I write to you from the confines of the Jacksonville Airport, a dump. Markets were supposed to go down, but instead went up. Try to understand the machinations of the war and oil and how it affects the global economy and you’ll go crazy. The constant melt up in high beta continues and traders are...Read More

Whether we agree with the war or not there is an incontrovertible condition needed to end the war, which is free passage of commerce in the Strait of Hormuz. The recent Trump move of blockading the Strait is preferable to attacking Iranian oil facilities and/or Kharg Island. I think markets are exaggerating the price of...Read More