What’s worse- a Philly accent or a Boston accent? Def Philly😂

After today, credit markets are even better positioned as the Fed now has the political capital to ease. The inflation spike case is off the table. The economist experts were wrong again. Lacy Hunt was right! The Fed is behind on easing. 2 year nominal and 2 year breakeven

Henry George. We need to invest in new ideas while breaking down regulations & monopolies. We need to change market structure from passive investment so it actually goes stew real growth to grow the pie and not companies that just extort different sections of the social class.

This is why passive investment at scale is particularly harmful. Our 401-K system needs a major rehaul because almost 30 cents of every dollar gets reinvested into tech giants that are objectively making us more depressed, yet we (un)knowingly keep reinvesting into the same

Great Substack from Philosopher Builder Brendan McCord 🏛️ x 🤖. We must maintain tension our American cultures to continue to have Western Dynamism: "America’s strength has never come from strict cultural uniformity or state-enforced cohesion, but from its ability to harness the creative

Charlie Kirk is a Girardian Christ-like scapegoat the will lead to a new examination of the social contract, a 1st turning movement. A lot of people will be asking themselves which side they are on and what kind of moral philosophy they want to follow after today… We’ll see

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Hmmm🧐🧐🧐🧐

Kinda wild to see this with rates falling and credit getting more SALUBRIOUS

This undermines everything you think you thought you knew about investments, but it makes a lot more sense when you think about the dilution of currencies and basic supply & demand of buyers & sellers. Do you think Hedge Fund guys can put a P/E ratio on Pokemon cards?

Drink every time you hear Ponzi.

Fed Funds Futures Curves are an incredible thing. A lot of Litquidity.... CrossBorder Capital Raoul Pal

$1.4 trillion in buybacks and counting...The incredible shrinking stock market! With credit spreads & bond yields even lower the debt-for-equity swap has only begun....

It’s simple. It’s a generational debt-for-equity swap. How many Millennials and Gen Z do you know who have knowingly invested in bonds?

The only macro flow framework that consistently works is CrossBorder Capital & the everything code from Raoul Pal. Really fascinating that most TradFi asset managers continue to think we have the same market structure as the 1990s. There are very few funds that differentiate from

When you smush bid vs ask spreads to zero and centralized trading flow gets paid by HFT for their orders, that incentivizes those who make markets at scale & derivatives brokers. The irony is that as liquidity becomes better and your ability to hedge becomes cheaper i.e. the

Looks like a chart of inequality🤔🤔 The credit market (demographics/boomer bureaucrats) gave public CEOs a simple way to maximize their stock options without actually having to invest in future real growth & innovate. It’s all been a giant debt-for-equity swap driven by aging

Great cyclical thoughts from Jawad Mian: “History has a way of repeating itself. Aristotle and Polybius described the rise and fall of regimes as a recurring cycle, a rhythm baked into human nature. Polybius called it anacyclosis—a predictable rotation of political forms that move

Keep an eye on Powell comments towards Housing & SOFR today. 30 yr fixed mortgage is down to 6.41% from 7% a couple months ago. What kind of funky balance sheet games will they play today with SOFR acting funny and Prospective Buyers of homes putzing around lows??...

In a shocking turn of events, all of the expert economists were wrong again! Can you believe it?!?