Giantgooner

🙃

If you’re going to fight a war with Iran and not cripple the world you’re fighting a war for Hormuz. This isn’t something they should be figuring out a week and change into the whole affair ffs

Waiting for Ted to come in here with an “Et tu, Brute??”

Finally, pod shop p&l is healing

Trust me, it’s just as stupid from the front lines. The war is between “this moron is gonna crash the plane into the side of the mountain” and “say what you will about this moron, the second he sees the side of the mountain he’ll turn away.” The latter is less bad but why can’t we have nice things??

He’s given the game away imo, and in the view of the tape too (futures are down 0.4% in Asia)

Love going to the office in twenty twenty six

I say you lean into it

And had a high opinion of yourself writing on Messi, amirite

What will angel have to say???

It’s a shame he’s not talking about Iran’s WMDs. You know, for the “to use the original German” vibes

This tells you everything you need to know about Trump’s willingness to take this fight to the mattress

I’ve done a fair bit of reading (augmented by a really snazzy in house AI tool, but I read primary reports myself as well) and I’m confident this is weeks-not-months, it’s 100% consistent across the different research houses and they understand the mechanics of how the system works

Deeply unpleasant stuff and unsurprising, but those people don’t decide what happens

Counterpoint - the two weeks a year where I have a 4 hour gap to London rather than 5 are the two best weeks of the year for me as someone who needs to care about what happens starting 8 AM London time during the work week

This has been a helpful exchange for me. I am going to dive deeper on this - if obviously affects my day job - and I’ll get back to you with a more thoughtful answer

I think it’s more likely to be “stagflation talk” than “actual stagflation” cause you’ll eventually get the economic accelerant of oil prices coming down once Hormuz reopens/once the downstream oil refinery ecosystem returns to normal

A very tricky question. As you say, oil refineries and LNG liquefaction facilities are not designed to be easily turned off and back on. But they are regularly maintained through multi-week shutdowns where maintenance is done and then they’re ramped back up. Takes a few weeks is my sense

Too late, Allardici is already gonna run Italy. We’re in for the Utter Woke Nonsense guy

Oh yeah, I’m talking exclusively about markets. Not that I’m some great expert on foreign policy, but for me Trump 2 has blown up any possibility of going back to status quo ante. And that’s bad imo. But it’s outside my expertise and I’m trying to stay in my lane

I put 0 weight on that branch of the decision tree. Even in these fucked up times I don’t see any chance of that happening. And here’s hoping I’m right, cause if I’m not then whoooooo boy things are gonna get ugly

Yep, and add in “asset prices fall (fear of higher rates due to inflation) and high income consumers pull back” alongside “oil price shock causes low income consumers to pull back” and you get stagflation talk.

Except the economic problem goes away when Hormuz reopens

For the avoidance of doubt none of the above constitutes me “supporting him” or “agreeing with him.” I’d be much happier if he died of a heart attack today. But I have to predict his next move, it’s my job.

That’s what the folks who were selling at the bottom of the tariff freakout were saying. He escalates until he reverses course.

That’s risk that markets have grown comfortable with cause we’ve seen the pattern enough times. When he’s actually staring down the barrel of blowing up markets he backs off. Perhaps we’ll be wrong this time, but I’m prepared to make the bet that Trump is still Trump, for better and for worse