1. Elon Musk discovers that he invented Twitter

    Published: Tue 05 April 2022
    Updated: Sun 01 January 2023
    By steve

    In Markets.

    Tuesday 5, April 2022

    Elon and Twitter

    I am a fan of Twitter. I follow a lot of those who are ultra-sceptical of Elon Musk. I wonder if they will be able to continue to tweet without their content being hidden by Twitter’s rather unsatisfactory search capability. Even more …

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  2. Musked Again

    Published: Mon 04 April 2022
    Updated: Sun 01 January 2023
    By steve

    In Markets.

    Monday 4, April 2022

    Wrap

    Elon Musk took a 9.2% stake in Twitter, sending its shares to the stratosphere. This knocked all the mega cap names higher, which resulted in the Nasdaq rising 2%. The broader index, the SPX, rose only 0.8%.

    The announcement that Special Petroleum Reserve …

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  3. HK is really screwed

    Published: Sat 02 April 2022
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    2 April

    Stanley Druckenmiller is a legendary trader, with a record which is a lot better than Warren Buffett’s, in terms of annual consistency. He looks at economics, industry characteristics, accounts, market liquidity and charts. Interestingly, he doesn’t believe that technical analysis is voodoo. He particularly believes in …

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  4. Board Dysfunction

    Published: Fri 01 April 2022
    Updated: Sun 01 January 2023
    By steve

    In Markets.

    Friday 1, April 2022

    Board dysfunction

    Incentives matter.” That’s a two-word summary of the subject of economics. Capitalism, a development that, arguably, has immeasurably enriched a large part of the global population, and certainly raised productity to the point where the planet can sustain a vastly greater number of …

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  5. Simple Arithmetic

    Published: Wed 30 March 2022
    Updated: Sun 01 January 2023
    By steve

    In Markets.

    Wednesday 30, March 2022

    25 - 4 == 9?

    A lot of the financial world is concerned with valuation. It would seem that we can know what the SPX is valued at. I write a (mostly) daily paragraph about how valuations of a small range of liquid assets has moved. It might …

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  6. Brace, brace, brace. Hard landing coming.

    Published: Sun 27 March 2022
    Updated: Sat 18 March 2023
    By steve

    In Markets.

    Sunday 27, March 2022

    Weekend comment

    For most of my long adult life, yields have trended down. This is explained in a variety of ways, but mostly in terms of an ever declining productivity of capital and excessively tight monetary conditions. In the developed world, credit creation has been extremely …

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  7. Taylor Rule RIP

    Published: Wed 23 March 2022
    Updated: Sun 01 January 2023
    By steve

    In Markets.

    Wednesday 23, March 2022

    Taylor Rule Revisited

    One doesn’t hear much about the Taylor Rule these days. It’s a mechanical rule for determining what the correct level of the Fed Funds Rate should be to keep inflation under control. The definition is messy but the general idea is …

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