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LI’s advice of the day: if you want to understand what is happening in the markets right now, you will read John Lancaster’s LBR essay.
Sample from the essay: Lancaster is talking to his friend, Tony, an investment broker or something – whatever that means nowadays.

“My friend Tony, however, is sanguine. ‘Sorting out who’s in the shit is going to be a nightmare, but when it all shakes out, all it’ll mean is that credit is a little bit more expensive. That’s a good thing. It had got crazy. It was cheaper for companies to borrow money from other companies than it was for governments. That’s nuts. These things are cyclical, it had all just gone too far and we needed a correction.’
‘So we’ll have to stop running around spending money like drunken sailors,’ I said.
‘Well, drunk sailors tend to be spending their own money,’ Tony said. ‘By contemporary standards they’re quite prudent.’”

Oh, it hurts. It hurts!