CCC

y'all go poking the bear and it's his fault when you get bit.

[Nick Timiraos @NickTimiraos]

Janet Yellen called Powell's stewardship of the Fed's independence "close to exemplary" at a retrospective hosted at the Brookings Institution on Tuesday.

Resisting recent pressure "required a kind of steadiness that good monetary policy judgment alone does not provide, and Jay Powell had that steadiness in abundance."

She outlined why she doesn't think it's enough to say the central bank's independence is up to the central bank.

"The Fed cannot defend itself alone."

She said the past several years have been "alarming and ultimately somewhat reassuring" that a broader coalition, "slow and imperfect as it is, exists, and can be rallied."

Video: https://t.co/DmOFJiWClX

[CCC @cchen617]

@PauloMacro @WifeyAlpha S

[Kris @KrisAbdelmessih]

Echoes @SuperMugatu sentiments on his chat with Lindzon

Was one of my favorite recent pods so jotted a few takeaways here

https://t.co/ymx1WyRBQH

[Durham Bulls @DurhamBulls]

10,000 retweets & we'll play Baby Shark for every Memphis Redbirds player's walk-up song.

[Alex Garcia 🔍 @alexgarcia_atx]

Curious how a company with a $2+ trillion market-cap writes persuasive copy?

Here are 13 ways Apple persuades readers with its copywriting 🧵

[CCC @cchen617]

You down with OTP[P] (yea you know me)

[Double Chin Capital @OffTheRunTrades]

Canadian pensions waiting for the VIX to get below 15 so they can start selling it again:

[CCC @cchen617]

@OffTheRunTrades You down OTP(P) (yea you know me)

[Patrick McKenzie @patio11]

Email is one of the most important skills that isn't, you know, actually taught anywhere, except maybe by apprenticeship in sales and consulting organizations.

This seems like a missed opportunity for every organization which sits downstream of email.

[Caustic Pop @CausticPop]

This is the way the world ends
Not with a bang but with a WI/MI/PA

[Darren r-σ²/2 @ReformedTrader]

"You can buy physical Brent Crude today, lock in the price 12 months into the future, and guarantee yourself an $11 per barrel profit. It’s a great return, except you have to pay someone to store it. Here’s where my tankers come in."

https://t.co/ROYEU7WWCx

[Benn Eifert 🥷🏴‍☠️ @bennpeifert]

Ok so people did get this directionally right. There are several smaller effects that were pointed out (loss of convexity on the straddle as spot moves, etc) but the first-order effect here is “smile delta”. In this example, you will lose money on the rally.

[Shea Serrano @SheaSerrano]

help someone else get a W today — it’s gonna make you feel good and also i promise it ain’t gonna take away from your Ws — i really promise it won’t

[Nirav Kanodra @niravstoons]

@TheStalwart @tracyalloway @bennpeifert @Brad_Setser Also if the note is triggered (one index falls more than 30%) but then it does rally back to being higher than entry level - you get the worst performer of the 3 indices, subject to maximum you get 100% of principle back

The high coupon (say 10%) is paid through the tenor (3-5y)

[Benn Eifert 🥷🏴‍☠️ @bennpeifert]

1) Go into the field because you think the subject matter is interesting and fits your skill set. The heyday of public markets finance as a growing field is over. You will not get rich quick; you will advance slower in seniority; you will envy the $ in private equity and tech.

[Dan Davies @dsquareddigest]

We have a winner! Hong Kong is the best place for quant analysis of racing because *it only has one racecourse*, on which a consistent population of horses regularly race each other. "Horses for courses" isn't just a proverb, it's a fundamental fact about racing...

[CCC @cchen617]

@SheaSerrano Napoleon Dynamite

[Patrick McKenzie @patio11]

One of the best podcasts I listened to this year.

Single biggest insight is that companies have complicated capital structures, that this is value-creating by assigning risk to people who want it, and that other things can now have complicated capital structures due to tech.

[BILLLIE @henggarae]

oomfs what can yall hear up to https://t.co/y0SNnaoBa1