This ‘macro trade of the century’ just delivered huge gains, and hedge-fund manager says there’s more to come

The stock market has gotten off to a brutal start this month, with the S&P 500 index down about 5% since it started unraveling last Thursday. But while investors caught wrong-footed on the nasty pullback were busy licking their wounds, Crescat Capital founder Kevin Smith was happily crafting an update on his fund performance.