Third Point’s Q1 2019 Investor Letter

By the end of the First Quarter, equity markets had mostly bounced back from Q4 2018’s sharp decline. The dovish shift in Fed policy – which over the last six months went from a three to a zero-hike baseline for 2019 and accelerated the end of its balance sheet runoff – has primarily driven the rally. With this shift now arguably reflected in asset prices, further equity uplift likely will come...