Postcards: Everyone, Everywhere Now an Expert on Tax Policy

It's Friday. There's a lot of silliness happening in this economy, and it will get a lot more absurd in the years ahead.

Market Update: Jerome Powell has signaled the pivot is coming. But there could be a cost to it. Anyone still in Japan carrying trade playing small spreads will need to unwind. Historically, pivots can lead to nasty outcomes. But with the Treasury Department still unleashing stimulus and money starting to move… we remain bullish. The Russell 2000 has been on fire today, and small caps continue to lead the way.