| Dear The 10th Man Reader, Emmanuel Macron has become the youngest leader in French history, and Marine Le Pen’s political career has hopefully been consigned to the history books. I’m taking a minor victory lap, having called the top of right-wing populism several months ago. I’ve been talking about it in both Street Freak and The Daily Dirtnap. Because of Trump and Brexit, Le Pen had actually become the consensus candidate—even though statistically she was never likely to take the oath of office. It’s hard to remember now that the pro-Europe candidate is in office, but a few months ago the broadly consensus view was that Le Pen would win and haul France out of the euro by the summer. So, being bullish on France over the last few months has been a very contrarian—even courageous—trade. And that’s what made it a vintage Street Freak recommendation. On December 6, we took a position in an ETF that tracks the MSCI France index: As you can see, this was a pretty great idea even before Macron’s victory. Now, I think EWQ will level off for a while. As I told readers of The Daily Dirtnap last week, good politicians work with a long lag. Two things. | I am a mega bull on European stocks. | | I’m going to come back to my Street Freak readers with another European trade idea sometime in the near future. |
Even Better Value than EWQ Because I don’t want you to miss out on the next great opportunity I dig up in Street Freak, you can currently get a subscription for 33% off. That works out to less than $17 a month, which is a pretty fantastic deal. And for the professionals among you, you can level up with a discount on Street Freak AND The Daily Dirtnap. Check out the offers through the link below—both have an expiry date. There are a lot of happy Street Freak subscribers out there right now. I hope you decide to join us and become one of them. | 