The 10th Man, May 2017

My Name Is Fester. It Means “To Rot.”

May 25, 2017

There has been a bit of a buzz the last couple of days about covenant-lite bonds. This isn’t really new news—you can see from the chart below that cov-lite issuance has been high for a few years now.

Situation’s Changed, Jules

May 18, 2017

My favorite Far Side cartoon of all time. I make frequent reference to it in my trading activities.

Bull Market, Dude

May 11, 2017

This one will be familiar to old The Daily Dirtnap subscribers.

Endogenous Risks

May 4, 2017

I’ve been yapping my trap about these vol-selling monkeys for some time—we may have finally reached peak vol absurdity.