Investors / stance tracking
What Andreas Steno Larsen is saying
FollowFollowingUnfollowFounder & CEO, Steno Research
11 dated public stances tracked since 2025-02-12, most recently 2026-10-21. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Andreas Steno Larsen's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Andreas Steno Larsen is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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11
tracked stances
10
themes
0
side flips
2026-10-21
last heard
Returns 90d +3.0% 60% correct · 5 calls · 180d +6.0% 60% correct · 5 calls · 1y +26.9% 100% correct · 5 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2025-02-12 | USTS | bullish | +2.5% | +5.4% | +9.0% |
| 2025-02-12 | GOLD | owns | +11.9% | +15.3% | +68.6% |
| 2025-02-12 | European Equities | bullish | +8.0% | +13.5% | +32.0% |
| 2025-02-12 | Commodities Broad | bullish | -3.2% | -2.0% | +10.2% |
| 2025-02-12 | BANKS | bullish | -4.2% | -2.3% | +14.3% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| GOLD | 2 | 2 bullish | 2026-08-27 | |
| BANKS | 1 | 1 bullish | 2025-02-12 | |
| BITCOIN | 1 | 1 bullish | 2026-08-27 | |
| Big Tech | 1 | 1 bullish | 2026-10-19 | |
| Commodities Broad | 1 | 1 bullish | 2025-02-12 | |
| European Equities | 1 | 1 bullish | 2025-02-12 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Nvidia GPU rental prices have risen ~40% YTD, meaning AI compute revenues are still outpacing the funding/interest-rate cost side of the infrastructure buildout
“the income side is still outpacing the liability side or the cost side”
Why the AI Buildout Won't Stop
2026-10-19
Big Tech
bullish
Real Vision (feed) · video
Blackwell GPU rental prices are up ~35-40% since January, meaning the revenue/income side of the AI buildout is outpacing the rising funding-cost liability side — so consensus expectations for hyperscaler capex cuts into earnings are wrong; additionally the…
“the income side is still outpacing the liability side or the cost side”
Is Inflation About to Derail the Rally? With Andreas Steno | Macro Mondays: October 19, 2026
Said again: 2026-10-21 (Real Vision (feed))
Extreme fear signals (Fear & Greed at 18, near-record put option volumes) combined with midterms seasonality — markets historically bottom late October and have never finished down in the 12 months following a midterm election under divided government — argue…
“we've never had a down year in the 12 months that followed a midterms election”
Is Inflation About to Derail the Rally? With Andreas Steno | Macro Mondays: October 19, 2026
Bessant's Treasury strategy requires dollar weakness to incentivize foreign central banks to recycle their appreciating currencies into US Treasuries, and his swap arrangements with Japan, Korea, and Abu Dhabi are explicitly designed to engineer this dollar…
“I've been banging the drum on this short dollar trade since mid July. It's starting to work.”
Scott Bessent's Treasury Move Could Change Everything w/ Andreas Steno | Raoul Pal The Journey Man
Bitcoin is a short-dollar expression with further upside as Bessant's Treasury buyback and SLR reform orchestrate dollar weakness and rotate liquidity back into risk assets, and it has already responded strongly to the buyback announcement
“Bitcoin has done tremendously well since this announcement...I still think there's more juice in that trade”
Scott Bessent's Treasury Move Could Change Everything w/ Andreas Steno | Raoul Pal The Journey Man
Gold is a short-dollar beneficiary with further room to run as the Bessant liquidity-extension strategy continues to drive dollar weakness through the back half of the year
“we've also seen spillovers to gold and Bitcoin and other such short dollar bets and I still think there's more juice in that trade”
Scott Bessent's Treasury Move Could Change Everything w/ Andreas Steno | Raoul Pal The Journey Man
The Truflation real-time inflation measure has reverted to September-October 2024 levels when the 10-year traded sub-4%, signaling CPI prints will surprise to the downside and allow the Fed to maintain easing bias
“I have a very very high conviction in bond yields coming down now — the Truflation measure is basically on the floor”
90d +2.5% · 180d +5.4% · 1y +9.0%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
2025-02-12
European Equities
bullish
Forward Guidance · video
Europe has been the best-performing equity market globally since early 2025 because reciprocal tariff framework is a net positive for Euro Zone (average tariff lower than US per World Bank), reversing a decade-long Widowmaker trade
“I'm pretty upbeat on Europe right now — the reciprocal tariffs concept is potentially a sweet spot for the Euro Zone”
90d +8.0% · 180d +13.5% · 1y +32.0%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
Western tariff front-running is driving unprecedented physical gold imports into the US comex, a demand driver uncorrelated with real rates that has broken the usual valuation models (R-squared near zero against real rates)
“we've been trading gold on the long side all year and I'm tempted to say it looks very very topish now but I'm not ready to call this up yet”
90d +11.9% · 180d +15.3% · 1y +68.6%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
European banking index has broken out of a multi-year abyss driven by rising private credit creation, and reciprocal-tariff dynamics actually favor Europe (lower baseline tariffs than EM countries means less risk of tit-for-tat retaliation)
“the European banking index has broken out and it's on an absolute tear right now — the best performing sector on Earth”
90d -4.2% · 180d -2.3% · 1y +14.3%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
2025-02-12
Commodities Broad
bullish
Forward Guidance · video
Rotation from a data-center-driven economy back to a real-economy cycle will disproportionately benefit materials as manufacturing PMI surges and private credit creation accelerates capex spending
“stuff like materials will likely have a very very strong 2025”
90d -3.2% · 180d -2.0% · 1y +10.2%
The Credit Cycle Is Just Getting Started | Andreas Steno Larsen
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