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Hope all goes well. What a mess. Traders step away from their screens for just a couple days and look what happens. Worst Thanksgiving wk for the S&P since 1932. It’s been three yrs in a row where this wk’s seen more than just a few gobblers slaughtered. So much for Black Friday. I’m off to Zurich for a UBS macro panel. Then Stockholm. I was last there in ’93, right after Sweden’s economic system collapsed, and t

Hope all goes well. A friend died. It was one of the few things he never warned me about ‐ but I hear he saw it coming. Richard Medley channeled information from central bankers, finance ministers, defense secretary’s, senators, (presidents too), to Macro’s most famous mangers. I’d never paid him a dime, we just had fun. Exchanging Sunday emails, competing to craft the sickest joke. Then last wk, outta nowhere, he se

Hope all goes well. Mara left me. For a wk. Went to some Ashram. Immersed in nature. Away from screens. To unplug. Recharge. Connect. So I had our 4 kids. Tasked with playing Mr. Mom. Which meant I imported my Mom. And with that problem solved, zipped back to work. The Yin to Mara’s Yang. Immersed in mkts. And screens. Plugged in. Overall: We missed our best chance. To shift course. On Tuesday. Asteroid YU55 slipped

Hope all goes well. November. A fresh start. New beginning. Every day is of course. Most men just forget that — but not the Greeks. They live in the moment. Unbound by yesterday’s commitments, and debts. Announced a referendum. Then cancelled it. Day-to-day their mood’ll change. The outcome won’t. No one’s getting repaid. Mario Draghi turned the page on a stubbornly hawkish ECB. Cut rates his 3rd day on the job

Hope all goes well. My son Jackson rode shotgun. On a narrow dirt road. And heading into a sharp turn warned, “Slow down a car’s coming.” He was right. After the narrow miss, all puffed up, he announced, “I predicted the future.” At least one of us did this wk. Yeah, prognosticating ain’t easy. It’s humbling too. But it’s our job. Plus we marry good risk/reward trade structures to those predictions. And stay discipli

Hope all goes well. Busy wk here. Went through the portfolio with a stiff rake. Cleaned up. Of course, we’d cut out the real rot over the past 6wks. But what few twigs remained, we gathered and burned. Then as hopes rose (and shorts squeezed) in anticipation of Europe’s latest grand plan we added a Global Contraction theme to the portfolio. You see, despite the excitement about a European Spring, and even some green

Hope all goes well. Virgin redeye. LA-Heathrow. Arrived unshaven, disheveled, dressed down. Zipped through Fastrack. Immigration officer sized me up, guessed, “Banker.”  So I tried it on, “No sir, I help old people, pensioners.” He raised a brow. And I smiled, couldn’t help it, it just snuck out. Yeah, blew my own cover, so came clean, “Sorry, yes sir, Finance.” Gotta work on that delivery, someday it could save my l

Hope all goes well. Yeah, it happened. Snuck up on me. Always does. Autumn. Just seemed oddly darker one morning. The air changed too. Tasted different. Of course, next come pumpkins, followed by turkeys. Dradles. Then Santa. Good little boys get coal this year, naughty ones get orphaned. Yeah the Street’ll be snowing pink slips, it’s Occupied too. So what’s a scared little market-maker to do? Boo! Oooh. Yeah, they’r

Hope all goes well. Jetted off to Mississippi. A proud farming town. Entered a home. One of my partners stood tall, surrounded by his clan. Their patriarch lay flat, at peace. Walked down the line, paying respect. Got to Perry. Hugged. Lost my words, he did too. And our eyes couldn’t quite meet, or things woulda gotten real wet. Been a rainy mth. Glad to flip the calendar. I turn 45 Tues. Yeah, thanks bro. Gettin’ ol

Hope all goes well. Got things real wrong. Feels good to get it out in the open. No joke. Light is nature’s great disinfectant. Started Sept with a big bet: the Euro would fall versus Emerging Market FX. Check out a chart of Brazil’s Real (fell over 20% in Sept). OMFG. Anyhow, trading markets for over 20yrs conditions you to flee fast (and structure well). ’Cause if you live to fight another day, well, sooner or late