LC Investment Playbook Monthly Update July 2023

Spot Light

• Markets Pricing in 5 Rate Cuts Next Year

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Market Updates

• US Yield Curve Most Inverted Since 80s  
• US Corporate Bond Spreads Grinding Tighter
• US Default Rates inching higher
• Rates And Equities On Different Pages
• Price/Equity Ratio Back To Expensive Territories
• Equities & Bonds Yield Less Than Treasuries
• China in a Liquidity Trap
• Equity L/S Managers Have Lagged the Market

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‍Recent Trade Ideas

• Our team's recent trade ideas on various Live positions.

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