Nothing gets my spidey-sense tingling more than a market that looks benign enough, but has enormous carnage occurring just below the surface. And that…
Whether or not Blackstone and Starwood are successful in maintaining the Story of Adequate Liquidity and preserving their private REIT franchises thro…
I believe quite strongly that Bankman-Fried should be questioned a) by professionals, b) under oath, and c) in a venue that allows for evidence to be …
Everywhere you look today, you are seeing Wall Street and Washington missionaries using annualized month-over-month or quarter-over-quarter inflation …
My rule of thumb is that it takes about two months for the dead bodies of institutional investment firms that have been drowned by some macro turn of …
The math that drives 2023 dovish hopes on Wall Street and the White House is this: string 12 months of constant +0.2% month-over-month CPI readings to…
Multiple not-seen-in-a-quarter-century events have occurred over the past six weeks in rates-world. The lack of narrative attention is striking, as ar…
It feels weird to be rooting for a Volcker-esque recession and long bear market as the best potential outcome for where we are today. But there are wo…
We have two new narrative signals here in June, both Bullish in direction, which is a welcome change from the largely uniform Bearish signals of April…