“Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does."
"There is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."
Trump’s comments at Davos around demanding lower rates and lower oil prices made headlines, but seemingly did very little to lower rates and yields rose on the day.
In economics, continuing claims are the highest they have been in the last 3 years, with initial claims also continuing to rise, though remaining largely benign.
Stocks up again on strong earnings, except EA, apparently they can’t sell soccer video games because kids play Fortnite, or something like that. Anyway, the S&P hit a new record high closing at 6,118.
As mentioned above, yields moved higher and the curve steepened yesterday. The 2Y Treasury remained ~4.30% and the 10Y rose to 4.65%. If you’re looking, you could get 10y real yields at 2.25% at yesterday’s TIPS auction, the highest in a decade.
Bank of Japan rate decision, S&P PMI’s, some home sales and UofM on the docket for your Friday…and whatever falls under the “Trump Effect” newsflow.
I’m glad to see the concepts from RILA’s and Buffer ETF’s are now being copied in crypto, see first XTOD below.
XTOD: Calamos Investments launches the “Protected Bitcoin ETF,” which guarantees 100% of your money back if Bitcoin drops 50%, but limits your upside to a maximum gain of 11.5%.
XTOD: If the government comes to confiscate gold, you can bury it in your backyard. If the government comes to confiscate bitcoin, you're SOL.
XTOD: Baupost...Klarman is truly the GOAT. 4% compounded for 10 years. $23B of AUM. $300M+ of annuity management fees. Unreal!
XTOD: Demand for college is falling in America, and it's not just about low birth rates. People are realizing that the college wage premium has shrunk.
XTOD: You must reclaim the ability to abstain because within it is your clarity and self-control.
https://x.com/BitcoinNewsCom/status/1882501457997713689
https://x.com/dailydirtnap/status/1882539541820830048
https://x.com/red_dog_capital/status/1882173650805330341
https://x.com/Noahpinion/status/1882513724029931531
https://x.com/RyanHoliday/status/1882428075830596083
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