Hope all goes well… “I want to take the firm choice to defend democracy. It’s not a word we should become used to. It is a word with meaning which emerged from the battles of the past,” declared young Emmanuel Macron, urging Europe’s leaders to not become a “generation of sleepwalkers” in the shadow of authoritarianism rising in Poland, Hungary, the political fringe. “People haven’t given up on Europe. It’s the treac

Hope all goes well… “I got money managers asking what happens if we wake one day and he’s gone?” bellowed Biggie Too in baritone. “But my DC peeps say only Colonel Sanders can stop a 2nd term for Trump.” You see, the secret service can’t stop the fried chicken assault, raining down by the bucket load, shock-and-artery-awe. “The world’s 500 greatest companies jump and dive on every contradictory tweet, exasperating an

“Remember that bad oyster?” I asked. He groaned, it was years ago. “You know there’s no pretty way to deal with food poisoning. You got two options, both awful,” I continued. He agreed. We were talking politics, policy, our President. My brother is a scientist, entrepreneur. The greatest threat his company faces is that the Chinese steal his technology. Because that’s what they do. Sounds ugly, but if there’s an Amer

He looked back, steps in the snow. And retraced the extraordinary 10yr path to 2008. The Global Financial Crisis cut far deeper than recent predecessors; decades of policy to abolish the cycle had created the 100yr storm it sought to stem. Central bankers responded with a breathtaking experiment in the meaning of money, which was printed in quantities previously considered unfathomable, and priced at rates that defie

Hope all goes well… “Courage is an inner resolution to go forward despite obstacles; Cowardice is submissive surrender to circumstances. Courage breeds creativity; Cowardice represses fear and is mastered by it. Cowardice asks the question, is it safe? Expediency asks the question, is it politic? Vanity asks the question, is it popular? But conscience ask the question, is it right? And there comes a time when we must

Hope all goes well… Dusted off an anecdote about great coaching, and the zone (see below). See you next Sunday with full weekend notes. Week-in-Review (expressed in YoY terms): Mon: China/US in trade talks and Mnuchin “cautiously hopeful,” China debuts renminbi-denominated oil futures, South Korea/US reach amended trade deal, Moody’s affirms South Africa rating (outlook stable), Zuma summoned to court next week in co

Hope all goes well… “What do you want to focus on today Charlie?” I asked, driving to practice. “Ground balls, getting open,” he said after a bit of reflection. “Both important parts of the game, sounds like a good plan,” I said. “Know why I don’t like doughnuts Daddy?” he asked, moving quickly from lacrosse to matters of substance. “Why little man?” I asked. “My mouth gets dry whenever I think about them.” I laughed

“Every market has its generals,” said the CIO, atop the hill, surveying the battlefield. “Bull markets march onward, upward until their leaders die,” he said, lowering his binoculars, smoke rising from the valley floor. Banks led the last great bull market. Fueled by reckless lending and leverage, loose regulation, moral hazard, and the wondrous illusion of boundless riches that accompany all reflexive markets, these

Hope all goes well… “How’d I do out there today Daddy?” asked Charlie. “You looked good little man. But did you have fun?” I asked. “Yeah, sure did.” That’s all that matters. My 4th child, my last time coaching 3rd grade lacrosse. “Do you prefer being cold or hot?” he asked, cheeks beet red, a chilly first practice under our belt. “Well, I’d rather freeze to death than burn,” I said. “Same,” he replied, moving on. “W

“I’m going to puke,” said Mara. We waited for the call, the text, the result. Our daughter Olivia was attempting the impossible. “Tell me she’s going to make it,” whispered Mara. I quietly considered the odds. Sighed. Olivia is a force of nature, her spirit pure Olympic Gold. But there’s one problem. She’s tiny. Usain Bolt trapped inside a pipsqueak. “We should have heard by now.” Olivia flew to California alone. I’d