Dave Rosenberg please pay my bills in the coming deflation.

There is no cloud. It's just someone else's computer.

Clown Show, every day…Never any accountability. The MSM laps this shit up:

Can’t wait for all the QT!

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A million Fed shills on fintwit, and I get banned. Sad. Thanks, Matt!

“…eventually, asset valuations which are goosed to such an extent that they are barely affordable at low interest rates become downright unsustainable at higher ones.” - friend of the show Dylan Grice

Friend of the show Mike Green on passive (i.e., price-insensitive) investing:

“So you have this really weird dynamic where the model we know can’t be true, and yet, roughly 50% of managed assets are now managed under the assumptions of a model that we empirically know is false.”

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Chamath Palihapitiya’s 4 Major SPAC Deals Performance Last 12 Months Hmmm.

• Opendoor Technologies Inc (OPEN) – Down 52.17%

• SoFi Technologies Inc (SOFI) – Down 62.53%

• Clover Health Investments Corp (CLOV) – Down 64.53%

• Virgin Galactic Holdings Inc (SPCE) – Down 77.23%

  

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In what world are U.S. 10-year real yields positive? (Don’t answer that)

Global rate gaps loom large for investors Oh for sure. For example, the Fed is at 0.875%, while the ECB is at 0%, and Japan is at -0.1%. Quite a diversity, with some central banks having very negative real yields, while other central banks have very, very negative real yields.

Anyone want a “NINJ (no income, no job)” mortgage?

From a real news org: Senator Sherrod Brown Goes After 0-Count Felon Wells Fargo; Ignores 5-Count Felon JPMorgan Chase As I’ve said before, “The main thing people at Wells Fargo did wrong was to commit fraud so simple that even someone in Congress could understand it.”

GSCI Commodity index/S&P 500 ratio. Wow.

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I have one million podcasts (fact-check this with Snopes or @ReutersFacts) in my Podcast app, so sometimes it takes a while to finish them, if I ever do. I just finished this one, on the Covid-19 lab-leak hypothesis from November 2021, with Demetri Kofinas at HiddenForces. Demetri is just about the best prepared podcast interviewer around.

Another long-time fave with great guests is Grant Williams. If I ever do a podcast he gets first right of refusal.

I was sorry to hear Grant talking in a February podcast about the vitriol he received for some brief comments Felix Zulauf may have made about “global cooling.” It’s such a shame there are so many people today who want to ban anyone who disagrees with them, anyone with a hypothesis that is different than their hypothesis. I can relate. e.g., Some people think the Federal Reserve is a benevolent group of wise high-priests. I don’t.

I used to quote Feynman on occasion on the Twitter on this topic:

Learn from science that you must doubt the experts. As a matter of fact, I can also define science another way: Science is the belief in the ignorance of experts. When someone says science teaches such and such, he is using the word incorrectly. Science doesn’t teach it; experience teaches it. If they say to you science has shown such and such, you might ask, “How does science show it–how did the scientists find out–how, what, where?” Not science has shown, but this experiment, this effect, has shown. And you have as much right as anyone else, upon hearing about the experiments (but we must listen to all the evidence), to judge whether a reusable conclusion has been arrived at.

As an aside, here’s Anthony Deden of Edelweiss Holdings in a 2018 chat with Grant. This is probably the best financial philosophy discussion I've heard. Highly recommended.

"Dishonest money begets dishonest statistics, dishonest accounting, dishonest balance sheets, dishonest means, dishonest objectives, dishonest compensation policies, and dishonest relationships; that it begets ambiguousness and corruption in every aspect of life..." - Deden

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Remember, Les Wexner is still a free man.

(Check out here where I also put random stuff.)

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