It’s been a while since we featured the grouchy version of Richard Breslow, Bloomberg’s “Trader’s Notes” author, who is back with a bang with his latest missive, explaining why “Ignoring Current Events Just Makes You a Slave” and why the mockery of centrally-planned “markets” has gone on long enough…
From Bloomberg’s Richard Breslow
Ignoring Current Events Just Makes You a Slave: Trader’s Notes
This was billed as the most important week of the year for global markets. And we made it almost through Monday before “exhausted” traders were being advised to shuffle back to their safe rooms to get lost in watching the upcoming soccer matches. Boo hoo.
When in doubt, watch TV is one hell of an investment strategy. If you ever needed more proof that central banks have crushed these markets, there you have it. The belief that nothing matters other than an inconsequential rate hike some time over a year from now in euro land or whether the Fed will make the ever so bold move of raising the IOER by only 20 basis points speaks volumes. And it isn’t being complimentary.
It’s a truly bizarre construct to judge the import and implications of every event through the lens of whether green- pack Eurodollar futures jump or dump half a point. Especially when it’s intermingled for show with nonsense about demographic trends sure to produce a precise outcome 30 years from now. No wonder the smart money is investing in artificial intelligence programs that don’t listen to this tripe. G-7 and Korea aren’t yesterday’s news, unless day trading is your version of investing.
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