Harley Bassman

So you look at that and then you say to yourself, Many people in markets go long short.

You know David Nikoski, our friend.

He's so good at it.

It's like this sector is going up, that sector is going down.

They watch the interplay.

What people don't do and what I'm trying to train people to think about is volatility does the same thing, just a higher integral, more leverage and faster.

So when you take a look at the treasury volatility, and we have these charts that you'll be putting up called the move index that my friend Harley Bassman created when he was at Merrill Lynch, if the treasury volatility is going up, there's not enough room for other volatility.

It's commutative.

And

that was Harley Bassman's opinion yesterday on the Macro Voices podcast.

I think what I try to do is just take it for what it is, look at the signals, place yourself on the cycle, and then understand what that means, what's the backdrop for your commodities markets, your real assets, your risk assets, gold, Bitcoin, NASDAQ 100, et cetera, and try to position yourself from there.

and navigate this topsy-turvy world.

What's really important here is the Fed needs to go and regain the trust of the market.

That was Harley Bassman, the fixed income guru who invented the MOVE Index and who's best known on the street as the Convexity Maven.

I'm Eric Townsend, and this is Macro Voices, the free weekly podcast targeting professional finance and sophisticated private investors.

Episode five-fifty was produced September seventeenth, twenty twenty-six.

And maybe some of your other experts will come on in a week or two or three, explain why this chart is totally meaningless, and I'll accept them as being right.

Um, but it does not seem to be inflation is what's taking us higher or causing problems over here.

Well, we have lots of experts who love to, uh, to bicker with Harley Bassman just because of your reputation having invented the MOVE Index.

I just wanna close on slide 12 and make sure I've got it, though.

But the question-

To quote, to quote the great Harley Bassman, it's always about sizing.

Yes.

Is i- is it peak earnings? I mean, I think...