Good Day — I am happy to report gains of +151bps for the session, +47 over SPY. It had been a lot more over SPY but some oddball shenanigans took place 5 mins before the close — looked like index rebalancing boggings in several holdings. YTD we are now approaching gains of +21%, of course...Read More

I really like the new Fed chair, in spite of the market sell off he caused through his hawkish tones. Markets, as per usual, shot first and never asked any questions, sending the SPY and QQQ tumbling post meeting. We shed just 18bps for the session, +107bps over SPY — now putting us +269bps over...Read More

On the whole, investing is a choice between risk and comfort — the pursuit of opportunity crossed against the transom of fear. We can either lean into it or recoil from it. Most of us, in our respective professions, lean into opportunity in the hopes of a pay off. There are some who only reside...Read More

Gents, LadiesFirst off, we managed well again +183bps for the session, pushing YTD gains above 20% — at or very well near recourd highs. Markets were not uniformly great today, with breadth in the sub 50% range, partly due, I think, to the fact that rates are not moving lower.For this really to extend into...Read More

It looks like we finally got a peace deal, sending NASDAQ futs +380. Tomorrow is immaterial, in my opinion. A swift knee-jerk response to the news is expected, but what I view as much more important is how the cessation of hostilities impacts rates and inflation. We can very easily continue upon this narrow path...Read More