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Month: October 2020

‘Christmas Is Going To Be Different This Year’: Boris Johnson Orders England Back Into Lockdown

October 31, 2020November 2, 2020

Just days after France, Italy, and Germany implemented strict new containment protocols amid an aggressive

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2 Comments on ‘Christmas Is Going To Be Different This Year’: Boris Johnson Orders England Back Into Lockdown

‘Classic Toppy Signs’ In An Insane World

October 31, 2020November 2, 2020

The next US president, whether Donald Trump (again) or Joe Biden, will inherit one of

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16 Comments on ‘Classic Toppy Signs’ In An Insane World

Americans Don’t Really Care About The Stock Market. But You Can Sure Fool Them

October 31, 2020November 2, 2020

You can scarcely open Twitter without seeing something you don’t want to see, irrespective of

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24 Comments on Americans Don’t Really Care About The Stock Market. But You Can Sure Fool Them

‘Unfathomable Consequences’

October 30, 2020November 2, 2020

The last full week of trading before America’s date with what some still fear will

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12 Comments on ‘Unfathomable Consequences’

Stocks’ Worst Week Since March Spills Over Into Junk

October 30, 2020October 30, 2020

The same risk aversion that sent US stocks tumbling towards their worst weekly performance since

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2 Comments on Stocks’ Worst Week Since March Spills Over Into Junk

‘Efficiency Work’

October 30, 2020

It’s fair to say 2020 has been a disastrous year for Exxon. The company, once

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11 Comments on ‘Efficiency Work’

Drunken Dart Games (Don’t Get Excited: This Is About Personal Income And Outlays)

October 30, 2020October 30, 2020

The last of this week’s data deluge washed over markets that didn’t generally care on

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Leave a Comment on Drunken Dart Games (Don’t Get Excited: This Is About Personal Income And Outlays)

From Record-Setting Growth To Double-Dip Recession: Europe’s Fate Seen Sealed

October 30, 2020

The euro-area economy expanded at a record pace in Q3, as the same “turn the

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1 Comment on From Record-Setting Growth To Double-Dip Recession: Europe’s Fate Seen Sealed

For America’s Tech Titans, Weight Of The World Gets Heavy

October 30, 2020October 30, 2020

Tech shares weighed on equities Friday, as solid earnings from Apple, Facebook, Amazon, and Alphabet

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1 Comment on For America’s Tech Titans, Weight Of The World Gets Heavy

These Great Numbers

October 29, 2020October 29, 2020

“Biggest and Best in the History of our Country, and not even close,” Donald Trump

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4 Comments on These Great Numbers

Most Americans Would Be Better Off Voting For A ‘Radical’

October 29, 2020October 30, 2020

“When the sky is falling, Congress will act,” Claudia Sahm told Bloomberg, for a Thursday

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24 Comments on Most Americans Would Be Better Off Voting For A ‘Radical’

Goodbye Goldilocks

October 29, 2020November 1, 2020

The prospect of Republicans holding the Senate and proceeding to block Democratic spending proposals was

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7 Comments on Goodbye Goldilocks

Jobless Claims, Signal Versus Noise, And ‘Better’ Versus ‘Good’

October 29, 2020October 29, 2020

The US economy rebounded in predictably robust fashion during the third quarter, but the recovery

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2 Comments on Jobless Claims, Signal Versus Noise, And ‘Better’ Versus ‘Good’

Lagarde, ECB Confront Double-Dip Recession As Europe Plunges Back Into Lockdown

October 29, 2020October 29, 2020

While explaining France’s new coronavirus lockdowns, Emmanuel Macron was unequivocal in dispelling the notion that there

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Leave a Comment on Lagarde, ECB Confront Double-Dip Recession As Europe Plunges Back Into Lockdown

US Economy Serves Up Predictably Huge GDP Print. But Does Anyone Care?

October 29, 2020October 29, 2020

The US economy expanded at a record pace in the third quarter, the first read

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Leave a Comment on US Economy Serves Up Predictably Huge GDP Print. But Does Anyone Care?

No Magical Solution

October 29, 2020October 29, 2020

Daily coronavirus cases in Germany topped 20,000 for the first time since the onset of

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2 Comments on No Magical Solution

Sell The Stocks. But Don’t Take The Bonds. Or The Cannoli

October 28, 2020

Blame the virus, blame lockdowns in Europe, blame positioning, or blame your favorite election narrative.

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9 Comments on Sell The Stocks. But Don’t Take The Bonds. Or The Cannoli

Difficult Days And Demands Of The People

October 28, 2020October 29, 2020

“As the nation did after Memorial Day, we are [facing] another critical point in the

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5 Comments on Difficult Days And Demands Of The People

Nomura’s McElligott Weighs In On Wednesday’s ‘Bonkers Freakout’

October 28, 2020October 28, 2020

Selling begets selling into an illiquid market facilitating a vicious downward spiral. It’s a familiar

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1 Comment on Nomura’s McElligott Weighs In On Wednesday’s ‘Bonkers Freakout’

Fed Is ‘Really’ Out Of Firepower. ‘Only Government Spending’ Can Save Country, Bill Dudley Warns

October 28, 2020

“If the Fed managed to push that down by another 0.5 percentage point, what difference

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1 Comment on Fed Is ‘Really’ Out Of Firepower. ‘Only Government Spending’ Can Save Country, Bill Dudley Warns

This May Be The Biggest Long-Term Risk For Stocks And The Economy

October 28, 2020October 29, 2020

On Tuesday, I talked a bit out the possible disinflationary read-through in the event the

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16 Comments on This May Be The Biggest Long-Term Risk For Stocks And The Economy

Coughs And Coffins

October 28, 2020October 28, 2020

The mood turned dour indeed on Wednesday, as hand-wringing tied to new virus lockdowns in

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What Matters

October 27, 2020October 28, 2020

Markets are plagued (figuratively and literally) with ominous headlines around a second COVID wave. France

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1 Comment on What Matters

‘What If He Does It Again?’ Hedging An ‘Unthinkable’ Trump Victory

October 27, 2020

Earlier this month, in “‘So Many Things Could Go Wrong’,” I talked briefly about the

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1 Comment on ‘What If He Does It Again?’ Hedging An ‘Unthinkable’ Trump Victory

Confidence, Core Competencies, And CAT Naps

October 27, 2020

Are the “fundamentals” sound? The answer on Tuesday was: “It’s complicated.” Durable goods orders beat,

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From ‘Chaos’ To ‘Blue Wave Mania’: Nomura’s McElligott On Election ‘Narrative Overshoots’

October 27, 2020October 27, 2020

Observing the evolution of the election narrative through the market’s beer goggles has been quite

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8 Comments on From ‘Chaos’ To ‘Blue Wave Mania’: Nomura’s McElligott On Election ‘Narrative Overshoots’

China Has Seen Enough Yuan Strength, Apparently

October 27, 2020October 27, 2020

Beijing has apparently seen enough yuan appreciation for the time being. Just hours after Guan

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1 Comment on China Has Seen Enough Yuan Strength, Apparently

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Monthly Letter+

  • Deterioration, Dissolution And Default

    May 29, 2023May 29, 2023

Week’s News

Dam It

June 6, 2023June 7, 2023

Zeitgeist 2023

June 3, 2023June 5, 2023

US Jobs Report Is Goldilocks With Caveat

June 2, 2023June 3, 2023

Rallies And Epochs

May 31, 2023June 1, 2023

China’s Rebound ‘Over’ Amid Dour Data, ‘Miserable’ Stocks

May 31, 2023June 2, 2023

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Monthly Letters

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Lost At Sea

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