One of Astoria’s big calls for 2018 was to hedge risk assets and we see no reason to change that view. In fact, we have increased our hedges as the year progressed. We see a lot of recession checklists being produced. Where were those recession checklists in 2008? This late cycle discussion is exhausting. Market pundits have argued we are late cycle for the past 3 years. How many people have a good track record of timing AND profiting from where we are in the economic cycle...
