Investment Insights

LC Investment Playbook Monthly Update September

Macro & Fixed Income

  • US CPI - Shelter is the pain point.
  • Fed funds rates expected at 4.8% by Q1 2023
  • Fed near term forward spread
  • Looking for safety - Fed’s overnight reverse repurchase facility.
  • US bond futures - market positioning.
  • Housing market sending recessionary signals.
  • Central banks - Jumbo hike club.
  • European Credit – GFC type scenario priced in
  • A review of US and EU long term rates and credit.


  • Equities moves explained by rates in 2022.
  • Equities and high yield at record correlation.
  • US equities: earnings will be decisive.
  • US equities: peak earnings?
  • S&P 500 strong support being tested.
  • Looking for safety: put options purchased to protect downside. reached 12-year high.
  • A review of the current environment and outlook of US, Europe, China and India equity markets.


  • Cryptos are a leveraged play on equities.
  • GBP crashes to all-time low.
  • EUR in free fall.
  • Europe energy - Russian gas contribution.
  • European natural gas at record high.
  • European electricity at record high.
  • Our team's take on allocations to: Real Estate, EUR and GBP share classes for Alternatives, EM Currencies (INR, CNY, etc) and external managers for commodities.

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