Hope all goes well. Looks like bears are suddenly nervous about getting coal in their stockings. We got some early gifts, hit $500mm aum this mth. So I’m off to NY, thanking investors and interviewing recruits. Overall: The boys, all dressed up like Ebenezer Scrooge, started Christmas season by cruelly punishing the impoverished Irish and their poor Southern cousins. Oh how they screamed “Bah Humbug!” selling bonds d

Had a couple quiet days up in Northern CA with Mara, the kiddies and some good friends and family. Sadly, the rest of the planet didn’t hit their pause buttons too. Tensions in Korea added to the panic in peripheral Europe and traders continued to liquidate risk assets and flock to the US Dollar. Weekly Close: S&P 500 -.9% and VIX +4.2 to 22.2. Nikkei +.2%, Shanghai -.6%, Euro Stoxx -1.1%, and Bovespa -3.8%. USD

Had a couple quiet days up in Northern CA with Mara, the kiddies and some good friends and family. Sadly, the rest of the planet didn’t hit their pause buttons too. Tensions in Korea added to the panic in peripheral Europe and traders continued to liquidate risk assets and flock to the US Dollar. Weekly Close: S&P 500 -.9% and VIX +4.2 to 22.2. Nikkei +.2%, Shanghai -.6%, Euro Stoxx -1.1%, and Bovespa -3.8%. USD

I read my kids Brothers Grimm Fairy Tales and found myself reading equally frightening stories at work this wk. A few new missives about Chinese rate hikes ending the world made the rounds (of course they’re written by white guys imprisoned in NY/London towers), so I called some folks on the ground in Asia who’ve made their fortunes getting it more right than wrong – they just laughed at how we continually underestim

Hope all goes well. Taking off this weekend and next from w/e notes to spend time with Mara and the kiddies and recharge batteries over Thanksgiving. I read my kids Brothers Grimm Fairy Tales and found myself reading equally frightening stories at work this wk. A few new missives about Chinese rate hikes ending the world made the rounds (of course they’re written by white guys imprisoned in NY/London towers), so I ca

We were seated next to one another with little in common but mutual respect for calculated risk-taking; a big Hollywood director and a token hedge fund manager (every good dinner party needs one). Directors are like dictators – play by their rules or get cut. He loves to shoot in black & white — it’s how lots of folks see the world. Good traders discover how much that medium costs ya, and learn to app

Hope all goes well. Busy wk, lots of visitors and jumpy mkts. Been fortunate to have low risk, gives us ammo to re-load as mkts puke. You never buy the low, or sell the high so getting in tends to hurt a bit. Overall: German Fin Min Schaeuble spoke plainly, “America’s growth model is stuck in a deep crisis, has lived beyond its means for too long, its financial sector is disproportionately inflated and its industrial

German Fin Min Schaeuble spoke plainly, “America’s growth model is stuck in a deep crisis, has lived beyond its means for too long, its financial sector is disproportionately inflated and its industrial core neglected.” Called US monetary policy, “Clueless.” China’s rating agency downgraded US sovereign debt, using similarly blunt language. And humbled Obama scurried across Asia looking for a win and came up mostly e

Global power continues to shift. Dilma Rousseff, former Marxist guerilla and now Brazil’s first female President, spoke with Obama and discussed US unemployment. She called to end “Currency Wars”, pledged fiscal conservatism – S&P/Fitch will consider an upgrade. Obama lost mid-terms, sold Saudi’s $60bln of weapons, had the boys warm up Air Force One and jetted off to Asia. Korea’s FX reserves hit new highs

Got a call the night before midterm elections. A sensual voice urged me to vote for Prop 19. I got no other calls that night so it musta been a real high political priority, right? The temptress informed me approval will, “Legalize Marijuana, help our police regulate it like alcohol, protect our children from uncontrolled substances (hilarious!), and raise billions in new taxes.” Hmmm… It’s fascinating to watch peopl