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GDP=MV=PQ in any currency Since M in bitcoin world is ~fixed (supply sub 1% growth and declining) the only way to grow nominal GDP is through rising velocity of money (V). To incentivize rapid turnover of bitcoin, you'd need high interest rates. High interest rates mechanically

"This means jobs were likely overstated by 88,111 PER MONTH, on average, during this time." LOL... couldn't find that information anywhere! /s

Oh look. De Nial. Haddad: "When less aggressive traders surround an investor, she adjusts by trading more aggressively. However, this strategic reaction only counteracts two thirds of the impact of the initial change in behavior. In light of these estimates, the rise in passive

We do seem intent on FAFO these days…

Whatever could it be?

Five-day tick chart of the 30-year yield reacting to Powell getting fired, sorry.... not getting fired... sorry... getting criminally prosecuted for not getting fired

Nice... rocket not working... opens restaurant at the end of the universe...

Causation is definitely not correlation

It's all about the margins. Small Caps trading at 63%ile on EY (E/P), Large Caps 7%ile; but both reflected elevated profit margins and expectations. On sales basis, large caps at 0%ile and 9%ile for small

It's different this time...

"Scarcity" meets "technology" The prices for synthetic diamonds have plummeted, falling by nearly 90% over the past five years. It is cheaper than ever to buy sparkling stones that are chemically identical to their natural cousins.

I don't think most people realize the rise of 0DTE was born out of the collapse in demand for longer-term hedges. After the 2020 crash, premiums stayed high while realized vol underperformed. This drove demand for cheaper, more tactical solutions with shorter-dated contracts.

Was the point all along…

Sgt Pepper's Lonely Allocators' Band.... Almost ten years ago today, Allocators knew the game to play, They saw that equities were stretched too tight (18x), And bonds were yielding something right (2.0%!!!!). “Let’s match and duration extend — It’s the age of the LDI trend!”

Really important. There’s a huge difference between “🤷‍♂️ guess AI is taking all the jobs” and “selective enforcement of laws facilitating monopolies on human-like responses as a service”

"I came across a person with no risk target for his portfolio and a view that his job is to maximize return without regard to risk." -- I find this all the time. So much of today's levered garbage can be explained by zero understanding of risk/reward tradeoff.

By force…

Most expensive global stock market in history... we did it fam.

If one thing should be taken away from this report, it's not that young people like communism (the solution to that is "life")... it's that no one actually cares what Americans think!

The answer to a problem created by crowding into a systematic algorithm that buys whenever given cash... is crowding into a systematic algorithm that buys "something else" when given cash? Factor investing is just a method of embedding option buys (or more commonly sales) into