Month

Anecdote: “We are only halfway done in terms of shifting economic thinking from a flawed model,” said Warren Mosler. “While we are no longer obsessed with a false notion that the federal government will run out of money, we still misunderstand the fundamental relationship between interest rates and inflation,” he said. “Our central bankers and the armies of economists who cling to decades of failed orthodoxy continue

Hope all goes well… “The Fed bought $130bln of bonds so far this year. And global central banks bought $300bln already,” said Biggie Too, global chief strategist for one of Wall Street’s too-big-to-fail affairs. “We have a rate shock, yet they’re still doing QE,” bellowed Biggie. “There really are just two camps now: sheepish equity longs and stubborn equity longs,” he barked. “So you gonna buy 30yr treasuries with 7

“Here’s the truth,” said the Division 1 lacrosse coach, the two of us looking out across a sea of fields. “Of the 500 kids at this tournament, every one of their parents hope they’ll play Division 1, but only about three ever will, and I can spot them a few fields away.” He and I played lax together in college. Taught our boys the sport. “What are Jackson’s odds of making it — be completely honest,” I asked. He

Hope all goes well… “Growth is like fire,” said Lithium, hands free on Highway 1. “Fire requires oxygen, heat, fuel. And for the past couple years, the Fed provided oxygen, animal spirits supplied the heat, and government deficits were the fuel,” he said, banking hard, hugging Malibu’s sandy cliff. “Growth tech has been rinsed. Anyone who bought an IPO lost money over the past year. Bitcoin too. Animal spirits are be

Hope all goes well… Spending the long weekend skiing New Hampshire’s trademark blue ice, Bode Miller style, no better place to teach the kids. -10 degrees, gusting to 25mph. “We could do colder than this Dad,” mumbled Charlie through doubled-up neck warmers, hand-me-down ski gear, proud, moments before the chairlift broke down… In lieu of dusting off an old anecdote, I included Friday’s piece on digital assets from M

“A massive technological shift is unmooring the center,” said the CIO. “Centralized authority and control are being eroded, undermined,” he added. “Our changing information systems are at the heart of this adjustment, making it increasingly difficult to establish truth, facts. And we have massive shifts to our energy delivery systems, biotechnology, our monetary systems.” The meaning of money is being questioned. “Th

Hope all goes well… “How does it feel to be back Jackson?” I asked, a quick FaceTime chat Saturday evening, procrastinating, my mental break. “Every time I walk through these doors after being on break is a shock. Plebes calling me Sir when I step back on campus — and then just knowing the workload ahead,” said my son, laughing, kind of. “You’ll adjust in a day or two,” I said, reminding him that he always does

Hope all goes well… Happy New Year to you and your family. Dusted off an anecdote from 2011 that I reflect on often, at every meaningful fork, and always at the dawn of each year. Back January 9th with full weekend notes. Wishing you all the very best in 2022 — health, challenge, adventure, good fortune. E Week-in-Review (expressed in YoY terms): Mon: Turkish regulator files lawsuit against economic commentator