thauerbyi (61)in #article • 13 hours agoFive Point ThreeFive Point Three Somebody tell me again why the 30-year at 5.3% is "orderly." Say it with a straight face. Highest…thauerbyi (61)in #article • yesterdayThe Refiners Are Telling You Something the Fed Won'tThe Refiners Are Telling You Something the Fed Won't Valero just traded at levels it hasn't seen since it was spun…thauerbyi (61)in #article • 2 days agoThe Fed Is Waiting for Jackson Hole and the Tape Doesn't CareThe market is sitting at record highs while the 10-year camps near 4.70% and oil traders are bidding Brent back toward…thauerbyi (61)in #article • 3 days agoThe VIX Isn't Calm. It's LyingThe VIX Isn't Calm. It's Lying. Fourteen point five six. That’s where the VIX closed out the week, its lowest print…thauerbyi (61)in #article • 4 days agoEverything Is Fine, Which Is How You Know It Isn'tEverything Is Fine, Which Is How You Know It Isn't The S&P 500 cracked 7,800 this week and gold ripped past $4,440…thauerbyi (61)in #article • 5 days agoThe Index Is Lying to YouThe Index Is Lying to You Cerebras Systems lost 14% of its value on Wednesday. Not because AI died. Not because…thauerbyi (61)in #article • 6 days agoGameStop is trying to buy eBayGameStop is trying to buy eBay with money it doesn’t have, and somehow that’s not even the maddest part of this…thauerbyi (61)in #article • 7 days agoCore ProblemsCore Problems Eight-thirty hits and for the first four minutes the number looks almost polite. Headline CPI prints…thauerbyi (61)in #article • 8 days agoReparations, Not Barrels: The Strait of Hormuz Just Became a Permanent Fixture of the Global Cost StructureReparations, Not Barrels: The Strait of Hormuz Just Became a Permanent Fixture of the Global Cost Structure Forget…thauerbyi (61)in #article • 9 days agoTwo Weeks, One Valley, and the Argument Bitcoin Was Supposed to Have Already WonTwo Weeks, One Valley, and the Argument Bitcoin Was Supposed to Have Already Won Jackson Hole has hosted exactly…thauerbyi (61)in #article • 10 days agoThe Fed Is Going Dark Right When You Need It LeastThe Fed Is Going Dark Right When You Need It Least Nobody in Washington seems bothered that the central bank is…thauerbyi (61)in #article • 11 days agoWhen the Economy Bleeds, Wall Street Pops ChampagneWhen the Economy Bleeds, Wall Street Pops Champagne Twenty-three thousand jobs disappeared in July and the S&P set…thauerbyi (61)in #article • 12 days agoThe Fault Lines BriefingThe Fault Lines Briefing Good morning. Sit down, because we're going to talk about what happens when two…thauerbyi (61)in #article • 13 days agoThe Desk, 6:47 AMThe Desk, 6:47 AM Someone up top decided the Strait of Hormuz story was worth 900 Dow points on Tuesday and another…thauerbyi (61)in #article • 14 days agoNasdaq up 3.3% in a single session and I still haven't seen the Strait of Hormuz reopenNasdaq up 3.3% in a single session and I still haven't seen the Strait of Hormuz reopen. I've seen a Treasury…thauerbyi (61)in #article • 15 days agoOn the Subject of Everyone Being Wrong at OnceOn the Subject of Everyone Being Wrong at Once [Remarks, as prepared for an LP call. Read in full, without…thauerbyi (61)in #article • 16 days agoA Word to Our Limited Partners"A Word to Our Limited Partners" Good morning. I'm going to skip the P&L walkthrough because you can read a PDF, and…thauerbyi (61)in #article • 17 days agoThe Long Bond Doesn't Care About Press ConferencesThe Long Bond Doesn't Care About Press Conferences Twenty-five basis points over eight weeks is macroeconomically…thauerbyi (61)in #article • 18 days agoREVISIONSREVISIONS Somewhere in the building at 2 Massachusetts Avenue, someone is closing a spreadsheet they'd rather not…thauerbyi (61)in #article • 19 days agoThe Ten-Year Doesn't Care About Your Earnings CallThe Ten-Year Doesn't Care About Your Earnings Call Good morning. Let's start with the number nobody put in the…