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"Across the board, expected returns for most strategies are below trailing three-year returns..."

Unlike last month's stellar 2Y auction which we assumed was an attempt by investors to frontrun the expansion of the Fed's "NOT QE" T-bill monetization into purchases of coupon paper such as 2Y notes, today's 2Y treasury auction was quite ugly.

They have repeatedly promised that “this time will be different,” pledging to produce positive cash flow from aggressive drilling...

"Our investment strategy, which is cyclical in nature, has been challenged by the unprecedented 10-year economic expansion, decreased liquidity and dramatic changes in the hedge-fund industry."

"This was the decision of the board... He was fired."

"There's a lot of Benjamins all over the world"

SoftBank's discussions with Mizuho, MUFG, and SMFG have stalled because lenders have hit internal lending limits to the firm.

Tesla is now just 10% away from overtaking the German auto giant as the world's second largest car stock by market cap.

Due to the downward revisions, new home sales are following the trend of existing home sales lower... as the median home price soars.

A measly 8% of Americans were able to accurately define fixed-income investments...

...at an interest rate that Chinese banks offer to "their best clients". 

“This is all a predictable consequence of the U.S. abandoning sound money.”

"Now we’re getting into a point in the year when balance-sheet problems are going to flare up, and I think the system will get gummed up again." - Zoltan Pozsar

"...we simply cannot make a case for structurally higher inflation either in 2020 or the following several years."

With humans gone skiing, the algos are in charge and the year-end meltup continues.

Colleen Graham says she was followed after she refused to sign off on how revenue from a Credit Suisse JV would be booked...

"...the Fiscal Doomsday Machine will power forward unrestrained. And these fools on bubble vision want you to buy-the-dip... Don’t you dare!"

We eagerly look forward to Neel Kashkari's explanation.