5PM, catching @MorganLBrennan on CNBC at Asia Square in Singapore. Wild to think it's 5AM back in NYC.
Mad respect for anyone balancing US portfolio moves during their workday!
Someone asked Milton Friedman what causes inflation, and he didn't blame the usual things.
Not shoppers. Not businesses. Not unions, other countries, or oil prices.
He pointed at just one thing:
For Friedman, inflation only happens where money gets made. His famous line
So Michael Burry might've been buying $MSFT LEAPs yesterday 👀
He deleted a post where he said he swapped $BABA for more $JD, and bought $MSFT Dec 2028 calls in the low 700s. Looking at the action, the 705 strike had 386 contracts traded yesterday + 513 today. That's probably
Just dropped 💥
Saylor’s unrealized loss: -$13.5B (-40%)
Tom Lee’s unrealized loss: -$10.4B (-53%)
Combined over $23B in paper losses.
Time to shake out the tourists.
Then the real rally starts.