If you were a smart guy like MicroStrategy CEO Michael Saylor and you thought a stagflationary tsunami of enormous proportion was going to wash over the US economy regardless of who wins in November, what would you be doing right now?
I think you might be doing whatever you can to get liquid in the global reserve currency without spooking the marks.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
Recent major media stories that feel to us like they’re part of a larger narrative campaign.
The cure for the cancer of gun culture and police culture is not to be found in reform laws around guns and police, but in reform ideas around culture, ideas that create a new dimension of American society that rejects LARPing and LARPers alike.
Inflation
What made Bitcoin special is nearly lost, and what remains is a false and constructed Narrative that exists in service to Wall Street and Washington rather than in resistance.
The Bitcoin narrative must be renewed. And that will change everything.
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Crypto
Recent Notes
The Adaptive Genius of Rigged Markets
Same as it ever was, same as it ever was, same as it ever was, same as it ever was – Talking Heads, “Once in…
Beta Earthquake
One of the things I like to keep my eye on when I’m puzzling out what’s going on in the market are the specific company…
The King is Dead. Long Live the King.
Le roi est mort, vive le roi! – French proclamation as coffin of old king is placed into burial vault of Saint Denis Basilica. The…
Hollow Men, Hollow Markets, Hollow World
Apocalypse Now (1979), based on “Heart of Darkness” by Joseph Conrad Kurtz: Did they say why, Willard, why they want to terminate my command? Willard:…
Two Shifting Narratives
Two brief observations on incipient shifts in powerful Narratives … First, China. The pleasant charade that recent currency intervention was nothing more than an effort…
Surely You Can’t Be Serious
The Secret of life is honesty and fair dealing. If you can fake that you’ve got it made. These are my principles, and if you…
Panopticon
The Panopticon: a new mode of obtaining power of mind over mind, in a quantity hitherto without example. – Jeremy Bentham
But the guilty person is only one of the targets of punishment. For punishment is directed above all at others, at all the potentially guilty. – Michel Foucault
Rosebud
Question: Mr. President, a clarification if I may. The people who were blocking the Ukrainian Army units in Crimea were wearing uniforms that strongly resembled…
Two Quick Points
Two quick Epsilon Theory points before the jobs report tomorrow. First, remember the Goldilocks Narrative of the post-Great Recession Era…slow growth keeps the Fed in play, so…
The Power of Why, Exhibit 4,512 in a Continuing Series
No man is an Iland, intire of it selfe; Every man is a peece of the Continent, a part of the maine; If a Clod…
Don’t Fear the Reaper
Buck Finemann, seventy two years old. Cantankerous old geezer. No-one liked him much, but they allowed him to play poker with them once a week…
Goldilocks and the Dog That Didn’t Bark
Det. Gregory: Is there any other point to which you would wish to draw my attention? Holmes: To the curious incident of the dog in…
Oh Stewardess, I Speak Jive
Instead of a long-form note this Sunday, I thought I’d write a briefer note in advance of this Friday’s jobs report. I’ll be back next…
Yen Strengthens Below 102
There was a clear short-term Narrative developed in the financial media last week creating a focal point at 102 in the Yen/USD exchange rate. The…
The Play’s the Thing
There has to be a middle ground between being a Cynic and a Fool, some way of playing the game without losing one’s soul. Recognizing that all of us human animals, including me and including you, are playing multiple multi-level games … well, that seems like a good start to me.
Flatland
To lose one parent, Mr. Worthing, may be regarded as a misfortune; to lose both looks like carelessness. – Oscar Wilde, “The Importance of Being…
American Bandstand
Well, Dick, it’s got a good beat and you can dance to it. – standard response to Dick Clark’s “how do you rate this song”…
Parasite Rex
The most effective alpha-generating strategies are, technically speaking, parasites. I say this with love and admiration.
Adaptive Investing: What’s Your Market DNA?
In 1837 on page 36 of his so-called “B” notebook, Charles Darwin wrote the words “I think” followed by the first depiction of an evolutionary tree.
The rest, as they say, is history,
The Construction of Robert Capa
I went to the Democratic Convention as a journalist, and returned as a cold-blooded revolutionary. – Hunter S. Thompson Some people will say that words…