Uncapitalized Risk

The rich get richer

Gratuitious Advertising Blurb:

“I've been a subscriber for a while now. I was just on a trip and caught up on the last three posts I missed. It reminded me that this is one of my favorite Substacks. You do such an excellent job of bringing the insanity of what's going on without being a Debbie Downer--though we should be probably be terrified and furious. I laughed out loud at the final tv quote. Keep on keepin on!”

Thank you!

"Accepting the absurdity of everything around us is one step, a necessary experience: it should not become a dead end. It arouses a revolt that can become fruitful."

- Albert Camus

---

Hemmed In

"I'm constantly shocked at how long CNBC can exist.
I mean, it's doubled Seinfeld's run as a comedy."

Keith McCullough

I hear McCullough mention his “quads” (as opposed to Geithner’s abs¹) often, and as I’m not a subscriber, I wasn’t sure what they all meant, so for reference (I think he thinks we’re heading into or in Quad 3), here it is:

“All Roads Lead To Inflation…I own zero fixed-income.”

- Paul Tudor Jones (I apologize for posting an Andrew Ross Sorkin clip)

I have a huge backlog of potential things to post, but will save those for next time, to avoid overwhelming everyone. A few telling charts, and some great insights below, from the likes of Rick Santelli, The Credit Strategist, Peter Boockvar, Jim Rogers, David Murrin, and especially David Dredge. If you only listen to one thing this week, listen to this. If you can’t, I’ve annotated his interview below with some succinct clips.

Godspeed.