Calvin

Technology and FPL

[zerohedge @zerohedge]

What did we miss

[Ramp Capital @RampCapitalLLC]

If this pandemic has taught us one thing it’s that no one knows shit about anything.

[Matt Levine @matt_levine]

Given the rise of the internet, social media, and other forms of communication, this newsletter is more readily available to a wide range of market participants. https://t.co/lxqDCymKv5

[Sujeet Indap @sindap]

should not be confused with the Penn/Princeton game protest where students were upset about investment banking internship recruiting being pushed back to spring semester

[Holger Zschaepitz @Schuldensuehner]

Global bond market just sent disturbing message: demand at the 10y US Treasury auction collapsed to lowest since 2009. Poor demand sparked lot of questions, incl whether this was sign that investors finally had enough of govt’s profligate spending & borrowing, BBG‘s Burgess says.

[The Long View @HayekAndKeynes]

Politics 101

Here’s all you need to know:

1) how to motivate your base
2) how to discredit your opposition

[Holger Zschaepitz @Schuldensuehner]

The big Goldilocks bet: Investors now think inflation will be lower for longer, but not so low that deflation will again be a threat. The probability of inflation above 3% over the next 5yrs has dropped from one-in-five in Sep to just one-in-10. https://t.co/S2NoaOilXD

[Tom Holland @holland_tom]

Hey, isn't Brexit happening in 2 weeks or something?

[Luke Kawa @LJKawa]

As such, the 10-year term premium is at its lowest level since the aftermath of Brexit, when the 10-year Treasury yield dipped to its all-time low

[The Long View @HayekAndKeynes]

How to win any argument in 2019

Yeah, that’s great data but let me throw in this highly emotional and personal anecdote so you’ll shut up

[The Long View @HayekAndKeynes]

Another $150B in investment grade downgrades in 4Q. Almost half the IG index is now sitting at BBB waiting to be downgraded to junk status.

[The Long View @HayekAndKeynes]

Half of investment grade debt is one downgrade away from junk

[zerohedge @zerohedge]

Today's rally explained

[MeekMill @MeekMill]

Idk nothing about this type stuff

[Holger Zschaepitz @Schuldensuehner]

US yield curve has steepened a bit this week. US 2s/10s yield spread now at 20bps.

[The Long View @HayekAndKeynes]

Cash is outperforming, but this is not a good way to show it.

Chart crime of the week from @adamsamson @ChartCrime

[Holger Zschaepitz @Schuldensuehner]

Recession ahead? The flattening yield curve just produced its first inversion. Spread between 3-, 5-year Treasury yields falls below zero. More closely watched 2s/10s gap also smallest since 2007. https://t.co/lUyh51gXJp

[Calvin @calvinjchan]

@FMLFPL #1. Why do we do this to ourselves?
#2. Don’t even need a #2