Companies missing earnings ests by at least 1 SD have underperformed the S&P 500 by -362bps (vs a historical avg of -211bps of underperformance), which makes Q1 the most punitive earnings season since 2019.

The long-term and unavoidable problem with economic fascism is that it leads to authoritarian and centralized control, from which escape is impossible. ..

John Reed, one of Tesla’s attorneys, said in a Delaware Chancery Court filing this week that Richard Tornetta "is raising false alarms".

...with the inflation elephant now acknowledged by the circus of high finance, Treasury yields keep inching up... The Fed is stuck...

“The center of gravity in Miami has shifted to Brickell. We’re already seeing a strong response from domestic US buyers.”

"... very loud sound was coming from the plane, which made it difficult to hear announcements coming from the cockpit." 

Europe’s population is aging and this will stunt economic growth in the coming decades. Challenges are arising for social welfare, debt sustainability, and even strategic autonomy. There are no easy solutions.

2020s era of big government intervention: Main Street says "why save?" Wall Street says "why short?"

"The next pandemic threat demands action now!!! "

Around half of its deposits were uninsured at the end of 2023...

It's that time of year again and US bank deposits sure showed it...

We are at the last - and most painful - stage of the yen's fall.

REAR VIEW: GOOGL & MSFT impress, INTC disappoints; Core PCE quells fears; BoJ largely a non-event, but Yen notably weakens since; Final April UoM revised lower, but 1yr inflation expectations higher to a YTD peak.

...rate-cut expectations tumble, but earnings lead stocks higher...

It's time for the Quarterly Refunding Announcement shocker again.

"Russia would struggle to sustain its assault on Ukraine without China’s support," Blinken claimed.

...the ever-increasing optics of the merger “alignment” of the Fed with the Treasury make next week's QRA so crucial.

"...my instinct is equity people should be tapping the brakes, while macro people should be pressing the gas..."

In case you needed proof the market is stupid, we present Exhibit A.

...finally marks the day where the market realizes that Japan is following a policy of benign neglect for the yen.