Guest Post: The Last Remaining Cheap Asset

“My delusions about my mad bbq’ng skills are similar to everyone’s belief they are contrarians. Whether it is the NYSE specialist, the Chicago pit local, the Bay Street equity trader, the London credit specialist, or even the guy at home trading in his underwear, we are all consumed by these romantic narratives where we bravely battle the naive masses to nail the next great trade. But the reality is that we can’t all be contrarians. If we were, then it wouldn’t be contrarian”…


While You Were Watching That Screaming Guy On The Plane (Again), I Was Buying Yen

Well, it kinda feels like everyone just said fuck it and bought the yen overnight as the holiday shortened week drags on amid heightened geopolitical tension and a reflation narrative that just refuses to die but simultaneously shows few signs of life. The dollar was looking “offered-ish” pretty much from the word “go” after Janet Yellen’s…


“A sign that the market is accepting that rates are indeed going higher? That issuance is finally taking more to digest? Or just another correction that looks mild if you’ve ridden this thing for the last year? My hint: it may not matter as funds were marked-to-market at year-end.”