Thoughts From the Frontline, March 2020

Postcards from the Frontline

March 27, 2020

Unprecedented events are happening so fast, I barely know where to start. But let’s begin with a small one, noticeable perhaps only to me.

The Beacons Are Lit

March 20, 2020

In the film version of Tolkien’s Lord of the Rings: Return of the King, there’s a three-minute scene you should watch or re-watch. It is relevant to our situation today. Gondor needed to light the beacons for aid.

Coronavirus Is Not an Emergency. It’s a War.

March 19, 2020

This is a short midweek note, something I haven’t done for years. But as we all know, these are very special and difficult times.

Coronavirus Helicopter Money

March 13, 2020

I write this letter early Friday morning after a week in New York visiting with many fellow market participants. And lots of phone calls, both to analysts and medical experts. I had originally planned a completely different letter but circumstances changed.

Chinese Coronavirus Changeup

March 6, 2020

In baseball, there is a kind of pitch called the “changeup,” designed to look like a fastball while actually going slower. The deceived batter swings too soon and misses. Strike, you’re out. The world has thrown a wicked biological changeup at the global economy.