Postcards: Help, Help, I'm Being Repressed!

"Now, we see the violence inherent in the (financial) system! Come and see the violence inherent in the (financial) system!" The Fed and Treasury Department will adopt more financial repression...

Market Update: Equity assets keep crawling higher. We’re up 45% since the bottom in October 2022, and liquidity just hit a new record (says Howell). But now the tough cycle starts. This is starting to feel like a “Sell in May and Go Away” kind of year—or at least a redux of 2021. NVIDIA is now at $900. The Electric Centipede rides again.

Dear Fellow Expat:

Apologies to Monty Python and the Holy Grail…