If people focus on M2 when they talk about liquidity that moves risk assets, you know macro is far from their core skill. Same with now saying there are rate cuts due to recession. Luckily the on chain stuff is good. If you want some good macro and liquidity people to learn from, you can pm me
Superior investing doesn’t come from buying high-quality assets, but from buying when the deal is good, the price is low, the potential return is substantial, and the risk is limited. These conditions are much more the case when the credit markets are in the less-euphoric, more-stringent part of their cycle. The slammed-shut phase of the credit cycle probably does more to make bargains available than any other single factor.
What's your idea about this and your view on the current phase of the credit cycle, root?
If people focus on M2 when they talk about liquidity that moves risk assets, you know macro is far from their core skill. Same with now saying there are rate cuts due to recession. Luckily the on chain stuff is good. If you want some good macro and liquidity people to learn from, you can pm me
When I look on X, euphoria is all I see.
From Howard Marks' "mastering the market cycle":
Superior investing doesn’t come from buying high-quality assets, but from buying when the deal is good, the price is low, the potential return is substantial, and the risk is limited. These conditions are much more the case when the credit markets are in the less-euphoric, more-stringent part of their cycle. The slammed-shut phase of the credit cycle probably does more to make bargains available than any other single factor.
What's your idea about this and your view on the current phase of the credit cycle, root?