“The odds of success are 50/50,” said the baby-faced billionaire, smiling. “But I pretty much made that up,” admitted Elon Musk, “I have no idea.” And how could he? After all, he was attempting to gently land his rocket, upright on a barge, floating in the Atlantic, at night, in the fog. Which quite frankly isn’t all that hard. It just takes imagination, an entrepreneur, capital, and technology; America’s abundant re

Hope all goes well, and that your 2015 is something special; filled with adventure, mystery, flexibility, prosperity. Dusted off an anecdote from a hot day that I’ll never forget (see below). Back next Sunday with full wknd notes. Week-in-Review: Mon: China loosens LDR, Japan approves $29bln economic stimulus spending, Greece fails to elect president (Jan 25th elections), Weidmann reiterates opposition to sovereign Q

Week-in-Review: Mon: China loosens LDR, Japan approves $29bln economic stimulus spending, Greece fails to elect president (Jan 25th elections), Weidmann reiterates opposition to sovereign QE, Brazil budget deficit 11yr high of +5.8% (gross debt 63%), Dallas Fed -6.4 to 4.1%, S&P +0.1%; Tue: Abe proposing 3.3% corporate tax cut, Putin critic Navalny convicted of fraud (sentence commuted), US consumer confidence +1

Week-in-Review: Mon: China investigates former president Hu Jintao senior aide (new escalation of anti-corruption drive), Saudi oil minister “not in OPEC’s interest to cut production no matter how low price goes; may never see $100 oil again,” Tunisia votes for secular govt, US Nov existing home sales -6.1% (median price +5% yoy), S&P +0.4%; Tue: China investigates stock price manipulation, Qatar susp

Hope all goes well… “I see him, right there, look!” shrieked Teddy. Charlie and I pressed our faces to the window, searching for the sleigh. “Santa gives magic flying dust to his reindeer you know,” continued Teddy, proud of his insights. “Damn, that’s what I should’ve asked for,” sighed Charlie. I smiled, savoring the moment. “Santa doesn’t give magic dust to kids, we’d crash into airplanes,” explained Teddy, certai

Hope all goes well… “Three days ago would’ve said we’d start 2015 long stocks,” said the CIO, capping another year of strong outperformance with a December nosedive. “But after this 5% three-day rally, I don’t know anymore.” He’d gotten short in late Nov; a few days too early. “I covered after the employment report, at the highs.” Then watched stocks sink straight to Dec 16th. And having missed the deep dip, he’d beg

“I see some of my younger self in you,” I told Sam, hours before dawn, alone on our trading floor. “That’s what I want,” he replied, in earnest. It’s his first year-end. We’d bumped him up, he’s earned it. “Ian, Chase and Ryan said I work too hard, that I need some adventure,” he admitted, retelling his compensation conversation. You see, I avoid giving those if I can, because I hated receiving them; a year of my lif

“We’ll respond proportionately in a space, time and manner that we choose,” warned Obama, racing through his armory, searching for a weapon capable of kidnapping North Korea’s chubby kid and placing him in Angelina Jolie’s foster care. But of course, Obama’s cache is running low. Everyone’s is. Putin’s reserves continued their inexorable decline, oil extended its slide, the Ruble plunged. So Vladimir pulled out the w

“Even in the worst of times, we’re always Americans,” said John McCain, rubbing his war wounds. “We’re different, stronger, and better than those who would destroy us,” continued the Senator, rising above pathetic partisan politics, reliving his torturous pain. And he’s both right and wrong. Because we’re no different, no stronger, no better. We’re human; all the same. With one exception. You see, our painfully coura

“My wife’s girlfriends drove me absolutely crazy,” he admitted. “Dinner parties were the worst; they’d sip away, bragging about their favorite companies, their 60% gains.” They owned two stocks. Her girlfriends who believed in diversification owned three. “Then they’d ask me how much I was up?” Explaining that he was grinding out high single digits hit conversation like a wet fart. “Those were the years that humiliat