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The Dark Side Of Liquidity: The Genealogy Of The AI Arms Race

November 9, 2026
  • Buy The Dip? (Honeypot Training)

    November 9, 2026November 9, 2026
  • What Are Treasurys Telling Us?

    November 9, 2026November 9, 2026
  • Megaspeed Indeed. (Two Huangs Don’t Make A Right)

    November 9, 2026November 9, 2026

Markets

Jensen Got Honey-Trapped

November 8, 2026November 9, 2026
  • Weekly: Melodrama

    November 7, 2026November 9, 2026
  • ‘Dem Fatale’ Crashes The AI Party

    November 6, 2026November 8, 2026
  • On Wall Street: Crash And F’in’ Burn

    November 5, 2026November 7, 2026
  • Did Democrats Just Kill ‘New 60/40’?

    November 5, 2026November 6, 2026

economy

Inflation Week!

November 8, 2026November 9, 2026
  • Inflation Fatalism Has Set In

    November 6, 2026November 8, 2026
  • Drunken Monkey Darts

    November 6, 2026November 8, 2026
  • ‘Tis The Season! For Temporary Fulfillment Jobs

    November 5, 2026November 6, 2026
  • Senseless Iran War Triggers BoE Hike, 5% Inflation Warning

    November 5, 2026November 5, 2026

Geopolitics

Rasputin Presiding

November 8, 2026November 9, 2026

Tsunami

November 4, 2026November 5, 2026

Let’s Talk Blue Waves

November 1, 2026November 2, 2026

Duly Noted

US Jobless Claims Chase History

November 5, 2026November 7, 2026

Tech Got No Love This Earnings Season

November 3, 2026November 8, 2026

DB Didn’t Want To Have To Do This, But “Every Day” It’s Something New In China

May 8, 2017

“This is far from over in our view. Every day we see headlines on new regulations trying to control leverage in different parts of the system.”

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1 Comment on DB Didn’t Want To Have To Do This, But “Every Day” It’s Something New In China

“Nazi-Be-Gone” Rally Fizzles As Female Hitler Loss Seen Largely Priced In

May 8, 2017

Ok, so it’s Monday and France didn’t elect a fascist. So we’ve got that going for

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oil, OPECLeave a Comment on “Nazi-Be-Gone” Rally Fizzles As Female Hitler Loss Seen Largely Priced In

“Big Trouble In Little China” As Yields Hit 22-Month High

May 8, 2017May 8, 2017

So, we’ve talked plenty of late about “big trouble in little China.” (Very) long story,

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1 Comment on “Big Trouble In Little China” As Yields Hit 22-Month High

One Bank Weighs In On The Euro’s “Sell The News” Moment

May 8, 2017May 8, 2017

“The Euro went up a bit, down a bit and ended pretty much where it was last week. It faces two short-term challenges”…

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2 Comments on One Bank Weighs In On The Euro’s “Sell The News” Moment

Reflation Is Dead, Long Live Reflation

May 8, 2017

“Just don’t call it the reflation trade or your portfolio allocation may be misaligned to reality.”

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1 Comment on Reflation Is Dead, Long Live Reflation

Key Calls (Monday): Upgrades, Downgrades & Initiations

May 8, 2017May 8, 2017

Are your stocks on the list?

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“We’re Still Not As Dumb As Americans!” Sunday Night Satire

May 7, 2017

“We are smarter than the Americans, true, but they have set the bar very low, no?”

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Macron Elected President Of France In Landslide

May 7, 2017May 7, 2017

Like father, like daughter. Crushed.

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DB Explains Why Le Pen’s Performance Was “Less Impressive Than The Numbers Suggest”

May 7, 2017May 7, 2017

“The National Front rise is less impressive than these figures suggest.”

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Wall Street Weighs In On Macron Win

May 7, 2017May 7, 2017

“And since we believe a Macron presidency has been embedded in market pricing since then, we do not expect his victory in today’s run-off to have a significant impact on markets from tomorrow.”

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European Leaders Cheer Macron’s Victory Over Le Pen

May 7, 2017

The relief is palpable…

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Banksy Does Brexit

May 7, 2017

The one and only…

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Barclays Tells You What To Expect If Macron Wins

May 7, 2017

Assuming Macron does indeed carry the day, here are the two possible scenarios and what to expect, according to Barclays…

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Gulf Stocks Tumble, Kuwait Plunges As Oil Bull Thesis “Obliterated”

May 7, 2017May 7, 2017

“Do you see what happens Larry?!”

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oil, OPEC1 Comment on Gulf Stocks Tumble, Kuwait Plunges As Oil Bull Thesis “Obliterated”

“10 Charts That Tell It All” For Retail

May 7, 2017

The only annoying words we’ve included are those necessary to explain the pretty pictures. You’re welcome.

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Fair-Weather Friends In Junk

May 7, 2017May 7, 2017

In other words, they’re around when you don’t need them and not so much when you do…

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Sunday Chart Check: “Diversification”

May 7, 2017

“The market value of iShares 20+ Year Treasury Bond vs. Vanguard Total Stock Market ETF hit a 3-year low in March 2017.”

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#MACRONLEAKS Tied To RT-, Sputnik-Linked Twitter Accounts, Alt-Right “Jack”Ass

May 7, 2017May 7, 2017

“DFRLab tracked the onset of the campaign to the Twitter account of Jack Posobiec. They also include @Languillem, which in March was the most active amplifier of Kremlin outlets RT and Sputnik in French, as the DFRLab has reported.”

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1 Comment on #MACRONLEAKS Tied To RT-, Sputnik-Linked Twitter Accounts, Alt-Right “Jack”Ass

Only A “Black Swan” Can Stop Me Now!

May 6, 2017May 6, 2017

“So what would it take to upset this perfect equilibrium? Something the market is not expecting, something completely out of left field, an unknown unknown”…

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4 Comments on Only A “Black Swan” Can Stop Me Now!

A “Useful Maxim” Before “It All Goes Horribly Wrong”

May 6, 2017

Hedging is so last … ummm… decade?

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2 Charts Show How Confident The Market Is In Sunday’s “Sure Thing”

May 6, 2017

There are a number of different visuals you can look at to see how confident this market truly is, but one of the most straightforward ways to assess the situation is simply to look at…

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1 Comment on 2 Charts Show How Confident The Market Is In Sunday’s “Sure Thing”

“Even Crack Dealers Wouldn’t Be Ok With This” – 4X ETFs And The Idiot Tax

May 6, 2017May 6, 2017

“That’s fine, but if it really is the pros doing the trading in this, why not make them futures (with the requisite risk disclosures?) Why give grannies and dentists the chance to dabble with compounding risks that they almost certainly don’t understand?”

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3 Comments on “Even Crack Dealers Wouldn’t Be Ok With This” – 4X ETFs And The Idiot Tax

Deutsche Bank Explains How You Can Get Off Citi’s “Sketchy” People List

May 6, 2017

“While the correlation between the level of equities and data surprises in short periods can be strong as it has been recently, the longer the sample the weaker it is as the trend in equities dominates.”

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1 Comment on Deutsche Bank Explains How You Can Get Off Citi’s “Sketchy” People List

The FCC Is Mad At Stephen Colbert For Calling Trump’s Mouth A “Putin Cock Holster”

May 6, 2017May 6, 2017

“You talk like a sign language gorilla who got hit in the head.”

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5 Comments on The FCC Is Mad At Stephen Colbert For Calling Trump’s Mouth A “Putin Cock Holster”

A Glaring Disconnect Or, The Most Important Thing You’ll Read All Day

May 6, 2017May 6, 2017

“There are a couple of ways in which these disconnects can be resolved. But until they are, global central banks need to tread warily. One resolution is of course equities retreat and yields decline, recognizing the dearth of liquidity. “

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3 Comments on A Glaring Disconnect Or, The Most Important Thing You’ll Read All Day

Listen Up! Goldman Has Some Bad News For Markets About Trump’s Healthcare “Win”

May 6, 2017

“In isolation this legislative victory is likely to be interpreted as bullish for other aspects of the agenda, including tax reform.”

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Saturday Humor: Nassim Taleb Explains Why He Has A Beer Belly

May 6, 2017

“Thin waistline is obtained artificially via machines.”

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1 Comment on Saturday Humor: Nassim Taleb Explains Why He Has A Beer Belly

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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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