Good morning contrarians! Stocks are moving higher in the pre-market despite a couple of negative headlines around Russia bond defaults and a crypto hedge fund blowup…

These events may yet be able to unwind without any systemic risk (the crypto hedge fund is small and Russia’s bonds, well, apparently not a concern either). But if there are many more such events, somebody is going to be left holding the bag. This would typically be the type of thing investors can point to as the proverbial ‘canary in the coal mine.’

Except investors appear to have decided that it’s time for risk-on. That was the story of last week at least and so far in the early going today it appears to be the story now as well. Is it too early to be piling into risk assets? Or is this an opportune time to snap up bargains, as Howard Marks said?

You tell me!

Oh, full briefing here: https://contrarianpod.substack.com/p/russia-bond-default-crypto-fund-blow?r=ag2nj&s=w&utm_campaign=post&utm_medium=web