In the near term, stocks are elevated and may have to contemplate a second wave in the absence of a fiscal deal and before the vaccines can be widely distributed
"There is no such thing as a free lunch and someone will have to pay. Whether it will be bondholders (negative returns) or tax payers, or a combination of the two, it will likely be a big story for beyond the euphoria year of 2021."
"We expect Congress to approve $700bn in additional fiscal support (vs. $1 trillion previously). If Democrats win both of the Senate seats in the Jan. 5 Georgia runoff elections - a 23% probability - our expectation would increase substantially."
"We have focused the short book on companies that have benefited from low bond yields and low commodity prices - utilities, private equity and infrastructure assets."
...after three years screaming about "Russian collusion" it appears the Evil Empire is about to regain its lost ground, championing new wars and more interventionist expansionism...
...the moves comes after a lawyer leading the Trump campaign’s efforts complained to a federal court that she received an abusive voicemail from a Kirkland & Ellis attorney...
"How much of equity rebalancing flow should we expect into month-end, i.e. into the end of November? And how much more rebalancing into quarter-end, i.e. into the end of December?"
"In a market run in part by models, machines, and day-traders, this probably should not have been a surprise. Its not a coincidence were seeing more 6 sig+ moves relative to history... These aren't your fathers equity markets..."
...nothing can now stop the collapse of fiat currencies, and with it schemes to control humanity for the convenience and ambitions of government planners. There can only be one statist solution and that is to mobilise gold reserves to back and save their currencies...
Tune in for this special edition of the Daily Briefing to hear from Ed and Raoul live at 4:30 PM ET. Raoul will provide an update on his macro thesis, trades…
