Nick G. Profile Banner
Nick G. Profile
Nick G.

@nickgiva1

22,675
Followers
236
Following
355
Media
5,308
Statuses

JPM, Salomon, HF principal, bond trader. Co-host @2graybeards since 2023. Running since 2015 and since 2018.

Bahamas
Joined December 2022
Don't wanna be here? Send us removal request.
@nickgiva1
Nick G.
9 months
Worst trick the devil ever played was to make people believe that BTC supply is limited to 21 mill. It's actually infinite. We can now print as much of that shit as you want. Just like gold. We don't even need to mine that crap. We can create endless quantities through
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@nickgiva1
Nick G.
1 year
Hate people who talk about markets in riddles. Sign of bullshitter. You got an opinion? Spit it out. In straight English.
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@nickgiva1
Nick G.
3 months
I traded cash bonds every day from 1984 to 2000. I traded from ED to US futures in the 10s of thousands/day. Every single sodding day. Believe me when I tell you that it did not feel like a secular bull market. Now, in hindsight, everyone talks about it as "the greatest bull
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@nickgiva1
Nick G.
8 months
You know that by buying $MSTR up here you are paying $110k/BTC, don't you? I mean, it's an empty shell will $12bn of BTC in it, trading at $22bn. In the custody of a semi-criminal on top. The stupidity of retail never ceases to amaze me. You bullish $BTC? Great! Buy it at
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@nickgiva1
Nick G.
1 year
Florida: all hotels full to the brim, all attractions booked out, buildings going up everywhere, as far as the eye can see, it's all new build (in grotesque taste, but I did not expect better). A recession is a million miles away from here. Boom City. But you go long bonds...
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@nickgiva1
Nick G.
1 year
@ZubyMusic Probably why they are such a miserable lot. One needs to get proper drunk once in a while, especially when young. All the best stories start with "Years ago, while I was as drunk as a Lord...".
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@nickgiva1
Nick G.
10 months
Happy New Year to everyone! May your trading goals all be achieved. Personally I don't set any. Whatever the market gives and I am not too stupid to capture, or piss back against the wall, is fine by me. Far more important than monthly P/L is to set yourself the goal of
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@nickgiva1
Nick G.
1 year
I really can't stand people who shitpost about Druckenmiller. You can trade against him, sure. If you are quick. But trying to compare your insignificant cretinous ass to that legend, just shows your parents taught you no manners. And God gave you no brains.
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@nickgiva1
Nick G.
11 months
Interesting question which has a logical answer. Because when bonds dump (or move in general), I make millions, safely. Because there are logical reasons for the move that can be evaluated and stops placed to maximize risk/reward and sizing can be calculated against them. Which
@mixlmandible
Mixlmandible
11 months
@nickgiva1 I dont understand how you tradfi guys can underperform btc for almost 2 decades and still be this smug. Especially when bonds dumped over 50% in 2023.
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@nickgiva1
Nick G.
2 years
His son must be real dumb if it takes that much to get him in.
@DeItaone
*Walter Bloomberg
2 years
CITADEL'S KEN GRIFFIN GIVES $300 MILLION TO HARVARD UNIVERSITY
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@nickgiva1
Nick G.
1 year
Monthly charts of SPY and TLT since Aug 2nd QRA when @dampedspring and I on @2GrayBeards told you that it was an unmitigated disaster and that all assets would reprice lower. Straight down. Another QRA coming next week. Can you afford to ignore our take? Duration issuance
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@nickgiva1
Nick G.
1 year
I am calling the low in long TIPS. Fuck it. All in. At 2.5% real...how much worse can it get? Let's find out...
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@nickgiva1
Nick G.
1 year
If the Fed wanted long bonds to trade at 4.00% again, it could accomplish it in a minute. All they would have to do is hike 100bp.
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@nickgiva1
Nick G.
22 days
More like Dennis Retard.
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@nickgiva1
Nick G.
11 months
To be a successful trader, you first of all have to learn your own character and foibles. And try to overcome them. As an example, I find it difficult to add to losing trades. Even when I have purposely decided to enter small with the intention of adding lower. The only way I
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@nickgiva1
Nick G.
1 year
I have been very lucky most of my life. Being able to give something back and make other people's lives better fills me with happiness.
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@nickgiva1
Nick G.
1 year
Once you have bought the pullback...that's when the market can REALLY tank. Think about it.
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@nickgiva1
Nick G.
1 year
I have come across all kinds of excellent traders over the years. Some specialize in daytrading, some in long term trades, some play exclusively curve trades or spreads, other directional. Some use tight stops, some not. They come in all shapes & sizes, with differing skills &
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@nickgiva1
Nick G.
6 months
Doctors make the worst traders. They have that God Complex which means they can never ever admit, even to themselves, that they are wrong. Plus all doctors are full of shit. I should know, I have 3 Professors as close family. They have the street smarts of a new-born kitten,
@bilawale
Billy Ahmed, MD
6 months
@dampedspring Bulls make money - bears sound smart ... good luck . If yield of 4.7 is not keeping the markets down , no point shorting it .
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@nickgiva1
Nick G.
1 year
Macro narratives can absolutely bury you. The worst beating I ever got was because I fell in love with my own macro theory. It was even an eventual winner! It proved right years later. No consolation: got absolutely killed. Thankfully I was young and learnt from it:
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@nickgiva1
Nick G.
1 year
When this is over, remember who told you to be very, very careful buying duration and who led you down the garden path with bullshit. Unfollow idiots, follow experience.
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@nickgiva1
Nick G.
6 months
YAY!! Finally sold my $BABA at a profit. Never buying that shit again. 6 months and huge heartache to make $7. Now watch the fucker soar.
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@nickgiva1
Nick G.
1 year
In the UK I watched Channel 4 news and Newsnight. Whatever you might think about BBC or John Snow bias, those programs brought you in-depth news and analysis of world affairs. Every day. The Americans have NOTHING similar. Watched NBC news last night. Clown show for the
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@nickgiva1
Nick G.
1 year
All of a sudden everyone is a bond expert. Although they never sat on a bond desk in their lives. You know how I can tell they are full of shit? Because they are certain they are right. The bond market eats certain people for lunch.
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@nickgiva1
Nick G.
11 months
My best trade ever? Easy. I bought $100k worth of the $AMZN IPO in 1997. My worst? Easy too. I sold those same shares for about $300k in 1998.
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@nickgiva1
Nick G.
18 days
Well...while we wait for this Cat 5 to hit, I can recount my experience with a Cat 4 that directly hit me some years back. My house is built of reinforced poured concrete and is 15ft above sea level, so was not worried about wind damage or surge. All windows have shutters. I
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@nickgiva1
Nick G.
11 months
The USA is a third world country. Meeting a friend for coffee. Paper cups, you have to walk around to find sugar. Capuccino tastes like shit. In Europe you get served. Great coffee, china cup and saucer. Real spoons. USA barbarians.
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@nickgiva1
Nick G.
7 months
If you are in Miami, drinks are on @dampedspring
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@nickgiva1
Nick G.
1 year
When you trade long bonds, you trade them from level to level. You wait for your level. You have to be patient. And, most importantly, remember: it's a trade, not a "once in a generation buying opportunity". No such thing. I've seen them over 12% and under 1%. And I will
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@nickgiva1
Nick G.
9 months
To have any confidence in the validity of any numerical analysis, you first need to have confidence in the rule of law and the institutions which foster and enforce it. Never put one penny into China. Not in the '90s, not since and never will. Don't care what the price is.
@justbrosef
Global Bagholding Opportunities IV L.P.
9 months
this company makes instant noodles. That's how bad things have gotten in China equities.
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@nickgiva1
Nick G.
3 months
The Kamala Krash.
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@nickgiva1
Nick G.
1 year
If we get a high CPI, you are all going to feel so screwed. Buying the very short end here is playing Russian roulette with 4 bullets in a 6 shooter drum.
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@nickgiva1
Nick G.
25 days
Anyone thinking they "own" Chinese shares is deluding themselves. You own what the CCP allows you to own and for as long as they allow you to own it. When they want to disabuse you that you own anything at all in China, they will, in seconds. It just does not suit them to
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@nickgiva1
Nick G.
3 months
Yesterday I found out that my father-in-law, at 86, has 39% of his portfolio in crypto. And that means he probably owns more $BTC than all the crypto bros on this platform combined. 😂 I was shocked. Still, his money... It's a small step from gold bug to crypto bug, it seems.
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@nickgiva1
Nick G.
1 year
The difference being, you piece of human garbage, that the Ukrainians fight soldiers in the field while the Palestinians search for unarmed women to rape and execute, kidnap their babies and put them in cages.
@arsalfic
ارسلان اصغر
1 year
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@nickgiva1
Nick G.
1 year
After those quantities in QRA at 8:30 we bought everything: TY, BTP, ES, QQQ, all risk assets. Jellen playing Santa. Market caught sleeping again. Because sUppLy dOeS NoT maTTeR 🤡
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@nickgiva1
Nick G.
1 year
Equity traders don't know whether to go for a shit or a haircut today. They haven't seen a flattening curve in a long time. Being pulled in both directions at once between high and low beta. We like to keep our retarded cousins in suspense.
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@nickgiva1
Nick G.
1 year
I've said it before and I'll say it again. Buying long duration into a Fed hold, a steeply negative YC and monster duration supply is plain dumb: it's pissing into the wind of the yield curve. Short duration you can hold, long...silly.
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@nickgiva1
Nick G.
9 months
The cost to hedge is just too low at the moment. QRA can be anything. Just makes no sense that the market is allowing such cheap hedges. You don't take it, you are not playing the odds correctly, whatever your opinion of where the market goes from here.
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@nickgiva1
Nick G.
1 year
Imho, if you follow more than a couple of hundred people on here, you are doing it wrong. Too many differing opinions just leads to paralysis of your own thought process.
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@nickgiva1
Nick G.
5 months
See? You can not have the faintest idea what futures prices mean and STILL get a Nobel prize in economics.
@paulkrugman
Paul Krugman
5 months
The good news for camp Biden is that futures prices suggest that gas prices will come down significantly in the coming months 2/
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@nickgiva1
Nick G.
1 year
Lol. By the end of the next weekend there won’t be anything of Palestine left. This will prove to be about as clever a strategic move as attacking Pearl Harbour.
@DeItaone
*Walter Bloomberg
1 year
🇮🇱 PALESTINIAN PRESIDENT URGES FRENCH COUNTERPART IN PHONE CALL TO INTERVENE TO STOP 'ISRAELI AGGRESSION' - OFFICIAL NEWS AGENCY WAFA
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@nickgiva1
Nick G.
11 months
Well, that was good. @dampedspring & @jam_croissant Zero silly conspiracy theories or bogus "plumbing". The whole disagreement is about timing and you 2 are not even that far apart on that... I think that everyone who listened was thoroughly informed. Many thanks to both.
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@nickgiva1
Nick G.
1 year
I hate modern cars. They bing and bong at you constantly. No seatbelt? Bong! Too close to the car in front? BONG! Approaching car in front too fast? Breaks for you! Literally designed for incompetent drivers and a joyless, utilitarian experience. My solution: back to the '90s!
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@nickgiva1
Nick G.
10 months
I have long maintained that the Fed could be replaced with a simple model utilizing moving averages and the 2yr note. Supported by a team of 20-30 supervising programmers, economists and data engineers. It's like Twitter pre-Elon. He fired 75% of the staff and no one noticed.
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@nickgiva1
Nick G.
1 year
I normally have an almost allergic revulsion reaction to anything coming from ex or current GS. But these two nail it.
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@nickgiva1
Nick G.
10 months
There you are, straight from the horse's mouth, the CDC. If you fell for the Covid hoax, you should now have your voting rights revoked, because you are just criminally stupid. Remember: you were the ones calling for concentration camps for the unvaccinated... Still happy with
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@nickgiva1
Nick G.
6 months
When Milei won, I put some money into $ARGT I didn't put in enough. +30% in 6 months. I don't think this stops for years and years. No reason to: rates will fall dramatically as inflation is reduced to nothing and all Argentinian assets will continue to appreciate.
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@nickgiva1
Nick G.
10 months
All I care about is what the market is saying. Everything else is a cheap opinion loosely held. Which might, or might not be correct longer term. But which won't stop me trading the way the market is telling me to trade. If you think we get "no landing", you might be right some
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@nickgiva1
Nick G.
6 months
Amen. Stan for Fed Chair, Dimon for UST Secretary. Retire the dwarf.
@SquawkCNBC
Squawk Box
6 months
"Don't go on 60 Minutes, you're not a rock star," says Stanley Druckenmiller about the Fed's Jay Powell and whether a hike is really off the table.
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@nickgiva1
Nick G.
1 year
BUT...BUT...BUT...how can bonds be up? Issuance will still be 340bn+ next quarter!!!??? And? First we squeeze the bejeezus out of you, then we worry about issuance, using your stop as liquidity. And, wherever it is, be sure the market will find it. Simple.
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@nickgiva1
Nick G.
7 months
Hey, Jay. If you are looking for someone to buy long duration on that presser and those dots...count me out.
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@nickgiva1
Nick G.
6 months
WW3 starts. Gold red, oil up 6 cents. OK. But you need a flight to safety. OK. Reminder: a gazillion more treasuries coming your way next week. Oh, and the week after, and the one after that. Enjoy the negative carry.
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@nickgiva1
Nick G.
1 year
Live look at Fed Pivot island this morning...
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@nickgiva1
Nick G.
3 months
Europe really is pathetic. Everyone at ECB presser asking about DJT, as if it's a bigger concern than anything they can do by themselves for themselves. While in USA no one even knows the name of Europe's leaders or could care less who gets elected. A subservient slave
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@nickgiva1
Nick G.
3 months
I read Yellen and Frost's disingenuous reply to @SteveMiran and @Nouriel 's excellently argued paper, which you can find here: While they can easily bullshit voters with words, I have marked with the red arrow the precise date of the Q3 QRA when they
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@nickgiva1
Nick G.
1 year
I pay for a lot of subscriptions. 8 at last count. Some get churned after a bit. Because there are some seriously good traders posting on Fintwit and Substack, with interesting views and logic. That does not necessarily mean that I follow all or any of their trades. That is
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@nickgiva1
Nick G.
1 year
This is so misleading and just the worst of FinTwit. There is zero dichotomy between someone buying some TBills and someone else selling TLT. Pure ignorance.
@kgreifeld
Katie Greifeld 🎃
1 year
Buffett vs Ackman *BUFFETT: WE BOUGHT $10B IN TREASURIES THIS MONDAY, LAST MONDAY *ACKMAN: WE ARE SHORT IN SIZE THE 30-YEAR TREASURYS
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@nickgiva1
Nick G.
1 year
This is the most gratifying message I just received. Brought a little tear to my eye.
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@nickgiva1
Nick G.
1 year
Wrong timing = plain wrong Every trader knows that. Obviously does not apply to Twitter "personalities" impersonating traders.
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@nickgiva1
Nick G.
9 months
Some of you trade far too much. Stop it. Today you had no reason to do anything until 3:00pm and 01 second. It's real money that moves markets, not silly squiggly lines on toilet paper. And real money came into the market at 3:00:01 for a reason.
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@nickgiva1
Nick G.
1 year
From all the comments I received, I can see that people do not understand. What is written here is a misleading tautology. Say that your cost of carry is literally zero. You have money you keep in your bank account at 0%, because you have just come back from Mars and have never
@richfalkwallace
Rich Falk-Wallace
1 year
Bond math is now key to today's financial markets Let know if you'd like the sheet. The table on the right reflects a powerful new dynamic: If rates fall 50bps, 20yr Treasuries earn 11.3% over the next year. But if rates rise by 50bps, they lose just 0.9% -- an 11:1 up/down
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@nickgiva1
Nick G.
1 year
And bonds win the day: high beta up, low beta unchanged. Impressive duration buying in front of a 30yr auction. Bonds telling us CPI will be cool. Someone always knows...
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@nickgiva1
Nick G.
1 year
Sure fire signs of mental illness in a trader: 1. Obsessive need for "security" which is nothing more than paranoia about being found out to be less than an "infallible God" (which none of us are). 2. Considering anyone with a currently opposed market view & position to be an
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@nickgiva1
Nick G.
7 months
In the midst of the strongest technological revolution in all of human history (and it's not even close), the Chinese buy gold. Just shows you, you buy what you are forced to buy. If I wanted to sink China forever and the CIA asked me to come up with an economic black ops,
@BobEUnlimited
Bob Elliott
7 months
Chinese demand is still the important driver.
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@nickgiva1
Nick G.
7 months
If you ever run out of loo paper, you can always wipe your ass with the Fed's inflation mandate. Free option.
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@nickgiva1
Nick G.
7 months
Returns since Jan 2022: AAPL: unchanged AMZN: unchanged TSLA: -50% SPX: +10% XLI: +20% Makes you think, no?
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@nickgiva1
Nick G.
1 year
Let's break down what the two 🤡🤡 are saying here: DXY is 58% EURUSD. Only way for DXY to "point" to a US ISM of 60 (currently 47), would mean that EU ISM would need to be even higher than that, otherwise DXY would rise. Which means that the 🤡🤡 are actually predicting a total
@TexasOncologist
Texas Oncologist
1 year
Officer, I'd like to report a chart crime.... @CumLordeAwards @INArteCarloDoss
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@nickgiva1
Nick G.
1 year
EVERY . SINGLE . MARKET . RIGHT. And all with a reasoned explanation as to why, when and what the trigger will be. I've made the video free for you to download. Enjoy.
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@nickgiva1
Nick G.
1 year
From the comments I got about Tips, I can see that many people have misconceptions about how they work. Over the weekend I will do a "short" on YouTube about them. To understand why I think the case for them here is very compelling, subscribe to our channel to watch it.
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@nickgiva1
Nick G.
1 year
@paulkrugman Could you fax me that chart? I am short on loo paper.
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@nickgiva1
Nick G.
5 months
Since Andy is ill, I will grade the auction: 2s a C, 5s a 🤮
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@nickgiva1
Nick G.
9 months
One of the great mysteries of life is why 1.7 million people follow @zerohedge ? Are there really that many idiots out there? Or do they do it to get a good laugh at the ridiculously bad takes they have on a daily basis? Someone should run a poll...
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@nickgiva1
Nick G.
1 year
This episode of @2GrayBeards came out on 5th August 2023. Well worth watching. Prior to that we sent an email to subscribers on 2nd, with warnings to go to minimum equities exposure immediately (SPX=4545) and avoid long term bonds at all costs (30yr=4.10%) It's the logic that is
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@nickgiva1
Nick G.
1 year
I'm always surprised when someone is offended at being called an asshole. I never am. Then I remember that I spent decades in trading rooms where asshole was the kindest thing we ever called each other, whilst all these guys ever did was read a book about trading.
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@nickgiva1
Nick G.
3 months
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@nickgiva1
Nick G.
10 months
Pro tip: if you see the 1 month bill yield spike but the 3 month is unchanged and the SOFR curve is unchanged too, odds are that you are an imbecile if you think it somehow shows anything but a bad print. Great opportunity to purge your timeline of imbeciles.
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@nickgiva1
Nick G.
1 year
Cash is king here, boys.
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@nickgiva1
Nick G.
1 year
People are buying gold. I get that. There is some shit flying around in some God forsaken place. But eventually shit stops flying and why would you forego 2.5% real yield to get 0%? It's the kind of thing that you will ask yourself in a year's time and think it was obvious in
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@nickgiva1
Nick G.
10 months
Blackrock earnings are going to be stellar. If you don't think that the BTC ETF was negotiated months ago and that they did not frontrun the projected demand, I have a bridge to sell you.
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@nickgiva1
Nick G.
1 year
If you don't believe supply caused bonds prices to crater...and then you cheer when the market is up because Ackman covered...then you are a true moron. Because if supply does not matter, demand can't either.
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@nickgiva1
Nick G.
1 year
Whoa there, big boy. When I said 4400 possible, I meant by month end, not this Friday.
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@nickgiva1
Nick G.
1 year
😂😂😂 He can predict asset prices 3 years out…500 MBAs and all the power of the Federal Government and the Fed can’t predict shit 3 months out, but GMI can predict everything 3yrs out. If you need further proof that the guy is a charlatan, you need your head examined.
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@nickgiva1
Nick G.
5 months
Been thinking about this for a while: you wake up one day to China invading Taiwan headlines (personally I think it's very low odds, but better to be prepared...). Obviously US bonds are bid to fuck, first reaction is always risk off. Gold is off the charts already. Spoos are
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@nickgiva1
Nick G.
11 months
It's amazing how being permanently bearish on everything (against all evidence to the contrary) sells... After 15 minutes of this guy, you feel like building a bunker in West Virginia...or topping yourself.
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@nickgiva1
Nick G.
11 months
RIP Charlie Munger. Sad day.
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@nickgiva1
Nick G.
1 year
Congratulations to Iran. Their plan was decades in the making. That is when they started indoctrinating children like the one below. And that indoctrination is what it takes to get him to walk up to defenceless women and children and shoot them in the head, once grown. No normal
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@nickgiva1
Nick G.
6 months
Probably because their husbands can bear to fuck them again...
@carlquintanilla
Carl Quintanilla
6 months
(Bloomberg) - A surprising thing is happening to some women on weight-loss drugs who’ve struggled with fertility issues: They’re getting pregnant .. ⁦ @business ⁩ ⁦ @JohnSpall247 ⁩ $NVO
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@nickgiva1
Nick G.
1 year
When the Germans occupied his city, my father was 15. Soon afterwards, one of his classmates disappeared from school. Days later my father saw him on the other side of a barbed wire fence, in a small camp where Jews were being gathered, quite close to the city center, before
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@nickgiva1
Nick G.
1 year
Who won't bullshit you and give you a bum steer out of sheer ignorance, on here? If they make a mistake, it's just an honest mistake, which everyone makes, not made up shit like Spoos and Fed BS or RRP and USD fatuous supposed relationships. @dampedspring @bobEUnlimited
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@nickgiva1
Nick G.
1 month
I've often said that I would replace the whole Fed with the 2yr note: in every cycle, both up and down, it moved first and was right, with the Fed eventually scrambling to catch up with it. Plus you save a few $100m in salaries. They should cut 175bp, put FFs on top of the 2s
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@nickgiva1
Nick G.
8 months
Whenever a Commie does not like a price, he introduces some new stupid rule. Works for a bit, then it makes things even worse. That's because it does not address the primary reason for the low price: Communism.
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@nickgiva1
Nick G.
8 months
@dampedspring Measuring and Controlling Interest Rate and Credit Risk by Fabozzi. If that does not put him off and make him aspire to get a real job, nothing will 😂
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@nickgiva1
Nick G.
4 months
Here we go. All the same bullslhit from the same "public servants" as in '70s. Cycle goes like this: 1. Labour supermajority. 2. Within weeks Labour left wing MPs rebel and ask for huge pay rises for "public servants". 3. Inflation through the roof. 4. Gilts crises. 5. Economy
@trishgreenhalgh
Trisha Greenhalgh
4 months
Goodbye Tories. I’ve waited a long time for this day.
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@nickgiva1
Nick G.
8 months
But the inversion was never a signal of recession. Never. It was the disinversion. When Fed started cutting rates BECAUSE the economy was weakening. Any signs of that after today's CPI?
@DeItaone
*Walter Bloomberg
8 months
❖ REUTERS POLL - INVERTED YIELD CURVE NO LONGER A RELIABLE INDICATOR FOR RECESSION, SAID 22 OF 34 STRATEGISTS
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@nickgiva1
Nick G.
1 year
People looking for endless trends in bonds are setting themselves up for disappointment. You trade that shit from level to level. That is the risk-reward. Everything else is hot air & narrative. Unless risk off. Risk off swamps everything. Brains first & foremost.
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@nickgiva1
Nick G.
1 year
This tweet lit up my Notifications. What I found interesting is that most people make no differentiation between traders, investors and various opinion writers. So, what IS a trader, as opposed to any other category of people who talk or position markets?
@dampedspring
Andy Constan
1 year
Just got asked to force rank top 10 serious real deal traders (not economists or researchers) on this platform. Couldn't do it. 14 here and many who belong on the list. Not in order. @nickgiva1 @Super_macro @kieranwgoodwin @simon_ree @mike_taylor1972 @citrini7 @longconvexity
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@nickgiva1
Nick G.
1 year
Most of the time, it's not what's happening, but what should be happening...and isn't... that is the tell.
@trader1sz
TraderSZ
1 year
The fact that cryoto still can’t catch a bid with dollar pulling back and equities rallying says a lot imo.
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@nickgiva1
Nick G.
1 year
It’s only when you say something this obvious and read the comments that you realise that a very large proportion of humanity is just a bunch of cu*ts.
@agnostoxxx
Le Shrub🌳🔥🇺🇦
1 year
Let’s establish some basic principles: Kidnapping children = Bad Raping women = Bad Killing people = Bad If we can’t even agree on this, then there’s no hope 😪
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@nickgiva1
Nick G.
10 months
The #SEC is now officially a joke. FFS, you are the Government Agency of THE Superpower of this World, with the duty of preventing market manipulation...and you can't even secure your Twitter account to prevent market manipulation? If I were Biden, I would so fire all your
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