We really did speedrun this process, huh?

ROW asset managers all trying to figure out what to do with their US exposures:

I'm surprised the ICE story took this long; you have a goon squad white trash regime militia operating entirely beyond any laws. This is Congo-level stuff. Meanwhile, my BlueSky timeline (bless you all) be like 'Minnesota ByLaw 10.7(3i) specifically covers the discharge of firearms against a...'

What were we expecting? Papers? Vibes? Essays?

Sandisk, Western Digital, Micron Technologies, Seagate - your dad's technology portfolio shot the lights out in 2025.

Oh shit oh fuck

"The food at this place is really terrible." "Yeah, I know; and such small portions."

🎶 It's the most wonderful time of the year 🎶 www.ft.com/content/6d1e...

Until we have the offspring of Alan Sugar and Jimmy Saville anointing themselves President for Life while Parliament prorogues itself, I'm prepared to take the other side.

Remember when the demise of Evergrande, Vanke at al were meant to portend the end of the world? And then it happened and barely anyone noticed, let alone cared. Many such cases.

Book review: read this! History, physics, thriller, horror story.

You're trying to tell me Carter Ruck can no longer bully people with nebulous threats of ruinous litigation?! www.ft.com/content/17f4...

Which side are they going to stop supporting?

Same energy

Imagine slapping an 800 P/E on Palantir, and it's just this guy babbling nonsense.

Since we're doing this again:

Truly unknowable, really; guess we'll all just have to wait and find out 🙄

Apart from being disturbingly weird, talk about perverse management incentives!

Good plan; wouldn't want to make it too easy for immigrants to blend in with the locals.

Incredible things happening on the everything platform.

Apart from boIstering the 'everybody is twelve' theory of politics, I promise you this piece will make your day better. ig.ft.com/saudi-neom-l...

If you think x job is going to disappear because of AI, ask yourself first why job x hasn't already been outsourced to IDK, Bangladesh.

New position: Short Turkish Lira taiwannews.com.tw/news/6229472

Democrat comms / Graham Platner

Willing to bet that Tether et al make 'technical errors' every single day.

It's Economics Nobel Prize Day, and hence your annual reminder not to be That Guy.

Incredible work by the Dallas Fed.

So, with luck and determination, we could get to relive the 2007/8 credit crisis and the 2000 dotcom bust at the same time. Don't let the naysayers tell you we can no longer do stuff.

Se vis pacem, para bellum

Gritcoin having its moment.

Wild story. Imagine layering on swathes of expensive risk management over the last few decades, and then...this. www.bloomberg.com/news/feature...

What people sound like to me when they tweet about how that latest thing Trump is doing is illegal.

"a company for carrying out an undertaking of great advantage, but nobody to know what it is"

Hs everybody gone completely insane?!

The economics of TSLA stock are such that Elon could buy 50,000 Teslas at full price, bury them in the desert and profit 10 times over from the stock bump from the delivery beat. Apart from the stock he's probably buying to juice the stock, another circular glitch. Truly through the looking glass.

'No Way To Prevent This', Says Only Nation Where This Never Happens. news.sky.com/story/former...

1999: I remember thinking: it's a privilege to live through this Internet bubble - you'd expect to read about this in history books but never experience it from the inside. 2025: 'not as extreme as the Internet bubble' is a standard bullish metric. NGL never expected it to become aspirational.

Started / going

If you were parachuted into the Fed to help get rates down, putting down clownish dot plots is 100% not the way to do it.

I guess I lead a sheltered life, but I hadn't realised quite how far the Overton Window had shifted until this week.

This could quite conceivably be where the US is headed; certainly doesn't take any great leaps of imagination.

No further questions, thanks.

Ths framing seems unhelpful. Core / periphery is about politics, not bond spreads. France is core to the European project, and that's ultimately all that matters. Investors forget over and over that EMU is primarily a political project, and then it has to be periodically and painfully relearnt.

Employment Report preview

Maybe he'll just gently bop for 45 minutes to YMCA.

You know something must be up cos Trump's gone five days without committing a felony.

Some mornings are better than others.

Roaring start to the week.

Strategically placed thorn tree cos this isn't Twitter.

IDK, seems bad. www.apolloacademy.com/the-quality-...