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Hope all goes well… “I think the SEC is telling you that they are shutting down Binance.US. . . they believe the conduct is beyond egregious,” said the Chairman, the two of us talking pre-open, the agency’s second lawsuit of the week hitting the tapes. “But Coinbase is a different matter, this lawsuit is not about shutting down all tokenized trading,” he said. “This is a ratcheting up of the pressure to drive to an e

Anecdote: “The market is still wired for bearishness,” said the CIO, high atop his prodigious pile. “The VIX curve is still steep, the back end is quite high, and the vast majority rightly expect a recession in H2,” he continued. “To the extent that all the event risk ahead is seen to pass, you can imagine how people can get drawn back into the market. There is still ammo to propel this thing higher,” he said. “Calli

Hope all goes well… “Okay, tell me all about your year,” I said to Liv, home for a few days, a Plebe no more. “I have so many stories, what kind do you want?” she asked. I shrugged, smiled. “Funny ones, painful ones, sleeping under the stars, tumbled off a cliff, chased by a bear kind of stories?” she asked. “Or grenade launcher, tear gas, swampy and cold, embrace-the-suck stories – I got ’em all Dad,” said my girl.

Hope all goes well… Memorial Day already. Another year, flying by. Dusted off an old anecdote about birth-order, the dinner table, and ringworm. Back next Sunday with full weekend notes. E  Week-in-Review: Mon: Yellen says odds meeting all payments by 6/15 is quite low, center right (New Democracy) party does well in Greek elections – market positive, Fed’s Bullard expects 2 more hikes this year / Kashkari suppo

Anecdote (July 2017): “Think hard about what you would like from your new coach and what you are prepared to give him,” I told Jackson (15). He’d requested a meeting with Darien’s head coach, a lacrosse legend. “Imagine two young people walk into my office,” I continued. “Person A says: I’d like you to help me build a great career. I’m really ambitious. Please help me.” Jackson nodded. “Person B says: It’s such a pri

Hope all goes well… Zipped down to Annapolis for a year-end celebration and the men’s lacrosse quarterfinals. Dusted off an anecdote from 2017 about sports, work, life (see below). Back again after Memorial Day with full weekend notes. E  Marcel Kasumovich and Kartikey Sinha published an interesting piece on resilience in digital asset markets and the relationship between bitcoin prices, funding rates, and volat

Anecdote: I first traveled to the UAE in early 2001 to lead a technology project in Sharjah, one of seven emirates, working out of a windowless warehouse at the airport, a tax-free zone built to entice entrepreneurs. Back then, skyscrapers were rising, sporadically, abruptly, separated by vast tracts of desert, connected by wide empty highways. Fast forward 22 years and the UAE is transformed by ambition, execution.

Hope all goes well… “If a founder comes here with national or regional ambitions I’m not interested,” said the Emirati, a decade or more younger than I, bursting with enthusiasm, energy, capital. He was raised in Abu Dhabi; I grew up in New York City. We attended the same boarding school in a small Connecticut town, although I didn’t mention it. International students intrigued me back then, usually shy, observant, c

Anecdote: “Since 2008, all investors have been punished together and then rescued together,” said the investor at one of the great Sovereign Wealth Funds. “Policy makers panic, the liquidity hose comes out, and there’s no real cost, because there has been no inflation,” he continued. “We’ve operated this way for so many years, and it has created such distinct market behaviors that our governments have legislated to f

Hope all goes well… “Hong Kong is filled with frustrated bulls,” barked Biggie Too, chief global strategist for one of Wall Street’s Too-Big-To-Fail affairs. “And New York is full of frustrated bears,” said Biggie, finishing up another world tour. “People don’t understand why the S&P is here. Look beneath the surface and there’s horrible damage. But you have these 10 tech stocks in a different universe,” bellowed