March 19, 2026
Global Market Comments March 19, 2026 Fiat Lux Featured Trade: (TUESDAY, JUNE 16, 2026, NEW YORK CITY GLOBAL STRATEGY LUNCHEON)
Entries by april@madhedgefundtrader.com
Tuesday, June 16, 2026 New York City Global Strategy Luncheon
For the first time in three years, I’m back in the Big Apple! Come join me for lunch at the Mad Hedge Fund Trader’s Global Strategy Luncheon, which I will be conducting in New York City on Tuesday, June 16, 2026. An excellent meal will be followed by a wide-ranging discussion and an extended
March 18, 2026
Global Market Comments March 18, 2026 Fiat Lux Featured Trade: (JOIN ME ON CUNARD'S QUEEN MARY 2 FOR MY JUNE 19 TRANSATLANTIC SEMINAR AT SEA LUNCHEON)
March 18, 2026 - Quote of the Day
"The things that affect the investment world so profoundly are the things that were not foreseen. If they could be foreseen ... anticipated and adjusted to and factored into prices, they wouldn't have that cataclysmic effect," said legendary investor Howard Marks of Oaktree Capital.
The Reputation Trade
In 1987, I was drinking whisky in a Ginza bar with a senior trader from one of Japan's largest brokerages. He was celebrating. His firm's stock had just hit a new all-time high, trading at a valuation that made even the most optimistic analysts uncomfortable. I asked him what justified the premium. He swirled his
March 17, 2026
Global Market Comments March 17, 2026 Fiat Lux Featured Trade: (HOW TO HANDLE THE FRIDAY, MARCH 20, OPTIONS EXPIRATION), (SPY), (RTX), (BA), (CAT), (GLD)
March 16, 2026
Global Market Comments March 16, 2026 Fiat Lux Featured Trade: (MARKET OUTLOOK FOR THE WEEK AHEAD or SPRING IN THE CENTRAL VALLEY) AAPL), (GOOGL), (AMZN), (BA), (CAT), (RTX) (GLD), (B), (WPM) (MSFT), (GOOGL), (XLE), (XLU), (XLF), (XLF), (XLK) ($VIX) (USO), (JPM), (KKR), (OWL), (AAL), (BLK), (APO)
The Hole In Your Ethereum Bucket
I've owned a lot of assets in my career - currencies, commodities, emerging market equities, a working Texas oil well that produced exactly enough crude to annoy my accountant. What I've learned is that how you hold something matters nearly as much as what you hold. Ethereum (ETH-USD) investors who get this right will quietly
March 13, 2026
Global Market Comments March 13, 2026 Fiat Lux Featured Trade: (MARCH 11 BIWEEKLY STRATEGY WEBINAR Q&A), (USO), (UUP), (BITO), (MSTR), (SDS), (PLTR), (VST), (MOS)
The New Keiretsu
In 1989, I watched Japanese banks, insurers, and manufacturers lock themselves into elaborate cross-shareholding arrangements called keiretsu. Each institution held the others' shares as a permanent signal of long-term alignment. Western analysts called it cronyism. I called it the most effective anti-panic mechanism ever built into an equity market. It kept Japanese institutions from dumping