Category Archives: Snark


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There are countless quotes, aphorisms, and bromides related to the world of trading. One of the best known is Joe Granville‘s: “If it’s obvious, it’s obviously wrong.”

Having lived with, considered, and occasionally applied this nugget of wisdom over the years, my conclusion is that what’s “wrong” is actually the quote itself. I believe its principal appeal is that it has that counter-intuitive, funny-because’s-it’s-ironically-true sensibility to it. Kind of like Mark Twain’s “….the coldest winter I ever spent was a summer in San Francisco.” Har de har har. (more…)

The Bounce So Far

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Well, my physical maladies have me awake again when I should be sleeping, so I’ll just use this opportunity to do a comment cleaner. Glancing at the markets, I see the bitcoin is getting slaughtered again (in spite of fuzzy-haired crypto geniuses telling you they will make you rich), and equity markets have made the feeblest of “bounces”, already reversing.


I see that charlatan investment advisors are already sending out spam saying that Friday’s rout is “a storm in a teacup” (they can’t even manage to get the metaphor correct). I suspect this sentiment is going to last a very long time, considering the deep conditioning investors have received over the past nine years.

In a way, whether it bounces or not doesn’t really matter to me, because my macro play is much larger than any short-term bounce. The only thing that makes me sad about all this red is that the nimrods in D.C. are going to try to stop it at some point. I’d be totally OK with indexes price using negative numbers.

A Loss of Face

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I first want to apologize for being so non-productive today. I’m pretty sick, so I’ve been spending an exorbitant amount of time in bed surrounded by concerned (well, maybe not) dogs. But Slope must go on, so I wanted to crank out something.

Facebook reported after the close, and although it looks pretty much unchanged at the moment, it was a wild ride so far. I’m on my computer ALL the time, but even I’m amazed Facebook makes as much money as they do. I guess I’m having trouble seeing it, because I spent, tops, 20 minutes a MONTH on Facebook, if that. Anyway, they say they are seeing usage start to slip a bit.

fb (more…)