Negative yields on European junk. Now I've seen everything. bloomberg.com/news/articles/…

Today Germany sold 10-year bunds with NO COUPON. Yield was -0.26%. I'm old enough to remember when zero-coupon bonds were sold at a deep discount to par, not at 103 cents on the dollar.

#UPDATE A 210,000-year-old skull has been identified as the earliest modern human remains found outside Africa, putting the clock back on mankind's arrival in Europe by more than 150,000 years, researchers said u.afp.com/JeF7

The Liquidity Mechanism –Understanding Macro-Valuation Shifts: Investors need to worry about disruptions to liquidity supply than high valuations.There's limited evidence of bubbles in US or Global data. But fragility of liquidity supply is major risk [email protected] for report

This bond market bubble is bigger than the tech bubble - it's right under everyone's nose, tickling, prodding and poking, yet people still can't see or feel it. It's a sensational opportunity.

Over 10% of S&P 500 companies (54 names) hit an all-time high yesterday, including Microsoft, the largest company in the world... h/t @seanbrownchicag YCharts

Returns over last 10 years... Amazon: +2,492% Bed Bath & Beyond: -61% $AMZN $BBBY

The Dow hits 27,000 for the first time. $DJIA

US 🇺🇸 Core CPI 2.1% 3.7% unemployment 2.4% expected GDP growth. Consumer credit +5% annualised So, why a rate cut? Behold 👇

Zombie firms, weak banks, and depressed restructuring in Europe voxeu.org/article/zombie…

Another side effect of low rates and massive liquidity: Rising number of zombie firms.

Academia Some people are starting to get from the paper above why psychologists are charlatans x.com/eduardohorta/s…

While yields remain 'behaved' I would not want to be a bond investor or worse a bond mutual fund holder. Remember this: a rise of 1% in rates drops prices/NAV by value of duration. That number is now close to 8.5%

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations.” buff.ly/2JsJYfY

Trump: "We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!"

The U.S. military is the biggest force in domestic long-haul moving, accounting for about 20% of the market. bgovgo.com/VIy0mC5

The world’s largest mining company says it could build 11 more iron ore mines over the next 50 to 100 years in northern Australia bloom.bg/2jEzlN9

As Nassim Nicholas Taleb has articulated, the existence of localism is related to the identification of what it is that in fact persists. This is related to Whitehead’s fallacy of misplaced concreteness: we confuse the administrative with the actual A town persists longer than a nation.

“Rise above yourself and grasp the world.” ~Attributed to Archimedes

Bonds post Fed pivot cc Eric Basmajian