Stalking Horse

Livre de Chasse (1387) Neel Kashkari That illustration above is from one of the most infl

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  1. Ben, I don’t want to mix metaphors, but I also saw him as a trial balloon. I think the fed wants to stop; I think they want to reverse. But they need political cover to do it, so every so often they put someone out there to test the waters. I’m not disagreeing. I was just seeing another angle.

  2. Ok, but the big question is will they get their prey? I understand the narrative analogy well, and I’ll assume you’re right. The problem is we’re all being forced to take bets on the outcome of their hunt.


    Few things in this article which i can decipher based on reading episilon theory:

    1. Accounting rules (side pocketing) don’t change the reality.I doubt they can be marketed as saviour for small investors. Small investors are used as stalking horse in this case.
    2. Owning up mistakes is not in vogue.Just after first signs of trouble you are ready to surrender your self to the whims of the regulator - loosing freedom.
    3. In the end its all about profits, you just want to keep less aware investors invested in your fund by creating a parallel and illusionary NAV.

    Any correction and additional insight would be really helpful.

  4. Bump to this gem of an article. This is the exact same narrative game being played today…. But in the inverse direction.
    Check out the messaging too in 2018 here about the Fed needing to raise rates to tame wage inflation. Lmao!

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