By now, I am sure most of you have seen the news, that George Weiss has decided after 46 years that it is time for the firm to close. I have been here for 18 years and worked with some of the finest individuals in the industry. The culture George and his team built over the long history will always remain as one of his greatest achievements and is highly unlikely to ever be recreated in this industry. George has been a mentor and friend throughout my time at Weiss, and I am forever grateful for the memories that are a part of who I am today, more than 18 years after first meeting him.
This will be my last content piece until the next step in my journey. From this point on, for anyone interested in contacting me about markets or just to catch up, I can be reached at Jordi.visser30@gmail.com or message me on my LinkedIn profile.
I will keep this content brief, and since it will be some time before I put out anything else, I will limit it to views on what has happened so far this year and how I think the rest of the year will play out. As the old saying goes, you can take the boy out of the markets, but you can’t take the markets out of the boy. For those of you who do reach out, I will still be following markets closely and will have views that will hopefully provoke some thought so while I am not creating content, please reach out directly.
So far this year, through early March, the most important trends I see have been: 1) the continuation so far of the AI narrow-based rally in stocks from 2023. Through March 5th, within the S&P 1500, only 478 of the 1500+ stocks are up more than the 6.18% YTD. 2) On the economy, things surprised on the upside, stronger than many feared. 3) The persistent decline in inflation has paused, leading to expectations for rate cuts to shift further out. 4) The launch of the Bitcoin ETF has led to it outperforming other assets once again.
For the rest of the year, when we look back, I still believe that currencies, commodities, and rates across the curve will end 2024 not too far from where they are today, leaving it another year without much macro movement. I expect the economy to be strong enough and inflation to be stubbornly higher than the Fed and market participants would have hoped. The impact of AI will continue to accelerate, but the market narrative for winners will broaden into new areas, including biotech. Finally, I thought this year would be the year all investors were forced to accept Bitcoin as something important for their portfolios, and the rise post the ETF launch to new all-time highs increases my conviction that 2024 is that year. The only surprise worth mentioning from here to the end of the year for me is that I do believe the Magnificent Seven will have, as a group, a challenging period for the rest of the year, which will only help more and more the growing acknowledgment of Bitcoin as a technology growth play.
Thanks to everyone for reaching out over the years to help shape my views and how I approach markets. You have taught me more than any data input over the years, and I am forever grateful for the relationships built during that time. All the best to everyone, and I hope to see you in the future in the next part of my journey.
Jordi
Important disclosures:
Disclosures: This content (the "Insights Page") is provided by Weiss Multi-Strategy Advisers LLC ("Weiss"). The views expressed on the Insights Page are for informational purposes only and are subject to change without notice. Information on the Insights Page has been developed internally and is based on market conditions as of the date of the original post on the Insights Page from sources believed to be reliable. Nothing on the Insights Page should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to buy or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. Please consult your own advisers regarding business, legal, tax, or other matters concerning investments. Weiss has no control over information at any external site hyperlinked on the Insights Page. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement or ongoing monitoring by Weiss of any hyperlinked site. Investing in securities is speculative and involves substantial risk of loss.
Disclosures: This content (the "Insights Page") is provided by Weiss Multi-Strategy Advisers LLC ("Weiss"). The views expressed on the Insights Page are for informational purposes only and are subject to change without notice. Information on the Insights Page has been developed internally and is based on market conditions as of the date of the original post on the Insights Page from sources believed to be reliable. Nothing on the Insights Page should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to buy or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. Please consult your own advisers regarding business, legal, tax, or other matters concerning investments. Weiss has no control over information at any external site hyperlinked on the Insights Page. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement or ongoing monitoring by Weiss of any hyperlinked site. Investing in securities is speculative and involves substantial risk of loss.
Important disclosures:
Disclosures: This content (the "Insights Page") is provided by Weiss Multi-Strategy Advisers LLC ("Weiss"). The views expressed on the Insights Page are for informational purposes only and are subject to change without notice. Information on the Insights Page has been developed internally and is based on market conditions as of the date of the original post on the Insights Page from sources believed to be reliable. Nothing on the Insights Page should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to buy or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. Please consult your own advisers regarding business, legal, tax, or other matters concerning investments. Weiss has no control over information at any external site hyperlinked on the Insights Page. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement or ongoing monitoring by Weiss of any hyperlinked site. Investing in securities is speculative and involves substantial risk of loss.
Disclosures: This content (the "Insights Page") is provided by Weiss Multi-Strategy Advisers LLC ("Weiss"). The views expressed on the Insights Page are for informational purposes only and are subject to change without notice. Information on the Insights Page has been developed internally and is based on market conditions as of the date of the original post on the Insights Page from sources believed to be reliable. Nothing on the Insights Page should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to buy or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. Please consult your own advisers regarding business, legal, tax, or other matters concerning investments. Weiss has no control over information at any external site hyperlinked on the Insights Page. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement or ongoing monitoring by Weiss of any hyperlinked site. Investing in securities is speculative and involves substantial risk of loss.
