Remarks Prepared for No One in Particular
Remarks Prepared for No One in Particular (delivered, in the writer's head, to an empty conference room somewhere between Sintra and Seongnam) Thank you. I'll skip the…
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On the Matter of Whose Balance Sheet This Actually Is
Memo: On the Matter of Whose Balance Sheet This Actually Is TO: Capital Allocation Committee RE: Q3 planning assumptions, AI infrastructure line item CLASSIFICATION: Internal…
On the Fed's New Policy of Strategic Ambiguity
Internal Memo: On the Fed's New Policy of Strategic Ambiguity RE: Why "no forward guidance" is just guidance you have to pay a subscription fee to hear To whoever still…
Why we keep buying dips that shouldn't exist
MEMO TO: Risk Committee FROM: Trading Desk RE: Why we keep buying dips that shouldn't exist CLASSIFICATION: Read twice, forward never Someone needs to explain to me, slowly and…
Gold fell 1.65% on a day the United States bombed Iran for the second consecutive night
Gold fell 1.65% on a day the United States bombed Iran for the second consecutive night. Sit with that for a second, because it's the whole story. The traditional…
Trading desk, macro book
MEMO TO: Trading desk, macro book FROM: redacted RE: Today's 2pm liquidity event, and why silence is not a strategy, it's a hedge against being wrong out loud Read this before…
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