The Portfolio Trader

今天澳大利亚可能还要加息， 我有个朋友 这一波几乎给干没了 他大概有1000万澳币的房产五套， 杠杆大概7成， 这一波， 不到一年时间， 三套已经跌穿了， 残留一些渣渣， 我估算他亏损300万， 正好全部本金😭 还要背负一年50W的利息支出

Our girls are now winning in avenues, traditionally not considered India's strength. Congratulations to our U-20 girls Rugby team on clinching a clinical victory over New Zealand. This is just the beginning; Naye Bharat me koi bhi kaam asambhav nahi!

Day in the life: euro HY credit sales > 6.45am: wake up. Overwhelming existential dread. Stare at ceiling. Consider resigning. Remember Hugo and Camilla’s school fees. > tube: mouth dry. Headache. Must stop drinking. 17 IB chats from Asia overnight. All want HardBank levels. Probably nothing. ☕ > 7.30am: on desk. Missed the morning meeting. Trader runs not out yet. Copy paste yesterday's axes. Probably still right. Didn't trade any of them after all. > Trader: "We've got a big position in VAGUECHEM. Very sensitive, make targeted calls. It's our best idea." Analyst wrote 40 pages. Read the title. Italian. Chemicals. Got it. > 8.30am: blast to 600 clients. "🔥BEST IDEA🔥 VAGUECHEM, highly specialised global leader in specialty chemicals. Critical input across end markets". Paste analyst note. Paste a chart I don't understand. Value add. > pod shop: "Where's VAGUECHEM?" 94-95.5. "Lol. Seeing better away." 4 mins later: "Actually we sell you 25mn at 94." Trader: "WHY DID YOU SHOW A BID. WE'RE AXED TO SELL." You gave me the run. "That's not a real bid." 🆗🆒 > CLO: "What do the chemicals actually go in?" ...Toothpaste. And jet fuel. Critical to both. "Ok I take 10." Smart account. 🟢 > real money: "What's the leverage?" Very reasonable. "Number?" Let me get my analyst on. > three headsets on. Left ear trader screaming. Right ear client screaming. Third one is my wife asking about a £2,400 charge from Annabel's. I think she hates me. > 11am: LinkedIn. Uni mate made partner. Another sold his startup. Me: pasting a headline into IB with "fyi". Gnawing sense of self-loathing returns. > lunch: real money PM, "just catching up". Ranking? 9th. There’s 8 other eur hy desks?! JFC. Round it up for the email “just outside top 3”. Sexy Fish, £640. He has the wagyu. > 2pm: US real money: "Like to sell you 35mn VAGUECHEM." Trader: "Don't show them anything." It's a relationship trade. "Don't care." Market share! "I don't want to f***ing bid it." They're a top 3 account. "fine...85." > back to client: very defensive bid, wrong way for us, doesn't really suit, will show 85, just so you have a level. "Done. All of it." 35MN TICKET. SALES CREDITS 🤑💰💵 Not real money of course, but basically the same. > US sales: "Seeing VAGUECHEM very well offered, any colour?" That's us. That's our offer. > Trader: "Now long 140mn. FIND ME A BUYER." Copy paste the 8.30 blast. Add a second 🔥. > hedge fund: "Saw the 🔥🔥. What do the chemicals actually go into?" Car exhausts. And... shoelace tips. Very specialised but also diversified. "Rating?" B2… ish. "Pass." > 4.30pm: VAGUECHEM 82 offered only. Desk PnL -$2.6mn. Trader: "How's that market share looking?" Sarcastic b-----d. Check sales credits. Still awesome. 🙌🏻 > 6.30pm: Annabel's with 4 clients. Combined YTD tickets: zero. One's at a family office that's "mostly property". One got fired in March, still says "we". Dommie P x4. 🥂 > 11.45pm: Uber home. WhatsApp from trader: "VAGUECHEM 78 offered only in the street. Still long 140mn. Buyer by 9am or you're covering Asia." > set alarm 6.45. Draft tomorrow's blast: "🔥🔥🔥BEST IDEA: VAGUECHEM, global leader in specialty chemicals for nail clippers and dog collars."

It's time for Aussies to take some very bad tasting medicine. The nonsense Middle Class welfare has to go. People on 500K do not need universal childcare or subsidised solar & batteries & EVs. #auspol

Breaking: Garment workers have blocked the highway in Chandra, Kaliakair, Gazipur, since this morning. #BangladeshCrisis

We have entered our darkest hour

Heartbreaking scenes from Pacific Jeans Ltd, one of the world’s largest denim exporters and a leading denim supplier to the US and EU, as thousands lose their jobs amid its partial closure. One woman left Bangladesh 27 months ago and look at what they have reduced it to today.

Adelaide central is probably the best produce market in Australia It’s better than South Melby markets and QVic markets and anything in Sydney or Canberra

Remember the boiler room pump-and-dump schemes of the 2000s, where brokers would sell garbage stocks at massive markups? The same thing happened with garbage bonds in the ’90s. A lot of folks today look back and chuckle, asking, “Who would be dumb enough to fall for that?” To them, these were clearly horrible investments and outright grifts. This is exactly what QIS is in today’s era. Banks charge a markup on absolute garbage strategies that never work, then rotate them in and out every few months with a “new idea” after the old one breaks. There are hundreds of billions of dollars in these horrible programs across almost every tier-one platform. It’s very sad to see pensions and other institutions blow capital on this type of stuff.

When the market is falling like we have now what is the hardest thing to do.

Im looking forward to the “anthropic delays ipo due to market conditions” headline

If you bought $10,000 of Intel at its peak during the Dotcom Bubble in 2000, you’d now have $9,000.

Worst day for $QQQ since June 5th. But also what happened on June 5th? Something with Iran? I'm not making a joke or something, what was that selloff about?

Looks like another hedge fund blew up.

$AMZN falls 12% after earnings. Of 60 analysts covering the stock, 58 had Buy ratings, two had Hold ratings, and none had a Sell rating. $INTC falls 20% after earnings. Of 47 analysts covering the stock, only two had Sell ratings.