Note: This thread is related to #COVID19.

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Gavin Baker
+ Your AuthorsArchive @GavinSBaker Managing Partner & CIO, Atreides Management LP. Formerly Fidelity OTC Fund. No investment advice, views my own. Jan. 30, 2021 1 min read

1) In March, Covid was the only “beta” that mattered.

In Q2, WFH was the dominant “beta.”

From late summer through mid November, vaccine leverage was the most important “beta.”

Beginning in December, the “weaponization of short gamma” was the only “beta” that mattered.

2) Its importance hit a new high on Wednesday.

One of the wildest weeks in the market I have ever experienced in 20 years as a tech investor.

Right up there with 2000, 2008/2009 and March 2020 in terms of underlying volatility.

3) This is not a comment about bubbles, market tops or market bottoms. Just volatility.

Please don’t @ me about what beta means. It is in quotes for a reason!

You can follow @GavinSBaker.


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