Michael Kao: Some investors in GSE shares benefited from the Trump Trade but others may face losses

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13 hours ago

Michael Kao: Some investors in GSE shares benefited from the Trump Trade but others may face losses — GSE Trump Trade winners and potential losses

Michael Kao, CIO at Akadia Capital, reflected on his previous view regarding investments in both preferred and common shares of government-sponsored enterprises (GSEs).

He stated that those who profited from the so-called Trump Trade may have benefited from sentiment shifts, but warned that committed True Believers could ultimately incur losses.

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Kao previously discussed buying short-term call options on TLT, citing what he saw as a capitulation bottom in the bond ETF at that time. He later noted an increase in volatility as the TLT double-bottom pattern broke down on October 7, 2026 in a separate analysis. These comments build on his ongoing assessment of market sentiment and tactical positioning.

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