It's now been a year since the weekly market summary thread moved to substack. You will all be surely accustomed to the classic format:
- macros/narratives
- markets (with interest rate, fx, equity and commodity hedging)
- micro (with comments on the movements of individual HY issues and issuers;
It all started as a means to keep track of my notes, which I write rigorously by hand every day in my hard-cover squared notebook, and has developed into the current form of the current "Weekly Market review".
The results of appreciation have certainly not been lacking and the subscribers have risen to over 2000, however far from the followers I have on the twitter account Credit From Macro to Micro. The newsletters have an average of 2000 active readers, also coming from twitter, but I have seen an open rate of emails that has never risen above 49-50%. So 1 out of 2 subscribers barely open the email.
Returning to the weekly letter, it arrived to include many analyzes and graphs often made on purpose, with a time that has gradually increased (almost 2 hours on Friday afternoon), but above all it came to a mental commitment and it started to consume me. Having such a long fixed commitment has added to the mental commitment of the positions in the portfolio (I always manage a proprietary bank portfolio) and the market has been very challenging in these two years.
In addition, I began to wonder if simply telling what happened in terms of macro events and narrative, or explaining market movements can really offer value to those who follow me.
For this series of reasons I have decided to take a break from the "weekly market review" for a while but keep writing only if there really is something to talk about. So the substack channel will continue to be active and focus much more on:
"educational" topics (which I have seen from the statistics and feedback have been greatly appreciated) like this one:
and many other topics on credit analysis (the piece on the methodology for assessing banks is already planned, using among other things the CAMEL method which I had already talked about in a tweet and that I can see clicking on the button below) or global macro (like some systematic tools I use to idea generation that use carry, value, momentum and macro strategies across fx, rates, equity and commodities).
“practical examples of investment process, business cycle and trade idea”, with many graphs like the ones I often post on twitter;
“special topics regarding macro, geopolitical and market data”, when there really will be a need to write something about it. As I wrote above the fact of being forced to write something every Friday has been what has consumed me quite a bit in this period.
I hope everyone understands and appreciates all the good things that are yet to come.
See you soon,
Your work has always been helpful and I’ll miss reading your weeklies! But it’s totally understandable: writing consistently is a huge commitment and even if it looks like a lot of work to your readers, it’s always more time than it seems.
Always very helpful content! I appreciate your work & learn a lot! Big effort! Thanks vm