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Featured

Have The Hyper-Scalers Lost Their Minds?

November 2, 2026November 2, 2026
  • Apple Sets A Bunch Of Records. Misses In China

    November 2, 2026November 2, 2026
  • Debbie Downers Amid The Renaissance

    November 2, 2026November 2, 2026
  • Sell-Side Sarcasm: New And Improved!

    November 2, 2026November 2, 2026

Markets

Weekly: The Leveraged Buildout (Speculative Gravity Control)

October 31, 2026November 2, 2026
  • The Problem, In A Nutshell…

    October 30, 2026November 2, 2026
  • What’s What And WTF?

    October 30, 2026November 1, 2026
  • Oil, Dammit!

    October 30, 2026November 1, 2026
  • My Goodness: Amazon Spent Some Money

    October 29, 2026October 31, 2026

economy

Polls, Projectiles And Payrolls

November 1, 2026November 2, 2026
  • ‘Remains Elevated’

    October 29, 2026October 30, 2026
  • Boom!

    October 29, 2026October 30, 2026
  • Dissembling Strategery

    October 28, 2026October 29, 2026
  • Frozen Bubble

    October 27, 2026October 28, 2026

Geopolitics

Let’s Talk Blue Waves

November 1, 2026November 2, 2026

Lagarde Versus Le Pen?

October 29, 2026October 30, 2026

The Tragic Irony Of The Israeli State

October 28, 2026October 29, 2026

Duly Noted

An ARM And A Leg

October 28, 2026October 30, 2026

Not Since 1969…

October 22, 2026October 24, 2026

‘Tariff Man’ Flops: China Gets Relief, US Gets Influx Of Chinese Catfish

December 13, 2019December 13, 2019

Kryptonite.

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3 Comments on ‘Tariff Man’ Flops: China Gets Relief, US Gets Influx Of Chinese Catfish

China Announces Some Details Of Nine-Chapter ‘Phase One’ Trade Deal With Trump

December 13, 2019December 14, 2019

The phase one deal contains nine chapters.

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3 Comments on China Announces Some Details Of Nine-Chapter ‘Phase One’ Trade Deal With Trump

Retail Sales Miss ‘Bigly’ For November, Despite Equity Rally

December 13, 2019

It’s unlikely to get much attention, but maybe it should.

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2 Comments on Retail Sales Miss ‘Bigly’ For November, Despite Equity Rally

High Drama, As Fresh Trade Doubts Emerge Amid ‘Radio Silence’, Dispute Over Farm Buys

December 13, 2019December 13, 2019

“This is a delicate situation”.

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‘It’s Turning Into A Merry Christmas’: Global Rally Gains Momentum As Macro Risks Recede

December 13, 2019December 13, 2019

It’s Trump’s rally to lose…

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4 Comments on ‘It’s Turning Into A Merry Christmas’: Global Rally Gains Momentum As Macro Risks Recede

Macro Tourist: The World Is Not Ready For This Possibility

December 12, 2019December 12, 2019

The efficient frontier seems to have shifted to the point where the only answer is to be “all in” when it comes to US equities.

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3 Comments on Macro Tourist: The World Is Not Ready For This Possibility

Macro Clouds Lift As Brexit Path Clears, Trade Deal Coalesces, Lagarde Settles In

December 12, 2019December 14, 2019

The fog is lifting…

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Fed Unveils $365 Billion In Term Repos, Other ‘Bells And Whistles’ To Smooth Year-End

December 12, 2019December 12, 2019

“A safety valve”.

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China Deal ‘In Principle’ Turbocharges Stocks, Sends Bonds Tumbling

December 12, 2019December 12, 2019

High drama, as General Trump engages in all-day brinksmanship before signing off on the deal.

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1 Comment on China Deal ‘In Principle’ Turbocharges Stocks, Sends Bonds Tumbling

So, Business Debt Just Exceeded Household Debt For The First Time In 28 Years

December 12, 2019

Draw your own conclusions.

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2 Comments on So, Business Debt Just Exceeded Household Debt For The First Time In 28 Years

Christine Lagarde Is A ‘Wise Owl’, Isn’t Sure Who (Or What) You Are.

December 12, 2019December 14, 2019

A decent debut, complete with a memorable quote.

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2 Comments on Christine Lagarde Is A ‘Wise Owl’, Isn’t Sure Who (Or What) You Are.

China Deal All But Done. Trump Says ‘VERY’ Close, Dow Jones Tips Tariff Rollbacks

December 12, 2019December 12, 2019

“They want it and so do we!”

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6 Comments on China Deal All But Done. Trump Says ‘VERY’ Close, Dow Jones Tips Tariff Rollbacks

CNBC Welcomes Washed Up Bigot Steve Bannon To Parrot Jim Cramer’s Trade Message

December 12, 2019December 12, 2019

“I just think right now that the tariffs have been a winner”.

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5 Comments on CNBC Welcomes Washed Up Bigot Steve Bannon To Parrot Jim Cramer’s Trade Message

Aramco Touches A ‘Princely’ $2 Trillion Valuation, But Skeptics Abound

December 12, 2019

Ultimately, there’s no escaping the fact that the behemoth is a money printing machine.

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Lagarde Era Begins At ECB

December 12, 2019December 14, 2019

Stepping out of the shadow.

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Erdogan Gets Another Giant Rate Cut As Turkey Virtually Wipes Out Real Rate Buffer

December 12, 2019December 12, 2019

Unlike Donald Trump, when he “asks” for something from the central bank, he gets it.

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Michael Horowitz Knows Two Things: The FBI Made Mistakes & There Is No Damn ‘Deep State’

December 11, 2019December 11, 2019

“I would not call people names like that”.

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1 Comment on Michael Horowitz Knows Two Things: The FBI Made Mistakes & There Is No Damn ‘Deep State’

Macro Tourist: They’re Gonna Let ‘Er Run Hot

December 11, 2019December 11, 2019

“…yet this is greeted by a collective yawn.”

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Jerome Powell Quizzed On Repo Stress As Zoltan Note Makes Cameo In Press Conference

December 11, 2019December 11, 2019

“You asked about year-end”.

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Fed Stands Pat In First Unanimous Decision Since May; Dots Show Policy On Hold Through 2020

December 11, 2019December 11, 2019

“…policy is appropriate”.

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1 Comment on Fed Stands Pat In First Unanimous Decision Since May; Dots Show Policy On Hold Through 2020

‘Perspective Is Not A Static Concept’: Kocic Delivers 2020 Vol. Outlook And It Is Quite Something

December 11, 2019December 12, 2019

“A consequence of our reaction to the underlying informational overload”.

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Trump Was Already Mad At The World Bank. News China Sought Funds For Surveillance In Xinjiang Won’t Help

December 11, 2019December 11, 2019

The documents show loan recipients were looking to obtain technology “compatible” with equipment made by Hikvision and Dahua.

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Leave a Comment on Trump Was Already Mad At The World Bank. News China Sought Funds For Surveillance In Xinjiang Won’t Help

CPI Is Solid, But Subdued Core Helps Make Case For Accommodation

December 11, 2019

Unlikely to move the needle.

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4 Comments on CPI Is Solid, But Subdued Core Helps Make Case For Accommodation

Limit-Up Debut For Saudi Aramco Gets Crown Prince Closer To ‘Magic’ $2 Trillion Mark

December 11, 2019December 11, 2019

A laughably overwrought ceremony at the Fairmont in Riyadh featured green lasers…

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1 Comment on Limit-Up Debut For Saudi Aramco Gets Crown Prince Closer To ‘Magic’ $2 Trillion Mark

The Case For Gold, According To Goldman

December 10, 2019December 10, 2019

From central banks to MMT and back again.

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1 Comment on The Case For Gold, According To Goldman

In Case It’s Not Clear Enough, William Barr Is Going To Prosecute And Jail Trump’s Enemies

December 10, 2019December 11, 2019

“He’s looking at how it got started”.

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16 Comments on In Case It’s Not Clear Enough, William Barr Is Going To Prosecute And Jail Trump’s Enemies

‘The Day The World Stops Spinning’: Zoltan Pozsar Calls For QE4

December 10, 2019December 10, 2019

“If carry makes the world go ‘round, and reserves make carry possible the day we run out of reserves would be the day when the world would stop spinning”.

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3 Comments on ‘The Day The World Stops Spinning’: Zoltan Pozsar Calls For QE4

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Monthly Letter

  • The Arbitrageur

Recent Comments

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Monthly Letters

The Arbitrageur

October 29, 2026October 29, 2026

To Be Happy

September 4, 2026September 4, 2026

Hell Or High Fashion

July 3, 2026July 3, 2026

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