This wasn’t a documentary:

Also, a reminder that the real problem of tariffs is not that they’re a tax, (we have plenty of taxes and what the mix of them should be is not obvious) rather the problem is trade is good and with tariffs we get less of it. Comparative advantage is real. The whole global pie is bigger because of comparative advantage. And tariffs reduce it. Oh, and it’s still a tax. That’s just not first order.

Try to imagine a president bragging about the massive size of revenue from imposing and collecting sales taxes.

Congratulations comrade, this may be the dumbest graphic I’ve ever seen on Twitter. On Twitter!

A fun re-listen with the benefit of hindsight

Trend following hedge funds should fire their accountants.

My buddy Gary Wagner made this graph about the BLS data revisions, their direction, and magnitudes. As you can see, we’re hugging the zero line (which is saying errors are small and random) regardless of the president.

950 mm The air is coming out of the Fartcoin bubble (for now).

Drop everything! Part 6 of Antti‘s and Thom‘s Understanding Return Expectations series is just out. It continues focus on equity markets (S&P500) and includes a two-handed discussion of the CAPE’s predictive power, a summary of various proposed enhancements, and more.    Links below.