The 2011 London Riots were a local and very isolated issue in the UK. What is going on in the US right now is of a completely different scale.

They weren't local. I remember them happening where I lived which was in the north of England.

A very shallow view imho

Ed Harrison here. Raoul should be back on in his Friday slot this week after taking the day off last week. I will flag your comment for him and Ash. Cheers.

Thank you Ed.

Ya. There's been a bit of a quiet PM type shuffle, which many, including myself do. (I commented a while ago I thought is happening), and that is in the BoAML survey PMs say they're bearish (65% I think it was), but each day the market goes up they buy a bit more, just in case they're wrong. And that is how a rally quite easily sustains itself. Only the ETFs have the "nuts" to go all in at the bottom. ... Hey... got to stay in the game and if you can't change your mind or opinion in this game you dead meat.

Hey Ida. I think that my view, like Roger, is that the liquidity buoying markets has more short-term oomph than we would have expected. The retracement almost to the 76% level is impressive. But, on a fundamental level, it’s clearer to me more than ever that we have tremendous headwinds economically. I do not believe in the thesis that liquidity trumps fundamentals over the long term. So, to the degree, I am right that we are just hitting a major solvency crisis in the private sector, then we should expect equities to re-rate lower. The question is the trigger, just as it was in February. When does the market move to risk-off because of the recognition of a diminished earnings outlook? In February, it happened all at once, resulting in a liquidity crisis. I have been saying that the re-opening would be bullish for shares. Initially, I thought that would be great for Europe since they were likely to reopen first. But the US is re-opening more quickly than expected too. That gives equities support, particularly the US because of liquidity - despite the longer term consequences, because we have such poor forward visibility. But after the reopening boost is past us, I think people will re-focus on the fundamentals. And that’s when the volatility and downside risk will come.

If he is, I hope he’s right!

This is a GREAT point

ignore my comment

Looks to me like the milkshake is kind of infected by the corona virus and might even pass away.

Way too early. DLS

Yes, agree. I have been waiting for the guys to discuss this in the DB for the last two days. With the $ at 97.4 - would love to know that Ed and Ash think of this in the context of the strong dollar thesis.

I think what a lot of us need to know is if and at what point Raoul would change his mind about the dollar, I have the impression that he will not change his mind but I think we would all love to hear from him on this of course to understand if yes or no and why

If the Euro zone has the next greatest chance of going down the way of Japan (demographics, GDP, austerity), does the EUR not get much stronger? They have no way of depreciating their currency on a wholesale basis soon (coordinated plan) and actually have very little incentive to, since what they should be striving for is GDP / capita increase not GDP. Anyway, I've had that view for a while and been utterly wrong.

We are uniting during the day peaceful protests. The night is a different crowd.

Brent to me I look through what the media wants you to think. USA 330 million who are mainly decent folks.

The reckoning may happen with the realization of 2Q2020 earnings. The Fed does not let all the angels fly unless it is Armageddon. DLS

Because they are very good marketers 😉

There is a fine line between being smart and being annoying. youtube and RV are threading that not so carefully these days.

You can create an account on coinbase if you want to purchase it directly or use GBTC

Or QBTC on the Cad Market

You can trade Bitcoin futures on the CME

The problem with this outlook is you think the market is reacting to anything besides pure emotion and speculation. There is no "data" to justify anything we are seeing. I respect RV for putting their necks out on the line and forecasting stuff when they know there is a high probability they may be wrong. All I know from bitcoin trading experience is typically when everyone thinks the bottom is in, it isn't. And when everyone thinks we topped, we keep going higher.

To me it looks like there is second catatrophe happening due to the one you think being over right before your eyes.

2008-9 had 3 20% or so declines. I’m still invested just way more cautious with msft trading at 34x earnings during an earnings recession.

The grievances are real. The protest is exacerbated by the lockdown, the anxiety of loss of jobs, the fact that the riots are used as political tool, professional looter, on and on. The problem is poverty on the Left and poverty on the Right driving different agendas. Politicians recognize this and pit the poor on the Right against the poor of the Left for power. The poor are always the pawns of power brokers. The Left tells the poor that the rich are cheating them. That is the reason they are poor. The Right tells them they are poor because immigrants are taking their jobs. How do you know you are poor? Watch TV and see how the rich live. Is that how you live? Is the system rigged so they are rich, and you are poor? Until the poor realize the problem is poverty – Left and Right, we will not be able to address it. America desperately needs leadership that addresses all poverty, not just with money, but with real productive programs. The poor of the Left and the poor of the Right need to unite and recognizing poverty is their common problem. I do not expect this to happen as a politician’s power is based on the wealthy, Left or Right, not the poor. DLS

Random question: how much do the top 10 cities in us contribute to us gdp. With covid and now protests effecting economy in these areas must have greater impact than smaller cities and rural towns. Thoughts?

When it came to me trimming her hair though, never again (hopefully). She did not trust me as much as I trusted her. I suspect Hairdressers will still be in business, post-COVID; even if some people (with simple haircuts) change at the margin... ;)