S&P 500 Update 7 November 2025
The train approaches the station
The train never stops is about government printing money out of thin air. If OpenAI needs government support, they were testing the market, and Elon gets a $1T package, then clearly the value of money is disconnected from value.
More to the point can equities keep moving higher? Yes they can but a correction is increasingly likely and our judgement is that from here, risk/reward is no long favourable so we have squared up our long S&P position.
It’s been fun contra-trading all the talking heads but happy to walk way with more money than we had to start with.