I'm not sure, but it seems like she maybe didn't like the book?

Tech stocks vertical because regional banks didn't report any new frauds today.

What a market.

I just do not understand the resilience of European equities.

Fiscal expansion, "it's not America", blah blah blah...

How much longer will investors look through the truly dismal earnings picture?

Goldmans basket of most shorted stocks.

WTAF is going on out there

I gave up pushing back on this when the "iT's IN thE PrOSPectUs" crowd who'd never touched an AT1 in their lives piped up.

Feeling very vindicated. Alas not an owner of the claims.

"sanewash" is a terrific phrase 😂

"Slew of one offs"... I think there's a word for that 🤔

What the actual fuck?

I hope Blighty will be in line for such a bailout after Rachel's Autumn budget.

Lax lending standards? During a raging private credit bubble?

Unpossible.

They've given up even trying to hide the circularity

The ECB owned half a yard of (now worthless) Atos bonds.

European equity melt up continues because the Fed did exactly what everyone expected.

As it so often does, this job leaves me scratching my head.

White House is now a pod shop

This is all just getting really, really silly

Your Ouija board art is exactly what I have always imagined S&P ratings committee meetings to look like.

Equity/credit reaction today suggests an astonishing faith in the ability of 100-125bps of rate cuts to boost growth.

At it's core, the AI bubble is very simple:

A tiny number of companies spraying money at each other and the market sticking a 50x multiple on that gigantic capex number.

If (when?) that capex starts to wane, this ends horribly.

Has any other family office in history incinerated as much capital as JAB?

Godspeed to the folks who have persisted with long JPY...

Almost as if Google have always been market leaders in AI 🤔

Thanks for solving that ... Been wondering for years what these in/outs were!

NQ1 vs. NVDA weekly 175 call

These markets are a joke.

What this doesn't mention is that the following week saw almost symmetrical outflows 👇

Not in the weeds of ETFs enough to explain these flows but they aren't uncommon, and I don't think they relate to "genuine" flows.

On balance I think Bessent will steer a not-too-insane outcome, but I wouldn't bet the farm on it.

Stocks shouldn't be rallying?

Big beautiful revisions

Does Tesla actually have that in unencumbered cash? There's something deeply smelly about their reported cash position, and FCF is actually negative.

Unexpected to the folks who can't differentiate between equity market performance and the real economy.

The yield is certainly pornographic...

Fair point, and I've no idea!