It’s a warzone out there; there’s no other way to describe it. Everything I’m seeing tells me that there’s a great disconnect between how investors see the world and how policymakers view it.

After the FOMC meeting on Wednesday, the markets are now legitimately pricing in a recession, a housing correction, and the loss of about 1,000,000 jobs before the FED begins to change its tune and get to a point where it is truly satisfied that its policies work.

When one tries to solve a problem, they don’t want to create new ones as a consequence of the process.

On October 4th, 2021, in Canada, a woman by the name of Ruth Hamilton was sleeping in her home. It was the middle of the night and her dog started barking, so she woke up. To her amazement, there was a hole in the ceiling, and right between her pillows was a red-hot rock weighing more than a kilogram.

On Friday, I texted my hedge fund manager: “What looks juicy to you at these levels?”