It was a very busy quarter for hedge funds and certainly for Berkshire's new CEO, Ted Abel, who took a machete to roughly a third of the conglomerate's legacy positions.

European equities remain trapped, industrials are getting aggressively sold, defense stocks cannot rally, and Europe vol keeps trading stressed versus VIX. The market still treats Europe like the vulnerable relative expression.

"My friends still there are either just waiting hoping to get laid off or extremely anxious because the job is their lifeline." 

On this day 29 years ago, Amazon IPO’d (with a 3,563x return since)...

"Why 18 months? Because we are at a point where we're probably..." 

"If you must travel today, travel alternatives ..." 

 

"Bonds were more nervous about the inflation picture and the equity market was comforted and encouraged by the very strong earnings and AI-led optimism" 

The decision comes as auto companies have lost billions of dollars investing in manufacturing EVs, the agency said.

The most prominent trading dynamic has been SWFs and Asset Mangers getting stopped into this tape as buyers in everything AI over the past few weeks

"By now, one would know: any correction on Hynix & Samsung = ..." 

Five increasingly absurd charts suggest markets may have fully detached from rates, history and basic valuation math.

“The cost of missing this train will be incredible...”

US President Trump warned that the clock is ticking for Iran, though he declined to give a specific deadline. Situation room meeting due Tuesday.

Turkey's official reserves cratered by $43.4 billion in March. Part of the decline reflected state intervention to offset portfolio outflows. The current-account deficit, meanwhile, widened to $9.7 billion in March from $7.3 billion in February as a result of soaring commodity prices.

The museum economy meets reality. The charts the bulls do not want to see.

"or there won't be anything left of them."

"I want to offer my apologies, on behalf of the French, for giving birth to French Theory (which in turn gave birth to the worst of all ideological monstrosities: wokism)..."

Momentum crowded at extremes, semis nearing 20% of hedge-fund exposure, systematic funds primed to puke supply in almost any scenario — if the bull tolerates this, then insanity is next.

All the politicised predictions need to be junked and all the resulting regulations reconsidered with a view to abolition...

Move over, oil markets. The volatility of war reverberates everywhere...