# Asset Class Playbook

## Equities
- Focus on earnings revisions, valuation, breadth, leadership, and volatility.
- Watch sector rotation patterns.
- High correlation with growth, inversely correlated with real rates (typically).

## Fixed Income
- Monitor 2Y and 10Y yields, yield curve shape, and MOVE index.
- Assess sovereign rates, corporate credit (IG, HY), and municipal bonds.
- Used for yield and portfolio hedging against equity drawdowns.

## Commodities
- Track oil, natural gas, gold, copper, agriculture.
- Act as inflation hedges and cyclical indicators (e.g., Copper).
- Geopolitical risk premiums often price into energy and gold.

## Foreign Exchange (FX)
- Dollar acts as the primary safe-haven and liquidity barometer.
- Emerging market currencies show high beta to global growth.
- Monitor interest rate differentials and current account balances.

## Alternatives
- Private credit and real estate (CRE).
- Watch for refinancing walls, covenant quality, and illiquidity premiums.