Here, There, And Everywhere Report - October 2025

The denizens of GeoMacro strategy have remained bullish into October, despite our gut telling us that the equity rally has overextended itself on a technical basis. On cue, markets ripped our face off with a single missive from the Twitterer-in-Chief. While we scoff at the idea that the President will raise tariffs on China by 100%, the speed of the unwind of the "everything trade" that Friday suggests that market dynamics are not great.