Plane English

The plane metaphors are as tired as they are ubiquitous. When it comes to analogies, ubiquity is conducive to clichés, and that's where we are with aeronautics, policy and macro. "I believe that monetary policy should continue to tighten, but... the view from the cockpit is very different at 30,000 feet than it is close to the ground," Christopher Waller said Friday, in remarks prepared for an event in New York. "To return to the airplane image, after climbing steeply and using monetary polic

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5 thoughts on “Plane English

  1. Sahm and Mcelligot are the ones i most want to listen to, and i think they’re right in the short term… but seems kinda hard to avoid Hartnett and Kolanovic if rates don’t head south again soon. I mean, commercial real estate seems ready to enter a black hole… demand is cratering and they’re all gonna have to refinance those bags at much higher rates. Yikes.

  2. “A range-bound index, however, can still be fertile ground for alpha; but it’s one where traders make money and investors get bored.”

    This resonates with me.

    Even for one like me who thinks the S&P500 has yet to see its lows, there are names to buy. However, they tend to not be the large, familiar, comfortable names; they tend to require substantial work and/or a distinct view; they tend to be smaller and/or less liquid; and they tend to be more volatile and/or have shorter holding periods.

    Basically, it feels like 2023 is going to be harder work than 2022, and 2022 was not exactly a breeze.

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