Nothing to do….
As we have warned a few times in past KEDM’s commentary is going to be light going forward as our bearish leanings are not going to change on a daily/weekly basis. We noted a couple weeks ago that the focus/headlines on tarrifs continue to mask the “real” solvency story that is coming to a head. …
Dead Cat Bounce
Once you see a chart, you sometimes struggle to un-see it… This is the Naz during the 2000 tech bubble. Now let’s look at the GFC. Note a pattern? A smash, then consolidate, then leak lower until the real selling starts. It’s almost a chart crime to then pull up 1929, but we can’t help…
A Bearish PSA, Part Duex
By now most KEDM readers get how bearish we are. We are not going to regurgitate it; we’ve beat that horse to its bloody death. But as we’ve talked to 50+ hediges over the past week, the common response is “sure I am bearish, but we are 1 tweet away from a tariff deal and…
Correlations to 1
Short week, so it’ll be a short, data-only KEDM this week. Besides, nothing is going to change our view over the coming weeks. Sure, a TON of volatility but our thinking remains the same. This tariff story is an undercard to upcoming big govt credit/PE/private credit/refi/endowment unwind. We are headed into a trader and ED…
An Important Gloom and Doom PSA….
It’s said that there’s no such thing as a quadruple bottom in finance. That’s terrifying as TLT (yeah, we know only retail track it…) looks to be teasing a 4th bottom. We’re increasingly of the view that TLT fails. When that happens, we really don’t know WTF happens. Just think about all the things that…
Liberation Day
We were all looking forward to Liberation Day. We even had something of a celebration planned. Honestly, we thought Trump would do a flat tariff. Maybe something in the 10-20% range. Instead, he came out swinging. He literally carpet bombed every CUSIP. We don’t blame him. These tariffs are the right thing to do—though he…
Erdy does it again…
Turning to the markets, by now you are well aware of our EM leanings as we have been beating a dead horse for well over 6 months on the theme. One of those EMs has been making some global news lately, so we figured we’d do a quick update. Let’s dig in… You’ve probably seen…
Trump Goes Mining…
We’ve always wondered why they let Trump win, after blocking him in 2020. And don’t think it’s about him getting more votes, it’s ALWAYS about who counts the votes. Call it a pet theory, but the oligarchs and Deep State types watched as the Russians steamroll a few NATO armies in Ukraine, watched the Russians…
Betting on the degens…
Turning to the markets, our themes seem to be kicking into high gear as EMs continue to suck flows out of the US. We expect some rips out of the US, but there is more pain ahead in ’25 as TINA (for US growth) doesn’t just take a month to die, this will take some…
Tina died in 2025…
Speaking of tops, on January 12, we posted an eerie chart of CSCO against the last remaining generals left in the markets using SMH as the proxy (we urge you to re-read here). Let’s revisit: “In summary, we’re bears. Now raging Kodiak Bears… We were just starting out in this business when we realized that…