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Overkill on recession worries

I am looking at the US yield curve as I write this note and I see the 10-year yield is just one-tenth of a basis point above the 3-month yield. And the curve is completely inverted from 6 months to 3 years. Should we be worried? The short…

A framework for thinking about tail risk

I woke up this morning to tweets from the amazing Lisa Abramowicz indicating a sizable move into risk-off territory for global markets on the back of coronavirus concerns. And because I talked about faulty market structure related to one of…

When is individual wealth too large?

In an interview with Ta-Neishi Coates, Alexandria Ocasio-Cortez tries to answer the recurrent question of 'when is it just too much money?" Here's the clip. Watch the whole thing because I am going to comment on it. The AOC position…

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