FO CIO. Markets, global economy, local (Minnesota) news. Opinions expressed are my own and do not express the views or opinions of my employer
Minneapolis, MN
Joined September 2011
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Leopold to Citadel part deux? A legendary L/S HF manager (now in mid 70’s) once asked me “how many hedge fund managers who blew up, blow up again?” The answer from him was, “all of them”.
Advance notice: Friday’s GS Prime Services Weekly Report will show today as a bigly HF deleveraging day
CIO of The North retweeted
I don’t think you have a dog in this fight but if you did you would have shot it.
I’ll take @ellalangleymsic over Kacey Musgraves any day.
And if I’m choosin’ Texas, I’ll take Ken Paxton over James Talarico.
This must be what it feels like to be a Bessent LP. Positions bleeding out as the world redeems around you while the GP’s excuses keep changing. Maybe another Blaise Pascal quote will help?
Saw this chart and had to run it myself. 3-month correlation breakdown of SP500 vs SP500 EW is more extreme now than tech bubble.
87.7% of the SP500 is >10% below ATH. 61.9% are > 20% below ATH, and 43.3% are >30% below ATH. Meanwhile, 45% of the index has NEGATIVE 3-month beta and moves inversely with the SP500. Wild.
In response to the 1987 Crash, Leo Melamed (former Chairman of CME) : “Tinkering with free market forces in a significant way creates unnatural economic conditions that may beget unnatural economic consequences.” But Scotty B is certain he's in control
As Clark Griswold said, “If I woke up tomorrow with my head sewn to the carpet, I wouldn’t be more surprised than I am right now.” #vikings
Curious to listen and compare with Anchor Hocking's path (Brian Alexander's "Glass House" was well done)
CIO of The North retweeted
This image of Trump in the catering cart is going to be hard to shake. You know he’s livid that it got out. If he wasn’t a coward, he would’ve told them, no chance I’m doing that.
CIO of The North retweeted
Leopold’s $400m investment went to Source Foundry, a semicap startup recently valued at $5B that’s seeking to compete with $ASML according to the WSJ
“Source Foundry aims to fix the core bottleneck in AI computing: chip manufacturing. It plans to develop new machines, equipment and software for manufacturing AI chips to challenge Dutch firm ASML Holding.”
