Okay, Bitcoin Fans – Riddle Me This…
“It’s also important to emphasize that, like any bubble based on the Greater Fool Theory, there’s no logical limit to how far it can rise, so fighting the bubble could be just as foolhardy as investing in it.”
Key Calls (Wednesday): Upgrades, Downgrades & Initiations
You need an upgrade.
Close Encounters.
“So although populism has proved unpredictable in recent years, the rise surely increases the risks to the current world order and could set off a financial crisis at some point soon.”
‘He Sounded Like A Mob Boss’: The Reviews Are In On Trump’s U.N. Debut
“Beyond pragmatism, the speech will likely be remembered as one in which the president of the United States sounded more like a mob boss than a statesman—think Robert DeNiro as Al Capone in “The Untouchables†minus the baseball bat.”
Apocalypse Now (Again).
Well for those who had their doom bunkers all prepped and ready, there’s “good” news on Tuesday – the apocalypse is back on.
In Times Of Crisis…
“It would take a huge leap of faith to say that crises won’t continue to be a regular feature of the current financial system.”
Hey! What’s With All This Hedging?
The takeaway: if you’re long and unhedged, one of two things must be true. Either you know something everyone else doesn’t or the other way around.Â
‘We Fear Gold, Bonds, And Stock Prices May All Suffer A Sudden Drop’
“With the Fed’s balance sheet poised to contract and financial conditions set to tighten either steadily or abruptly, we fear gold, fixed income, and equity asset prices may suffer a sudden drop.”
Turns Out ‘BLT Steak’ Not Best Place To Discuss High Treason
“He probably doubted that he would have to remind the lawyers for the president to refrain from discussing the most sensitive legal affairs of Mr. Trump over a sidewalk lunch at a local restaurant, and within earshot and snapshot of an audience that included New York Times reporters.”
Trump Blasts ‘Rocket Man’, Iran, Pushes Nationalist Propaganda In Orange-Faced U.N. Rant
We all knew this was going to be bad, but it was orders of magnitude worse than expected no matter what kind of spin anyone tries to put on it.
What’s The Most Expensive Asset This Week?
Paging 2 Chainz…
‘I’m Inclined To Say It’s Going To Zero’: No Chance Bitcoin Replaces The Dollar
“So is a single Bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if Bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that Bitcoin can displace the dollar, for the simple reason that it is badly designed.”
Konnichiwa.
“What more could a Japanese equity bull want?”
‘When Markets Look At The Blue Sky With Sunglasses’
“We believe it is the right time, when markets look at the blue sky with sunglasses and when the trend and carry is your friend, to recommend downgrading risk assets.”
Key Calls (Tuesday): Upgrades, Downgrades & Initiations
You need an upgrade.
Bombshell: Paul Manafort Was Wiretapped By FBI Before And After Election
Well, someone’s “wires” were indeed “tapped” (as Trump famously alleged in an ill-fated tweet earlier this year) and that someone was Paul Manafort.
Euphoria (‘Cough – Don’t Do It’)
It’s kind of like going to a wedding reception and telling one of the newlyweds that the person they just married is a pathological liar or that getting married was a terrible idea in general.
The Most Overpriced Asset In The World?
“…they turned on poor Hugh like a pack of rabid dogs.”
So When Will Trump And The Right-Wing Media Apologize To Susan Rice?
“So much for this faux scandal. There is, of course, no chance that Nunes,Trump, the right-wing media or anyone else will apologize to Rice for impugning her integrity. “
Watching Paint Dry. Illogically.
As one reader put it earlier today, “is just being open for trading” a good enough reason for stocks to rally?Â
Behold: Another ‘What Could Go Wrong?’ Scenario…
Oh good! Another “what could go wrong” moment.
Valueless Valuables.
Ok, I’m feeling like today is a day when I should try and vex as many readers as absolutely possible, and there’s no better way to maximize the hate mail than to deride gold and Bitcoin in the same post.
Waving Goodbye To Our $4.5 Trillion Friend…
Nothing profound, just a retrospective as we wave goodbye to our $4.5 trillion friend…
‘Chickens Wanted For Epic Showdown’: Rates Vol., Gamma Are Too Cheap!
“…game theory suggests that the North Korean leadership has a strong incentive to bring forward the final phase of the Game of Chicken.”
WSJ Thinks Maybe It’s Bad Idea For Jeff Sessions To Seize Your House
“In practice, it means property can be taken from people without due process or criminal culpability.”
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