The Blind Squirrel's Monday Notes. 3/6/23
The Blind Squirrel's Monday Notes. 3/6/23
Bracing for the "Patagonia vest" recession.
Summary
We expand on Prof G’s ‘Patagonia vest recession’ thesis, expanding it from the world of Facebook product managers to the ‘financialized’ world. We are in a 2 speed world - “Main Street” and real assets feel fine for now.
On the other hand, the “financialized” world of “Wall Street” is missing its low inflation, low interest rate environment. Are the bodies beginning to float to the surface?
Meanwhile, markets look very strong technically. Like a seasoned prize fighter, they have shaken off a barrage of bad news and now enter the strongest time of year for seasonals. The “hated rally” continues.
China: Did the NPC just pour cold water on the re-opening story?
Good week for the Acorns. Strong start for Mercedes. Interesting news flow in Ags and uranium.
Following the Investor Day ‘train wreck’, we have another stab at the ‘dark side’ on Goldman Sachs (albeit with a short leash given market strength).
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