"We risk becoming the best informed society that has ever died of ignorance"
- Rubén Blades

"You can't make up anything anymore. The world itself is a satire. All you're doing is recording it"
- Art Buchwald

"It's getting exciting now, two and one-half. Think of everything we've accomplished, man. Out these windows, we will view the collapse of financial history. One step closer to economic equilibrium"
- Tyler Durden

"It is your corrupt we claim. It is your evil that will be sought by us. With every breath, we shall hunt them down."
- Boondock Saints

Sunday, July 17, 2016

Who Flew Over The Erdogan Nest?

Friday was unique. At the close of US markets news broke of a military coup in Turkey. As I do every Friday night, I embraced my inner hermit and avoided going out. Instead I did what any single, early 30 year-old on Wall Street would do...I opened my satellite tracking software and monitored Turkish air-traffic, ships, and Military vessel movements for about 3.5 hours. I know, you're jealous.

Saturday, April 16, 2016

Talk Might Be Cheap But In Oil Markets It Is Invaluable

A farce involves self-centered characters seeking to attain some type of endpoint outcome. The rumors and unfounded "chatter" driven headlines we've seen, specifically since January, have been the bullet point recap of some fantastic theater farce designed to manipulate future expectations during a period of high uncertainty and elevated market volatility.

Saturday, July 4, 2015

Greek Preview On Sunday

What's going to happen Sunday with the Greek extend-and-pretend-dum?  Sara Eisen has been asking anyone who has time to spare to join CNBC for commentary in the past three weeks if 'a Grexit priced in'.  In usual fashion, last weekend we were shown yet again that nothing is ever actually 'priced in' as one can not price uncertainty and randomness.  I still respect and like her but this kind of vague commentary without accountability is hurtful to viewers.  I'll hold out hopes that iCNBC, the subsidiary of Apple and main marketing arm, will learn this someday.

Tuesday, June 30, 2015

Life On The H2O Aboard A Shipper

This short documentary taped by a new ship mate is a great view of life on the ocean for 6+ months.   His camera skills and narrating are above par and overall the guy did a solid job, so good in fact I have to save here for my future self to share.  2 personal favorites - the part about bribing Egyptians to pass the Suez and the way the ship sets up defenses when traveling in Pirated waters

Saturday, May 2, 2015

Oil Tankers Sit, Traders Have A Fit, Upstream Won't Commit, US Shale Producers 'Oh Shit!'

Oil tankers are just sitting in the water, motionless.   Floating storage vessels, like Knock Nevis, are just hanging out off the coast of Bahrain.   The largest oil tanker, TI Europe, rests quietly off the coast of Malaysia.  

Sunday, December 14, 2014

Structured Paper And Crude Oil

I'm posting this here for future reference for myself but since there are 1,000s of you linked to my RSS for this blog, I will explain what I'm storing here.

"Royal Oil, Come On Bubble And Boil"

For the time being, oil exposure is the new MBS exposure.  People are scrambling to find out which bank sold oil-linked that turned out profitable and are trying to locate which outlets and what sizes bought notes that could leave them underwater.   Most of the oil-linked notes were written in Q1 2014 and only expected a draw to between $80 and $85 per barrel, some lasting 1 year and others lasting to 2029.  So far, holders of BNP Paribas notes are getting smoked.  

Thursday, December 4, 2014

Direct Edge And Order Types, Sorry, Characteristics

The SEC Reg-NMS document calls light to "complex order types".  I find it weird that the SEC says "complex order types" yet Direct Edge BATS wants to now use the term "characteristic" to describe order types.