Month

Hope all goes well… Dusted off an anecdote from 2015 about pain, nonlinearity (see below). I take my late-summers off from writing, to squeeze in a little more reading. See you next Sunday with full weekend notes. Week-in-Review (expressed in YoY terms): Mon: Chinese bank leverage declines $270bln YTD (1st decline in 7yrs), Bannon fired (returns to Breitbart), Trump to prioritize tax reform, Trump announces Afghanist

Week-in-Review (expressed in YoY terms): Mon: Chinese bank leverage declines $270bln YTD (1st decline in 7yrs), Bannon fired (returns to Breitbart), Trump to prioritize tax reform, Trump announces Afghanistan build-up, S&P +0.1%; Tue: Chinese firms who trade with North Korea targeted by US prosecutors, South Korea and US military drills underway, South Korea and US begin talks on potential trade pact renegotiatio

Week-in-Review (expressed in YoY terms): Mon: China ind production +6.8% (fixed asset investment +8.3%, retail sales +10.4%), PBOC fixes CNY 1yr high, Japan Q2 GDP +4.0% on strong domestic demand and capital investment (fastest GDP since Q1 2015), Germany’s Schulz insists he can beat Merkel Sept 24th, Schaeuble “ECB to quit ultra-loose policies in foreseeable future,” Fed’s Dudley “expects to hike once more this year

Hope all goes well… Dusted off an anecdote from 2013 about standing up, (see below). I take my late-summers off from writing, to squeeze in a little more reading. See you again in Sept with full weekend notes. Week-in-Review (expressed in YoY terms): Mon: China ind production +6.8% (fixed asset investment +8.3%, retail sales +10.4%), PBOC fixes CNY 1yr high, Japan Q2 GDP +4.0% on strong domestic demand and capital in

Week-in-Review (expressed in YoY terms): Mon: HK dollar nears decade low vs US dollar, iron ore prices +7%, Indonesia GDP +5.0%, South Africa to hold Zuma no-confidence vote, UBS “pilotless planes could save airlines $35bln,” UK home prices +2.1%, German industrial output -2.6 to +2.4%, Fed’s Bullard “even if unemployment rate continues to fall, the effect on inflation likely to be small,” VIX hits 50yr low, credit c

Hope all goes well… Dusted off an anecdote from 2011 about castles made of sand (see below). I take my late-summers off from writing, to squeeze in a little more reading. See you again in September with full weekend notes. Week-in-Review (expressed in YoY terms): Mon: HK dollar nears decade low vs US dollar, iron ore prices +7%, Indonesia GDP +5.0%, South Africa to hold Zuma no-confidence vote, UBS “pilotless planes

Hope all goes well… In place of weekend notes, I wrote a piece titled: The Case for Long Volatility (see below). We see a compelling opportunity developing in the months ahead and are launching a fund to capture it. Week-in-Review (expressed in YoY terms): Mon: China services PMI -0.4 to 54.5, Japan IP -1.6 to +4.9%, iron ore prices 4mth high, EU CPI unch at +1.3%, EU unemployment 9.1% (2009 lows), US issues sanction

Week-in-Review (expressed in YoY terms): Mon: China services PMI -0.4 to 54.5, Japan IP -1.6 to +4.9%, iron ore prices 4mth high, EU CPI unch at +1.3%, EU unemployment 9.1% (2009 lows), US issues sanction on Venezuela’s Maduro after fraudulent vote (labels him dictator), S&P 500 rises for 4th month (dollar index worst first 7mths of year in 31yrs), pending home sales jump (1st time in 4mths), S&P -0.1%; Tue: