“These days everything’s padded and comes with warning labels,” said Jorgensen, triumphant, tiny, towering above Yosemite. He’d just free climbed El Capitan; once considered impossible. But there is no impossible, there’s only not yet possible. “This just lights a fire under me, and that’s a really exciting way to live,” continued the young alpinist, fingers raw, embracing uncertainty, pursuing extraordinary. You see

Hope all goes well… “The last few years, every time vol popped you sold it,” said Roadrunner, the equity market’s biggest volatility trader. “This year, that changes – 2015 will be special,” he continued. “The S&P vol curve is flat for 9mths, at 19.5-20.0, which tells you it’ll be volatile; that’s good for the market, it’s great for traders, it’s bad for buy-and-hold investors.” And terrible for guys with leverag

“How do you bet on deflation when bond yields are already so low?” asked one of the industry’s best performing CIOs, years running. We discussed the one thing even more important than forming the right answers: identifying the right questions. America’s exit from six years of zero rates looms large, Japan doubled down on unorthodox policies, China’s reengineering its economic model, and Europe will soon capitulate &#

“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