Negative Convexity

Former rates and macro, current deep credit, future Sunday painter.

[Negative Convexity @dematropic]

@HYcorps It pales in comparison... but seeing my steaming hot take from BI Rates copied into BI Energy still gives me chills

[Negative Convexity @dematropic]

@jeffreytucker Can you read? If you can read, can you read an entire paragraph? I feel like this might be your major stumbling block. It is ok. Next time you can ask someone, or AI, to read the whole passage before embarrassing yourself and whatever the brownstone institute is.

[Negative Convexity @dematropic]

@310Value @At50w50882 @ctfn_news All existing debt is portable?

[Negative Convexity @dematropic]

@BTA_0101 Absolutely... and that is part of why you invest in a name-brand, retail facing levered yield vehicle: because maybe, just maybe, the sponsor does something irrational to avoid tarnishing the brand (and torching your money) when you need it most

[Negative Convexity @dematropic]

@Ponzian @BTA_0101 Great news: if one captive $APO affiliate overpays another $APO affiliate for billions in assets, and all the other $APO affiliates don't have to mark down cross-held positions, it is an investor-friendly virtuous circle! Everybody wins. Going to call it a "re-APO 99"

[Negative Convexity @dematropic]

@Convertbond Pretty sure Hank literally saved the US from a 2nd depression while simultaneously setting us up for decades of economic outperformance vs every major developed economy. Don't think Scott's achievements top tarp, cpp, ppip, mha/hamp and 70bn for AIG during a bank crisis just yet?

[Negative Convexity @dematropic]

@OddStats @market_sleuth Agreed, would add enforcement use small operators as cannon fodder to "prove" they're doing their jobs while the biggest of the big skate. Cathie Wood on CNBC promising 20% returns for 5 years? Fine. Small hf not noting a net return number is "net"? Write up and root canal.

[Negative Convexity @dematropic]

@tierrapartners Been calling it the Marzeh Plan

[Negative Convexity @dematropic]

@ClarkinM Where do you see monty getting paid? Just catching up here

[Negative Convexity @dematropic]

@MikeZaccardi Gotta pump on Sunday night ahead of the truth pump on Monday at 9am... so you can dump on retail until the mid afternoon reversal

[Negative Convexity @dematropic]

@Ksidiii This is an old playbook, pretty common actually

[Negative Convexity @dematropic]

@DerivativesDon @mattmvinson @dampedspring @JaredKubin How do you quantify tremendous demand? Not snark, I just happen to spend a lot of time out the curve and things don't feel jiggy to me... in a totally unquantifiable way

[Negative Convexity @dematropic]

@PythiaR Ah, big difference there. Money absolutely cannot fix that

[Negative Convexity @dematropic]

@StealthQE4 We have poked the bear. Buckle up.

[Negative Convexity @dematropic]

@DumbInvestorGuy @ReganCoda It's already been catastrophic for them. They'll waste the aforementioned once in a generation opportunity if they don't make it at least marginally catastrophic for their enemies. Or at least the customers/suppliers of their enemies

[Negative Convexity @dematropic]

@ojblanchard1 And yet treasury beta has turned positive after spending nearly the entire 21st century in negative territory

[Negative Convexity @dematropic]

@StealthQE4 Or... Iran is bolstering it's staying power.

[Negative Convexity @dematropic]

@sunchartist Munis / CLOs / EM