Scarlett & Carter's BaPa

"You are never as smart as u think you are when you are making money or as dumb as u think when losing"

@profplum99 @senseiverde18 Was teasing. You seem to have a wonderful family.

@KASDad @senseiverde18 Three kids.

1/2 If you're going to follow the active/passive debate, you gotta follow the flows. Fortunately, I have a reliable source. My oldest son, @senseiverde18, is putting out some great material at Nasdaq. His latest for February was excellent nasdaq.com/articles/chate… and his takedown of the "active ETF" phenomenon was on the nose as well: nasdaq.com/articles/the-r…

@JohnDoss1 It's quite good. There were moments where I thought the author injected his views a bit. But, generally I think it was well done.

@KASDad How’s the book? I had that on my b day list, but nobody bought it.

I'm finishing a long biography of Ronald Reagan by Max Boot. It recounts how Reagan told an inappropriate story during a summit with Gorbachev. I'm a big fan of Reagan, and it doesn't approach Trump's comment on Pearl Harbor to the Japanese prime minister.

Correct: unsanctioning Iranian oil does not add supply.

@davebudge Steve Martin: "Well excccuuuse me, has anyone looked at them there interest rates."

Correlation is not causation.

For some unknown reason, I hesitate to believe Trump's assertion that opening up the Strait of Hormuz is a "simple military maneuver." Perhaps the reason is that if it were simple, we'd have done it already. But I digress........

Fed governor Chris Waller to CNBC's Steve Liesman: I was ready to dissent for a rate cut after the February jobs report came out. But the inflation picture is looking worse and has become more of a concern because the Strait of Hormuz is still closed, two weeks later. Moreover, there are reasons to think the breakeven payroll number could be very low. "My brain understands the math but I can't get through my gut that this is OK."

$XLE Energy Stock ETF is trading 59.57 +0.21, the low of the day after making a high of 60.53. Chart looks like gold. Maybe Jed Clampett was right: "Black gold, Texas tea.

Major unhappiness in the Treasury mkt today. Yields surging.

It's long, but a must read: "even if you are the best guy at shoveling shit — the most diligent, the most competent, the best form of anyone in the yard — you are still shoveling shit."

@chiefgary07 Jewish mom's are never right inn this regard. Trust me.

@KASDad And mom's are never wrong.. 😀

Full disclosure: I shaved off the beard I started just before the Iran War after yesterday's close. It made me look like an old bum. Also, I'm smoking a pipe after a long layoff. Don't blame me for how this affects the market.

@chiefgary07 Nobody, except my mother, had ever confused me with Einstein.

@CapitalEdgeNY No, I was just being a wiseass.

@KASDad it was just for the pic - if audio said something wasn't 'part' of it :)

Trump's comment to the Japanese Prime Minister referencing Japan's sneak attack on Pearl Harbor was the height of mindlessness in diplomacy. It made me think of Groucho in "Duck Soup." That was a farce and so is Trump. youtube.com/watch?v=m9Wh66…

@CapitalEdgeNY No shit Sherlock.

@ISABELNET_SA Go get in trouble this weekend.

@KASDad Some dynamics just defy prediction. Thank you as always 🙏 and have a relaxing weekend! 😎

Distinguishing conflicts likely to continue for a long time from those that will resolve quickly is a danger-fraught endeavor. It is a skill set in which even AI is unlikely to succeed.

Are most analysts capable of anticipating macro trend turns, or are they simply trend followers? My experience says it is the latter.

@TheStreet @TheStreetPro The Business Media Has Failed You * Not providing two way discourse/debate (and relying on formulaic programming) has prepared investors poorly for when the halcyon days are over and the tides starts going out... "So much for objective journalism. Don't bother to look for it here--not under any byline of mine; or anyone else I can think of. With the possible exception of things like box scores and race results, there is no such thing as objective journalism. The phrase itself is a pompous contradiction in terms.” ― Hunter S. Thompson, Fear and Loathing My comments below should be a familiar refrain for those that follow me on Twitter and elsewhere... Hubert Humphrey once said, "Freedom is hammered out on the anvil of discussion, dissent, and debate." The same applies to the generation and display of ideas -- in this case, market, economic and company views/outlooks. They are best presented and hammered out in disputation. The business media, especially Fin TV, has once again failed to properly serve their most important stakeholder - their viewers and readers. Journalists best serve their constituents by providing balanced and objective reporting. It is especially important for the media to always inject a degree of skepticism. This is even more important when the tide is coming in and the salad days of bullishness (come euphoria) are upon us. The media should do so to prepare for the inevitable downturn in fundamentals, stock prices and investors' sentiment. It is also important for journalists to remain independent of view and to not have personal relationships (or the desire to have access) with company managements to influence their views. (Salesforce  ($CRM) , ServiceNow  ($NOW)  and Nvidia  ($NVDA)  come to mind!) The business media has not provided this service. Instead, formulaic programming offers up the same (day after day) uber confident and non objective "talking heads" and their ever superficial "analysis" that is miles long but only inches deep (by practitioners who would never even qualify for interviews as analysts in any serious hedge fund and who never met a market they did not like) -- and, too often, are not supported by rigorous analysis or investment process. My comments are not intended to be ad hominem, they are (like Meet The Press' Tim Russert was) fact based - taken from archived videos and interviews. Without time stamps, guests and panelists in the business media are not held accountable. (Worse yet, they are too often filled with hubris). Case in point, a panelist on CNBC's Halftime @HalftimeReport , who, in the last three years, has endorsed only three specific stocks as his foundational, "forever" and largest holdings - Alibaba  ($BABA) , Moderna  ($MRNA)  and UnitedHealth  ($UNH) : * $BABA missed last night and the shares are -$7 overnight - the shares have receded from $192 to $128 (he has recommended all the way down - as recently as two weeks ago Trade Tracker: Steve Weiss buys more Alibaba ) * $MRNA dropped precipitously from $500 to a low of $22 (now $52) * $UNH declined from $595 to $282 (I should note that in the case of Alibaba, the panelist berated the other panelists who purchased BABA due to the ownership structure in which you are not a shareholder but own an interest in an offshore vehicle! Then he bought near the top of the chart.) Contrary views (read: bearish) are underemphasized or not delivered at all in a backdrop of giddiness and FOMO ("fear of missing out"). Discipline and assessment of downside risk relative to upside reward are nearly always abandoned as an extreme level of complacency is urged at just the time markets mature and overvalued equity prices peak (in a valuation promise of a new never ending bullish cycle and paradigm). Geopolitical risks, extreme valuations and private equity/credit concerns - were risks that some of us ursine types have been warning about for twelve months. Yet these factors were given little discussion or weight in the media. It is only "after the horse left the barn" (when the problems have surfaced), that a proper discussion is permitted. Memo to the business media: There are some situations one simply cannot be neutral about, because when you are neutral you are an accomplice. Objectivity doesn't mean treating all sides equally. It means giving each side a hearing. By Doug Kass Mar 19, 2026 7:40 AM EDT @dougkass @SeabreezeLP @V_arrell @TheDalesReport @SquawkCNBC @jimcramer @carlquintanilla @ScottWapnerCNBC @BeckyQuick @cnbcfastmoney @halftime @guyadami @saraeisen @pisani @Convertbond @LanceRoberts @KeithMcCullough @SamofAmerica @RPKent @HedgeyeDJ @pboockvar @tomkeene @ferrotv @lisaabramowicz1 @business @maddow @sruhle @msnbc @cnbc @SullyCNBC @WolfOfWeedST