"Markets always trading the 3Ms… Macro, Momentum, and Misfit trades" - Michael Hartnett BofA.
I like this short description of trading because it covers almost all you need to know. Trade the macro or at least have the macro determine the asset allocation. Trade the momentum or the trends because this is a risk factor that usually works. Trade the misfits or the outlier anomalies that are away from fair value. This is it. This is all you need to know as the base case. From there, the real work begins on how to make this work with actual trades.
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