Hi Julian, I've always had a lot of respect for you, and don't want these thoughts of mine to sound negative, but I felt compelled to comment. I find that your writings (and perhaps thoughts) of late to be overly complex, technical and lacking clarity and simplicity. (Your reports seem to attract half the likes of Raoul's, so I'm wondering if I'm not alone) Admittedly I am much further down the IQ scale than yourself, though I've always believed that if you can explain your understanding of a topic in simple terms then you know you have a good grasp. I almost feel that you may have become defiant towards the markets and to use one of Raoul's sayings, that you are fighting everything in the middle of the bell curve, or perhaps you may also be hating the market rally. In the upcoming insider talks, I would ask again that you perhaps try to have an 'unemotional' and calm debate with Raoul on his thesis, as I (and many others I believe) would really appreciate where you agree with his thesis and why, and where you don't agree and why. I find that once you both start to verbally disagree, that Raoul takes a back seat and stops speaking as you sometimes become the louder of you both, and it seems to be there, that the discussion always ends. I would truly love to hear your thoughts, and debate in a simple manner during the next 'Insider talks'

"discombobulated" - hold my beer I need to Google that. Oh, my contrafibularities on your vocabulary :-)

Excellent write up Julian. Im left with two nagging questions: 1. If 500 bp of hiking has not been enough to tighten financial conditions, what else do you think is needed to crack equities in order for the fed to eventually break inflation? A much higher terminal rate, increase in QT? 2. Help me understand why your dollar bear case wont keep important components of inflation like oil bid. If the fed has to stay even higher for even longer doesn't that mean downside risk for the $ has to stay limited vs the world (down $ usually bids commodities). In other words wouldn't their inflation fight be won by getting the dollar to move higher and import deflation in the US and once inflation is at acceptable levels the down dollar secular call can take hold? This dollar secular call is an important concept because it sets up so many other excellent trades, but I find the down dollar concept hard to understand before the fed either gives up on their inflation fight or gets to their 2% mandate.

Thank you Julian. Why would the Fed not be content with high asset prices and low inflation, while rates are higher? Given wealth disparity not many people (+90%?) have savings and or participate in the stock market (hence not much of a wealth effect for them). But at least 80% of people need lower rates to consume. So a scenario where the Fed keeps the rates where they are (controlling the average consumer) and inflation trends below 3%, look like a goldilocks scenario for the Fed and the markets? thank you,

I usually find Julian's comments helpful. His explanations of his trades however is not thorough for example only now we are getting an explanation that I can understand about the SFRZ3Z4 trade, which I know he tried to explain before but was overly jargonny, but now saying clearly that he expects one to drop faster than the other and here's why. I got very little if anything from this report except that he thinks the yen may strengthen against the USD for technical reasons unexplained. I am assuming that the Yen/USD trade is on Forex, there seems like there is an equivalent on the CME which can be accessed through Interactive Brokers, but the decimal places and prices seem totally different. In any case would have been helpful if the investment advice contained enough information to actually follow it, and make it accessible for a maximum number of subscribers rather than making assumptions that we can decode everything. I am in agreement with a couple of other commenters here that not enough is done to get rid of jargon, and using words that show off vocabulary rather than explaining difficult concepts so that one can learn something from it. I do not think it is a matter of IQ but rather getting the appropriate value for the subscription so that after reading through a report a few times, and looking up unfamiliar terms one can feel that they have learned something valuable for the time and money invested. I think most of us are looking for insight into the macro picture and investment ideas more than pithy text, and as much as Julian seems to enjoy writing he needs to spell things out more. Thanks for trying to do this in the future!

Hi Julian, based on your view point of hyper-financialization, if stock market indeed leads the economy, does that mean all other economy leading indicators we talk about simply don't make any more sense? therefore, macro based investing (in stock index) is futile?

what's the formula to calculate net liquidity?

Great call on the JPY options. Is there a better way to disseminate these trade ideas? The report came out after the close and before I got my order I’m the option ripped and order could not get filled. Is there a way to give better lead time? Thank you