Wednesday, March 9, 2016


Well, that's not quite right but as we are off tomorrow I decided that it wasn't worth trying to create magic in a day that was clearly affected by the central bank overhang of tomorrow and next week.  Markets were quiet and if we have news of the ECB before we depart around mid-day, I'll try to post it but if not, we'll be back hopefully by Monday or Tuesday for certain.

Oh, this should be mentioned.  John Gutfreund died today.  He was 86.  Gutfreund ran Salomon Brothers back in the eighties as the House with the biggest *&^%$ on the Street.  The cast of characters was remarkable: an eclectic a bunch of people as you would ever meet.  Solly stayed true to its trading traditions: you could always get a might not like it but there was always a bid.  Not so today.  Gutfreund ran afoul of the Fed over the "cornering" of the 2 year note in 1980 (?)  I believe.  He fought the Fed and the Fed won. But he was one--and the last--of his kind.  Condolences to my pal Mad Max.  I'm sure it's a tough day for him.

Have a great weekend.

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