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Buy The All Time High?
30 June 2025 One of our mentors used to ask, what is your quarrel with price? From our vantage point there is a divergence between price,...
12 minutes ago3 min read
2 days ago0 min read
Turn that Frown Upside Down (USD Smile)
25 June 2025 One of our mentors used to say, it’s important to think symmetrically about risk. Iran attacked a US military base in Qatar...
4 days ago3 min read
6 days ago0 min read
They Don't Have a Scooby
20 June 2025 The challenge with forecasting is that human beings cannot see the future. That includes the Federal Reserve. As expected,...
Jun 192 min read
Crude Reality
17 June 2025 Ironically, we had been doing work on oil and gas prior to the Isreal-Iran episode last Friday. Recent underperformance of...
Jun 173 min read
The Marilyn Monroe Economy: Some Like it Hot
03 June 2025 Long phases of stability lead to episodes of instability as they encourage a build-up and unwind of leverage. Put another...
Jun 32 min read
May 240 min read
May 240 min read
The Great Stop Loss Risk
22 May 2025 A prescient question our friend Dave Dredge often asks Japanese policy makers is: “what if it works?” What if inflation...
May 223 min read
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