Hope all goes well… Dusted off an anecdote from Nov 2016 following a conversation with one of our industry greats about disruption, destruction, adaptation, outperformance (see below). Hope you had a great summer break. Enjoy the rest of your Labor Day. See you next Sunday with full weekend notes. All the very best, Eric Week-in-Review: Mon: UK holiday / lowest US equity volume of the year, China lowers stamp duty /

Hope all goes well… Dusted off an anecdote from June 2018, when the multi-decade trend toward ever lower inflation rates had started to shift. The process that started back then appears far from over (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: PBOC cuts 1y LPR by 10bp (5y unch) / smaller than mkt was

Hope all goes well… Dusted off an anecdote from June 2018 about journeys, and sharing our fears, failures, joys, discoveries (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: Japan 2Q GDP 6.0% (2.9%e), Japan 2Q GDP Deflator 3.4% (3.8%e), Australia Wage Price Index 3.6% (3.7%e), China July Retail Sales 2.5%

Hope all goes well… Dusted off an anecdote from September 2018 about particle physics, financial markets, quantum entanglement, and how opportunities often appear as mysterious phenomena (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: Ukraine launched more drone attacks on Russia over the weekend, Jeff Cu

Hope all goes well… Dusted off an anecdote from October 2018 about accidents, our reactions to them, the opportunities they represent (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: BoJ conducted an unscheduled JGB buying operation as yields continued higher following Friday’s YCC adjustment, ECB’s Lagard

Hope all goes well… Dusted off an anecdote from late 2018 on the illusion of certainty (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: Israel’s far right gov’t moves forward with controversial judicial reform / protests grow in response, China’s Politburo meeting slightly beat the downbeat expectations on

Anecdote: “Art is the shortest path from man to man.” It is a phrase etched into the museum glass, and these words are spilling into the Arabian Gulf. I am lying on a black beanbag in the courtyard of the Louvre, Abu Dhabi edition. Cultural Centers are an invitation for dialogue. And the UAE is building a magical one, a symbolic understanding that their future isn’t in fossils. The irony is everywhere. Innovation def

Hope all goes well… Managed to make my way off the grid (kind of) for a few days. The Kenai Peninsula, just south of Anchorage. Tribal land. Glaciers, fjords, orcas, humpbacks, eagles, bears, beavers, bucket lists. Marcel was a world away this week: Hong Kong, Abu Dhabi. He stepped in to write wknd notes (see below). Overall: “We will promptly formulate and introduce policies to restore and expand consumption,” decla

Anecdote: “If the fresh skin of an animal, cleaned and divested of all hair, fat, and other extraneous matter, be immersed in a dilute solution of tannic acid, a chemical combination ensues,” said Liv, the two of us walking, her first year done. Cadets are required to commit all sorts of passages to memory. They must be able to recite them at any moment and are inevitably called to do so when standing at attention, h

Hope all goes well… “Always knew he was special,” said the father. “But when he was 8 and raced around the track, I’d hear others say there was something special about him,” he said. “Guess they saw what I saw.” I was at Silverstone in the UK, watching the Formula One race, and had the privilege to spend the weekend with the parents of a driver, a young man, confident, humble, superstar. “I’d help work on his engine