CAR… “blind capital …seeks for someone to devour it.”
Could be a tinder tagline. But Walter Bagehot was editor of the The Economist in 1856.
Every now and then, from causes which are not to the present purpose, the money of people of this class — the blind capital…of the country — happen to be particularly large and craving; it seeks for some one to devour it, and there is “plethora” — it finds some one, and there is “speculation” — it is devoured, and there is “panic.” –Walter Bagehot
https://novelinvestor.com/stupid-money
–Warsh in front of Senate today. Yesterday he said price stability is Fed mandate without excuse. Which sounds a bit hawkish… but he’s not in the chair yet.
–TYM 111.5^ was sold through the day starting with 4k at 116, then 6k at 114 and 113, settled 114 vs 111-21. Both call and put showed an increase in OI >18k. May options expire Friday and TYK6 111.75^ settled 30 ref 111-21, 111.5^ also settle 30. So the 4 weeks of extra time value in June worth 48/64s. Seems low.
–Yields were unch’d to a bp higher. Ten year 4.247%, flat.
–Chart of the day is CAR, Cognitive Augmented Radiation, which (in controlled AI simulations) claims to cut power demands at data centers. In one month, it has screamed from 100 to over 600. One analyst has a year-end target of 2000, and it’s been rumored that Cathie Wood has taken a significant position.
JUST KIDDING CAR is Avis/Budget rent-a-car. According to BBG, 12m EPS -3.90. But…short interest as a % of float is 54%. One man’s craving is another man’s panic.
“who’s gonna tell you when, it’s too late…”
