The last time that billionaire hedge fund manager, who operates out of the Short Hills Shopping mall, told you to be careful of stocks, at the SALT conference, everyone panicked for a solid two weeks. After all, David Tepper is God’s only bastard son and can do no wrong. Persons of interest and disinterest alike shorted internet stocks with reckless abandon. Everything seemed to go fine, until your faces got ripped off–placing Mr. Tepper in the indomitable ‘fag box.’
Wait, should I refrain from talking shit about Mr. Tepper because he has more money than me? I know many of you microbes out there like to judge a persons opinion based upon his account size. Should I qualify myself with screen shots of my 7 fig account balance before each blog? I know some of you sub-mentals have asked me to do that before. Hey, don’t forget to come to our fucking conference in Vegas, ok?
So now Mr. Tepper, sausage eater from Pittsburg, now working on the 2nd floor of the Short Hills Shopping Mall, directly above the Santa Claus picture centre, is telling you that rates are going higher. He’s called a bottom in interest rates (LOLz), the very rate the US govt pays to borrow money to conduct warfare and other unsavory events. With almost 20 trillion tucked away in debt, this guy, the sausage eater from fuckville, is telling me that interest rates, the cost of borrowing for the insolvent US govt, is going higher.
Once you get it out of your system and follow this psychotic into shorting treasuries because of the inflation boogyman, you will realize that it is implausible and certainly improbable for rates to go higher, to any large degree.
Having said that, TLT is lower this morning and has moved 5 straight points to the downside since 9/1. On the surface, it would appear massive inflation is being priced in, at the same time gasoline dropped by 15%. Because, ummm, I don’t know: because inflation is a figment of your servile imagination!