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Hope all goes well… I take Aug through early Sept off from weekend notes. Dusted off an anecdote from 2015 about the dangers of genius, the value of experience (see below). Enjoy your August. E Week-in-Review (expressed in YoY terms): Mon: China’s renminbi stabilizes following Friday’s hike to 20% reserve requirements for speculative shorts, Saudi Arabia expels Canadian ambassador after Canada supports detained human

Hope all goes well… The US and EU account for over 50% of global GDP and have the world’s largest bilateral trade relationship, exchanging $1.1trln of goods and services annually; there’s no more integrated economic relationship on earth. One-third of world trade involves the US and EU – the US is humanity’s #1 customer, accounting for 18% of all imports, the EU is #2 at 15%. Total US investment in the EU is 3x

Hope all goes well… I’m not thrilled,” said the President. “Now, I’m just saying the same thing I would’ve said as a private citizen,” continued the property developer. “So somebody would say, ‘Oh, maybe you shouldn’t say that as President.’ I couldn’t care less what they say, because my views haven’t changed.” The Federal Reserve’s 7 hikes widened the chasm between US interest rates and those of our foes. And Powell

Hope all goes well… The planet’s most powerful military threatened to reconsider NATO unless Europeans meet their spending commitments. Europe’s leaders repeated unfulfilled pledges to do just that, returning to their parliaments to find the funds. Earth’s biggest consumer threatened to impose 10% tariffs on another $200bln of imports from the planet’s largest producer. Beijing vowed to retaliate. Its deeply indebted

“I have no great gifts to offer other than a deep sense of the magic that’s possible for all of us…especially the kids,” wrote the guide, checking in from the Rockies. Teddy, our 13yr old, escaped Connecticut’s sea-level insanity to join him at altitude. In a blind race to Ivy League admission, America’s children now suffocate in summer sports. Two club leagues, sometimes three, speed clinics, strength training. “He’

Hope all goes well… “You know the one thing I want you all to take away from this experience?” I asked the kiddies. No one said a word, I was grateful, who knows what they were thinking. The shock of our latest family crisis had started to subside. And we were pretty sure Oliver would be okay in the end, his leg more shattered than the transatlantic Alliance. “Someday, when your husband or wife runs over the family d

Hope all goes well… “If the main priority is fighting this administration then we need to address the systemic problems that resulted in his rise in the first place — and that is perpetuation of the economic, social and racial injustice in the United States that has led to a rift that has created the room for a rise of a demagogue like Donald Trump,” said Alexandria Ocasio-Cortez, the authentic, charismatic 28y

Hope all goes well… The principal is a germophobe and instructed her 400 8th graders to “clean their sweaty, filthy hands” with disinfectant wipes before shaking hers on stage. The graduation ceremony’s low point was the 14yr old male soloist, hitting peak puberty, voice cracking, uncontrollable. Poor fella. Olivia teetered across the stage in her newly purchased platforms, narrowly avoiding a face plant — that

Hope all goes well… “How many do you think will hatch Daddy?” asked Charlie, buckled in the back seat. He’d discovered a prehistoric snapping turtle laying eggs in our yard. We collected all 27, placed them in an incubator. “Not sure little man, depends on how many were fertilized.” He nodded, processed. “So how exactly do turtles fertilize eggs?” he asked. And seeing an early opportunity to put one of life’s most aw

Hope all goes well… Every so often I depart from the usual weekend notes format to share a particularly thought-provoking piece of our internal research. Today’s is titled, “Considerations on Rising Inflation” [click here to view the thought piece]. Lindsay Politi authored it. She spent the first 15yrs of her career building a $10bln TIPS business for Wellington where she was a consistent top quintile performer and w