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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…

This excludes the "wokest" of virtue-signalling super emitters - the private jet crew who fly around the world warning about the dangers of global warming.

In the debate over coronavirus policy, there has been far too little focus on the costs of lockdowns...

"Bitcoin >20,000, Gold >2000, DXY <90 would all be harbingers of higher volatility & yields."

"What we’re seeing is even more of a bunker mentality in right-wing media. And ultimately that’s not good for the country... it’s a threat to democracy..."

“Demography, however, is destiny for entitlements, so arithmetic will do the meddling...”

As usual, the "smart money" is long and short the same handful of stocks.

Gulf Arab producers continue to believe that they will outlast U.S. shale... and will be the ones that will pump the last barrel of oil on earth... so, borrow now and think of debt loads and reforms later...

"This winter will be grim, and we believe the economy will contract again in 1Q, albeit at “only” a 1.0% annualized rate."

"Such relationships created counterintelligence and extortion concerns."

"There is little question that this increases the probability that the Fed pushes forward with an extension of the WAM of QE purchases at the December 16 FOMC meeting."

"net leverage has risen quickly since the March market trough and is now at the highest level on record."

Paradoxically by frontrunning the Fed's response, traders are effectively making it impossible.

"Despite those developments the fact the market is able to resist to this extent means there is some sun ahead, driven by the fact that in medium term economic activity will accelerate and there is positive news o the vaccine."

It really is as simple as this...

"The level of concentration of wealth, in a few hands, is so strong that this contribution falls on less than 0.02 percent of the population."

The Israeli Defense Forces (IDF) claimed that the strikes hit “warehouses, command posts and military complexes, and batteries of surface-to-air missiles” belonging to the Syrian Army and the Iranian Quds Force...

Structural change may suggest travel is forever doomed. 

It appears that Joe Biden may already be falling short on some of his campaign promises...