Founder: Artadia | Artspace | Atlas Meridian Capital | CollectorIQ | Co-Founder: Valence. Global Head: CSFB Technology Group | Alex. Brown Consumer Group
Brooklyn, NY
Joined March 2009
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Chris Vroom retweeted
If we want to avoid a debt crisis, we need to get our deficit down to 3% of GDP.
There are many ways to do that, using the levers of cost cuts, interest rates, and revenue. But we need to do it fast.
The question for policymakers is how much can you deliver from each of these levers without breaking things that are problematic.
My advice: Don’t let politics get in the way of achieving the goal.
#principles #howcountriesgobroke #Economics
Chris Vroom retweeted
The President’s wife is a European immigrant. Both parents of the Secretary of State are Caribbean immigrants. Both parents of the FBI Director and the richest person on the World are African immigrants. And 1/3 of the 320 American Nobel Prizes in science have gone to immigrants.
Tariff levels are not going to reverse trade balances. They will however:
- Lower profits, currently at an ATH --> Equity negative
- Raise inflation --> Equity & bond negative
- Reduce demand for US treasuries -->bond negative
- Reduce demand for USD --> Dollar negative
Abandoning the rule of law, creating chaos and reducing trust is valuation negative. Near-term:
- Investment shock due to uncertainty and flip-flops --> private investment down
- DOGE --> Govt investment down
- Consumer sentiment negative --> spending down
Valuations are high, estimates coming down, LT inflation expectations rising. Only positive is that all the above is known and new focus on fiscal rectitude a LT positive.
Chris Vroom retweeted
Told @FareedZakaria on @CNN: There is a winner in what's being pursued by the @realDonaldTrump Adminstration. I'm sorry to say but the person who has a really artful deal here is Xi Jinping and China, who is seeing scope for his influence, scope for new markets, scope to displace the United States of a kind they could not have imagined as a result of the policies that we are pursuing.
Chris Vroom retweeted
Why not? We basically told the whole world that they had been cheating us for years. That Europe was only set up to screw us. That people should pay a fee to use the $$.
Why is it irrational for those countries to sell the $$ and sell our bonds? And stocks. The whole world is overweight US assets. Even lightening 20 percent could be called prudent risk management.
We have risked safe haven status for the first time in my 35 years in markets. We haven’t lost it but we have put it at risk. Don’t believe me, just look at the gold chart.
Conspiracy corner:
How can activity in the bond market shape policy?
An established norm in capital markets is measuring the rate of change of a big move. What does this mean?
When yields change by a lot, smart money will want to know 1) is this an acute change that happened quickly or 2) is this a gradual change?
Acute changes tend to happen because of poor bets, risk arbitrage, covering losing positions or blow-ups. Gradual changes are because of philosophical changes in outlook. As you can rightly imagine, it’s hard for huge pools of money to have big philosophical changes in mere days and hours. They study things, engage all parts of their organization and all parts of their government and then act slowly and methodically.
With that in mind, when I see the actions in the bond market, my critical question is:
Would Central Banks, if they have had a philosophical change to their posture to US Ts and the USD, just dump or is this more about a short term repositioning, gaining leverage for a negotiation or, more banally, private actors making bets and/or getting stopped out.
I think answering this question is materially important for all of us.
FWIW, it’s hard to imagine a gaggle of PhDs running CBs and Governments around the world re-underwriting an entire new multi-decade approach to the US in the last 5 days.
Chris Vroom retweeted
“This is the worst self-inflicted wound that I’ve ever seen an administration impose on a well-functioning economy," former Treasury Secretary Janet Yellen has said.
Chris Vroom retweeted
While I support open markets and oppose protectionism, that is not my problem with the @realDonaldTrump Administration policies. The problem is an utterly confused and incoherent doctrine that says bilateral deficits are a sign a country is exploiting us. Trump’s economic theory makes Laffer curve look like Newton’s law of gravity and Modern Monetary Theory look like Darwin’s theory of evolution. They are far beyond wrong.
Chris Vroom retweeted
.@elonmusk: "I'm hopeful that the United States and Europe can move, ideally in my view, to a zero-tariff situation. Effectively creating a free trade zone between Europe and North America."
"That's what I hope occurs, and also more freedom for people to move between Europe and the U.S. If they wish to work in Europe or America, they should be allowed to do so, in my view. That has certainly been my advice to the President."
Chris Vroom retweeted
🚨 ELON MUSK: “I hope that the United States and Europe establish a very close partnership. I hope that with the tariffs, the United States and Europe move to a zero tariff situation, effectively creating a free trade zone between Europe and North America. I also hope that there’s more freedom for people to move between Europe and North America and work where they want to work. That’s been my advice to the President.”
Odyssey in Japan... @rosefiorentino instagram.com/reel/DHjbdFxp2…
One of the most gracious mentors I've had the good fortune to have in my life left us. Dick Kramlich was an innovator in business, helping grow many of the greatest technology companies that have transformed our world and in culture, where he and Pam built an important collection of contemporary and new media art. His integrity, perspicacity and value system are models that have taught me much over the past 30 years. He will be missed. venturecapitaljournal.com/ne…
Chris Vroom retweeted
the @metmuseum just released their podcast “immaterial: keeping digital art alive” where they interview us about our digital piece “every shot every episode” that has been in their collection for over 2 decades now. Add it to your queue podcasts.apple.com/us/podcas…
Chris Vroom retweeted
the painting machine up and running again all day today @ryanleegallery as part of our exhibition “fabricator”. See it from the High Line on 26th street in nyc
Chris Vroom retweeted
This is disingenuous. The VP has little to no power in most administrations. Dick Cheney the one exception.
While I don’t think the debate hosts were fair to @realDonaldTrump, @KamalaHarris exceeded most people’s expectations tonight.
That said, when it comes to getting things done, not just saying nice-sounding words, I strongly believe that Trump will do a far better job.
After all, if Kamala can do great things, why hasn’t she? Biden rarely shows up for work, so she’s basically in charge already.
The question comes down to this: do you want current trends to continue for 4 more years or do you want change?
Chris Vroom retweeted
Truly shameful that a partner at the leading VC firm would make such a misleading, hair-splitting claim when Brian Sicknick was attacked by chemicals in his face on 1/6, collapsed, and died the next day at age 42, of a stroke presumably induced by those events.
Pathetic, undignified tantrum from a solipsistic billionaire artist. Depressing to see the @BrooklynRail cave on this one. nytimes.com/2023/12/17/arts/…
Chris Vroom retweeted
🎙️ Our CTO, Lloyd Moore (@iolloyd), participated in a thought-provoking discussion on the Data Value Show, hosted by Chris Tabb & produced by @LEITDATA. Watch for data modeling & the strategic application of tech in business.
linkedin.com/events/70816620… #blockchain
Chris Vroom retweeted
As Art Basel’s 2023 edition wraps up, Artsy speaks to five collectors to get their thoughts on the fair. artsy.app/3Xld7hu
