'Twas the Night Before Christmas

December 23, 2022

‘Twas the night before Christmas, and all through the house, not a creature was positive, not even a mouse . . . (well except for energy, metals, utilities).

The generals were hung by the chimney with care, one by one. Even Tesla this year.

Investors were nestled all snug in their beds, while visions of a Fed pivot danced in their heads.

And Powell in his ‘kerchief and I in my cap, watched as he tightened through our long winter’s nap. (QT / Rates / Proxy (i.e., “what it feels like”))

When out on the lawn there arose such a clatter. I sprang from the bed to see what was the matter.

Away to the window I flew like a flash, hoping analogs weren’t predicting one major crash.

Instead it was Xi, reelected with glow, faced large protests from all those below.

When what to my wondering eyes should appear. But a softening of policies, real and clear.

No the actions are genuine, reopening so quick. I know in a moment it must be St. Nick.

More rapid than eagles, the infection rates soared.

Quicker they recover, the quicker they’ll roar.

As Pooh whistled, and shouted, and called them by name;

Now, Alpha! now Beta! now, Delta and Omicron! On, Comet! on Cupid! on, Donner and Blitzen!

To the top of the porch!

To the top of Great Wall!

Now dash away!

Dash away, ZCP all!

A changed world indeed.

What a year.

Still a week left, but with luck and Wall Street vacations, we’re hoping that the markets will be calm and quiet. We’ll take a week off from posting as well, taking the opportunity to recharge after a volatile year. We’re also drafting our year-end letter for our investors, so that process begins. For 2023, all eyes will be on China, and if we get that right, and a bit of luck, then all should fall into place.

As we plunge fork-first into our holiday feasts, we wish you and your loved ones a wonderful, peaceful, and joyous holiday season. We thank you for all of the support you’ve given us this year. It has been invaluable, and we’re blessed to have you on this journey with us. Open Insights will have some exciting news to share shortly, and we can’t wait for 2023 to begin.

Happy holidays and have a fantastic New Year.

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