TradurrPerma bulls could watch the building catch fire and say constructive smoke, actually. Every red candle is a healthy pullback. Every crash is the best buying opportunity of our lifetime, which is impressive, because they have had fourteen of those this year. Their thesis is: number go up, because number has historically enjoyed going up, and also they have a mortgage sized in leverage.
They do not have a time horizon. They have a religion. God is green. Risk management is heresy. The Fed is a temporary misunderstanding. Gravity has been cancelled pending review. Review is being conducted by gravity.
The liturgy
We go higher. Nothing stops this train. Have fun staying poor. These are not sentences. These are hymns. You can sing them in a studio apartment over a chart that looks like a ski jump designed by a pessimist, and they will still sound like a victory lap.
When it works, it is vision. When it fails, it is a shakeout. The shakeout is always for someone else. The someone else is, increasingly, a mirror.
A diagnostic
If your model of the world cannot produce a number at which you are wrong, you do not have a model. You have a mood. Moods do not hedge. Moods do not size. Moods send all-in tickets into a close and then sleep like a baby, which is to say they wake up every two hours and scream.
Up is allowed. Up is even lovely. Up as personality is how a person becomes a mascot for a candle. Sit down. The smoke is not constructive. The smoke is smoke.
— Callie Margin