Quote of the Day

Keith McCullough is, once again, making sense this morning:

"If you could get away with not having to deal with cycles, would you be happier? Wouldn’t it be “easy” for the fabulous Fed to mark everything in Equity & Credit to model and ban marked-to-market risks associated with future time and space?

While socializing Full Cycle Investing losses might sound cool to a boomer generation that’s looking to retire, the rest of us who have to work for another 30-60 years (and our children and theirs), shouldn’t get paid for any analysis or performance in that world.

Know of any rock-star banking execs or money managers in Japan?"

"Until I’m on the wrong side of the grass, I will believe that both gravity and cycles matter more to Full Cycle returns than anything else."