Notices by NBS (nbs@noagendasocial.com)

I was pretty out of touch on NAS these past few months, what happened to @GummyNerds? Does he still frequent the troll room?

Always liked that guy, sad to see him gone

And I thought the sequels 7, 8, and 9 were bad… can’t wait to see what they have in store next!

Morgan Stanley (holding billions of Twitter LBO debt) when they hear Elon Musk telling advertisers to go fuck themselves live on CNBC

"You have to exit through the gift shop."

Adam talking about the Hamas tunnels on the show. Reminded me of this funny Spaceballs scene

#noagenda

Girl at dinner party asked my opinion on “Israel vs. Palestine”

Told her “I don’t watch soccer but I hope both teams have fun.”

@NEETzsche

It's fairly wild to see within my own company as well.

Used to be a smaller trading firm, global firm but still office was small, 200 - 250 people. 70% traders. Now, office has grown to 500 people or so, maybe 30 - 40% traders. Rest are HR nonsense or similar positions which can barely be associated with generating revenue.

Those nonsense positions hire more nonsense positions until, as you said, they are deeply interwoven within the company and therefore have control.

@NEETzsche

Unsurprisingly the first to get the ax when layoffs start. Pretty wild she's lasted this long, but I guess legal is fairly resilient.

This is someone's job as a Diversity, Equity, and Inclusion Specialist:

1) Visits NYC office
2) Check emails, write notes, meeting with supervisor
3) Lunch
4) Orientation for new-hires about diversity (she is "exhausted" at this point)
5) Wine tasting work event for all women attorneys

Into economic slowdowns banks/financials are usually first to trim, and I've already seen that happen. I've heard other industries cutting back, but we are no where close to max pain in terms of the labor market

This video of a Gen Z girl complaining has gone viral, but I get her point.

When I graduated only 8yrs ago, I had a similar schedule: wake up 7am, commute, work until 6pm, go to gym/home/sleep. It was a busy daily schedule, and even on the weekends I was studying for my CFA to better my career

The difference then was that I was being paid, at the time, good competitive salary to sacrifice so much.

9 - 5 workers now make shit wages for such sacrifice to their social lives, so what's the point?

@greyknight33 @mk

Just a meme, idc either way

“Yeah I’m into politics”

2yr Treasury bill yield intraday chart, what a hilarious day

Shot: AUG. UNEMPLOYMENT RATE RISES TO 3.8% VS 3.5%

Chaser: AUGUST ISM FACTORY INDEX RISES TO 47.6 FROM 46.4; EST. 47

Market went from flight to safety (yields going lower) to flight to risk (yields going higher) quite quickly

@mrman

Just funny to see such a wild move almost immediately reverse.

Unemployment hotter than expected: 2yr bonds get bought like crazy since this is dovish (supports Fed lowering rates)

Soon after, ISM factory index data surprise beats expectations, which is good news and therefore hawkish (supports Fed keeping rates high) so 2yr bonds get dumped (yield goes up)

2yr bills usually don’t move this much up or down, especially not intraday. Funny to see

Slow day in the market, so I’m just meme’ing today

Travel pro tip:

The TV remote controller in hotel rooms is likely the dirtiest object since it’s never cleaned. Use the ice bucket plastic bag to touch/operate the TV remote without touching it

In a hotel for the night after visiting some family back in my home town, reminded me of this tip I learned years ago

@NEETzsche

Some friends and I were just talking about this. Added kicker: PFE pays about a 4.5% dividend yield and it has gotten quite cheap.

Going to buy some today on the open, think it will be a good buy regardless of a COVID resurgence too

@NoBeret @Mesooohahny

More or less correct yeah, and I have no idea what Operation Sandman is. It sounds like bologna.

Foreign nations have zero incentive to dump Treasury holdings, particularly as most other sovereign credit looks like shit in comparison. Higher inflation elsewhere, more credit/default risk, etc.

Treasuries owned by anyone are sold in the open market, so natural buyers would also emerge. The likelihood they all dump? Zero. No evidence for it

@NoBeret @Mesooohahny

Here's a breakdown of foreign debt ownership:

https://www.statista.com/statistics/246420/major-foreign-holders-of-us-treasury-debt/

The only real concern at this point is Japan given how much they own. If the Bank of Japan must continue its aggressive yield curve control policy (BoJ buys their own credit/Japanese stocks), this would cause them to sell some Treasuries thereby putting some pressure on US credit markets.

But really not much, foreign demand for Treasuries is still quite strong.

@bot @DavidB

As for what goes on: it's largely only necessarily for "wholesale" trading, or trading in large size.

There's a bid and offer price for every derivative or asset, not just one price.

Taking SPX options as an example, screens may be 40c wide on an option for only 200x size. Often times you need to buy or sell up to 5000x options, in which case the floor can provide much more size at similar or often times better prices than screens. This is especially true for complex orders.

@bot @DavidB

Back in the day, pre 2000s, the color of the jacket indicated which clearing firm you used. So when you made a trade, it was known who and where to send the trade details to (clearing bank & trader badge).

Now just the badge is important to help identify who you're trading with, but the system automatically knows who clears where based on the badge, so the color isn't as important anymore.

Also helps for identifying people in the crowd, which is important for communication