‘When is it safe to buy small caps again? Not until HY credit spreads blow out!’
Indeed!! pic.twitter.com/xRpdyCblIs — Michael Lebowitz, CFA (@michaellebowitz) September 27, 2023 We can see how weak small caps have been during this Fed tightening cycle. The chart shows absolute performance. Only 1972 was worse — another cycle, like now, in which the Nifty Fifty dominated. /2 — Jurrien Timmer (@TimmerFidelity) September 28, 2023 Oil up USD …