Salient Partners

David Stockman Slams The GOP Tax Bill: "Fuggedaboutit!!"

"So what you have is a sharply downward sloping taper of tax cuts and revenue losses, which makes the bill a classic Keynesian deficit stimulus through the tax code, not a supply side incentive driver; and one so tangled up in the nation's fiscal strait-jacket that it ends up in political la la land."

Thanksgiving 2017 - David Stockman Explains Why There Is No Peace On Earth

"101 years after the Christmas truces along the Western Front there is still no peace on earth. And the long suffering American taxpayers, who foot the massive bills generated by the War Party's demented and destructive policies, have no clue that Imperial Washington is the principal reason."

The Complete Idiot's Guide To The Biggest Risks In China

To the 25-year-old traders who have never seen a bear market and are getting edgy after the recent grumblings out of China, here is a primer for absolute idiots courtesy of Deutsche Bank, laying out the biggest Chinese risks to keep an eye on in the coming months...

Goodbye Royal Marines

"Churchill would be turning in his grave if he knew that Britain was sacrificing her ability to 'fight them on the beaches' so Michael Fallon can swan around spouting rubbish about how Russia is 'jealous' of these aircraft carrier..."

Dow 500,000?

"The biggest secret in achieving long-term investment success is not necessarily being 'right' during the first half of the cycle, but by not being 'wrong' during the second half..."

The Catalan Chain Reaction

"Catalonia’s drive for 'independence' has unleashed a chain reaction of viral social media support that’s frighteningly resurrected civil war-era rhetoric, but the most dangerous consequences of this domino effect are yet to come if the separatists are ultimately successful in their quest. .."

A Brief History Of Tail Risk: From LTCM, ABX, CDS, To VIX

"While I think valuations may be stretched, my bigger concern is that the real risk lies in market structure – more specifically to volatility and correlation strategies that quickly propagate through the financial markets with the aid of algorithmic trading..."