This quarter buybacks have beaten all records, with an estimated 300 billion of buybacks, 100 billion more than last year´s record

Global Allocation Fund commentary for the month end March 2019, discussing due to the strong momentum they have cut short positions in half. Q4 hedge fund letters, conference, scoops etc March was again a good month for risk assets, and bad for us. In general, we are witnessing a progressive deterioration in macroeconomic indicators globally, with Europe and China being the worst performers while the US behaved somehow better (even with a clear downtrend). At the microeconomic level, tendency is the same. Companies are revising down their projections both for revenues and net income, with China in the lead, but…