Howard Marks: "So Much For The Experts"

"The opinions of experts concerning the future are accorded great weight . . . but they’re still just opinions. While I take a dim view of forecasts, and especially of opinions presented as facts, I do believe there are such things as facts.  Unfortunately, however, the concept of 'facts' is among the casualties of the increasingly partisan environment.  Recently we have seen both the elevation in status of 'non-facts', as well as the tearing down of 'real facts'."

Matt Taibbi: "Insane Clown President Trump Was Right About The Media"

"The media and politicians had spent so much time with each other that they lost touch with regular people, and Trump capitalized on that... He made the media villains, representative of this out of touch, ivory tower political culture... I think there's some fairness to it..."

The "Most Bearish Hedge Fund" Capitulates: "We Are Beginning To Close Parts Of Our Short Book"

"Shorting has been hard this year ... So despite what I think, we are beginning to close parts of our short book. We have largely exited airline related shorts. We have also closed staple shorts, as they were largely there to protect against a fall in yields, which they did to a degree. We have also closed many developed financial shorts to make some space for Chinese financial shorts."

Russian Foreign Ministry: "Obama Still Has A Few Days Left To Destroy The World"

Russian foreign ministry spox Maria Zakharova slammed "Obama and his illiterate foreign policy team" saying they "have dealt a crushing blow to America's prestige and leadership" and described his administration as "a bunch of geopolitical losers, enraged and shortsighted." Zakharova added that "Obama's administration still has a few days left to destroy the world."

Cable Plunges To Flash-Crash Lows On May's "Hard Brexit" Speech; DB Eyes GBPUSD 1.06; Euro Parity

After the overnight report previewing Theresa May's Tuesday speech calling for a "clean and hard" Brexit, cable has plunged to under 1.20 in very early (and illiquid) AsiaPac trading, the lowest level for sterling relative to the dollar since the October flash-crash. And, as DB warns, a full Brexit would be "consistent with GBP/USD at 1.06 or EUR/GBP close to parity respectively."

The Number One Concern For US Citizens Is... Terrorism!?

Mission 'accomplished' fear-mongers!! The most worrying issue in the US is terrorism. Isn’t that a hoot? How many in the US have died from terrorism? How much terrorism has the US sponsored in other nations, including its own drone policy?

Peter Thiel May Run For California Governor In 2018

Outspoken Trump supporter and Silicon Valley billionaire Peter Thiel is reportedly considering a 2018 bid for California governor. While Politico reports close Thiel friends are skeptical, the deeply-private entrepreneur's rare interview with the New York Times’ Maureen Dowd raised eyebrows and Thiel has conspicuously yet to rule out a bid.

Theresa May To Call For "Clean And Hard Brexit" As UK Warns Of "Market Correction"

According to the Sunday Times, on Tuesday U.K. Prime Minister Theresa May will call for a “clean and hard Brexit’’ saying she’s willing to quit the European Union’s single market to regain control of Britain’s borders and laws. The prime minister’s staff have warned that her words would likely cause a “market correction” that could lead to a fresh fall in the pound.

Why Morgan Stanley Thinks Stocks "Will Do Worse Under The New Administration"

"Returns will likely do worse under the new administration than under the departing one, and where exceptions to this may be. That statement is linked to a simple idea. Good market environments often involve a shift from economic despair to optimism, and a shift in psychology from ‘fear’ to ‘greed’. Both occurred over the last eight years, producing returns well above the long-run average."