Between The Lines
If you asked a committed bear what's priced into equities in terms of risks, he (or she) would invariably say "nothing." Or "not much."
Maybe the Fed's not pondering another hike, but the first cut's months away at the earliest, "long and variable lags" will eventually exact their revenge, market concentration's as extreme as it's ever been, inflation's not whipped, valuations are too rich and have you heard about the wars?!
That's the bear narrative. Or the gist of it anyway. It's not "wrong,
Perfect! Almost there.
thank you.
Thanks H
I am a believer that you are who you say you are, as I am not one who cares very much about a personās past- other than how it led them to be who they are today. I am principally interested in āWho are they now and where are they going?ā.
I do sometimes wonder why you donāt just publish under your birth name- but I trust in you that you have thoroughly thought this through and that there is a very good reason behind your decision.
Someday, I would like to thank you in person for all of your work and tell you what it has meant to me- both financially and personally.
SeaTurtle
š
“I see hypocrisy everywhere. In everybody. And in everything,” I complained … “I can’t abide it.”
“I’m just sick of ego, ego, ego. My own and everybody else’s. I’m sick of everyone that wants to get somewhere, do something distinguished and all, be somebody interesting. It’s disgusting–it is, it is.”
Only in the house of our beloved misanthrope would I see a Salinger quote to go with my market (and social) commentary. ?
My wife and I had been married for 48 years when I had to move her to a full care nursing home for the final leg of her journey to the ignominious end dictated by severe Alzheimer’s. I am a person who lives to talk; it’s how I learn. My wife was my talking partner. She always gave as good as she got. She was probably smarter than I am, a better teacher in many ways, and certainly more intense about her work. I needed her on the other side of the conversation because that’s how I was able to understand myself. She was mostly shy and quiet but very good at what she did. Neither of us was never any good at anything trivial so there was always lots of meat on the bones we shewed together. When she finally “went inside,” as I tend to think of it, I lost more than I thought I would because the last light through the door had disappeared. I still talk to the space she would have occupied so I hired someone to fill in, however briefly so I could finish defining myself. I really don’t mean to be presumptuous and I apologize if that is how I am perceived, but as I read each monthly missive, especially, I feel as though you are on a similar voyage of self-identification. I went to my guy every Friday for an hour for three years. He retired and I was done but I discovered three weeks before the end that I had actually achieved some needed closure. I found I was now ready to share the me that had resulted from the me I had created, hopefully to someone’s benefit. I was recently informed by my daughter, who was there helping my surgeons make decisions, that I actually died briefly, twice in the spring of my first year of retirement, only to be saved by the skills of two men who went above and beyond. The final stage of my life began that day. The details came out as I explored who I was/am. I suspect both you and your loyal readers — and they are a really interesting group themselves — can’t wait to see how this all comes out. We only wish you the best because what you have to share is consistently insightful and really valuable to us. Wally and Dan both got the same sense I did this month. Thanks again.
To me, this boils down to the difference between “takes” and beliefs/knowledge, with the former increasingly crowding out the latter. Everyone can have a “take” and “takes” can change from one moment to the next if it serves a purpose (i.e., more clicks). But I’m not really interested in consuming “takes” unless they are in stand up comedy form.
This extends to personas and persons, with personas merely being the embodiment of “takes.” Everyone can have a persona and personas can change from one moment to the next if it serves a purpose. But I’m not really interested in consuming personas unless they are in service of a character or spoof thereof.
But these tensions or conflicts are easily resolved when the takes are substantial and not instantly variable, and the distinctions between the persona and the person become indistinguishable. In those rare cases, you have what some might call the real deal. Sign me up for that.
You know what drives me nuts – it is bloggers who disseminate charts without identifying where historical data ends and their own projection starts.
Not naming the offender, but he (assuming it’s a he, maybe I should use “they”) are all over X.