Comments
Transcript
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DSIf the markets need to close for a short time because of technical reasons, that is OK. It would be a travesty to close the markets because someone thought it was a good idea! The US is not the third world. Did we close the markets when they went up day after day with no good news and even bad news. The markets need to unwind all the stupidity that has been norm for the last ten years. People will need money to pay their bills, buy food, etc. If you close the markets you will hurt even more people. Let it be. DLS
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GTThanks for the positive note! Super nice to have those daily discussions published. Great to learn and build ideas.
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ORGreat overview of the liquidity situation. Will long dated UST, a risk off asset normally, continue to perform bad on the back of this liquidity squeeze? Thanks for your time
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JCThanks guys this was a very helpful 10,000 foot overview that puts a lot of this in perspective. Clearly somebody blowing up (Bridgewater? Millennium? Citadel? etc. etc.) and the risk parity guys offloading asset en masse. Today Treasurys, gold and stocks down again and Eurodollars also hit a bit. Roger's last part was VERY important as we have options expiration this week.
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JBPlease bring Brent back on for an interview, he called this a while back.
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GGExcellent!
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PJGreat series, love it.
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TMmy doctor just told me in Dallas TX this is media fear and the virus will die off in the summer! this is a doctor we are in deep shit!
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PGExcellent, the Ed-Roger combo delivers!!!
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DJWhat’s going to happend when companies start missing earnings estimates one by one
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RYThank you Ed and Roger ... For another great daily update ...
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CDCould you please include in one of your videos why the 10 Year Note is rising. Is it simply volatility?
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KJEd and Roger are fantastic. This is a great service. Please keep it going.
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czSo we're thinking this Friday may mark the bottom of equity prices?
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BGGreat job, guys, in a strange environment. Look forward to tomorrow...
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DSWhen there is a massive debt crisis, it is difficult for governments to help their citizens without increasing debt massively. Many businesses are borrowed up to their eyeballs - not by CapEx but buying stock back at inflated P/Es. It is extremely difficult to act quickly and try to put the printed money where it will do the most good. In the US we are a government of the people, by the people and for the people. This means that people need be supported first in health services and daily needs during this pandemic. Businesses need to be helped also so we have an economy to support all of us when the virus passes. With most businesses going to the government to bail them out, it is time to realize again that they believe in a social net for business. Strict capitalism would not bail them out. Capitalism is the engine that drives prosperity in the US, especially small business. When businesses come to the government to bail them out as in 2008 and now, these businesses believe in socialism. In capitalism the businesses would have prepared for their ships not coming to harbor and keeping savings high for bad times - seven years of good harvests to cover for seven years of famine. This is not a political statement for either party. By their actions, both parties want to help people and businesses in this crisis. This is an attempt to look the word socialism in the eye and say that we believe in helping people and businesses in a crisis to the extent possible. Socialism cannot function without capitalism. Capitalism is the best economic system whereas socialism is a political system. They work together to make a great nation. The representatives of the people must define the level that the government can and should help citizens and businesses. DLS
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JPDo you guys think the fed moves today sure up the hedge fund market makers liquidity issues?
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tcA crisis is a time for change. 2008 nothing changed. Save the real economic actors but let the chips fall where they may for the financial casino. They structure the risk into the system. Suck up the consequences and finally put an ax to it and come up with something better.
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AAGreat stuff guys! Keep these coming...and yes...after 6pm as there are many news happening during the day...thanks...
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DSGreat work! I look forward to the Daily Briefing with only two under my belt. DLS
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JPYou two are killing it. Great stuff. Please keep it coming.
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MHLove this. Thanks,
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AVI appreciate RV efforts but curve comparison of US total cases vs Italy (@1min) like mainstream news outlet present daily is pretty much worthless: it should be analyzed as % of population. Even better, because of the wide geographical dispersion of US residents, a good approach for US numbers could be the total number of cases for a basket of cities (or areas) down to a certain size of inhabitants (TBD and below which cases are no longer deemed representative for comparison purposes) as a % of the respective total number of inhabitants.
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BTHi, the Fed has announced in it press release on the 15th of march that it would remove all reserve requirement for banks and depositary institution on March 26. If I understand this correctly, it means banks can effectively create as much money / liquidity as they need. How do you see this impacting the liquidity issue we are facing and the results on the Dollar? Last Paragraph: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm "In light of the shift to an ample reserves regime, the Board has reduced reserve requirement ratios to zero percent effective on March 26, the beginning of the next reserve maintenance period. This action eliminates reserve requirements for thousands of depository institutions and will help to support lending to households and businesses."
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PCI suggestion for the RV team: If you want your audience to learn why and how Covid-19 kills, why isolation matters, why China managed to control a new pandemic so fast and why herd immunity is concept out of a Nazi playbook, please interview Prof. Grigoris T. Gerotziafas. https://www.emedevents.com/speaker-profile/grigoris-t-gerotziafas https://www.linkedin.com/in/grigoris-gerotziafas-a171b136/
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MBReally excellent analysis. You just don't get this detail, complexity and insight anywhere else outside an actual institution. Also the format works much better when both participants are more relaxed and take their time. Last night was great but a but manic. Congratulations.
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HRLove this daily briefing feature of my membership level!
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DMExcellent job Ed and Roger! You are providing great insight into what may be happening currently behind the scenes. As you move forward and the situation unfolds if you could provide some potential investment areas to look to profit from that would be very helpful.
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JOExcellent - as always!
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CDReally excellent content!!! Thanks for explaining what's happening in the big picture!! Thanks Gentlemen!!!
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HEMight be best to simply upload each day's briefing at precisely 6:00 p.m. ET with special editions coming as warranted.. just a thought..
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HEAs the video description says: This clip serves as a placeholder for the day’s video — so that the minute the actual episode is ready to air, we can swap the placeholder out and get the Daily Briefing to you as quickly as possible. There is no video YET...
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LACan't wait, I'll be back at 6. Thank u!!! One of my favorites - XOXO
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TGIt's just a placeholder for the briefing at 6pm ET
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MWTo avoid getting in to the mechanics of the website, the short answer is that putting this out allows us to get you the actual video the instant it is ready. The description above gives a full explanation.
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HC"Cayman - **beep** we have a problem"
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JBMarkets so bad it is just a 60 second count down? ; )
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CMno volume on this video
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SJHello?