August 27, 2025 - Quote of the Day
“There is no sign of a recession anywhere,” a major bank economist told me in September 2007.
Entries by MHFTR
August 19, 2025 - Quote of the Day
"Whenever I hear someone in finance say that a one in two-billion-year event just happened, I say that you just demonstrated you have a model for measuring tail risk that isn't any good," said former Treasury Secretary and Harvard University President Larry Summers.
August 8, 2025 - Quote of the Day
"Everything is expensive now. Worries about the future can cause safe assets to become highly priced ... I call it the 'Titanic Effect.' When the Titanic was going down, people would pay a fortune for anything that floats. We may be in a Titanic situation now," said my buddy, Nobel Prize winner Robert Shiller.
July 21, 2025 - Quote of the Day
"Everybody talks about the Volatility Index (VIX), but the new fear gauge is the 10-year Treasury bond," said Art Cashin of UBS Financial Services.
July 7, 2025 - Quote of the Day
"Send us your freaks," said an Amazon human resources executive to a temp agency during its early days.
June 13, 2025 - Quote of the Day
“The bulls have the run of the table here on oil,” said John Kilduff from Again Capital Partners.
How to Gain an Advantage with Parallel Trading
One of the most fascinating things I learned when I first joined the equity trading desk at Morgan Stanley during the early 1980s was how to parallel trade. A customer order would come in to buy a million shares of General Motors (GM), and what did the in-house proprietary trading book do immediately? It loaded
Why The "Underground" Economy is Growing So Fast
There is no doubt that the “underground” economy is growing. No, I’m not talking about violent crime, drug dealing, or prostitution. Those are all largely driven by demographics, which right now are at a low ebb. I’m referring to the portion of the economy that the government can’t see and therefore is not counted in
March 26, 2025 - Quote of the Day
"This is an epic bond bubble that we may have just seen the end of, not only here, but in Europe too," said Peter Boockvar, chief investment officer at Bleakly Financial Group.
The League of Extraordinary Traders
I never cease to be impressed with the readers of this newsletter. I was reminded of this once again in Salt Lake City, Utah a few weeks ago. Readers seem to fall into three categories. 1) Entrepreneurs whose businesses become so successful that they are throwing off plenty of excess cash to invest. This led