CPI day in 'merica. Markets are looking for a 0.3% mom and 4% yoy in the Core rate and a 0.00% mom and 3.1% yoy increase in the headline inflation print. Guess we'll see.
Yields start the day down 4bps after rising yesterday.The 2Y is yielding 4.68% and the 10Y is 4.18%. The two treasury auctions yesterday tailed and on Twitter/X, Andy Constan graded the 3Y as a D and the 10Y as a C-. Today we get $21 billion of 30Y treasuries auctioned today.
I'd wager that more ordinary people will learn about the Time Value of Money because of Shohei Ohtani's contract than from any formal education program. When you have sports writers like Jeff Passan writing this: "The deferrals also affect the net present value of the deal. There’s a rule of thumb across all walks of life: Money today is more valuable than money tomorrow, inflation being what it is. When you defer money, you’re taking less. The Dodgers are operating in an environment in which the prime rate is 8.5%. And with money today being so pricey, it lowers the present-day value of the deal by a significant margin." and Fabian Ardaya writing: "The deferred money is to be paid out without interest from 2034 to 2043."
XTOD: Let me get this straight: The Los Angeles Dodgers are proposing to pay the most talented baseball player in history like he's a mediocre middle reliever while he plays for the team ... and then create a retirement annuity that pays him more than any other active player.
XTOD: Our #CPI indicator updates tomorrow. Our #inflation nowcasting model (updated daily!) predicts year-over-year CPI #inflation of 3.04% in November. Check it out: http://clefed.org/3yCkTHV
XTOD: A whole generation appears to think you can copy other’s exact words without using quotation marks as long as you acknowledge the source. That’s as good a proof as any that our universities aren’t up to snuff.
XTOD: WeWork founder Adam Neumann's new start-up, Flow, will officially launch their first property early next year according to the Business Insider According to various reports/articles, it looks like a classic apartment management company w/ an app...
It'll be interesting to see if there's a unique tech angle that'll explain why Andreessen Horowitz (a16z) invested $350 million into the company
XTOD: If you don't understand the unit economics of a business you are a damn fool. What's the value of an average customer considering: what they cost to acquire, how much revenue they produce per month, how long they pay and how much they cost to serve. It's not rocket science.
XTOD: Charlie Munger’s biggest takeaway from William Green’s book, “Richer, Wiser, Happier” - a lot of the mentioned great investors got divorced. A deep reminder that as much as we tend to be high focused and consumed with our work, and that it demands up to be unemotional with our decisions.
We need to flip this switch off when it comes back to our love ones. It’s the abundant life and in moderation to be able to really savor life that matters.
XTOD: After a long year, it's finally time. Announcing the Worst Tweets of 2023 Bracket! I've spent the entire year collecting hundreds of deranged tweets, awful takes, and the most insane discourses on this site. Only 64 were chosen. Now it's time to crown a champion. The rules:
* No Elon Musk. It's too easy and would end up being half the bracket.
* We're not just looking for regular bad. We're not looking for normal slapfights.
* We're looking for that special brand of insanity you only get on twitter.
The field of 64 is divided into four regions named after some of our greatest discourses: the Bean Dad region, the Coffee Wife region, the Chili Neighbor region, and a special Israel/Palestine Containment Zone. Voting threads are below! May the worst tweet win!
https://x.com/DKThomp/status/1734347054028407141?s=20
https://x.com/ClevFedResearch/status/1734301047835799836?s=20
https://x.com/GeorgeSelgin/status/1734301091158729060?s=20
https://x.com/TripleNetInvest/status/1734265980942197020?s=20
https://x.com/trengriffin/status/1733886660935651669?s=20
https://x.com/EugeneNg_VCap/status/1734031906600288567?s=20
https://x.com/JeremiahDJohns/status/1734215691358642654?s=20
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