More content like this: content from people who love America about people, like those from the greatest generation, who love America.

From the #FederalReserve's Financial Stability Report released Friday afternoon (link below): "The risk of persistent inflationary pressures leading to a more restrictive than expected monetary policy stance remained the most frequently cited risk, mentioned by nearly

Great line

My Market, My Muse Fed Chairman Powell walked back his easing bias is music to my ears. To ease now, would reignite inflation, so it is best to keep it Higher for Longer. Higher rates may be painful for highly leveraged borrowers, but for those recipients of high cash flow, my

APOLLO: “.. The 3-month annualized change in supercore inflation is now over 8% and accelerating .. the Fed is not done fighting inflation and rates will stay higher for longer. .. We are sticking to our view that the Fed will not cut rates in 2024.” [Slok] #CPI

Hear, hear: the bond market has three important messages for you. Thread. 1/

From JPM: • Momentum crowding flashing RED at 99.8%ile – fastest increase ever. • Last seen at the peak of 2000 Tech Bubble. • Equity investor positioning near prior highs. • Momentum often becomes crowded – leading to inevitable momentum crash. Stay nimble.

The Atlanta Fed's gauge of sticky inflation has risen to about 5% on a 3-month annualized basis. Inflation is moving in the wrong direction for the Fed, so it's interesting that the market's base case is still that the Fed is going to cut rates by about 100bp by January 2025.

Here is some more detail on the 1966-1970 analog. I indexed the inflation-adjusted S&P 500 to the Oct 2022 and Oct 1966 lows. The similarities are obvious, not only cyclically but also in terms of the secular trend. The bottom panel shows the Fed’s policy rate then and now.🧵

Fed pivot or not, liquidity is on the rise again. Overall liquidity, as defined by the Fed’s balance sheet, less reverse repos (RRP) less the Treasury’s cash balance at the Fed (TGA), has been rising since mid-2023, taking stocks with it. 🧵

“The stock market is a device for transferring money from the impatient to the patient.” - Warren Buffett In the equity world, the highest quality compounders are the simplest yet most difficult from a portfolio management perspective - it is fundamental to human nature that

Kobe on mastering the basics: “Kobe was going through an intense warm up before his scheduled workout started with his trainer. I sat down to watch. For the first 45 minutes I was actually shocked. For the first 45 minutes I watched the best player in the world do the most

For one day only, General Catalyst invited 20 of San Francisco’s top AI entrepreneurs to showcase what’s possible with AI. Live product and raw code only. No pitches. No bullshit. Here’s what we saw at the @cerebral_valley co-working demo session at @generalcatalyst (🧵):

Jeff Bezos built the biggest company of the century, sends rockets to space and still has time to maintain his relationships. I had to figure out how. Here’s what I learned (after reading all his letters and binging all his podcasts). The Bezos Productivity Blueprint: