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“Fiscal conservatives are part of the problem.” — Milton Friedman. The issue spending, not deficits. In ’70s fiscal conservatives accepted tax hikes to balance budget. The solution? Limit spending power of Congress, possibly via constitutional amendment. youtu.be/8txLAkao6nI?si…

"I'm not in favor of fairness. I'm in favor of freedom. Freedom is not fairness. Fairness is someone needs to decide what's fair." Milton Friedman in 1979
Great weekend watch:
youtube.com/watch?v=1EwaLy…

"The ongoing rewriting of the rules of world order and the resulting fragmentation of global alliances in defense, trade and finance will raise the security risk premium across asset classes and geographies." @ctorresreporter writes in anderseninstitute.org/peace-has-a-pr… x.com/ctorresreporte…

A hallmark about most fancy analysts, including many I respect, is that they don't appear to be filling up at the gas station. Most of them talk about future price hikes in the coming days, not realizing that they have already taken place. x.com/LizAnnSonders/…

A discussion with @CondoleezzaRice — she visited the White house a week ago. Very helpful as she makes it clear that regime change is not only not the goal, but not even feasible, pointing out that autocratic regimes are good at disarming citizens, and that arming a minority x.com/AxelMerk/statu…

Rational arguments are made as to why the Iran war won't be over soon, even as it "should" be over to prevent an economic calamity.
Yet the market prices this as a temporary shock.
What gives? What's the market seeing that the pessimists don't?

When the financial crisis was heating up, geniuses at Deutsche Bank opted to buy more "highly rated" tranches of mortgage backed securities. With that in mind, when I see that DB says they are expanding their private credit exposure, I take note. morningstar.com/news/marketwat…