Greenwich, CT
Joined January 2021
Inside Baseball with Old Chestnut retweeted
Honored to begin serving as Counselor to @SecScottBessent - There is no better place to start than under Hamilton's watchful eye. Grateful for the trust. Let's get to work. 🇺🇸
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Inside Baseball with Old Chestnut retweeted
I could not be prouder of @Jefferies very own @jefmacrostrat for joining the US Department of the Treasury as Counselor to the Secretary.  The markets are complicated at this important moment in time and there is no doubt that David Zervos’s experience and perspective will be of great service to the USA.  Get to it David and all your colleagues and clients from Jefferies are counting down the 130 days until you return.  #Country first, always. cnbc.com/2026/09/28/david-ze…
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MB loved this story.
A Bronx butcher filled giant tanks with seawater, floated a thin layer of oil on top, and convinced 51 banks including American Express that he owned $1.9 BILLION pounds of salad oil. He owned 110 million. The fraud collapsed on the same day JFK was assassinated. Warren Buffett made more money from it than the man who ran it. – Anthony "Tino" De Angelis grew up in the Bronx and left school young. – He built a soybean oil refinery in Bayonne New Jersey and by 1962 was handling 75 percent of all US soybean oil exports. – To borrow money he needed physical inventory. Banks would inspect it and lend against it. – Oil floats on water. Tino knew this. – He filled his storage tanks, some as tall as five storey buildings, almost entirely with seawater and added only a few feet of oil on top. – When American Express inspectors arrived they lowered weighted tape measures into the tanks. The tapes came back coated in oil. The tanks appeared full. Everyone signed off. – His crew also built hidden metal cylinders inside certain tanks directly below the inspection hatch so the tape only measured oil and never reached the water below. – When inspectors wanted to check the same tanks twice his crew used hidden pipes to pump the same small amount of oil from tank to tank so it was always at the top wherever they looked. – American Express vouched for all of it. 51 banks lent against the receipts. Chase Manhattan. Bank of America. Procter and Gamble. Everyone was in. – By 1963 De Angelis had filed receipts claiming 1.9 BILLION pounds of salad oil. – The US Department of Agriculture confirmed the entire country only produced 110 million pounds. – Nobody checked. – The market crashed in November 1963. Allied Crude filed for bankruptcy. Two Wall Street brokerages collapsed. American Express took a $58 MILLION hit. – On November 22 1963 while investigators were still untangling the fraud President Kennedy was assassinated. The New York Stock Exchange closed 83 minutes early because of both. – De Angelis served seven years. Walked out and immediately ran the same fraud again using hogs instead of oil. – Warren Buffett bought 5 percent of American Express after its stock collapsed for $20 MILLION. It became one of his most famous investments. A Bronx butcher fooled 51 of the most powerful financial institutions in the world with seawater and a layer of oil. Served seven years and did it again for the second time.
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Inside Baseball with Old Chestnut retweeted
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Inside Baseball with Old Chestnut retweeted
Replying to @ConsensusGurus
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Inside Baseball with Old Chestnut retweeted
Replying to @MarketsWithMB
still miss the man and this podcast- you we also very good. every once in a while, especially so.
Carvana collapses nearly 25% after reporting, outlook from company ‘vague’ and ‘shady’ #MacroEdge
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Inside Baseball with Old Chestnut retweeted
Replying to @MarketsWithMB
He’s having his chortling chuckle I’m sure. Miss hearing him 😢
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Inside Baseball with Old Chestnut retweeted
Replying to @MarketsWithMB
@MarketsWithMB would have love to hear old Chestnut right about now
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Inside Baseball with Old Chestnut retweeted
Replying to @MarketsWithMB
"10s-2s" 😆. I sure do miss those weekly lessons.
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Inside Baseball with Old Chestnut retweeted
Replying to @MarketsWithMB
What gift your pod gave the world. I listened every week. There will never be another like him.
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I’ve got Lloyd on the microphone, juniors doing centerfolds? GS is in shambles, get DJ D-Sol on the 1s and 2s IMMEDIATELY
When you get Lloyd Blankfein of $GS warning "I smell a crash coming" and now Point72 David Rosen saying private credit is a fraudulent bubble... all within 24 hrs of each other... I dunno. Wall Street seems ... nervous.
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Where is MB when I need him most?
Baby-faced Goldman Sachs bankers could be fired over 'unauthorized' magazine photo shoots: sources trib.al/nannGOO
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Inside Baseball with Old Chestnut retweeted
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I like to think he’s up there somewhere with his forty thousand foot view, turning the map around. 🫡
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Inside Baseball with Old Chestnut retweeted
At times like this, I miss @MarketsWithMB
Last week, Wall Street lost a legend. I never met Morris Sachs (‘MB’) in person. I first came across him when ‘Motown’ was a regular visitor to the comments section of Kevin Muir’s research notes from where he was finally persuaded to make a ‘blockbuster’ debut appearance on The Market Huddle in the depths of the Covid lockdowns of May 2020. MB’s ‘must listen’ appearances on ‘The Huddle’ were the springboard for the launch of his own ‘Inside Baseball with Old Chestnut’ podcast with his friend, cycling buddy and market 'padawan' Liam Allen. The 🐿️ never missed a single one of the show’s 186 episodes (though I do confess to have skipped the Phish intro every week). When someone with MB’s deep experience in markets is prepared to share an hour of his wisdom (almost) every weekend, only a fool would not take advantage. So much learning from what was said (and often from what was not said). I was truly ‘star struck’ when I learned that MB was a regular reader of my own letter and the first time the 🐿️ got a ‘shout out’ on the podcast was a genuine ‘mic drop’ moment. My yelp of excitement at that moment turned every head in the dog park! I am honored and truly grateful that he became a huge supporter of my work. We became regular ‘pen pals’ over the next 3 years. His innate kindness, razor-sharp wit and impish sense of humor sang out of his emails. I often found myself wishing I had had a mentor of MB’s caliber and character helping me grapple with the greasy pole of high finance. Am sure that countless other listeners feel the same way. I used to wonder why, on occasion during an episode of the pod, Liam appeared to sound almost hyper protective of a man who, schooled by the hand-to-hand combat of the futures pits of Chicago, most certainly could fight his own corner. Sometimes a couple of weeks would pass before I got a response to a note or question. I now understand why. He was fighting for his life and yet still generously making the time to educate and to entertain us all. He will be truly missed, and I again send my deepest condolences to Liam, Sheryl, his daughters and the broader Sachs clan. How fitting it was that I learned of his passing during that ‘deep red’ futures open last Sunday night. These are the types of markets that were made for trading legends like MB. I am convinced that he would have been in his ‘alpha long bond trader’ element last week. The rest of us trading mortals are left behind to make sense of the bond markets without his invaluable guidance. And it was quite a week to have to start doing that alone! Rest in peace, Old Chestnut.
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Inside Baseball with Old Chestnut retweeted
Replying to @MarketsWithMB
Between this and gold rocketing past $5k you and MB are ringing in my ear holes. Stay warm up there eh.
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You don’t say.
Carvana: Bridgecrest and the Undisclosed Transactions and Debts - Last year: both @HindenburgRes and @RealJimChanos lamented at the limited transparency into $CVNA related parties, DriveTime and Bridgecrest. - Last week: $CVNA refused to release financial details about DriveTime in a closely watched lawsuit against Carvana and its executives, alleging they carried out a fraudulent “pump and dump scheme” - TODAY: We are releasing the DriveTime 2024 Annual Report and the GoFI LLC Annual Report we obtained via Freedom of Information Act request, along with our report. for our full report, DriveTime's 2024 Annual Report, and GoFi LLC Annual Report visit here: gothamcityresearch.com/post/…
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