It is sad to see the global markets become increasingly irrelevant as the rule of law falls into vanity and greed.
"My warning to subscribers remains the same: do not confuse the price blinking on your screen with some immutable statement about economic reality.
This isn’t the stock market of the 1980s or 1990s. We now have zero day options, enormous passive vehicles, algorithmic strategies, volatility products, dealer gamma hedging and trillions of dollars responding mechanically to price.
After more than a decade of zero rates, QE and monetary intervention, I increasingly think we’re staring at a financial mirage, a fiat driven, QE induced hallucination where price temporarily becomes its own justification.
Nothing feels particularly real anymore.
But that’s the funny thing about a mirage, it all looks perfectly real right up until you try to drink the water."
QTR Research
