‘It’s Going To End Badly’: Dissensus And The Frozen Deer
“Think of it like you have your two Greek gods, the water and the sun, fighting each other and right now it’s not going anywhere.”
“Think of it like you have your two Greek gods, the water and the sun, fighting each other and right now it’s not going anywhere.”
“Stocks were being pushed higher because everything was so FUBAR’d. Central Bank balance sheet expansion was pushing risk assets higher, and for the longest time, everyone wanted to fade it.”
“But I wonder if Ray Dalio’s retirement was equally smart. Could he have timed it perfectly? Did he retire like Michael Jordon after sinking the jump shot in the dying seconds to win the series?”
“If you dared suggest maybe their theories might be flawed, you were labeled a luddite who did not understand the massive imbalances in the global financial system.”
“This might seem trite, but the scariest thing in today’s market is currency strength. No one wants it. No one can afford it.”
So when it looked like the last, lonely U.S. reflationist was about to throw in the towel, it felt like everyone was suddenly scrambling around to explain why yields were too low – maybe in an attempt to appease the market Gods who are thought to dislike crowded trades.
“I can’t do it. I can’t embrace the machines and the vol selling and the ETF parade and the central bankers’ “communication policyâ€. So I’m NOT happy. I don’t sleep well. I DON’T trust the Fed, much less love them, and I never will.”
“None more so than the Chinese Yuan. Although most hedgies were all betting on a massive decline, the Yuan has been strengthening like Lance Armstrong after visiting his bio-chemist.”
“That makes us guardians of those democratic institutions and traditions — like rule of law, separation of powers, equal protection and civil liberties — that our forebears fought and bled for. Regardless of the push and pull of daily politics, it’s up to us to leave those instruments of our democracy at least as strong as we found them.”
“Whether it is Gross, Icahn, Gundlach, Jones or Marks, there is no shortage of billionaires warning about the impending stock market crash.”
Listen, if you haven’t been able to capitalize on a universe of compelling event-driven opportunities in US equities, then that’s your problem.
It’s certainly not the fault of Goldman’s John Marshall and Katherine Fogertey.
“The Market Gods are a fickle bunch. Even if you avoid nickels in the urinals, they still seem to find ways to get you.”
Via Kevin Muir of “The Macro Tourist” fame We all know Dirty Harry’s viewpoint about
If you’re a political scientist, there’s not a whole lot to like about a Donald