Jul

9

Markets and books

July 9, 2023 |

a passage in Ed Spec points out that my dad learned to make friends with the referee. he bought Sam Silver some moo goo gai pan. several successful traders indeed apparently the most successful ones are at one with the exchanges.

is is a shibboleth that it pays to bet against the team that was able to squeak out a win or benefited form an error of the other side or won by corruption of some kind. we should realize the same thing applies to politics viz a viz the perfect father - incredible that he leads.

nice improvement

nice drop of S&P of 40 pts on unemployment from 1:30 to close — greatest drop on unemployment ever.

some books read over weekend: The Smiling Country, by Elmer Kelton; Wealth, War, and Wisdom, by Barton Biggs; The Hidden Life of Trees, Peter Wohlleben; Bird Life, by by Frank Michler Chapman and Julie Zickefoose.

and always the first 80 pages of Fifty Years in Wall Street. where are the greats of the 19th century and why did they succumb? the reason that oak trees are crowded out by beech trees, the beech trees shade out the oak trees to cause the oak trees death:

Root competition between beech and oak: A hypothesis

with bonds in the 123 handle lowest in 10 years, agrarians galore should be on guard that further declines don't hurt their man.

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  1. Zachary Szigeti on July 10, 2023 6:08 am

    Hi Vic,

    Someone did not understand your “with bonds in the 123 handle lowest in 10 yes, agrarians galore should be on guard that further declines don’t hurt their man.”

    I interpret you to be saying these high bond-yields are bad for assets, and a higher yield (ie. a further decline in bond price) would lead to 401ks getting crushed. Although, I also suspect you think the higher yield can further weaken US credit ratings - ie. the man can’t service his debt.

    -Zack

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