{"id":3204,"date":"2022-08-23T12:26:51","date_gmt":"2022-08-23T10:26:51","guid":{"rendered":"https:\/\/monocle.lu\/?p=3204"},"modified":"2022-09-06T11:36:28","modified_gmt":"2022-09-06T09:36:28","slug":"le-retour-du-jedi","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2022\/08\/23\/le-retour-du-jedi\/","title":{"rendered":"Return Of The Jedi"},"content":{"rendered":"<p>For those of you who don't have the reference, the title of this post echoes the third part of the first Star Wars trilogy - produced by Lucasfilm and released in 1983.<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>It is in this episode that Darth Vader - the figure of evil - makes a salvific return to reason and ends up killing his master mind, one of the most evil characters in the opus, just before the latter could commit the irreparable by murdering Luke Skywalker (Vader's son). An anthology comeback for moviegoers (<a href=\"https:\/\/monocle.us11.list-manage.com\/track\/click?u=a4246d11f2e2f33deafaefe7d&amp;id=b4fd7320e5&amp;e=4186afd42f\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"0\">watch it here).<\/a>).<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>This sounds quite far from the markets, you may ask? Well, to make a simple analogy, it would seem that recent weeks have seen a form of \"Return of the Jedi\" for bullish investors.<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>Indeed, the latter have managed to pull the indices out of their bear market situation (decline of more than 20%) by making the S&amp;P 500, for example, recover more than 17% in 2 months (from June 16 to August 16). Enough to give George Lucas ideas for a grandiose comeback.<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>\"Rebound\", \"Rally\", \"Relaxation\" .... are all media terms that investors who were suffering in the first half of the year are jubilant about. However, there is a catch: no one is able to provide a tangible justification for the upward movement that has animated the markets in recent weeks. A colossus with feet of clay? Surely...<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>Between Friday's session and Monday's at the time I was writing this post (it was 6.02pm to be precise), the S&amp;P had lost nearly 3%, the Swiss franc (one of the pillars of safe-haven strategies) was at an all-time high of 1.05 against the euro, and the same was true for the euro against the dollar, which fell below parity. At the same time, interest rates were rising (notably with the US 10-year rising back above 3%). Risk aversion could well be back.<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>What if Darth Vader does not come to his senses in 2022?<\/p>\n<hr \/>\n<p><strong>Market and portfolio focus<\/strong><\/p>\n<p>As you can see, the markets, after having risen sharply, are starting to recover. In this context, the Monocle fund is maintaining a cautious positioning with a net equity exposure of 5% (30% gross and 25% hedging). There were no significant transactions in the past week.<\/p>\n<p><br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>Have a great week,<br aria-hidden=\"true\" \/><br aria-hidden=\"true\" \/>Max<\/p>","protected":false},"excerpt":{"rendered":"<p>Pour celles et ceux d&rsquo;entre vous qui n&rsquo;ont pas la r\u00e9f\u00e9rence, le titre de ce billet fait \u00e9cho au troisi\u00e8me volet de la premi\u00e8re trilogie des Star Wars&#8230;<\/p>","protected":false},"author":8,"featured_media":3205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monocle - 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