“…it seems natural that the combination of ‘sanity check’ (all is OK and progress is happening) plus ‘new interest’ (incremental attendance) should strengthen the crypto-community’s conviction.”
Listen, Fundstrat Global Advisors’ Tom Lee is a guy who knows Bitcoin, ok?
Let’s say you’re an analyst….
Late last week, I noted that war risk became real for markets. Briefly. It became
Oh, the humanity. 30-year US Treasury yields briefly breached 5% on Wednesday before pulling back.
Predictably given the circumstances, Monday was a market and media melee. I imagine every day
“We’re nowhere near the bottom,” someone quoted by a mainstream financial media outlet said Friday,
Most traders and investors long ago came to accept (sometimes begrudgingly, sometimes quite happily) the
A long time to wait and a long way down. That’s one way to think
Don’t doubt the gods. That was the lesson learned over the summer of our discontent,
US tech stocks are the most crowded trade on the planet. And it’s not even
…even as these long, summer days feel sleepy and aimless.
“We’re supposed to be feeding the world, and we can’t even put food on our own table”.
Needless to say, this isn’t the best news for some folks.
As good as it gets?
“The fact of monopoly markups has been obvious to Buffett and the big banks for years. Now the academic evidence seems to be catching up.”
Remember, credit creation in China is a key piece of the macro puzzle…
“So thinking about those discussions, you might have not slept well last night.”
“I was told there would be a rally”.
“…we can kill it.”
Flush. Rinse. Repeat. BTFD!
“…the very idea that you would pay 26X EPS for the S&P 500 at the tail end of a 103 month long recovery cycle is truly ludicrous.”
And you know what? It won’t matter.
“Your beautiful song has made such a difference”
Start from the bottom left…
The other possibility here is that by persisting in this, we’re exhausting our capacity to respond to future crises. Of course, if one waits around long enough, another crisis is bound to occur. When that happens not only will we be short on ammunition (e.g. if the next crisis started tomorrow, we’d be going into it from ZIRP/NIRP and with already bloated CB balance sheets), we’ll also be approaching it from nosebleed levels thanks largely to the fact that we never exited the state of exception instituted to cope with the previous crisis.
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