Three weeks after comparing fund managers who lose money for their clients by desperately clinging to hypotheses about how the world should work (as opposed to how it actually does work) to the Cassini spacecraft (which careened into Saturn’s atmosphere at about 78,000 mph last month), Bloomberg’s Cameron Crise is back with some more “deep” macro thoughts for you.
See if you’re like Cameron (a “swashbuckler” who is never wrong and who Jeff Gundlach is still mad at even though he deleted the tweet), you look at economic data points with the same discerning eye that an art critic looks at “pictures hanging on the wall.”
Because an NFP print or say, an ISM beat, is not like “the pop art of Andy Warhol or Roy Liechtenstein” which, according to Crise the world-renowned art critic, is of the “what you see is what you get” variety. No, a payrolls print “is more like a Monet or a Renoir”, in that it takes “a healthy dose of perspective to fully appreciate the full picture” (there are two “full“s in there).
Needless to say, we’re being sarcastic. What you’ll read below is a hilariously euphemistic way of saying this: economics is not a hard science. Contrary to what they’ll tell you in grad school, economics is more akin to political science and sociology than it is to physics. And we speak from all kinds of personal experience in that regard because we’ve spent years in post-graduate programs both in economics and in political science.
So Crise is ultimately correct, but (and this is a defining feature of his analysis), what you’ll read below is “more Gauguin” than it is Cézanne – that is: just as overrated upon close inspection as it looks on paper.
Via Bloomberg
