Casino!
'You have no value if you have no liquidity'
The market’s still open, but it seems everything older than five minutes is old news, so here you go!
May we [continue to] live in interesting times.
Good grief.
It’s a Casino.
Rare photo of a Panican, 1857
"You haven't lost anything yet, unless you sell."
- Nancy Tengler, CNBC, 4/7/25
I learned from Ed Yardeni this week that the bull case now is more horrific monetary policy…or a Trump 90-day pause!
“2008 was a chance to reset the system, and for people to go to jail, and for some of these behaviors to be held up to a spotlight, I place the blame firmly in Obama's court with that one, because he came in with an extraordinary mandate, and the ability in a moment in time to say "Okay Americans. This is going to be tough, but we have to fix this,” and he didn't. He didn't.
He declined that opportunity, and I suspect strongly that was the point where the money - in terms of vested interests - came out and overtly captured politics, and said, "Listen. You know that we can make this good for everybody - here's how it's going to go down."
And I think since then we've just seen that train keep moving further and further away from the station, and further away from the man in the street, and corporate interests and big money has now completely captured business and captured politics. This is one of those things that will ultimately be torn down.”
Here you go. No worries:
Two bangers Wednesday from my favorite Twitter account:
This chart below should give you a clear roadmap (I also love how it excludes 1929, 2020 and 1987):
"We may not be able to get certainty, but we can get probability, and half a loaf is better than no bread."
I can’t wait for the return of certainty.
Vincent Daniel: Your bull case argument is that life's going to get exceedingly more difficult for the average investor?
Porter Collins: Yes.
Vincent Daniel: OK.
“When you have a government that is spending six and a half percent of GDP - year in, year out - if you were to eliminate that tomorrow we'd have a worse recession than the global financial crisis. We have become highly, highly addicted to debt and overspending, and I think we need to go through this purge./ W need to go through this clear-out period. I think it's absolutely necessary. I'm glad someone seems to be taking it seriously - I say ‘seems’ because they're still spending a lot of money, but it's going to have consequences, ladies and gentlemen. It's going to be a painful adjustment process.”
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