USD bounce incoming. I don't make the rules.

you. dont. say!

Shame on you Tim Cook.

Bravo Minnesota!!!

Lots of FX hedging in USD... not so much USD asset selling... YET

Order: 'bomb iran the second e-mini futures close'

while the market celebrates the fact that the US didn't invade Denmark, we can start to kiss goodbye any chance of a fair and free midterm election... EM Characteristics. DM valuations.

Ladies and gentlemen, this man is trying to run the entire American economy... does that make you bullish!?

I worked at an international investment bank that criticized the Argentine Government's economic policies in the late 2000s, and Argentine Government officials showed up at the bank's Buenos Aires office... this isn't too far off. EM characteristics. DM valuations. it'll change soon...

Scott Bessent calling Alex Soros 'Gavin Newsom's sugar daddy' is really the most cynical thing I have ever heard. Shame on Scott Bessent, he has crossed the sanity line and has gone full-MAGA.

Mark Carney's speech summarised for financial markets: Expect less economic growth Expect less corporate margins Expect lower equity multiples Expect higher volatility and uncertainty

If a Sovereign Nation has the majority of its reserves in USD assets can it really fight back against such actions from the USA?!? What if Trump offers them 'a deal you can't refuse... Or Trump will confiscate your USD assets?' USD reserves are becoming a security risk for sovereign nations.

Sounds like someone you should be negotiating with... Not.

Scott Bessent you can fuck right off

The market trades like all non-USA based investors have hedged their USD exposure but they have not sold any of their USD assets and I think they are very overweight USD assets...

If he'll tariff NATO members bc he wants to take over Greenland... what's stopping him from having the US Treasury pay treasury bond coupons in #$TRUMP coin?

You all realise that every politician knows the only way you fight against Trump is by tanking the markets right? China proved it. So the response is to get a big enough group that together can credibly tank the US markets and then just play a game of chicken... Super bullish!

Given the weekend news, I'll say it again... If I were Norwegian, I'd seriously be uncomfortable that over 50% of the countries' SWF assets are denominated in USD... Let alone that 40%+ of all assets are US EQUITIES!!!

Market sentiment check;

Which means he won't stop... the markets are his ONLY guardrail.

Listen to this interview. He is an economic hack that sounds smart. Kevin Hassett is an economic hack that sounds stupid. Pick your poison.

This radio-active senile economically illiterate almost octogenarian wants to run the entire global economy... and you are bullish?

And you think we aren't headed to a civil war type scenario these midterms!?

Out of all my Ecuador, have been on an outright basis for a while and today I have sold all the RVs I have with Ecuador. Good lucky to everyone still holding. Love the name, hate the valuations.

CAVEAT: I'm not an fx expert... BUT with the weekly RSI at 28 in USDZAR, that doesn't look like a historically good time to sell usdzar...

".. when you win the presidency, you don't win the midterms,” Trump said. He boasted that he had accomplished so much that “when you think of it, we shouldn't even have an election.” @reuters.com www.reuters.com/world/us/fiv...

I suspect they will be around intimidating on election day...

So... nouriel roubini is bullish and you are bullish?!

At this point the base case is the Midterm elections will not be fair and free. There is just very little evidence to prove the contrary given how easily the Trump administration is lying and breaking the law... They seemed completely unafraid of the obvious consequences

EM Characteristics. DM Valuations. It'll change soon.

FIFA World Cup in the USA gonna be lit.

Sure, this might lead to nothing and Powell finishes his time as chair... but you have to ask yourself, what serious person would take this chairperson job knowing that at any point the Trump administration can file charges against you...

EM Characteristics. DM Valuations. It'll change soon.

EM Characteristics. DM valuations. It'll change soon.

The NEW American Dream:

Strategist on TV now: 'the only risk is we aren't bullish enough' Same strategist on March 26th, 2025 with the SPX at 5572, he downgrades US Equities to Underweight #alfa

The USA summarized: "EM characteristics. DM valuations." It'll change soon.

Today seems like a good day to remind everyone...

This radio-active senile economically illiterate almost octogenarian wants to run the entire global economy... and you are bullish?

If a Sovereign Nation has the majority of its reserves in USD assets can it really fight back against such actions from the USA?!? What if Trump offers them 'a deal you can't refuse... Or Trump will confiscate your USD assets?' USD reserves are becoming a security risk for sovereign nations.

I'm the most bullish Ukraine I have been for a long time. Today was a monumental day for Ukraine that was lost in the Trump-newsfest. Slava Ukraini!

Have reduced 30% of Venezuela position... Which means it's still a larger %-age of AUM than last week ;-)

April 2025: Scott Bessent: "It's main street's turn"

Mexico just issued a 30yr bond wide to Bahrain ... What we doing here evwrybody?!?! Mex is cheap relative.

The real leader of the US Government Stephen Miller: "We live in a world, in the real world, Jake, that is governed by strength, that is governed by force, that is governed by power,” he said. “These are the iron laws of the world since the beginning of time.” The new world order is DONE.

Can Switzerland really protest an US annexation of Greenland given the fact that the SNB owns 170bln USD of US equities and 37% of reserves in USD assets? At this point, isn't it plausible that Trump would 'confiscate' the holdings of a Soveriegn Fund where that Soveriegn isn't kissing his ring!?

As we discuss whether Trump will annex Denmark, at what point do Soveriegn Wealth Funds like Norges start to worry about the 50% allocation they have to US bonds and equities?!?!

#alfa Venezuelan bonds are up +70% since the below... Lebanon bonds are unchanged in the same period.

So the USA's doctrine vs China is to take control of the World's oil to counter China's critical minerals advantage?!