Author | Lightnews

Reposted by Be Water

Jesse Felder @jessefelder.bsky.social · 6d

‘One tradeoff in the re-tranching of banking is that banks have more seniority but less visibility. If loans go bad, banks don’t take the first losses. But they have less ability to check that the loans are good, or even that they exist in the first place.’ www.bloomberg.com/opinion/news...

Banks Make Loans to Non-Banks

NDFIs, Ethereum basis trades, Six Flags and snail farming.

www.bloomberg.com

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Reposted by Be Water

Jesse Felder @jessefelder.bsky.social · 9d

‘As passive share rises, concentration increases, which lowers the threshold for reflexivity. The system effectively lowers its own stability threshold as it grows.’ www.yesigiveafig.com/p/pay-attent...

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Be Water @bewaterltd.bsky.social · 18d

Stagflation Deepening
Multiflation Map Update

bewaterltd.com/p/stagflatio...

Stagflation Deepens

Multiflation Map Update

bewaterltd.com

1

Be Water @bewaterltd.bsky.social · 24d

x.com/tiktokinvest...

TTI on X: "Ya, this isn’t going to end well lmao. https://t.co/sY3ywGiQPF" / X

Ya, this isn’t going to end well lmao. https://t.co/sY3ywGiQPF

x.com

Be Water @bewaterltd.bsky.social · 26d

If they are inflating the values of cash flows go up in nominal dollars as well. Youre right its obviously inflated by central banks but you can still lose in tbills

Be Water @bewaterltd.bsky.social · Sep 26

You can have for example asset inflation that continues but fails to protect in real terms, yet despite the underperformance still dramatically outperform tbills

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Be Water @bewaterltd.bsky.social · Sep 26

Mean debasement. It depends which stage of debasement you are in. As Mises said when public wakes up to fact that it's permanent policy things change. You do not want to be in tbills then

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Be Water @bewaterltd.bsky.social · Sep 25

Debasement risk, as you know

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Be Water @bewaterltd.bsky.social · Sep 25

So which?

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Be Water @bewaterltd.bsky.social · Sep 23

x.com/redactedrain...

rain on X: "This might be the most unintentionally hilarious video I have ever seen https://t.co/G5wjMv0EOE" / X

This might be the most unintentionally hilarious video I have ever seen https://t.co/G5wjMv0EOE

x.com

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Be Water @bewaterltd.bsky.social · Sep 22

Everything is worse now than then. Screenshots of ports and ytd retail

Be Water @bewaterltd.bsky.social · Sep 19

Do you remember zhangsta

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Be Water @bewaterltd.bsky.social · Sep 18

Compare and contrast with art from Great Mirror of Folly (1720)

bewaterltd.com/p/the-symbol...

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Be Water @bewaterltd.bsky.social · Sep 16

Is Valuation Dead In the Age Of AI?
"Psychedelic Prices" and Collapsing Economic Coordination

bewaterltd.com/p/is-valuati...

Is Valuation Dead In the Age Of AI?

"Psychedelic Prices" and Collapsing Economic Coordination

bewaterltd.com

Be Water @bewaterltd.bsky.social · Sep 10

Except crypto kitties

Be Water @bewaterltd.bsky.social · Sep 10

Pretty much

bewaterltd.com/p/mr-markets...

And

bewaterltd.com/p/the-flight...

Mr. Market’s Schizophrenic Break Of 2020

A Prelude to the Market Madness of 2024

bewaterltd.com

Be Water @bewaterltd.bsky.social · Sep 9

Iren crew is interesting

Be Water @bewaterltd.bsky.social · Sep 9

The FT asks “Does valuation matter any more in the age of AI?”

tldr; No. QE + ETFs + Algos + AI = HyperPrices

Hyperprices are to prices what AI bot slop is to Twitter and social media.

Read more:
bewaterltd.com/p/the-price-...

Be Water @bewaterltd.bsky.social · Sep 5

In honor of Robinhood getting added to the S&P tonight

bewaterltd.com/p/the-financ...

Enter The Financial Matrix

Memes, Machines, Man, and Manufactured Reality—And A $5 Trillion Game of Digital Telephone

bewaterltd.com

Be Water @bewaterltd.bsky.social · Sep 5

"The financing is being run through a complex arrangement
that keeps the debt off of Meta’s books and frees up its balance
sheet as it pursues an aggressive push into artificial
intelligence"

www.bloomberg.com/news/article...