It was going to be grande and then Fed’s Bostic, the piece of shit that he is, started to talk shit and it all came crumbling down. I realize it’s not over and Powell has yet to speak — but the air has been let out of the balloon and it’s spiraling down.
I had been up 100bps PM and bore witness to an odious collapse, so I bought 15% weighted TZA and it stabilized me after I pared down my portfolio to keep only the very best. I am +11bps like a moron, running fast on the hamster wheel hoping to make it.
I’m 42% cash and have 0% confidence that Jackson’s Hole will be a virtuous campaign that can help longs assuage normal human beings to buy into this nonsense.
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