Mandelbrot called it one of his better tweets of the day: outsized returns require accepting risk in the face of uncertainty. The edge, in his framing, is finding moments when the market is overreacting to that uncertainty and taking the risk rather than waiting for perfect clarity.
Even with strong software results and NVIDIA maintaining a 5% gain after its earnings call, gold outperformed the Nasdaq overnight. The juxtaposition was the signal: conspicuous equity strength did not prevent precious metals from leading.