Druck Calls Out Bessent & Will Jackson Hole Derail The Debasement Trade? | Weekly Roundup
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Nothing said on forward guidance is a recommendation to buy or sell any investments or products. Alright. What's going on, everybody? Welcome back to another summer edition of the roundup on forward guidance. We're here in the doldrums of summer. It's almost over. It's almost back to Labor Day. It's Jackson Hole meeting this week. Lots going on in the macro world to say the very least. Lots going on, Marcus. What's going on, Quinn?
Not much, man. I'm over in San Sebastian, Spain eating and postponing my health bender that will have to come starting September when I'm back.
So you're, like, really focused on markets right now, I bet.
Yeah. Markets and Paella.
Oh, I No. Love I mean, it's it's the right thing to be doing right now. I mean, yeah, there's, like, a lot of big macro events, but, you know, the market structure side of things is still pretty pinned. Like, we haven't really been doing a whole lot other than outside of, like, the debasement trades, like gold and and Bitcoin. Like, equity markets, it just I don't know. We're just kinda chopping around, I guess, probably waiting for I mean, we got the PC number today, which we'll talk about, and then I'll send video earnings this evening, and then the Jackson Hole meeting speech. Seems like Ma
That one's always the one when I don't know if I can sell it myself. Yeah. Yeah.
Exactly. No. Yeah. I mean, it's it's always important, I think, at this at, like, the end of the summer to kind of just not try to make any really aggressive moves until Labor Day, at least. Obviously, we had, like, this bit of an exception with what happened last week and what we talked about with the gold and Bitcoin and precious metals debasement stuff. But otherwise, it's like, yeah, don't overanalyze the tape, I think.
Yeah. It's already low liquidity, low volume. The policymakers and powers that be are intervening at a extreme pace in a low volume environment. So you're, you know, you're getting bond market invention, oil market intervention, vol compression. Like it's not a time to make bets against that in a big way, probably because there's no one here to really sell. But I mean, left tail risk is big if it happens because of that. But we'll get into Worsh and all these things. Like, they're doing everything to remove the left tail, so just bet on the Yeah. Stuff that they're
Let's let's get into the meat of this week, which is drama and infighting in the land of macro goats. We had the we had Stan, Druck, and Miller. Druck, the absolute legend and, you know, the the master who taught all these proteges like like Besson and Warsh. And he he wrote an op ed, and I will talk about the AIS thing in a minute, but let's talk about the substance first, which is that, yes, the drug rendered an unfavorable opinion of treasury secretary Scott Besson's use of buybacks to defend against higher yields in a market that is functioning normally. He said, I've spent five decades tr
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