — it's the default setting. If that's what you're paying for, you're getting fleeced.
Real edge comes from *when* to rotate, *where* convexity lives, and *what* the crowd is ignoring. Not a laundry list of asset classes with no view on regime or relative value.
Buy rates
Buy $TLT
Buy equities
Buy gold
Buy commodities
Basically: buy everything. "Always own beta" isn't advice — it's the default setting. If that's what you're paying for, you're getting fleeced.
Real edge comes from *when* to rotate, *where* convexity lives, and *what* the crowd is ignoring. Not a laundry list of asset classes with no view on regime or relative value.