💵 Can Europe... Change?
The Eurozone's now in one of those 'technical' recessions. The ECB will keep hiking a bit longer, but what's 'next'... Can Europe change?
The Eurozone's now in one of those 'technical' recessions. The ECB will keep hiking a bit longer, but what's 'next'... Can Europe change?
"Narrow breadth market rallies are unhealthy!" "Nah, it's fine, the rest will catch up" All about that breadth...
Degrowthers have decided that economic growth is somehow 'bad'. They say the only logical choice is to degrow ('shrink' couldn't get approval from marketing)...
Massive job losses due to AI? Can this 'new' tech really deliver that level of automation?
It's pretty clear that we've gone from overstimulating to probably overtightening. The Recession Reaper is getting his cloak on and sharpening his scythe. One big question still captivates me... Then what?
Prices keep rising, companies are making profits and people are outraged. Greedflation is a popular explanation. It's a lie.
Diving into the Russell 2000 to see if there are actually any diamonds in the rough (RUT) is rarely advisable, but it happened anyway...
The incredible tale of Bed, Bath & Beyond, a new focus on profitability (weird), and the death of GAAS (Grift As A Service)
You'll often hear people talk about thinking probabilistically as a superpower. If you can just learn to do it, you'll level up your brain, unlock Pandora's box, succeed at trading and finally get that Lambo
Old Stanley's been hitting the headlines a lot lately. We love Druck. But why does the media always focus on the wrong quotes?
"It's so over" vibes are getting stronger - how long can markets keep marching to their own beat? Europe the next big short?
We can all enjoy a bit of CEO bashing: 'Jack's an idiot hippy', 'Elon's a snake oil schmuck', 'Aron's a scammer'. Good, clean fun. But are they really?
It's really not is it? Just another number. Let the academics focus on 0.1% higher or lower. There are far bigger issues bubbling in the background
Every day we're inundated with information from 'the media'. But how much is useful, reliable nuggets to help us make sense of the world? And how much is PR spin... Spoon-fed titbits for media sparrows to regurgitate into the mouths of their starving dependants (us)?
ZIRP bro's look away now - we're never going back, you had your chance... Even if there's a recession, stupidly low rates will be transitory
Bank failures, inflation progress, debt ceiling angst, and signs of labour market softening have markets begging the Fed to pause today. One more hike first...?
The future of finance isn't a 60/40 portfolio. The impatient generation is rising up...
Mirror: Making Money Is Bad Guardian: Natural Gas Isn't Natural BBG: Intellectual Curiosity Enters Bear Market
McDonald's share price surged to all time highs yesterday. Why care? Well, McDonald's earnings can tell us quite a bit about the economy...
AI, ESG & Greenwashing - separating the marketing from the quiet reality
Recent notes have been somewhat negative, bearish even. We think that's with good reason, but that doesn't mean markets are heading straight to the depths...
Success breeds complacency, complacency breeds failure, only the paranoid survive
Musk is a 'victim of his own war' (but not really) and after a nine month(!) review the Australian central bank is... staying the same
Remember the Great US Banking Crisis of 2023? It's over. So... what's next?
Oooh this one's cheap, it trades at a discount. Honey, let's buy this one before anyone else notices...
In theory, ETF's will track an underlying asset perfectly. In reality, there are often tracking errors that can negatively impact performance...
As a rule of thumb, when EVERYONE's talking about something, it's usually not a good trade. Yet on the back of the banking crisis everyone's talking about commercial real estate. So is it overblown? Or is the coverage simply too generalised?
OOOOOOH THE DRAMA! Entertaining as they are, macro soap operas are bad for your financial health
Can you really get Money For Nothing? The Veteran's spotted a potential opportunity in an unexpected place...
It doesn't matter how much you've got in your wallet if nobody trusts you. Lessons from the 'banking crisis'
Now that we're calming down, back to business. More hikes, less guidance. Data-dependent central banks and more tightness
Blame the Fed if you want to be boring and live your life in a dark cave of ignorance
How a MILF took down "the go-to financial institution for startups"
Ooooh a brand new plan for China - haven't heard this one before! Growth engine? No. Stagnation...
Everyone's heard the saying "if it sounds too good to be true, it probably is". Yet in financial markets we talk about 'risk free rates' as if they're actually real. What's the deal?
The Veteran's been on stock-picking fire lately. Inspiration is found in the strangest of places...
Selling NVIDIA, buying a fertiliser company. It's a terrible idea but we're doing it anyway...
Network effects became a cliché over the past decade. Just grow the business and "let network effects take care of the rest..." We're taking them back
Back in 2007BL (Before Lehman) Oaktree was raising capital to buy distressed assets. Now they're stacking cash for leveraged buyouts...
Are we (finally) on the brink of a nuclear revolution?
Everyone knows that house prices globally are set to fall this year. Will governments intervene or let the market correct?
China's long history of disrespecting and ignoring intellectual property rights is back in the headlines. Will it ever change?
Here are all of the vague and unscientific reasons why I think inflation is about to disappear from the front pages
Munger Says. Buffett Says. Dalio Says. Ackman Says. Druckenmiller Says. Random 250k Follower Guy Says.... Should you care what the Best And Brightest™ have to say?
Traders are attracted to high impact events (such as yesterday's CPI) like moths to flames. They know they shouldn't, but it's just so beautiful...
Running an experiment into today's US CPI (and beyond)... Anchored VWAP's as a gauge of fair value - do they work?
Inflation's not over, but another big driver's starting to turn. Pricing power is weakening, employment's next...
Messaging from central bankers is getting even messier than usual. Are they cracking? Realising that the true costs of bringing inflation down to 2% are simply too high?
How do we differentiate between growth and value? Can a company/stock be both? Or are those labels drastically abused and misused..?
Powell didn't push back against the 'easing' of financial conditions and junk bond spreads are tighter than [EDITED] What's going on?
Balloongate, Japan's trial balloon and the beautiful chaos of the US economy picking up just as the Fed acknowledges disinflation kicking in.
Take the reported jobs numbers with a truckload of salt, but the strong labour market (and economy) refuse to roll over
Gwen Stefani sang an entire song about the concept of equal-weight investing and nobody realised. The Veteran explains...
People are freaking out about the Fed again. Will today's decision (and comments) actually change anything?
Short sellers get a really bad rap. They generally release reports uncovering fraud or poor business practices (which seems like a valuable service) - why the hate?
Could there be anything less suited to financial markets? Uncertainty is constant, suffering is assured. That's the game. And your solution is to become a cynic?
Anyone voluntarily making a living in markets has a screw loose. We're all insane and I love it.
Layoffs are on the rise as companies tighten their belts and the global economy slows. Central banks want to leave rates on pause and quietly exit stage left. But for how long?
Judging by my DM's, there's some confusion about why the dollar has been tracking weaker lately. All we need is the dollar smile
It's often said that the entire system is rigged, a ponzi created so that 'they' can profit. Is that the full story?
Sending that yield curve back to positive territory, the ultimate recessionary indicator.
From Goldilocks and the Soft Landing to Stagflation and the Great Depression 2.0, so many narratives are competing for market attention. It's hard to get a solid read. We'll need to stay the course.
It's accepted wisdom that getting on the property ladder is the best way to set yourself up for life. The best investment you'll ever make. What if that's wrong?
Crypto has dropped the ball. TradFi is taking tokenisation and running with it. If it moves, tokenise it...
Money in the markets rotates from asset class to asset class, index to index, sector to sector and stock to stock. Rotation. Reversion. Repetition
WEF, Davos. Private jets, bug-eating & hypocrisy. Loathe them or not, these people make policy that impacts markets...
Lots of optimism doing the rounds. Goldilocks is unlikely to last. Miracles are possible, but not probable
Everyone's got their hot takes on the CPI number and what it will mean for markets. Here's another (better) way to think about it
The death of the dollar is - once again - imminent. The petroyuan's taking over. Must be a day ending in y.
"Finding the next big thing™ is the way for investors to turn a few thousand dollars into millions" "Separating fact from wishful thinking (fiction) is just the start"
NFP's today and beyond are likely to be messy. Classic "even if you had the data in advance you'd still lose money" territory
New voters for 2023. Still all about the labour market. Until that weakens, any pivot hopes are just distant dreams.
True or false? "when new information comes into the market, it is immediately reflected in stock prices"
Demand picture is weak, inflation is falling. Same old story. What if wages keep rising as inflation drops in 2023?
China's economic recovery. Will it cause another bout of inflation, or drive global growth in 2023?
Is the ECB hawking it up right into a recession?
The Fed and other central banks are obsessing over financial conditions. Even after tightening at breakneck speeds, financial conditions have eased. That won't last.
Fed meeting tonight. Everyone will see what they want to see regardless of what's said and none of it will make much sense.
Inflation is dead. Long live inflation. That's what the bulls want to hear. Will they get their wish? Or is an upside surprise in store to cancel Santa?
Reassurance is futile. The future has an annoying habit of showing up, regularly. And it shows up in ways that we don’t expect.
Been thinking a lot about gambling lately. How everything's a gamble and everyone's a gambler (whether they realise it or not)...
The road to self-sufficiency is full of potholes and holds the potential for some unintended and very unpleasant consequences.
You'll often hear platitudes about learning to love your losses. Not on these pages. Learn to loathe your losses.
Execution, process, and not getting sucked in by the giant advertising board we know as 'financial markets'
Semiconductor boom. Who you betting on? There's a whole value chain to think about. Just don't think too hard...
There are a million company metrics to study. What if none of them matter? Stock prices and valuations aren't determined by earnings...
Big Tech's stock market dominance is finally ending. The end of exceptionalism for Apple, Amazon, Microsoft & Google...
JOLTS shouldn't matter, but they do. Powell's taking the stage later today. Can the Fed Chair repeat his Jackson Hole trick and sink the stocks?
Greed is good. Don't let anyone tell you otherwise.
Workers want pay rises just as companies face up to shrinking profits. Productivity is too low. Something will have to give...
Workers are fighting back. Wages are rising, and if they don't, unions organise strikes or workers simply leave. More inflation ahead?
Canadian property prices are falling. Mortgage payments are rising. All against a backdrop of broken promises and widespread mortgage fraud
Trade less, trade better, defending the over-valuation in private equity and why the end is nigh for many EV startups
Banks and research firms are publishing their 2023 outlooks. A soft landing and a strong US economy, or the S&P500 to 3,000 as company earnings take a big hit?
Lows are in for crypto, I read it in a magazine. Don't chase China's bumpy reopening rally and no recession could mean inflation hangs about for longer
Markets don't really change. Yet some businesses die while others adapt and thrive. What's the secret?
Jeremy Hunt says if we take more of your money and dump it into that swirling dark fiscal abyss, it'll go through the magic wormhole and reappear in the wallets of other people who need it more than you
On conspiracies. And making sense of this complex web of stories that we call financial markets...
China's economy will probably pick up for a few months before the bigger problems smack it down again...
The packaging changes, but nested investments ALWAYS end the same way - there's nothing new under the sun
FTX is under the cosh. Don't worry, it's all fine. You can trust Sam, he'd never lie to you...
261,000 jobs added or 306,000 jobs lost. It all depends who you speak to.
Uptober played out at the index level, and a handful of single stocks soared above and beyond. The Veteran's spotted something that links them together...
The basis of life and progress. Those who want to end capitalism simply don't understand how the world works
Whatever happens today, this isn't the pivot you're looking for
Hedge our FX risk for more profits? Sounds like a lot of work, we'll just sacrifice 12% of our annual profits instead...
Windfall taxes are top of mind, but where will the money go and what problems will it solve?
The Veteran's predicted Facebook weakness since the pre-Meta days. Now it's all falling apart for the Zuck. Can he turn it around?
K.I.S.S.I.N XI. Germany's getting closer to China just as the US turns away.
The Fed's trying to kill inflation. Politicians keep interfering.
No let up in the lithium bull market. The battery metal's up roughly 180% year to date. The market will always find a solution...
Japan's intervening again. Did you catch THE trade? You know, the 150 trade. The level that EVERYONE was watching...
Relying on the information that's immediately available to you when making important decisions about money and finance is rarely a good idea
Britain's had their turn in the spotlight. Within the next week or two there'll be a new leader and a new fiscal plan. Who's next?
The central bank told them to get their house in order. Can they act in time?
The world economy's looking pretty wobbly. At times like these, big ideas about permanent change become seductive...
Never. Honestly. Stop asking. Xi's congress speech was just more of the same
it's hard to see how Germany gets through this without some serious long-term scars. A short recession would be an amazing outcome that only the most optimistic could entertain.
A healthy, vibrant bond market is the bedrock of any financial system. The biggest global bond market is broken. How do we fix it?
The pain's only just beginning. Things will get worse before they get better. Are we having fun yet?
The bullwhip effect is inevitable and a key supply and demand concept. Discounts for us means lower profits for those filthy capitalists...
The Veteran draws parallels between Thomas Cromwell, the modern day trader, and the executioners scythe hanging over European credit markets
But it's not all doom and gloom, even if the big picture looks dystopian
Pain for landlords and the over-leveraged as global housing markets freeze up
Doomsday is upon us again. Global recession, the zombie apocalypse, or maybe just a quiet one?
European unity for thee, but not for we. Can Germany boss the rest of the EU around while adding €360 billion of debt in a year?
When Mario speaks, you listen. VUCA can help you understand the insanity of markets...
Housing's done, Orders are slowing, all eyes on Profits & Employment now.
Markets are breaking because the UK actually wants to make the economy better. HOW DARE THEY
Cut corporate taxes, more money for the bankers, cut stamp duty to keep the property market propped up. What's Truss up to?
Everyone knows you never go full Volcker. The only Fed preview you need.
Markets go up and down, fortunes are made and lost. Everything is cyclical. King Charles says we need a bull market in critical thinking.
"No amount of sophistication is going to allay the fact that all of your knowledge is about the past and all your decisions are about the future"
Does inflation really hurt the poor most? "Our understanding of inflation is not helped by a world increasingly dominated by sound-bite economics"
Great business you have there, does it actually make any money?
It's not 2008 all over again. Some housing pain is assured, but there's a lot that's different this time...
The UK energy price cap fixes short-term problems, but there's no free lunch, and the bill will come due in future.
Every company wants a deep, wide moat. Something that protects the company from invaders barrelling in and stealing the loot. But not all moats are created equal
Central Bank Strategy: Give nothing away, keep betting big and hope for the best.
OK. So you want to know the REAL reason stocks are down? We plugged the data into our proprietary Macrodesiac Model™ to bring you the answer.
Nuclear power will be the bedrock of electricity markets around the globe.
Truss is in. GBP's stopped falling. Hopium rally inbound?
Buyback derangement syndrome and mis-allocation of capital in a low-interest rate world.
Two jobs for every unemployed person in America? And two jobs for some of the employed ones too? "Well that's what the data says"
China's finally announced the big congress meeting date and Xi's likely third term. More of the same or a brand new China?
Britain is fundamentally broken. Inflation will soar this winter, everyone will be poor, and to top things off, it'll be cold, dark, wet, and depressing just like every other British winter. But...
"The problem with the term 'maximise shareholder value' is that it has been hijacked by those who incorrectly believe that the goal is to maximise short-term earnings to boost today’s stock price"
Zoltan says that Russia and China are challenging the US hegemon. Do either of them really want the job? And will it end in war?
All eyes are on Powell for Jackson Hole. Will they go 50 or 75? So EXCITING! Except there's a far bigger game unfolding...
Narratives are part and parcel of a dynamic market environment, fuelled by the exchange of information between traders. Some have shorter shelf lives than others...
China's recession is imminent and there's no quick fix. This time really is different
Keep calm and carry on? With these energy prices I can't even afford to put the kettle on for a cup of tea Clive. I'm not bloody calm!
"For industries typically geared toward office work, the share of hours worked remotely was above 50 percent on average."
Excess savings gone, credit card debt rising. But it's not all doom and gloom just yet...
Fed minutes are always old news with the occasional nugget of gold for the nerds
Quantitative tightening ramps up in September. Are markets ready?
The bond market is 'screaming', curves are inverting, but all's calm in credit markets.
Money. Everyone chases around like headless chickens to get more of it. Nobody stops to think what it really is.
Markets price on the margin Marginal changes can (and do) affect where prices head next.
We're not wired for easy things. Success is something that must be earnt.
Why are central banks hiking rates when the current inflation is (mainly) supply-driven?
"I struggle turning all the research into good trades. Could you offer some advice?"
You offer no value to society, you're not producing anything of worth... What's the point of you?
Tempting as it is to just block them out and completely ignore politics, these chimps (we'll come to it) pass and block laws that can have enormous impacts on markets.
Sacrifice jobs to save the stock market. You mean the economy? Yeah, sure.
We've been here before, but the case is getting stronger for an inflation peak. It's a long way back and won't happen overnight...
“The chance of a vicious cycle (declining housing sales and prices, mounting developers’ distress, and deteriorating local government finances) developing is concerning from growth and financial stability perspectives”
...an open-minded and skeptical view of the world, in which economic theories are seen as tools to aid understanding rather than as bodies of received revelation.
Recession hits, Fed pivots, Stocks go up. EASY!
Everyone knows there's a Fed meeting tonight, they'll hike (at least) 75bps, but when will they cut? Not as soon as markets hope...
Demographics are destiny. At least that's how they're described... But demographic changes are like the tortoise of the economic race. Slow, steady & barely moving
This index turned negative ahead of the last five US recessions
The US economy is top dog. There shouldn't be any debate about this, yet US demise is always the hottest topic. "Never bet against America"
How the existential crisis of climate change is driving a new revolution in agriculture
A brand new world: redefining economic growth, the truth about the WEF, and nudgenomics
GDP is a terrible metric and growth at all costs isn't sustainable. New economic goals and measurements are coming whether you like it or not...
Billy Bagholder's sad. Don't be like Billy Bagholder.
Bro, you have to adjust everything for inflation if you want to understand inflation. Like, it's not good, but it's not all bad
He keeps a low profile, but he's stuck to his guns and been on the money for over two decades
Disclaimer: This is a goldbug free zone. But gold could make sense if things don't pan out as well as economists hope...
The 'easy' trade from the lows is done. Now we're 'on the verge of a bull market' Is a stimulus promise enough to take Chinese stocks higher from here?
Is the market out of sync? What does it say about risk appetite when pension funds are freeing up cash to become Venture Capitalists?
The Fed minutes are ancient history, France aren't taking their debt seriously, and the UK's rate hikes with no economic growth.
The PPT's real. But it's not a crack team of traders waiting for the call from JP to start smashing the buy button...
Euro in freefall, Germany panicking. ECB meeting on July 21st is crucial, but it's not looking hopeful...
Booms are bad, busts are good and recessions are part of the healing process Does it always have to be so... binary?
Howard Marks is an absolute legend. If you want to understand cycles, risk, and why forecasts are BS, he's the God-like investor you need
Central bank complacency got us here. Everyone agrees they'll cause a recession to fix inflation. But what happens next?
The EU's in a proper mess. This inflationary, monetary & energy crisis is set to be the sternest test yet of EU unity. Rumours that Draghi's appointing loyal technocrats in Italy...
The SNB pledged to intervene and keep the Franc strong. That tees up sales of (US) stocks, foreign currencies or bonds.
How the G7 decision to compete with China's Belt & Road initiative will divide the world into the dollar 'haves' vs dollar 'have nots'
If you want to understand markets, you have to put morals to one side. The world doesn't run on platitudes...
Why we could see more yuan weakness ahead, plus risk of a dollar funding squeeze in the smaller Asian economies...
Zombies on the verge of collapse doesn't tell the whole story. The Veteran's mining for hidden gems in the small-cap world
“Some parts of private equity look like a pyramid scheme” “You know you can sell to another private equity firm for 20 or 30 times earnings. That’s why you can talk about a Ponzi. It’s a circular thing.”
Just as the housing market slows, and interest rates rise. Top timing as always. And Cathie Wood's price targets are outrageous for a reason.
Has the recession already started? 15% of CEO's say yes... Keep a close eye on the zeitgeist and longer-term bonds
Will they do 50, 75, or a gazillion? Don't guess and gamble, read our preview! And then sit it out, like anyone with any sense...
As soon as the Fed meeting's out of the way, the market's focus will shift to profit margins It won't be pretty...
The Veteran's in command today with his thoughts on the intricate craft of trading and lessons from the battlefield...
No black swans, just maximum FUD heading into the weekend.
"It's simple supply and demand" Except supply and demand isn't always as simple as we'd like it to be...
Too Much Stuff | China's Bad Bank | The One Month Fertilizer Shortage | Not Enough Energy
Thursday's ECB meeting will set the stage for hikes in July & September. Fragmentation risks will need to be addressed if they want to go faster...
The energy picture is looking seriously messy. (Even more) difficult and unpopular decisions lie ahead...
Day 1: "QT starts, stocks go down LOL" Day 2: "OK genius. Why was Nasdaq up 2.7% today? Did QT end after one day?" "Dunno, got rekt, LOL"
We all love a good story. And markets are FULL of storytellers. How well do you understand stories and the rules of the game?
Production targets aren't being hit. IEA's Birol says it'll be worse than the '70s. Oil to $300 if history rhymes...?
Over to The Veteran today, with his thoughts on the relationships between risk, reward, and what we think we know that just ain't so...
If easy money leads to bull markets... And economic fears and social unrest lead to easy money... Are you thinking what we're thinking?
Where did all those trillions go? The whole 'money-printing' thing still really confuses people, so we explained it
New home sales freaked everyone out, but this is EXACTLY what the Fed wants. September pivot?
The "China" the West had hoped for isn't joining the party. Game over.
The cynic knows the price of everything and the value of nothing. If you don't understand the value of markets, you're not paying attention.
Everyone's a gambler. But there's a big difference between those that do it deliberately and those that don't.
Walmart & Target are down bad, profits slashed, CEO's turning negative... The Veteran's worried about the US consumer
Money printing doesn't explain the inflation we've seen. It's not even close to being that simple. It's not THAT complicated either... And there might be more to come 👇
Misery Index Points To Rising Pain Across The Western World Central Banks: "it's for your own good, we love you, the economy is still growing"
PROFIT isn't a dirty word. It's an essential cog in the global economy. Stick your windfall tax up your a*se
The hindsight blame games have started, "everybody" saw this coming... But what does the future hold? Stagflation: A decade of investing disaster?
Move fast and break things is the Fed's new mantra. How far will the collateral damage extend once the dust settles? Tech giants? China? The euro?
Coinbase has "no risk of bankruptcy" so please don't worry. In any case, trader/investor protection has limits.
One of those timeless clichés that we see play out time and again. Price goes first, then sentiment, then opportunities...
Spending is strong, but the consumer's feeling the pinch now. And here come the layoffs...
The NHS is a huge part of the UK economy, but it's a long way from 'free'
How to announce "the fastest hiking cycle in decades" yet still be perceived as dovish...
FOMC meeting later, and the Fed has telegraphed everything they're going to do: Hike by 50bps (0.5%) & announce QT. So why is anyone worried...?
If Only Amazon's Earnings Hadn't Been So Terrible... | Average Abuse Must End | RBA Finally Hikes Rates
US GDP Goes Negative Due To 'Strong Economy' | Apple's Revenues Nearly $100bn in Q1 But Guidance 'Negative' | China In 'Deep Crisis'
"If everyone's expecting it, it won't happen" | The Next Big Thing in chip technology | Dollar dominates, but for how much longer?
Is it a bird? Is it a plane? No, it's a giant ponzi, all our hopes and dreams of innovation and progress, and the future of money and energy and....
A man bought a thing. He's now our saviour or wants to watch the world burn apparently Private > Public EURUSD: History doesn't repeat, but it rhymes
Disney's up against it: Big Ron's coming for them, the streaming growth engine's in doubt, and they've been given the kiss of death...
Peaks are the theme du jour (French! And people say we're not cultured smh) | Even though Ackman's Netflix bet went wrong, he did the right thing...
China's Weakening Yuan | 263 Rate Hikes | Apple vs Netflix
Something's Got To Give In USDJPY Trust The Bald Guy Twitter Takeover Technicalities Netflix Too Bearish Into Earnings?
Narrative: "There's going to be a new monetary system, backed by commodities" Facts: "There isn't, we already tried it, and it sucked" A few things could change though...
Smart money isn't what you think it is. And "dumb money" isn't just retail with tiny accounts...
Bond yields starting to look attractive (or are they?) & The Veteran's consumer discretionary stocks to watch this earnings season
What makes a housing bubble? Are we in one? And why you're wrong if you think we are...
Why I like PMI's & why you shouldn't move stops to breakeven
"Reports of my death are greatly exaggerated" Globalisation has peaked, but it ain't over
The RBA lost patience, but no hikes yet. The BoC are about to go big And the 'optionality' of ETF's
The Veteran's important questions... If central banks can't fix a stagflationary economy, will governments step up? And if they try, will it work?
Are you a galaxy brain? Can you do galaxy-brain things? Here's some stuff to make you think over the weekend...
What if those transitory inflation calls were right, but early?
The global energy map is being redrawn. Turkey has a role to play...
History doesn't repeat, but it often rhymes Which really screws with people who think it'll repeat...
OMFG! The curve thing inverted!! "I don't trade bonds bro. Why should I care?"
The Veteran shares the results of his successful experiment to find stocks that are set to outperform
QE & low rates are supposed to make people and businesses borrow more. That's only half the story...
Nothing's fixed. CCP leaders are playing catch up, fighting fires, but this isn't the great transformation.
The Bank of England hiked rates, then said some stuff and GBP sold off. What are they playing at?
The party ain't over just because QE ended. It's definitely changing though...
They should, but they probably won't. Why? Because slow and steady is the 'least bad' option.
War fatigue has set in for markets. Time to build those golden bridges before things get worse...
Munger's Martingale strategy ain't looking pretty... Neither's the Hang Seng... Or China's second largest developer...
Right, before we get into today's piece, shout out to Macrodesiac partner Syscoin.
"[INSERT MARKET]... is a device to transfer money from the impatient to the patient.”
The Veteran explains the evolution of nuclear power, and how Germany came to rely on Russian gas...
The evolution of nuclear power, and how Germany came to rely on Russian gas...
Secret plans to move into private equity and compete with the Fintechs. Have they got their timing wrong?
Are you SURE you know how your favourite companies make money?
Could the ECB intervene... When energy prices are soaring, what good is a weaker currency to you?
It's easy to get sucked into the good vs evil, crazed dictator gone mad narratives. Information overload + emotion = the fog of war
The Fed won't hike and the return to easy-money policy means BTFD. Don't bank on it
The "why don't they just" filter is a simple, yet effective way to detect BS. e.g. "Why don't they just stop importing Russian Oil?"
Whether it's the property crackdown or pandemic policies, China's low consumption is concerning
The Fed could fight inflation by killing the housing & stock markets...
What's going to happen next? What does this mean for stocks? Spoiler Alert! Nobody 'knows'
From Trudeau's overreach to China's trade deal, trust is in short supply. It's also the currency of a prosperous society and free trade...
EU Telecoms giants want big tech firms to pay their way... Will they get their wish?
Free money for everyone under forty and the end of the USD as reserve currency. Radical policy coming to China?
Disney will take over the world. Who's going to stop them? Netflix? Pffffttt!
The Veteran's found the Rocky Balboa of businesses, but how much is it worth...? (Includes Bonus Rocky Music)
Let's just tokenize EVERYTHING. Start with the stock market and see where it leads...
The AMAZING jobs report that was actually pretty meh. The data's not your friend. It can't be trusted...
"We did it because we had to not because we wanted to"
Google's Stock Split - A Psychological Trick... Cloud & Servers key growth areas for tech stocks
Beware 'data-driven' central banks and anyone forecasting the fut