The misconception that there is no sound in space originates because most space is a ~vacuum, providing no way for sound waves to travel. A galaxy cluster has so much gas that we've picked up actual sound. Here it's amplified, and mixed with other data, to hear a black hole!
One chart on bond performance.
Two cryptic thoughts:
1. Risk parity got sick with Covid, but became terminally ill from deglobalization, war + global energy crisis.
2. Bonds are stocks without circuit breakers.
$TNX #OOTT $USD
Why Russia will lose this war?
Much of the "realist" discourse is about accepting Putin's victory, cuz it's *guaranteed*. But how do we know it is?
I'll argue that analysts 1) overrate Russian army 2) underrate Ukrainian one 3) misunderstand Russian strategy & political goals🧵
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Brent crude curve now (orange line) and 1 week ago (green line). It is not just the front month that is being pushed significantly lower. Illustrates just how significant this hit is to the global economy (in a segment of the market where the Fed is not impacting prices).