We gained another 101bps in euphoric trade. One cannot make sense of the market when it comes to streaks like this — up for a 10th consecutive day. The knee jerk is to retrench and wait for a pullback. Alas, that sort of thinking might’ve got you out 5 days ago, missing out on the...Read More

I write to you from the confines of the Jacksonville Airport, a dump. Markets were supposed to go down, but instead went up. Try to understand the machinations of the war and oil and how it affects the global economy and you’ll go crazy. The constant melt up in high beta continues and traders are...Read More

Whether we agree with the war or not there is an incontrovertible condition needed to end the war, which is free passage of commerce in the Strait of Hormuz. The recent Trump move of blockading the Strait is preferable to attacking Iranian oil facilities and/or Kharg Island. I think markets are exaggerating the price of...Read More

We capped off the week +42bps and up more than 5% for the week, +6% month to date. Do not expect these uninterrupted gains to continue into next week. RC is away on business but I do not believe BCW has had a down session for April.We achieved +51bps in alpha against the SPY, which...Read More

First let’s review some real life headlines that isn’t conjecture.Bahrain: Reopened. Bahrain’s Civil Aviation Affairs announced the reopening of Bahrain’s airspace on April 8, 2026, and Bahrain International Airport began a gradual resumption of flights on April 9.United Arab Emirates: Open. The UAE’s GCAA said air traffic operations had returned to normal across UAE airspace...Read More