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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 unremarkable talent and pro

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 trades roll over ̵

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

Hope all goes well… Merry Christmas. Happy Hanukkah. Happy Holidays. Happy New Year. To you and your families. Resurrected one of my favorite little memories, an opening note from Christmas past… Christmas Day 2013: “Santa slipped down the chimney. Left big boot prints in the ash that spilled across our hearth. And the jolly fella stuffed stockings. Built a train set too. Sprinkled magic everywhere. Moments before th

Anecdote: “Mao’s Great Leap Forward was intended to rapidly advance industrialization and agriculture output in China,” I said to a few of our investors. We had shifted from discussing near-term opportunities, and I turned to bigger, obscure possibilities. “They estimate 45mm died due to starvation and other causes. The economy collapsed. And I could never understand how such a thing could happen. Mao was surely inte