I have never experienced a tape quite like this the past year. Usually we have garden varietal fears, such as economic headwinds and/or consumer spending. But now we have boogeymen under each and every bed. TariffsCAPEXAI replacement InflationFOMCTrump tweetsWarOil shockConsumer DeepseekTrade warsHFTs (Jane Street)Private CreditEssentially, the market is a fucking pastiche of cowardice, an consortment of...Read More