Jonathan Keetz

ETF structure, quant investing, and portfolio construction.
Charts without the rocket ship emojis.

[Jonathan Keetz @jonkeetz]

Annual leadership changes more than most portfolios do. Diversification works because no asset stays on top for long.

[Jonathan Keetz @jonkeetz]

Probably CesiumAstro. They don’t need a heavy lift vehicle right now they need payload capabilities to build a constellation. Top end valuation for cesium is probably 1.5B so they would have plenty left over. I expect we’ll also see a cash injection into the EU hold co for acquisitions over in Europe.

[Jonathan Keetz @jonkeetz]

Q1

[Jonathan Keetz @jonkeetz]

Geopolitical shocks typically push yields lower.
Not when oil is driving inflation.

Oil leads. Inflation expectations follow. Rates adjust.

[Jonathan Keetz @jonkeetz]

2 Months in...

[Jonathan Keetz @jonkeetz]

YTD tells one story. Ranges tell another.

[Jonathan Keetz @jonkeetz]

10 years of U.S. sector returns

[Jonathan Keetz @jonkeetz]

Dispersion doesn’t just change returns.
It changes risk.

[Jonathan Keetz @jonkeetz]

Equal weight doesn’t outperform in all environments.
Historically, its edge has been strongest when cross-asset dispersion is elevated.

[Jonathan Keetz @jonkeetz]

Cross-asset dispersion rises during macro shifts and fades as narratives converge. Portfolio construction matters most when dispersion is elevated.

[Jonathan Keetz @jonkeetz]

The gap between the best and worst asset class each year is often wide. Dispersion is the risk of being concentrated in the wrong place.

[Jonathan Keetz @jonkeetz]

@GRDecter Slightly misleading