• Haunted

    April 20, 2021

    Could there be a more epic quote for the current state of the financial markets? I could not stop thinking about this quote all weekend. I wish that I could time machine this trader back to 2008 or 2000 and have him experience an 80-90% drawdown in a world-leading company. We are so past closing time for this speculative merry-go-round. But as we all know, the ride can last longer, and the quotes can get more outrageous so keep the tapes rolling.

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  • Open for Business

    April 13, 2021

    The Horse & Groom, Heads & Tails, The Lyric, Punch & Judy and the Duke of York. All open and ready to serve you a pint or an espresso martini depending on the time of day. Well done, London.

    While the U.S. and the U.K. continue to lead in COVID vaccination progress, other countries are hitting cobblestones in the road. Some countries just didn’t have enough vaccines while others hit stop and go with the Astra-Zeneca vaccine.

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  • Spring Blossoms

    April 6, 2021

    The cherry trees in Tokyo and Washington, D.C. are not the only things blossoming right now. The S&P 500 Index has blown through 4,000. Global mergers and acquisitions for the first quarter of 2021 set a record of $1.3 trillion in deals being announced. Friday jobs data posted over one million jobs created in March with the January/February revisions. More surprising was that virus-sensitive job gains were only half of the total, suggesting that America is recovering broadly across many industries.

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  • The Bag Holder

    March 29, 2021

    It looks like the bag holders will be Credit Suisse, Nomura and whoever else bought those big blocks of ViacomCBS. Expect some more names to pop up in the future because you don’t just vaporize $5 billion in liquid equities without a few folks getting singed. While the billions of dollars in pain should be concentrated in the hands of the biggest card players (because of their use of off-balance sheet swaps and derivatives) end holders of those shares could also be hard hit as the swaps were based on the price of common stocks. But then again, the prices of those same shares screamed upward for the previous three months. Is it beginning to feel a bit like a casino yet?

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  • Grab Your Shades

    March 22, 2021

    It is finally time to roll out of the house. I think that Zack Snyder’s epic superhero film this weekend will mark the end of our COVID shut-in. I see that many of you have already hit the road for Spring Break. Some in Hawaii. Some in Florida. And some up in my mountains enjoying that fresh snow. There were some rumors going around Colorado today that the mask restrictions might come off, which would be a great thing for not only psychology but also for my mask-chapped lips.

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