Jason

@UChicago/@ChicagoBooth Economics; 25 years alternative investmemts. No tolerance for bubbles, money printing, or buybacks. Full time cancer patient.

[European Central Bank @ecb]

ECB asset purchases have reduced inequality in the eurozone, our research shows. They have especially benefited low-income households, which suffer the most from unemployment. Full Research Bulletin here https://t.co/MlMQO2BXxK

[Jason @JEG_Booth96]

This is obviously correct; I had an endoscopy at the same time as the colonoscopy, and it “missed” the stomach tumor, in the same way the colonoscopy “missed” metastasis in my colon.

The point remains: have a full exam with a competent physician, in a trusted medical facility.

[Mark P @MarkDerby74]

@JEG_Booth96 @nikolaslippmann He would not have your stomach looked at in a colonoscopy.......thats your bowel.......an endoscopy looks into your stomach

[Jason @JEG_Booth96]

I had a colonoscopy at age 50, but the physician who performed it “missed” my metastatic stomach cancer.

My advice; get a colonoscopy, from a competent doctor, and at an adequately equipped facility.

[Jake Tapper 🦅 @jaketapper]

Friend of mine just turned 50, got a colonoscopy. Turns out he has cancer in his colon and it’s spread to his liver. He’s about to start chemo; prognosis is optimistic (God willing) but he’s in for a rough 6 months.

Get a colonoscopy when you turn 50, folks!!!!

[Jason @JEG_Booth96]

I have met some great people on Twitter, and been involved in many fascinating and informative or even enlightening conversations. I am very thankful for this.

Good luck to everyone. Never neglect to give your loved ones and hug and a kiss.

3/3

[Jason @JEG_Booth96]

Update:
10 months ago I was diagnosed w/ Stage 4 metastatic diffuse stomach cancer. Since then, I have had about 40 weeks of chemotherapy and immunotherapy. Sadly my tumor has not responded to treatment. In short, I am going to lose this fight...
/1

[Jason @JEG_Booth96]

Physicians are giving me about 3 months. I intend to spend this time building lasting memories with my family, especially my teenage kid. I will therefore post far less actively than in previous months...
/2

[Jason @JEG_Booth96]

Quick thought:
High Yield retail YTD outflows: $26 billion.
High Yield YTD coupon payments: c. $90 billion.

Those waiting/(hoping) for a liquidity freeze in High Yield credit are likely to be disappointed ☹️ https://t.co/RXGYof3EO3

[Jason @JEG_Booth96]

This will explain s lot of the yield widening in High Yield credit, even away from energy issuers https://t.co/RXGYof3EO3

[Jason @JEG_Booth96]

@Alex__Pitti @LukeGromen GDPNow is not even an estimate or a forecast. It is a simple tracker.

[Jason @JEG_Booth96]

@topperwhopper Yes; and the most recent bump in production actually came from deep water exploration in th Gulf.

[Jason @JEG_Booth96]

One can never repeat it often enough 👇

[Urban Carmel @ukarlewitz]

US oil production increase the most in 98 yrs. $CL_F weakness is about excess supply, not stagnant demand

[Jason @JEG_Booth96]

Sounds like a major medical technological breakthrough (if confirmed) https://t.co/9ZFbMNnPhl

[Jason @JEG_Booth96]

@FloMartinSec @teasri My mentor in the High Yield business (who features prominently in late 90s books on Wall Street culture) once told me there 3 sectors one should not finance;
Real Estate
Restaurants, and
Retail

These are the 3 ‘R’s of the leveraged finance markets. For your career, stay away

[Jason @JEG_Booth96]

The weakness in the High Yield market is almost exclusively attributable to the energy sector. (from @ukarlewitz w/ thanks)

[Jason @JEG_Booth96]

@Birdyword @teasri As I wrote earlier, I understand and respect those who take a sifflent view.

We saw the same during the 2015/16 oil-driven growth scare; yields on energy credits blew up, w/ some modest follow-through in the non-energy sector.
(shamelessly lifted from @ukarlewitz)

[Jason @JEG_Booth96]

@Birdyword @teasri Thanks.

I may be a little old school, and 100 bps in yield/spread widening in High Yield credit is largely noise.

I can understand however that others may take a different view.

[Jason @JEG_Booth96]

@teasri You may be right. I am not familiar with the construction of this particular index.

[Jason @JEG_Booth96]

@teasri Sure, but these are indexed ETFs’ prices, which are being dragged down by their (15 - 20%) energy component. The non-energy components are generally stable (save for some weakness in retail).

[Jason @JEG_Booth96]

More useful data points here. Demand for oil is growing globally, but not as fast as supply.
https://t.co/aD4spTN6Sg

[Urban Carmel @ukarlewitz]

The demand side https://t.co/ygvOVYCun2

[Jason @JEG_Booth96]

Very useful reminder here 👇
https://t.co/kf4gAKLLzW

[Urban Carmel @ukarlewitz]

The same thing happened to junk spreads when oil prices fell in 2015-16