The Subjective Nature of Time: From Bergson to Mises

Jobs Shock: US Lost 92K Payrolls In February, Far Below Lowest Estimate, As Unemployment Rate Rises In our nonfarm payrolls preview, we quoted JPMorgan's Market Intel desk which said that "for this print, the stronger the better", which by implication means that a poor number would be bad. By that logic, the actual number couldn't be any worse, because moments ago the BLS reported that in February, the US lost 92,000 jobs, a huge drop from the downward revised (of course) 126K in January, and the second worst print since 2020...

Clashing Over Saylor, Strategy, And Bitcoin's Biggest Risks Submitted by QTR's Fringe Finance Sometimes the best conversations happen after an argument. That's exactly what unfolded this week when I sat down with fund manager Larry Lepard for a discussion that almost never happened. After disagreeing earlier in the week over my criticism of Michael Saylor, Strategy, and the company's evolving Bitcoin strategy, we decided to hash it out publicly in a podcast/debate. Stupid thing to get in the way of a friendship, right? The result wasn't a shouting match. It was a substantive debate...

US Industrial Production Unexpectedly Drops In March (After Huge Upward Revision For Feb) At first glance the 0.5% MoM decline in US Industrial production (considerably worse than than the 0.1% MoM rise expected - and dragging YoY growth in IP down to +0.74%) is bad news... suggesting immediate impacts from the war are being felt and sparking headlines decrying President Trump's actions. Source: Bloomberg However, while we agree that the decline is notable, the fact that February's data was revised drastically higher, from +0.2% to +0.7% MoM, means that over the two...