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Post-Fed
Follow-Up

Posted on June 22, 2017

I sat on the porch Listened to the rain Smoked a cigarette And counted to ten Oh no, here it comes again That funny feeling ― Camper Van Beethoven, Oh No! (1985) A quick post-Fed follow-up to “Tell My Horse”, the best-received Epsilon Theory note to date (thank you!). I’ll jump right into what I’ve got to […]

I’m Not Predicting, I’m Observing

Posted on March 2, 2017

George Soros has a great line, one that I’ve stolen many times: “I’m not predicting. I’m observing.” We really don’t have a crystal ball, and it really is a dumb idea to pretend that we do. But what’s not dumb is to keep your eyes and ears open, observing both what the world is telling […]