Paulo Macro Kliff Notes
We want to thank Paulo Macro for joining us on Friday for our “All Things Macro” Happy Hour. Beer and wine were flowing and we jumped into a ton of interesting topics like Paulo’s “New Big Short”, a deep dive into inflation, US Dollar, fiscal driving monetary, and of course commodities. Rather than offer the…
This Market Feels Spooky…
We’re increasingly of the view that we may now be approaching a rough patch, possibly even the end of the road in terms of this economic cycle (March 2020 to fall 2024??). In our careers, near the top, every investor always says something baggy like… Given the “Project Zimbabwe” framework at play, that fall may…
Times Are A Changin’….
We’re changing our tune a bit here at KEDM. After spending years alone in the desert thinking that Fiscal trumps everything else, and laughing at all the recession lunatics who were shorting at the lows in 2022, we now feel that our desert island is getting a bit crowded. Too many Macro bros suddenly agree…
Harvest Time!!!
Turning to the markets, we don’t make market calls here at KEDM but we can’t help feel something a bit off in the market. The fukwits seem back in charge. Generally we are all for taking money from the crayon eaters but it feels a bit different this time around. Breadth is still ok’ish but…
Market Update: MAG7 Divergences
Ok, with that out of the way, we want to talk about divergences. For those of you who’ve followed us for any length of time, you’ll know that we pay special attention to divergences, as they tend to happen at the end of a move—signaling an exhaustion of the move. For nearly a year, MAG7…
Eiffel Towers and “Tons of Liquidity”
Turning to the market for a quickie, it sure feels like we’re living through a fever dream here… Yes, the RRP is gushing liquidity everywhere… Yes, the economy is booming… Yes, the inflation is accelerating… Yes, Fiscal is gonna be like 8% of GDP in 2024 (elections need stimmies)… …and amazingly, the Fed is talking…