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@ryancohen This you?

The Hollow Men American capitalism is rotting from the head down. We have replaced the "Owner-Operator"—the risk-taker-with a new, parasitic class of corporate bureaucrat: The Risk-Free Insider. By "Insider," I am not referring to a specific title. I am referring to the entire administrative state that has captured the modern corporation. This includes the Directors who exist solely to collect fees, the Executives who exist solely to collect bonuses, and the Managers who exist solely to hire consultants. These are the hollow men of the boardroom. They are masters of PowerPoint. They wear the right suits. They say the right buzzwords about "governance" and "ESG." But they are mercenaries fighting a war with someone else’s ammunition. In a functioning economy, authority is tied to liability. If you make a bad decision, you lose your own money. That fear of loss is the only thing that keeps a business honest. It forces you to cut waste, obsess over the customer, and stay late to fix what is broken. Today, we have severed that link. We have rigged the game so that heads, the Insider wins; tails, the shareholder loses. If the stock goes up, the Insider collects a massive performance bonus. If the stock crashes due to their own incompetence, they are fired with a "Golden Parachute" worth tens of millions. They are gambling with the house’s money, and they never leave the table poorer than they arrived. This looting starts in the boardroom. We have normalized a "Country Club" culture where directors are selected based on social profiling rather than their ability to build a business. The modern board member is often a professional tourist—paid an average of $350,000 a year. Let’s be brutally honest about what that number represents. The average director is paid nearly five times the GDP per capita of the United States. They earn more for attending four quarterly lunches than the vast majority of Americans earn in five years of hard labor. And for what? Most of these directors are "over-boarded," sitting on three or four boards simultaneously. They treat directorships as a gig economy for the elite. They fly in, rubber-stamp a compensation package they didn't read, and fly out. They collect checks from companies they do not understand, do not use, and certainly do not love. They are not there to ask hard questions. They are there to be collegial. They are there to protect the other Insiders. And what happens when these boards hire executives who also have no personal capital at risk? We get the Delegation Economy. When a Risk-Free Insider faces a crisis—bloated expenses, a broken supply chain, or a stale product—they do not roll up their sleeves. They hire a consultant. They pay a strategy firm millions of shareholder dollars to produce a 100-page deck telling them what they already know. This is not management. It is intellectual money laundering. They use shareholder capital to buy an insurance policy for their own careers. If the plan fails, they can blame the consultants. They delegate the work because they are terrified of the responsibility. They would rather preside over a slow, comfortable decline than risk a bold mistake. While American Insiders are busy optimizing their severance packages, our global competitors are optimizing their products. They are not slowed down by bureaucracy. They are not waiting for a slide deck. They are outworking us. If we continue to fill our C-suites with administrators instead of operators, we will lose our edge. We will see iconic American franchises hollowed out by fees, managed for the benefit of the Insiders, while the true owners—the shareholders—are left holding the bag. The time for polite governance is over. If we want to save the American economy from mediocrity, we must demand a return to the "Owner’s Mentality." We need leaders who treat shareholder capital with the same reverence they treat their own savings. The era of the Risk-Free Insider must end.

@elonmusk Will no one rid me of this turbulent priest?

Atlanta rapper and producer Lil Jon makes a surprise appearance at the DNC performing “Turn Down for What" during the Georgia delegation's roll call vote.

Ugh. I keep telling them… I AM human!!!

The #FBI is still seeking information on people who took part in the violence at the U.S. Capitol on January 6. If you know this individual, visit tips.fbi.gov. Refer to photo 247 in your tip.

The debt ceiling is being raised. Who could've seen that coming?

Since 1917 there has been an 87% chance each year that the U.S. debt ceiling will be raised or suspended. This means you could roll a D10 every January, and if it lands on anything besides 1, betting the debt ceiling will be raised would make you correct 78.3% of the time.

@ryancohen Okay boomer

2007-07-01: Interest rates peak at 5.26%. SPY's at $150. 2009-03-09: Interest rates have fallen to 0.18%. SPY's at $68

The Fed may have to choose between fighting inflation or bank contagion

It’s 420 everyday in Corporate America

Similar to the last one, (AT&T) $T 1D RSI Bullish Divergence and a possible higher low.

$HD 1D RSI Bullish Divergence and a possible higher low. A tight stop could offer an attractive R:R

Aged like milk. Maybe spend that $100k on some coffee next time, Gary. youtube.com/watch?v=av3k_l…

Correction: DotCom Crash duration should read 2y 3mo

Things don't usually go so well after 10Y/3M crosses below 0.