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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

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

Hope all goes well… “Mate, seriously, what the hell is going on with your country?” asked my old buddy, Sunny in Sydney. Spent the week in Australia. Singapore too. And in my decades of travel, discussions, debates, never has this one question dominated all others. “America has actually become the Gong Show!” he cried, pulling up his iPhone newsfeed, replete with porn stars, trade wars, revolving doors. Bump stocks a

Hope all goes well… “Wanna hear a joke?” asked Charlie, my 3rd grader. I nodded. “Bernie Sanders, Hillary Clinton, and Donald Trump all get into a boat.” I smiled. “They row into the middle of the ocean.” Okay. “And it sinks.” Whoa, sounds awful. “So who survives?” asked my 8-year old. I shrugged, certain I hadn’t told a political joke until my mid-twenties. “America!” he howled, doing a little dance, shaking his boo

Hope all goes well… “Hard to pinpoint why this happened,” said Roadrunner, the market’s biggest equity volatility trader. “But this kind of move usually reflects something below the surface.” Poorly designed VIX exchange-traded products are the fall guys. “Could it have simply been too much leverage and complacency? Doubt it.” VIX finished the week at 16.5, back below where it started the morning of Feb 5th. “I strug

Hope all goes well… “My heart goes out to every child who had to walk back into their classrooms today,” said the radio host as I drove my kids to school. “That’s what I’m talking about! I love this station!” cheered Teddy, laughing. “Shut up Teddy, she’s talking about the 17 kids who were shot dead at a school,” said Jackson, shaken, uncharacteristically. The car went quiet. “Who shot them?” asked Teddy. “Another ki

Hope all goes well… “March 2009,” whispered Yoda, high in the Rockies. “The market bounced sharply off 666, and minutes before the close rallied 30 points. This is how bear markets end.” The economy was in freefall, 10% unemployment, banks, earnings awful. “Bear markets find valleys. Bull markets find summits.” said Yoda. Gentle white trails swirled off distant peaks, winter’s fierce wind, snow. “At the bottom all is

Hope all goes well… “Things had been too easy for too long,” said Roadrunner, the equity market’s biggest volatility trader. “Yet vol has found a bid on each dip for weeks,” he said. “The market saw this coming.” The S&P 500 rallied +7.5% in the first 18 trading days of 2018. Yet implied volatility levels rose. Then stocks fell -3.9% in 5 days. “When stocks dump on a Friday, closing at the lows, and you haven’t h

Hope all goes well… Weekend notes started in 2010, almost by accident. I jotted down things each week that made me think. As it evolved, I pushed harder to discover unique perspectives, interesting questions, occasional answers. From exceptional people. And that led to a series of discoveries. The first of which is that exceptional people are rather similar, in that they have a deep, insatiable, child-like curiosity.