-You’ve got to fly somewhere, but the only flight available that day leaves at 6am. You begrudgingly book it anyway. -Then the day before, you get an email from the airline saying “we regret to inform you that your flight has been delayed by two hours” to a far more reasonable 8am.

My half-hour animated Broken Money video now has 500k views on YouTube. Coming up on its two-year anniversary:

Here's a Nostr exclusive: the alternative cover of The Stolguard Incident. During the design process, I had two artists design covers, and went with Kim Dingwall's cover. The other one by Joshua Griffin was cool too, but it had "movie poster" vibes and many readers prefer to picture characters the way they want rather than be shown them, so we kept that one as concept art. Still, Joshua's work deserves people to see it. Ava, Stallard, and the Jade-Eyed Witch appear alongside Asim on this version.

I brought out Nostr Lyn a bit in the second half of this chat. Talking macro on BTC Sessions w/ Luke Gromen:

A couple weeks back I was at the New York Stock Exchange for some meetings/events, and they were like "let's update your formal pic that you use for things, that's from 2022". So we do the classic "let's take a slick pic under the NYSE bell, the literal heart of capitalism" photo. Because that'll make it all professional and such. The problem is, whenever I smile, I inherently look like I'm trolling. Regardless of the setting, it looks like I'm just there for the lolz. So the pic seems kind of unusable for formal stuff. Fun for Nostr, though.

One of the few things *not* breaking these past few weeks is liquidity, actually. The Fed’s standing repo facility isn’t being used, the Fed’s swap lines aren’t being used, and the SOFR-IORB spread is only mildly elevated. #macro

Wow that sounds nuts, someone should write a book on that.

Almost nothing in macro currently matters until the Strait of Hormuz opens. That’s the macro. It’s a binary analysis similar to Covid 19.

Whenever I’m asked about private credit lately. On Fox Business, on podcasts, at conferences: