Read on Twitter
1/ I'm physically sick right now... how did we lose our way so badly? Where has our integrity, morality, accountability gone?
I grew up in a time where those things mattered. Today the masses in my chosen profession cheer...
I grew up in a time where those things mattered. Today the masses in my chosen profession cheer...
2/ ...did the economy re-open? No... did the companies we're buying and selling ownership shares of report solid earnings? Has COVID-19 disappeared? MLB announce their first game? Nope!
they cheer because STOCKS are higher - they cheer because @federalreserve has abandoned...
they cheer because STOCKS are higher - they cheer because @federalreserve has abandoned...
3/ ...any bit of morality that may have existed. They cheer because The Fed just threw another "kitchen sink" at the markets announcing another $2.3T in buying.
@biancoresearch summed up perfectly here https://twitter.com/biancoresearch/status/1248231865192009729?s=21
@biancoresearch summed up perfectly here https://twitter.com/biancoresearch/status/1248231865192009729?s=21
4/
* new SPV to buy $500B of munis
* Will buy junk now (if downgraded after March 22)
* will buy junk ETFs (now HYG)
* will buy PPP and CARES loans
* expanded existing SPVsbuying JUNK BONDS via ETFs.
* new SPV to buy $500B of munis
* Will buy junk now (if downgraded after March 22)
* will buy junk ETFs (now HYG)
* will buy PPP and CARES loans
* expanded existing SPVsbuying JUNK BONDS via ETFs.
5/ ...they cheer the stomping of laws because it's self-serving ... While most were too arrogant, ignorant or dumb to see this debt/leverage crisis brewing.
They CHEER as 17 million AMERICANS LOST THEIR JOBS and became unemployed in 4 weeks... but hey, the Fed...
They CHEER as 17 million AMERICANS LOST THEIR JOBS and became unemployed in 4 weeks... but hey, the Fed...
6/ For all intents and purposes, we're nobody's in this business... just a guy who's seen more than he should over his career and thought he could make a difference for those hardworking Americans who are poorly risk-managed by most in this industry...
7/ ...as nobody's we sure as hell saw this coming before most... how it would unfold, how bond ETF freezes would come, how IG to junk would create waves of uncertainty and opportunity... how the system couldn't handle the leverage and discussed why...
8/ how about 3 weeks before the top? https://othersideam.com/q4-2019/
or in 2017:
https://othersideam.com/2q-2017/
https://othersideam.com/3q-2017/
in 2018:
https://othersideam.com/1q-2018/
https://othersideam.com/1q2018-part-2/
Just about everything we've written in 2019:
https://othersideam.com/library/
and while not ignorant...
or in 2017:
https://othersideam.com/2q-2017/
https://othersideam.com/3q-2017/
in 2018:
https://othersideam.com/1q-2018/
https://othersideam.com/1q2018-part-2/
Just about everything we've written in 2019:
https://othersideam.com/library/
and while not ignorant...
9/ ...to the lengths the Fed would go, we made a poor assumption... that the respect for and Rule of Law still existed... That moral compass and integrity were woven into the fabric of our culture.
9/ I do believe that inherently there are more good people than bad - more with integrity than without - more who care about our country than don't... however - this industry has turned toxic - and most within it need to take a look in the mirror and ask themselves if...
10/ ...selling your soul worth it? Is the juice worth the squeeze?
You don't print TRILLIONS of dollars - in a few weeks' time frame without ramifications. The destruction of price discovery and masking of RISK can only hold for so long...
You don't print TRILLIONS of dollars - in a few weeks' time frame without ramifications. The destruction of price discovery and masking of RISK can only hold for so long...
11/ Economic Gravity exists... https://othersideam.com/november-2019/
the stock market is NOT the ECONOMY... you do NOT put 17 million people back to work overnight. Cycles take time to play out...
the stock market is NOT the ECONOMY... you do NOT put 17 million people back to work overnight. Cycles take time to play out...
12/ There is no check the Fed can write which substitutes time and space. Nor one that will put 17 million consumers back to work today. What the Fed is attempting to do, is fix a debt/leverage/credit quality problem with more debt/leverage and poor credit quality...
13/ It's going to take me a day or so to shake this one off - some are past it already and I respect those of you who put it behind you so quickly... This one really hurts. While we anticipated it - we honestly held out hope integrity would prevail... Naive I know...
14/ After 24 years I should have known better. I would think it hurts many who believe in morals, integrity, and accountability? There are some great financial minds out there with these attributes. Those who fight to preserve what little honor this business has left...
15/ many with a much bigger voice than we have - thank you for fighting for those who are taken advantage of and mislead daily.
@DiMartinoBooth @biancoresearch @RaoulGMI @pboockvar @KeithMcCullough @bondstrategist @dlacalle_IA @GrantsPub @ttmygh @EpsilonTheory @paranoidbull
@DiMartinoBooth @biancoresearch @RaoulGMI @pboockvar @KeithMcCullough @bondstrategist @dlacalle_IA @GrantsPub @ttmygh @EpsilonTheory @paranoidbull
16/ there are plenty I'm forgetting - thank you.
Happy easter - Chag Pesach Sameach - enjoy your families - keep them healthy...
I'll use the rest of the day to stress eat - become disgusted with myself and refocus wiyh more fire than ever. Hey - honesty
Happy easter - Chag Pesach Sameach - enjoy your families - keep them healthy...
I'll use the rest of the day to stress eat - become disgusted with myself and refocus wiyh more fire than ever. Hey - honesty
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