Month

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 as creatures has ch

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, narrow stairs, basically

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 [click here]. &n

“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 Covid. If they coul

Hope all goes well… “Pre-pandemic a heavy jet cost $7k-9k an hour to charter. Now it costs $18k-$20k,” said the CIO, discussing his private economic indicators. The market remains white hot. No sign of softness. “All these guys worth $100mm got sucked into a portfolio mix with 75% illiquid investments, 25% liquid. Guys like that spend $3mm-$5mm year and make $2mm after tax. They’re slowly bleeding, but even after las

Hope all goes well… Wishing you and your families a healthy, happy, and prosperous 2023. Filled with adventure, challenge, volatility, introspection too. Dusted off an anecdote from 2011 that I reflect on at the dawn of each year, in preparation for what is to come (see below). One River Digital’s Doug Wilson, who leads our credit activities, published a piece [click here] that compares boom/bust cycles in the deregu