The main source of the volatility are the policy changes at the Federal level. These policies are being foisted by Sec. Bessent and Sec. Lutnick. To better understand what they intend to do, I found these recent interviews to be extremely informative. Whether this bet pays off remains to be seen. But they are revolutionary...Read More

An elevated VIX feels uneasy, the sort of tape we just endured the past 3 weeks. When below $20, things feel more orderly, sort of like today. It wasn’t a great day — but it wasn’t jarring. You almost didn’t mind the market being open for short periods of time. But when above $25 and...Read More

Yesterday’s tape was an abomination, today was nearly the inverse of that — with markets up thanks to somewhat conciliatory comments out of Powell, who reminded people that recession forecasters are rarely, if ever, correct. When I look at stocks like HOOD +7% at $42, I am reminded that there isn’t any rush to be...Read More

It seems we were correctly positioned today, in spite of losing a little. Down 34bps in a down 170bps day for the NASDAQ means we missed the tumult and exchanged it for an ordinary day at the office. Before heading for the road, I derisked — selling SPOT, DELL and META. The longer this squall...Read More

What a unique St Paddy’s Day parade, basically bereft of anything Irish — a wanton celebration for the sake of celebration. We had a good time, drank some Guinness and some shots of whiskey, some sub par dinner and now calling it a night. If 15 years younger, Savannah on St Paddy’s day would most...Read More