ZIRP Normal

Today, I participated in some of the back-n-forth on the Fed meeting with "finance twitter." My views on Fed policy, accurate and delusional, are well documented on this site. I voted "No hike" on the last couple of Fed Polls by Finance Twitter Chairman @IvantheK. Whip smart and a Hooper decoder ring (Be sure to drink your Ovaltine) holder, Ivan noted that my no vote reasoning - tweeted to our friend Joe Weisenthal ( @TheStalwart, like I need to clarify)- "Sounded more should than would." BINGO

My affinity for shorting things FI, Treasury issued and Gyrodollar proxy for is well known. Take a minute and view your pricing screens in terms of the adjustments in credit and debts since the Fed allegedly "pulled the football away" 2 meetings ago. What matters tomorrow is not that the Fed follows through with its vocalizing, its what position can profit from it. More importantly, how well can you evaluate the risks associated with such a position. That is all I can pass on to the future generation of relevant market participants. THAT"S IT.

For a long time in my career, I thought there was more to our buying and selling and thinking and writing and explaining what "we" did in the world. The truth is the beauty that that IS all we (should) do. Evaluate the risk associated with a position. So, the question - not asked in any poll- should not be "Do you think ?" but instead "How are you positioned? and why?" Everything else is fluff.

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