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Good morning, I have two dogs. The first is an absolute mutt - dumb as a brick - hilarious when she gets wound up. Elsie is a Pitt Bassett mix… and she’s very independent. Our other dog is Gracie. She’s a Chihuahua and Corgi Mix… and this “bitch” - I’m using the term correctly - is the definition of a survivor. We adopted her in Florida. But she’d been transferred as a stray from Puerto Rico after Hurricane Maria. She understood fluent Spanish when she arrived, but she’s since forgotten it… and her previous name… “Reyna” - which means Queen. Gracie and I have an odd relationship. Her breath is horrible. But she did something a few years ago that will always endear her to me. Our first dog together as a married couple was Dagny. She was my favorite dog I’ve ever come to know. And in the last six months of her life, Gracie started sleeping with her in the same dog bed. I didn’t realize why at the time… But the renal failure that would take Dagny had to be detectable… Gracie took care of her… And when we had to say goodbye to Dagny, Gracie was lost… She needed another dog, another leader… and that’s where Elsie arrived. I write this because I don’t give this little dog enough credit. And I find it utterly hilarious that I said “Bless You” to the dog this morning when Gracie sneezed… My point today is to say thank you to someone who might not get the recognition that you feel they deserve. What else do I think today… No. 2: CNBC Doesn’t Understand What It’s Reporting…I have weird pet peeves when it comes to financial markets… and journalism… One of the things that drives me insane EVERY MONTH is when CNBC calls the Producer Price Index “wholesale prices…” Here’s yesterday’s headline…
It’s always Jeff Cox reporting this… (Garrett shakes his hand to the heavens and screams…. “JEFF COX!!!!!!!”)
This is so incorrect that it hurts. Anyone who argues that PPI is wholesale has been wrong for five decades. The Wholesale Price Index was replaced in 1978 by the Producer Price Index. IT’S NOT WHOLESALE PRICES… PPI measures the average prices U.S. producers receive for goods, services, and construction. This is NOT just bulk goods sold to retailers. By using an inaccurate shorthand, they confuse viewers about what’s being measured. It’s lazy journalism. Five decades of lazy journalism. It undermines accuracy and makes them look uninformed about basic economic reporting. It also assumes that PPI fully influences the CPI. It doesn’t. The price of fuel in the Texas panhandle is global… and the cost of fabric in Seattle is not. I’m sure you don’t care… and you shouldn’t… But it’s one of those things I can’t unsee… and it happens EVERY month… And I feel like I’m taking crazy pills…
No. 3: Congrats to Tom DavisI am romantic about journalism… Especially around the people I grew up watching. I grew up watching SPORTS journalists… but I never really had the desire to go the ESPN route. I just knew that I like the process of being live… and the written word. So, I want to congratulate Tom Davis for his election into the Baltimore Orioles Hall of Fame. Tom was a guy I grew up watching… back in the day, before we had 24-hour news. He was always there… always talking baseball and covering the games. Through winning and losing seasons. The Cubs had Harry Carey. Baltimore has Tom. There were a few guys in Baltimore who got me interested in journalism due to sports. The GREAT Jim McKay, who helped me get into Northwestern… and whom I consider the greatest journalist of the 20th century… Scott Garceau is a local staple of Baltimore sports. And Tom… who had one of the greatest broadcast voices and pointed views of baseball that I ever heard. Well deserved. Thank you, Tom, and congratulations… Now… check out Johnny Oates and Jeffrey Hammonds in this video…  No. 4: Wait… What?Well… From Yahoo…
This is a new one for me… I have been long INTC through selling put spreads in recent days on the stock. And I want to note that there are no coincidences simply. T his stock has been running for several days… I believe that there are people front-running policy in D.C. We have to pay more attention than EVER to stocks that have any ties to this administration’s moves. I’m on top of it… I’ll find more ideas soon - but this move on Intel in the last week is manic… And now we know why… No. 5: The Markets Are Not EasyI think the last week has proven what we already know. It’s REALLY hard to short the markets. Despite all that chatter around inflation and all that woe around rising rates and fears of inflation… this market is resilient. I don’t like to short unless ONE thing happens. The FNGD goes above its 50-day moving average… and that’s that. Because that’s where leverage is leaving the financial system, aside from that, I don’t bother. I think that it’s hard for new people to wrap their heads around what I’m talking about sometimes. And I don’t want to misguide you. So, I always recommend that you watch this video called The Wave Speech. This is my thesis on the financial markets. And I’m going to trade this until it breaks. I want you to join me on this journey… you and me… in a motorcycle and a sidecar… Got my foot up on the gas… but somebody’s gotta do it… And finally… I love this movie scene… Patriot Games.  I get comparisons to the Patriot Games Jack Ryan… Never the Ben Affleck … Jack Ryan… though… Stay positive, Garrett Baldwin About Me and the Money Printer Me and the Money Printer is a daily publication covering the financial markets through three critical equations. We track liquidity (money in the financial system), momentum (where money is moving in the system), and insider buying (where Smart Money at companies is moving their money). Combining these elements with a deep understanding of central banking and how the global system works has allowed us to navigate financial cycles and boost our probability of success as investors and traders. This insight is based on roughly 17 years of intensive academic work at four universities, extensive collaboration with market experts, and the joy of trial and error in research. You can take a free look at our worldview and thesis right here. Disclaimer Nothing in this email should be considered personalized financial advice. While we may answer your general customer questions, we are not licensed under securities laws to guide your investment situation. Do not consider any communication between you and Florida Republic employees as financial advice. The communication in this letter is for information and educational purposes unless otherwise strictly worded as a recommendation. Model portfolios are tracked to showcase a variety of academic, fundamental, and technical tools, and insight is provided to help readers gain knowledge and experience. Readers should not trade if they cannot handle a loss and should not trade more than they can afford to lose. There are large amounts of risk in the equity markets. Consider consulting with a professional before making decisions with your money.
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