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Hope all goes well… Dusted off an anecdote from May 2015 on the topic of meaning. Back next Sunday with full wknd notes. Week-in-Review (expressed in YoY terms): Mon: US deploys warships to Korean waters, China to offer Trump better fin services access and beef/grain imports, Kuroda “will maintain QQE until core CPI exceeds 2%,” Russia “have discussed oil output cut extension,” France forecasts Q1 GDP +0.3% (full-yea

Week-in-Review (expressed in YoY terms): Mon: US deploys warships to Korean waters, China to offer Trump better fin services access and beef/grain imports, Kuroda “will maintain QQE until core CPI exceeds 2%,” Russia “have discussed oil output cut extension,” France forecasts Q1 GDP +0.3% (full-year +1.3%), Melenchon overtakes Fillon in French presidential polls with 18% vs 17% (Le Pen and Macron tied at 24%), Yellen

“The change of change is now negative,” said the CIO. “Global growth is still rising, but the rate of improvement is slowing,” he explained. “Same holds true for global inflation, oil prices, copper, iron ore. Credit growth is slowing in the US, Europe, Japan, China.” If these things were all contracting, we’d plunge into recession, but we’re not there. We’re simply at the point in the cycle where the rate of acceler

Overall: “It crossed a lot of lines for me. Many, many lines, beyond a red line, many, many lines,” said Trump, a kaleidoscope of bright colors swirling before him. “The attack on innocent children, beautiful babies, that had a big impact on me – big impact,” he admitted, incensed. “My view toward Syria and Assad has changed very much.” And that’s not the only thing that changed very much. You see, for all the talk o

Hope all goes well… “False flag attack!” cried the alt-right conspiracy theorists, infuriated with their President. “Abu Ivanka!” tweeted Arabs throughout the Middle East, thanking the Father of Ivanka for finally confronting Assad. “Trump wants to prove to the world that he is no ‘businessman president’ and that he will use US military force without hesitation when he considers it necessary,” declared Chinese state

Hope all goes well… “How’s he going to cut taxes and make it revenue neutral?” asked the CIO. “How’s he going to do massive infrastructure when we’re so deep in debt?” he continued. “And why is the yield curve flattening? Why is loan demand declining? Why is consumer confidence at historic highs while retailer stocks are getting demolished?” He paused to catch his breath. And still panting asked, “What happens if he

Overall: “My administration is putting an end to the war on coal,” declared Trump, signing an executive order, his favorite kind. His only kind. And within no time, nothing happened. Not a single thing. No more coal was mined. No more miners were hired. No more CO2 was emitted. Not a sole CEO approved capital investment in a new coal power plant. Because of course, these kinds of decisions are made with a 50yr time h

“Humans sell low and buy high,” said Yoda, high in the Rockies. “And in those moments they believe it’s for good reason. It cannot be otherwise.” Snow fell, rain too. Spring on its way. “Bear markets end when every piece of news is seen as an excuse to sell. And bull markets peak when the opposite is true.” Somewhere in the clouds Nasdaq futures were breaching all-time highs, defying the latest Twitter tempest. “The

“Freshman,” said a father in the stands, his buddies all laughed. I did too. “Who’s going to tell that kid this ain’t eighth grade anymore?” I smiled, the outsider. It was Jackson’s first game, and he came out hot. “Kid has no chance in hell to score from that far out until he’s got a 100mph shot,” said another father, certain. “He’s got 85mph at best,” mumbled someone. We all nodded, standing together, reliving high