weekend notes

Hope all goes well… Zipped out to the Tetons for a little altitude this long weekend. Dusted off an anecdote from 2018 about magic, mysteries, the sublime wonder all around (see below). Wishing you all the very best, E Marcel Kasumovich, Deputy CIO of One River Digital, published a fantastic piece this week on the SEC’s custody proposal which most had expected to be a digital kill switch, but in t

Anecdote: “We spent a decade or more in equilibrium,” said the CIO. “The economy was highly indebted and overleveraged, which allowed the Fed to have a large influence over it with relatively small changes in rates.” Forward guidance and balance sheet adjustments too. “Then we went out and did Covid, handing everyone money,” he said. “To solve the problem Covid created, you needed to measure the d

Hope all goes well… “Brutal loss, but they were insane,” texted Liv on our family app. “Their goalie was on the cover of USA Water Polo magazine 10 times.” Liv was in Austin, playing goalie for West Point. It’s a co-ed team, but their opponents are always all-male. Liv told us it was either that or women’s boxing. Truth be told, I’ve tried hard to set my kids up to have better choices in their liv

Anecdote: “I attempt to tap into young men’s minds and souls,” said Coach Amplo. “Activate what they care about, have them get in touch with that feeling, and act on it in a meaningful way.” Amplo made his name early, achieving the impossible, building a lacrosse program from scratch into a team that made it to the NCAA Division I tournament in four years. He assembled what most considered unremar

Hope all goes well… “You take something off the table here,” barked Biggie Too. “Feels like we’re somewhere in peak Goldilocks,” continued the Global Chief Strategist for one of Wall Street’s Too-Big-To-Fail affairs. “At some point you get a challenge to Goldilocks – Biggie sees things and it’s coming,” he bellowed, most comfortable in 3rd person. “Maybe the dollar resumes its rally. Conviction tr

Anecdote: They say history may not repeat, but it does rhyme. Perhaps. But when it comes to trading and investing, it is more helpful to recognize that the world is always different, forever changing, and the only constant is human nature, behavior, fear, greed. Our capacity for both savagery and selflessness has not changed since we lit our first fire. It may even be that nothing about who we are

Hope all goes well… “Happens to me too,” said Teddy, my high school senior, EMT. We were discussing his insane afternoon. I asked if he sometimes steps outside of himself and wonders how he got into a particular situation. We have a similarly wild imagination that I figured leads him to have out of body experiences too. “It happened today on the call. We carried this 260-pound guy down steep, narr

Hope all goes well… Snuck off to the mountains for long weekend, some altitude, skiing. Dusted off an anecdote from 2018 in honor of Martin Luther King Jr. (see below). Back next Sunday with full weekend notes. Marcel Kasumovich, Deputy CIO of One River Digital, wrote an excellent piece on Ethereum, evaluating assets based on how they weather market crashes, and positive catalysts on the horizon [

“The Fed rightly or wrongly has a lot of confidence that they can easily open the spigot and turn the economy back on at any moment,” said the CIO. “They’re like 15 out of 10 confident. They’re like, let’s just have a recession. And that should make investors nervous,” he continued.  “They’re so confident, because of how they’ve controlled the economy for the last 15yrs and then particularly after