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Put costs —12% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to zero now. This means the volatility/levera
nd long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Axed Income. Risk parity portfolios own more bonds than equities (due to th
Put costs —12% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to zero now. This means the volatility/levera
weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. EFTA00822154 We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Axed Income. Risk parity portfolios own more bonds than equities (due to th
ut costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to zero now. This means the volatility/lever
ities is unusual of late and tells us there is implications for risk parity portfolios. EFTA_R1_00024533 EFTA01737705 We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. Risk parity portfolios own more bonds than equities (due to
ut costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to zero now. This means the volatility/levera
d long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. Risk parity portfolios own more bonds than equities (due to
t costs - 3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to zero now. This means the volatility/levera
d long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. 13 EFTA_R1_01555901 EFTA02454273 Risk parity portfolios
t costs - 3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to zero now. This means the volatility/levera
d long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. 14 EFTA_R1_001 07693 EFTA01785512 Risk parity portfolios
Entities connected to both US Treasury ETF and Non-Farm Payrolls

Jeffrey Epstein
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Paul Volcker
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Richard Kahn
PERSONHans Mikkelsen
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