explicit
explicit
RUT
explicit
implicit
USD
Jefferies
8.0
Investment Bank $57.00B
David Zervos 9.0
Investment Bank $57.00B
David Zervos 9.0
12/22/2025 2:33:41 PM
metals
He explains gold strength is due to central banks feeling their reserve assets (USD, EUR) are 'not particularly safe' and needing 'to go back to the traditional gold.' This describes a structural, ongoing demand driver, not a short-term trade.
ndx
I think you have higher equities.
His recommended risk parity strategy is 'fully long equities.' He expects the strategy to deliver similar strong returns next year, implying a positive equity outlook.
| 10/29/2025 11:31:07 PM | short term up | 5 days later | -1.16% | -1.16% |
wti
We're going to see oil in the mid 40s to high 40s.
He links this specifically to a potential successful regime change in Venezuela, which would increase supply. He also notes oil is already down 15% for the year and frames lower oil prices as a disinflationary, market-positive outcome.
yields
I think you could have lower rates.
His core thesis is that the Fed is dovish and concerned about labor market weakness, which will lead to easier policy. His risk parity trade relies on lower rates working alongside higher equities.
| 12/1/2025 8:38:44 PM | medium term down | 20 days later | +2.03% | -2.03% |
| 10/16/2025 3:07:34 PM | medium term cautious down | 20 days later | +2.15% | -1.07% |
| 9/3/2025 7:11:49 PM | medium term down | 20 days later | -0.69% | +0.69% |
| 8/28/2025 6:44:17 PM | short term down | 5 days later | -0.38% | +0.38% |
| 8/20/2025 8:30:01 PM | medium term cautious up | 20 days later | -6.88% | -3.44% |
| 8/20/2025 8:29:45 PM | medium term cautious down | 20 days later | -6.88% | +3.44% |
| 8/20/2025 3:30:11 PM | medium term cautious down | 20 days later | -6.88% | +3.44% |
| 8/14/2025 8:32:54 PM | medium term cautious down | 20 days later | -3.51% | +1.76% |
