The pursuit of greater predictability and transparency in Fed communications is a mistake, particularly in the context of broad guarantees concerning world-shaking policies. We learned…
“We’re gonna win the game. I guarantee it.” – Joe Namath, 3 days before Super Bowl III “Our torments also may in length of time…
More evidence that QE is no longer an emergency government policy, but is now a permanent government program. epsilon-theory-its-always-something-september-29-2013.pdf (508KB)
High hats and arrowed collars, white spats and lots of dollars Spending every dime, for a wonderful time If you’re blue and you don’t know…
“It is my understanding that the Constitution of the United States allows everybody the free choice between cheesecake and strudel.” – Sky Masterson (“Guys and…
“Tattaglia is a pimp. He never could have outfought Santino. But I didn’t know until this day that it was Barzini all along.” – Don Vito Corleone
Same with Emerging Market growth narratives. It was Developed Market monetary policy all along.
The strong Narrative around Central Bank Omnipotence, which solidified in late September 2012, is now clearly weakening in late August 2013. There are two strands…
The core Narrative around Emerging Markets is shifting away from growth and towards value. This is a profoundly disruptive development. epsilon-theory-the-narrative-shift-around-emerging-markets-august-21-2013.pdf (50KB)
The Common Knowledge informational structure around the US market has weakened in recent weeks, making the risk/reward assessment of ALL exposures — long and short…
“The world is given to me only once, not one existing and one perceived.” – Erwin Schrödinger “Quantum theory provides us with a striking illustration of…