CRAP

Steve 'Big Short' Eisman: Smart, Lucky, Abrasive (& Now One Of Them)

"In the movie he was portrayed as the moral compass. After hearing his praise for the awesome job Paulson did by saving the criminal Wall Street banks with taxpayer money, I think the justice and righteousness stuff is overdone. Earlier in his talk he said banks existed to “fuck you” – his exact words. Then later he says we had to save them or the world would have ended."

The Cultural Purge Will Not Be Televised

"The idea that free speech has its limits somewhere around the point where it hurts somebody’s feelings is beyond idiotic and dangerous...Do you really want to live in a world where people sever business and personal relationships because a literal flash mob demands it? Where mobs get to pick and choose who you are allowed to associate with?"

New Rules Force Banks To Charge For Research; Hedge Funds Push Back: "We Won't Pay For Crap"

New rules in Europe, known as Mifid II, will force banks to charge separately for their equity research rather than lumping the cost in with trading fees.  But as one European fund noted, research analysts are likely to be the biggest loses since "there will be a lot of c**p that clients won’t pay for and that is when the big cuts [to the analyst workforce] at the global banks will come."

Blind Faith Everywhere

Beware of academics bearing models. Knowing prices are wrong and knowing when they are going to correct are two very different things - being able to survive until and through the correction is vital.

The Art And Pseudoscience Of Monetary Policy

Central planning via Fed monetary policy circa 2017 is an exercise in nonsense, plain and simple. But that’s not all, in addition to the fatal conceit of it all, there’s another fatal flaw.