The Zeitgeist – 3.20.2019

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Every morning, we run the Narrative Machine on the past 24 hours worth of financial media to find the most on-narrative (i.e. interconnected and central) stories in financial media. It’s not a list of best articles or articles we think are most interesting … often far from it.

But for whatever reason these are articles that are representative of some sort of chord that has been struck in Narrative-world.


As Fed Meeting Starts, Investors Appear Confident That Dovishness Will Continue [Forbes]

Jay Powell is our generation’s Arthur Burns.

The only difference is that Nixon did all of his bullying in private, and Burns wouldn’t dream of saying out loud what Powell shouts at every press conference.

They’re not even pretending anymore.


Fight chaos with constrained discretion [Salon]

If only we could make Congress more like the Fed, with a professional mandarin class exercising “constrained discretion”, whatever the hell that means.

Originally posted at the Niskanen Center, which is … disappointing. Classic example of admiring the problem, which is what institutionalized libertarianism has been institutionalized around (and is why I have zero interest in associating with institutionalized libertarianism).


I’m Not Letting Fear Affect My Outlook On Boeing [Seeking Alpha]

So I’m not going to rip this Seeking Alpha guy like I would noted raccoon and Boeing fanboy Kevin O’Leary, who just epitomizes everything that is laughable about financial media today. But I will say this, and hopefully these words wind their way to this guy’s “Dividend Growth Club”:

The absence of short interest in a name you like is NOT a good sign. On the contrary, it is a giant red flag that you have bought into a constructed and highly managed Narrative.


Lyft IPO Oversubscribed Ahead of Listing Next Week [Bloomberg]

Dah-dah-dah-dah-dah-dah-dah-dah-dum … or however you’re supposed to represent the Deliverance dueling banjos in Act I. Squealing like a pig comes in Act II.


TD Ameritrade Increases Commitment and Grows Capabilities for Stock Plan Services Through Its New Relationship with Certent [Press Release]

I’m seeing more and more of these partner relationship stories with back-office service providers like Certent and Carta and the like. Client acquisition costs … the struggle is real.


The Art of the Buzzer Beater: Why March Madness Magic Takes More Than One Shining Moment [SI]

Nah.

The post-hoc rationalization of lottery winners is a staple of sports writing, of course, and SI and ESPN are good places to practice your critical reading skills. And practice you should. Because this sort of inanity is even more prevalent in market writing.


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Rusty Guinn
Admin

It is very clearly nuh-nuh-neer-neer-neer-neer-neer-neer-neeeeeer.

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Victor K
Member
Victor K

ti.do.re–ti–do–la–ti–so–laaa

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Rusty Guinn
Admin

Wait, is that some harmony, or a different part? I’m humming it and lost you. Isn’t the melody mi-fa-sol-mi-fa-re-mi-do-reeee?

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Victor K
Member
Victor K

Not harmony – Transposed a fifth

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On Tuesday, the Macy’s narrative was “I think they can make their comps.”

On Wednesday, the Macy’s narrative was “I think they can cover their dividend.”

This is what it means for a narrative to go bad. This is what it means for a story to break.

And when a story breaks, so does the stock. Not just for a little while, but for a loooong time.

Just ask GE.

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By Ben Hunt | August 5, 2019 | 7 Comments

My point in relating the fable of the Donkey of Guizhou is not that I believe China is the tiger and the United States is the donkey in our current trade-war-going-to-currency-war.

My point in relating the fable of the Donkey of Guizhou is not that I believe the current United States president is a braying donkey in his “easy to win” trade-war-going-to-currency-war.

I mean … I do, but that’s not my point.

My point is that Chinese political leadership believes that they are the tiger and the current United States president is a braying donkey.

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Everybody does Fiat News. But some people get it deep in their soul. A lot of those people work at a particular paper in New York.

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