• Through the lens of “asset class deflation vs. dollar devaluation,” a weaker greenback and/or higher commodities would be a welcome signal for equity investors.
  
  
• The notion of a “seismic shift” between asset classes continues to vibe, particularly as credit conditions deteriorate and foreign holders of dollar-denominated assets lose patience.
  
  
• Riddle me this, Minyans—if the government can declare martial law on equity short-sellers, why can’t they eradicate CDS contracts that aren’t offset by underlying collateral?
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• We’ve long noted that there are two types of thrift: involuntary and voluntary. The former is when you can’t afford to fill up your car to take your family to Applebee’s. The latter is when you’ve got money in the bank but choose not to spend it. We’re currently caught smack dab in the middle of both.
  
  
• Over the last few days, I dined with friends in the hedge fund community who are “killing it” (both are up well into the double digits). You know what they’re seeing into year-end? Redemptions as, despite their excellent performance, investors are getting liquid wherever and however they can.
  
  
• The upside of anger? The cost of living declined last month at the highest clip in 60 years.
  
  
• Remember in early 2007 when Fortress Investment Group (FIG) went public and the Street was a flutter? We noted the flies in that try at the time and they’ve indeed been buzzing since.
  
  
• Peering around the corner at potential upside performance anxiety--and given the putrid performance of late--keep the master beta names on ye radar as potential "bang for the buck" vehicles. These include Google (GOOG), Research in Motion (RIMM), Baidu (BIDU) and Apple (AAPL), among other once proud high fliers.
  
  
• The critters receive word two weeks from tomorrow on their Emmy nod and two days thereafter, we’ll be partying for children’s education (you’re invited!). We’re thrilled to be considered so win, lose or draw, we’re keeping it in perspective.
  
  
• Consistent with my stylistic approach of late—and with the exception of a small crude position—I went home flattish on Friday. With volatility as it is, I’m content to hit it and quit it and share my best ideas in real-time.
  
  
• I’m all for the Yankees grabbing CC Sabathia but I can’t help but wonder when deflation will arrive in the sports world. Six years at $140 million is a lot of money when folks will struggle to afford a ball game.
  
  
• A perspective directive by Mitch Albom (thank you Detroit Minyan Art).
  
  
• Gotta hop the fence to the Buzz & Banter, Minyans. Have a great week and remember that profitability begins with.

R.P.


Did you know the doors to Festivus 2008 are officially open? Have you yet locked your spot for the critter trot as last year's soiree sold out? (This is our annual event to commingle our professors, partners and Minyans while chowing down and listening to live music. The very best part? It's for the kids in the good name of my grandfather.)