You Need Us

You Need Us

The reflationary vibes were discernible Tuesday, as 10-year breakevens pushed up against 2.4% (second figure below), the highest in some eight years. Copper's monumental rally continued. More broadly, Treasurys fell, even as the seven-year sale was relatively well received. Volume was a bit low ahead of the Fed. Jeff Gundlach offered some run-of-the-mill Fed criticism. "I'm not sure why they think they know it’s transitory," Gundlach told Bloomberg, of the Fed's benign assessment of the infl
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8 thoughts on “You Need Us

    1. Fun to read articles. I don’t know about your sleeping schedule, but I do wonder how many of your 10,404 subscribers are still wondering about the second thing you are good at!

  1. To answer Mr. Gundlach’s how-do-they-know question. Because at the first sign of inflation running out of control, Jay Powell can say, We’re ponering interesting hikes of 25 or maybe 50 basis points at the next mtg. And if that doesn’t cool things down, actually raising 25-50 basis points at 3-4 Fed meetings in a row should do the trick.

  2. “Yes, there’s something profoundly absurd about stretched tech names counting as “defensive”, but remember, that’s the zeitgeist”.

    Well, you kind of said it yourself. They’re utilities. Aren’t utilities the definition of defensives?

    As to stretch valuations – sure. But what if we’re really early in that digital transition and they really can maintain those 25+% revenue growth on their already mammoth revenue?

    As to the lament that “oh, my god, we’re losing the real world for a digital one”… aren’t you living alone on an isolated beach house, your only tether to the world, internet? For myself, I can’t say I care for other humans’ interactions (except friends and family of course) so happy to digitize them away.

    Indeed, it has been my contention that we will embrace robots, as soon as they’re smart enough, because they’ll be infinitely better ‘humans’ than actual humans.

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