The environment appears to be set up for a “daddy snap.” In my house this refers to when I would come home from a perfectly good day exhausted but happy – and then walk into a bees’ nest of fighting kids and a frustrated wife. At first, I would try to ignore the chaos but ultimately the kids would say or do something so dumb I’d just lose my mind temporarily. A total overreaction to the whatever causes the whole thing, but it ends up resetting the household. In our view, the market is set up for a “daddy snap,” a sharp 2-5% correction from an extreme overbought condition with low volatility that proves temporary and inappropriate given our still-positive fundamental core thesis.

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