AOnce upon a time they built a system. They promised state workers a pension. At the system’s birth, the nation was in a Great Depression, stocks were in free fall. So naturally, the system’s creators invested in safe bonds. For decades, system membership expanded, assets soared. World War II came and went. The cost to win was enormous, the federal government incurred a staggering debt. To grow its way out of that ob

Hope all goes well… “I had a great meeting with President Xi of China yesterday, far better than expected,” tweeted Trump. “I agreed not to increase the already existing Tariffs that we charge China while we continue to negotiate. China has agreed that, during the negotiation, they will begin purchasing large amounts of agricultural product from our great Farmers. At the request of our High-Tech companies, and Presid

AHe considered the wall, each stone a worry, within its pattern a story. For three decades he’d been climbing. Every wall was different, a reflection of its unique history. Only at the top were they alike. From that perch, the wall-of-worry overcome, did the greatest risk appear. When he first started studying markets in the trading pits, survivors simply said that prices top when there are no more bears, when everyo

Hope all goes well… “We the North,” flags waved above the crowds. “We the North,” banners hung throughout the city. “We the North,” chants rose and fell in the crowd of 2mm (one-third of the city’s 6mm population). The Toronto Raptors won America’s National Basketball Association Championship, the first foreign team ever. Their players are imported, immigrants, but so what, they’re Toronto’s now. They made magic happ

A“So Jackson was named All-American, First Team All-State, First Team All-FCIAC, and won the State Championship — any reason I had to hear this 2nd hand?” asked Coleman. He was Jackson’s 8th grade lacrosse coach and has turned out more All-Americans than just about any American. Not a single player will forget their season with him. The smartest ones stay connected forever. When I grew up, I was blind to the va

Hope all goes well… “What are you going to do out there today Charlie?” asked Jackson (17). Charlie took a knee, sporting brand-new lacrosse gear, tying his bright white cleats for the first time, another season, another size. Summer tournaments have officially begun. “I’m going to run really fast today,” answered Charlie (9), kind of annoyed. Having coached my kids for years, it’s fun to watch them start coaching on

China published a government white paper June 2nd titled: China’s Position on the China-U.S. Economic and Trade Consultations. Their Vice Minister of Commerce held a press conference to discuss the matter. The paper’s position will make it hard for Beijing to stand down on a variety of issues that the US insists are vital. The white paper was 5,000 words. Here are the 250 that most matter: It is only natural for Chin

Hope all goes well… “The bubble is beginning,” bellowed Biggie Too, chief global strategist for one of Wall Street’s Too-Big-To-Fail affairs. “The Fed’s going to cut rates when it shouldn’t,” he barked. Global Trade War thumped in Biggie’s headphones. The beat rhymed with that 1998 tune, Long Term Capital. “This is the start of the dollar collapse,” said Too. “This is the start of inflation — that’s what gold a

“Their methods continue to grow in sophistication,” said the engineer. “They collect data exhaust – your emails, chats, phone records, who you called, how long you spoke, your trades, what time you transacted, how you sized each relative position in your portfolio, and so on,” he said. We were discussing advances in Alpha Capture strategies employed by the industry’s large quantitative firms. “They also pay Wal

Hope all goes well… “We’re learning how to deliver a baby Dad,” said my daughter, 15. “Of course you are Olivia,” I said, no longer amazed. “We train on a robot that screams, moans, has contractions, and if all goes well, out comes a baby.” Olivia joined our town’s first-responders program – Post 53. In headquarters hang photos of their many proud deliveries. “What happens if the baby’s breech?” I asked, imagining th