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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

Goldman Has Had Just About Enough Of One Turkish Politician’s Bullshit

April 15, 2017

As you’re well aware, tomorrow is kind of a big deal in Turkey. Earlier today, we

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1 Comment on Goldman Has Had Just About Enough Of One Turkish Politician’s Bullshit

3 Weekend ETF Charts: Any Questions?

April 15, 2017

Two of this week’s most popular posts were about ETFs. Which isn’t surprising because after

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Leave a Comment on 3 Weekend ETF Charts: Any Questions?

Fate Of Turkey’s Stock Market Is In The Hands Of An Algo Named “The Dude”

April 15, 2017

Local traders started referring to the mystery investor, whose identity was never revealed, as “the Dude.”

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2 Comments on Fate Of Turkey’s Stock Market Is In The Hands Of An Algo Named “The Dude”

Turkey Referendum: Everything You Need To Know About This Weekend’s Biggest Geopolitical Event

April 15, 2017April 15, 2017

“Tomorrow is very important, you must absolutely go to the polls,” Erdogan urged the crowd. “Don’t forget that the vote is our honor.”

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1 Comment on Turkey Referendum: Everything You Need To Know About This Weekend’s Biggest Geopolitical Event

Trump Jr: “I ♥️ #MOAB”

April 15, 2017April 15, 2017

“Bomb the hell out of ISIS? Check.”

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6 Comments on Trump Jr: “I ♥️ #MOAB”

“Tears”

April 15, 2017April 15, 2017

“Quick!”…

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4 Comments on “Tears”

(Almost) $400 Billion Weighs In On Tax Reform, The Fed, And The Dollar

April 15, 2017

Bank of America’s latest rates and FX survey comprises responses from 74 fund managers with

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1 Comment on (Almost) $400 Billion Weighs In On Tax Reform, The Fed, And The Dollar

As North Korea Displays Missiles, Some Perspective

April 15, 2017

Remember how about 24 hours ago everyone was sure – sure – that North Korea

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2 Comments on As North Korea Displays Missiles, Some Perspective

2 Visuals Show North Korea’s Strike Capability Or, Kim Has NoDong(s)

April 14, 2017

Simply put, Kim’s “NoDong” is “presumed operational.”

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1 Comment on 2 Visuals Show North Korea’s Strike Capability Or, Kim Has NoDong(s)

Look Out Below: “Godzilla Returns Next Week”

April 14, 2017April 14, 2017

“Between 2002 and 2016, total purchases from April 15 to December 31 have averaged $90bn.”

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1 Comment on Look Out Below: “Godzilla Returns Next Week”

Trump’s China Flip-Flop Is Complete: Treasury Declines To Apply Currency Manipulator Label

April 14, 2017April 14, 2017

As tipped by… well, by Donald Trump himself, the Treasury department refrained from labeling China a

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UN Ambo Nikki Haley Is A “Bull In A China Shop” – So Watch Out World

April 14, 2017April 14, 2017

“A person who breaks things or who often makes mistakes or causes damage in situations that require careful thinking or behavior.”

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Leave a Comment on UN Ambo Nikki Haley Is A “Bull In A China Shop” – So Watch Out World

North Korea: “We Will Go To War” With “Gang Of Cruel Robbers” In US

April 14, 2017April 14, 2017

One of the things that gets lost in the incessant media coverage of escalating tensions

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5 Comments on North Korea: “We Will Go To War” With “Gang Of Cruel Robbers” In US

This Is OPEC’s “Target” Price For Oil

April 14, 2017

“This is how far we want prices to rise. That is our aim.”

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oil, OPEC1 Comment on This Is OPEC’s “Target” Price For Oil

White House Posts Survey Asking Which Agencies Trump Can Eliminate – “Office of President” Included

April 14, 2017April 14, 2017

Not The Onion…

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3 Comments on White House Posts Survey Asking Which Agencies Trump Can Eliminate – “Office of President” Included

Easter Algos Dump Dollar After Dour Data Deluge

April 14, 2017

Earlier this morning the reflation narrative rolled over and died. That’s not just our dour

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1 Comment on Easter Algos Dump Dollar After Dour Data Deluge

It’s Time For A “Tactical Rally” In Bond Markets: Deutsche Bank

April 14, 2017

If last week marked the “throwing in the towel” moment for Deutsche Bank’s Dominic Konstam with

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Leave a Comment on It’s Time For A “Tactical Rally” In Bond Markets: Deutsche Bank

Uh-Oh. Core CPI Posts First Decrease In More Than 7 Years

April 14, 2017

So much for reflation…

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1 Comment on Uh-Oh. Core CPI Posts First Decrease In More Than 7 Years

As Trump Ponders 50,000 Troops In Syria, Here’s A Little Perspective On ISIS

April 13, 2017April 13, 2017

Let’s just be clear about one thing: the idea that retaking Raqqa from Islamic State

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14 Comments on As Trump Ponders 50,000 Troops In Syria, Here’s A Little Perspective On ISIS

This Chart Shows “The Clouds Darkening For US Autos”…

April 13, 2017April 13, 2017

“…nearly double the average differential by this time last year.”

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2 Comments on This Chart Shows “The Clouds Darkening For US Autos”…

Chart Of The Day: Central Bank Intervention For Dummies

April 13, 2017

A “clearly illustrated phenomenon.”

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2 Comments on Chart Of The Day: Central Bank Intervention For Dummies

Volatility, A “Tipping Point,” And The Disappearing “QE-Put”

April 13, 2017

“Why are vols and spreads staying relatively low, despite the rise in policy uncertainty and populism?”

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Video: Lawmaker Markwayne Mullin Is Sick Of Taxpayers’ “Bullshit”

April 13, 2017

“You say you pay for me to do this? That’s bullcrap.”

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2 Comments on Video: Lawmaker Markwayne Mullin Is Sick Of Taxpayers’ “Bullshit”

Oh “Lord”: Idiot Tells African American Woman That Trump Is “The MLK Of Healthcare”

April 13, 2017April 13, 2017

I…I…I want to say something here that I know will drive someone crazy…

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1 Comment on Oh “Lord”: Idiot Tells African American Woman That Trump Is “The MLK Of Healthcare”

Am I Wrong About ETFs Being “Financial WMDs”? Goldman Says “Probably”

April 13, 2017April 13, 2017

“If investors in these vehicles seek to withdraw at the first sign of trouble, then this demandable equity will have the same fire-sale-generating properties as short-term debt.”

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5 Comments on Am I Wrong About ETFs Being “Financial WMDs”? Goldman Says “Probably”

Meanwhile, In Syria: Assad “100% Sure” He Was Set Up, US Accidentally Kills 18 “Friendlies”

April 13, 2017April 13, 2017

So last week, following reports that someone had dropped what social media claimed was “white

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2 Comments on Meanwhile, In Syria: Assad “1002 Sure” He Was Set Up, US Accidentally Kills 18 “Friendlies”

Trump: “China Must Properly Deal With North Korea, Or I Will!” Oh, And “USA!”

April 13, 2017

I’m not really sure why I’m writing this, because it just serves to perpetuate the

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2 Comments on Trump: “China Must Properly Deal With North Korea, Or I Will!” Oh, And “USA!”

Posts pagination

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Monthly Letter

  • The Arbitrageur

Recent Comments

  • SeaTurtle on The Dark Side Of Liquidity: The Genealogy Of The AI Arms Race
  • T-Dog on Megaspeed Indeed. (Two Huangs Don’t Make A Right)
  • derek on The Dark Side Of Liquidity: The Genealogy Of The AI Arms Race
  • derek on The Dark Side Of Liquidity: The Genealogy Of The AI Arms Race

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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