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Featured

The Capex Catch-22

November 3, 2026November 3, 2026
  • Someone’s Got Work For You

    November 3, 2026November 3, 2026
  • Tech Got No Love This Earnings Season

    November 3, 2026November 3, 2026
  • Have The Hyper-Scalers Lost Their Minds?

    November 2, 2026November 2, 2026

Markets

Apple Sets A Bunch Of Records. Misses In China

November 2, 2026November 3, 2026
  • Sell-Side Sarcasm: New And Improved!

    November 2, 2026November 3, 2026
  • 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

economy

Debbie Downers Amid The Renaissance

November 2, 2026November 3, 2026
  • 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

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

It’s ‘A Sharp Bounce, Not A Trend’: Goldman Says Bond Selloff Probably Done After Rout

September 13, 2019November 21, 2021

“Any truce in the trade war is likely to be temporary”.

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3 Comments on It’s ‘A Sharp Bounce, Not A Trend’: Goldman Says Bond Selloff Probably Done After Rout

‘It Never Works’: Larry Kudlow Blasts Negative Rates 48 Hours After Trump Demanded Negative Rates

September 13, 2019September 13, 2019

“It never works and it won’t work this time either”.

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3 Comments on ‘It Never Works’: Larry Kudlow Blasts Negative Rates 48 Hours After Trump Demanded Negative Rates

Investors ‘Poorly Exposed To Positive News’: Momentum Massacre Makes Case For ‘Doom-Laden Stories’

September 13, 2019September 13, 2019

“Bond risk in equity markets should not be overlooked”.

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Leave a Comment on Investors ‘Poorly Exposed To Positive News’: Momentum Massacre Makes Case For ‘Doom-Laden Stories’

As Yields Head For Biggest Jump Since Election, $730 Billion In AUM Weighs In On Rates, Inversions And German Stimulus

September 13, 2019September 13, 2019

Survey says…

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Leave a Comment on As Yields Head For Biggest Jump Since Election, $730 Billion In AUM Weighs In On Rates, Inversions And German Stimulus

Consumer Expectations For Rate Cuts Highest Since GFC As Trade Worries Persist

September 13, 2019September 13, 2019

“These expectations are likely to diminish the impact on spending from a quarter-point rate cut”.

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1 Comment on Consumer Expectations For Rate Cuts Highest Since GFC As Trade Worries Persist

Consumers Show Up For Trump Again Despite Turbulent August As Retail Sales Top Estimates

September 13, 2019

Hanging in there.

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ECB Hawks Go Hunting, Say Draghi May Have Made ‘A Mistake’ With New Easing

September 13, 2019

“There are increasing signs of scarcity of low-risk assets [and] distorted pricing”.

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2 Comments on ECB Hawks Go Hunting, Say Draghi May Have Made ‘A Mistake’ With New Easing

Make Farmers Solvent Again! China Says It Will Buy US Soy, Pork, Exempt Purchases From Tariffs

September 13, 2019September 13, 2019

Let there be orders.

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‘He’s On One Tonight’: Trump Delivers Criminally Insane Baltimore Speech During Democrat Debate

September 12, 2019November 2, 2019

Make-believe tax cuts, cowboy hats, gangs, hazardous light bulbs and a hypothetical confrontation between Xi Jinping and Joe Biden.

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4 Comments on ‘He’s On One Tonight’: Trump Delivers Criminally Insane Baltimore Speech During Democrat Debate

Trump Contradicts White House, Says He’ll Consider Interim Trade Deal But Would ‘Rather Get The Entire Chinese’

September 12, 2019September 12, 2019

“We’re doing well”.

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1 Comment on Trump Contradicts White House, Says He’ll Consider Interim Trade Deal But Would ‘Rather Get The Entire Chinese’

Janet Yellen: Trump’s Call For Negative Rates To Refinance America’s Debt ‘Long Rejected’

September 12, 2019September 12, 2019

But “no one wants to be Japan”.

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3 Comments on Janet Yellen: Trump’s Call For Negative Rates To Refinance America’s Debt ‘Long Rejected’

Christine Lagarde Inherits ‘Unprecedented’ ECB Split After QE ‘Revolt’

September 12, 2019

Dissenters in our midst.

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2 Comments on Christine Lagarde Inherits ‘Unprecedented’ ECB Split After QE ‘Revolt’

Jeff Gundlach Is ‘On Recession Watch’, Sees 75% Chance Of Downturn Before Election

September 12, 2019September 12, 2019

“We’re getting closer but we’re not there yet”.

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4 Comments on Jeff Gundlach Is ‘On Recession Watch’, Sees 754 Chance Of Downturn Before Election

If You’re Looking For Inflation, Health Insurance Costs Are Rising Faster Than Ever

September 12, 2019September 12, 2019

Also, core prices are up and wages are rising, putting the Fed in a box.

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3 Comments on If You’re Looking For Inflation, Health Insurance Costs Are Rising Faster Than Ever

Elizabeth Warren Plans 14.8% Payroll Tax Hike On $250K Incomes To Expand Social Security

September 12, 2019

“My plan imposes a 14.8% Social Security contribution requirement on individual wages above $250,000”.

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14 Comments on Elizabeth Warren Plans 14.814 Payroll Tax Hike On $250K Incomes To Expand Social Security

Trump Said To Consider ‘Limited’ Trade Deal With China, White House Denies Report

September 12, 2019September 12, 2019

Decelerating domestic economy may be kryptonite for “Tariff man”.

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8 Comments on Trump Said To Consider ‘Limited’ Trade Deal With China, White House Denies Report

145 CEOs Demand Congress Act On Gun Violence – Read Their Letter

September 12, 2019

“These families became members of a club that no one wants to join”.

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2 Comments on 145 CEOs Demand Congress Act On Gun Violence – Read Their Letter

Draghi Sees Scope For New QE To Last ‘Quite A Long Time’ As ECB Slashes All Inflation Forecasts

September 12, 2019September 12, 2019

“QE-Infinity” is real – with a caveat.

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7 Comments on Draghi Sees Scope For New QE To Last ‘Quite A Long Time’ As ECB Slashes All Inflation Forecasts

Trump Lashes Out At Mario Draghi Again, Says ‘Bonehead’ Powell ‘Just Sits And Sits’

September 12, 2019

“They are trying, and succeeding, in depreciating the Euro”.

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3 Comments on Trump Lashes Out At Mario Draghi Again, Says ‘Bonehead’ Powell ‘Just Sits And Sits’

ECB Cuts Rates, Restarts Open-Ended QE, Announces Tiering, Enhances Forward Guidance

September 12, 2019November 21, 2021

Draghi comes through with multi-faceted easing package – will it be enough?

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2 Comments on ECB Cuts Rates, Restarts Open-Ended QE, Announces Tiering, Enhances Forward Guidance

Turkey’s Captive Central Bank Delivers Another Large Rate Cut For Erdogan

September 12, 2019September 12, 2019

It still won’t be enough for the autocrat, though.

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In Huge Letdown For Historically Oppressed Rich People, Trump Rules Out Capital Gains Tax Change

September 11, 2019

For now anyway.

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3 Comments on In Huge Letdown For Historically Oppressed Rich People, Trump Rules Out Capital Gains Tax Change

Trump Delays Tariffs On $250 Billion In Chinese Goods Citing China’s Anniversary Celebrations

September 11, 2019September 12, 2019

Incrementally positive – until the next escalation.

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4 Comments on Trump Delays Tariffs On $250 Billion In Chinese Goods Citing China’s Anniversary Celebrations

Trump Drags ‘Tough Guy’ John Bolton, Forgets Who Barron Is

September 11, 2019September 11, 2019

“He made some very big mistakes”.

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1 Comment on Trump Drags ‘Tough Guy’ John Bolton, Forgets Who Barron Is

Here’s The Important Subtext Of Marko Kolanovic’s Latest Market Outlook

September 11, 2019

“Uncertainty has erased confidence built over a decade”.

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5 Comments on Here’s The Important Subtext Of Marko Kolanovic’s Latest Market Outlook

Trump Floated Lifting Of Iran Sanctions, Infuriating John Bolton (And His Mustache)

September 11, 2019September 11, 2019

Predictably, Bolton “argued forcefully” against the proposal in the Oval Office.

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Trump, Economic Team To Meet On Capital Gains Tax Cut, Which Would Hand $100 Billion To The Rich

September 11, 2019September 11, 2019

It has the support of Larry Kudlow, Stephen Moore and anybody who owns a lot of stock.

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9 Comments on Trump, Economic Team To Meet On Capital Gains Tax Cut, Which Would Hand $100 Billion To The Rich

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Monthly Letter

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Recent Comments

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  • WMD on Let’s Talk Blue Waves
  • T-Dog on The Capex Catch-22
  • WMD on The Capex Catch-22

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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