When the possibility of loss goes away, so does the probability of gain.

The reason he loves Chopped is that it’s a show that is wholly about process

You’ll read all the superlatives this weekend. Biggest one-day drop since _____. Ninth largest ____ ever. Greatest spike in the Vix since ____. 4 out of every 5 ____ have now fallen ____ percent. On and on. It’s a parlor game. Maybe this kind of thing is helpful for context. Maybe it’s just rubbernecking. Whatever….

Chart

I bring you terrible news.

There’s a tradition at the wirehouses that on any day that the overall US stock market has a greater decline than 1%, an email letter is prepared

This is a killer insight from Jeff Miller, who blogs at A Dash Of…well…Insight: Jan Hatzius is a top-flight economist, leader of the Goldman Sachs team, and highlighted by many sources as the very best during the last financial crisis. He is neither a perma-bull nor a perma-bear. He deserves our respect. I do not…