Wow, what a day. Massive dislocations, amidst spikes in CDS, VIX and an overall discontent over the tariff news. The IWM dislocated by 6.5%, NASDAQ off 6, SPY off almost 5. We shed 2.4%, much better than the market — thanks to a defensive posture. The good:Trash cans: RSG, WCN, WMDrug distribution: MCK, COR, CAHExchanges:...Read More

I won’t whine or complain about the WORSE THAN EXPECTED tariffs by Trump — affixing 54% duties on China — but strategize for the future.First the good news: we lightened up a lot into the rally, raising total cash, including our 7-10 year treasuries, to 34%. Markets are taking the news very heavily, sort of...Read More

Investing isn’t always this hard. At any rate, after the market closes tomorrow we shall be ENTREATED to liberation vis a vie wanton tariffs on people who were very mean to us. As such, we do not know how this will be received — because the tariffs can come in anywhere from 5-20%, or perhaps...Read More

I do not want to place the wagon in front of the horses here — but what was supposed to be a Monday of the blackened varietal turned out to be sanguine, generating portfolio gains of 0.5%. There was wanton selling, again, in many of the tech names and for good reason. A good friend...Read More

We sometimes forget the past tapes and how bad they seemed at the time, this headline pointing to the worst month since 2011, led lower by FANG.What led the rout? Trump tariffs began in March of 2018 and lingered for months.Via CNBC:“October volatility is legendary, and we’re not just talking about the crash in 2008,”...Read More