Quietly Up

A small gap up for the Nasadaq this morning will most likely be filled at an unknown time. This market seems a bit tired, perhaps ready for the weekend already.

If it weren’t for a rare public appearance from hedge fund manager Ray Dalio on CNBC, who mentioned Hitler of all things, we’d say it’s a pretty boring Friday.

While Mr. Dalio sees low odds for an economic downturn, his comments are most indeed notable:

I don’t know whether we’re beyond the point of being able to successfuly manage this. And I worry then about– social disruption. I worry about– another leg down in the economies– causing– social disruptions. Because deleveraging– can be very painful, it depends how they’re managed. But when people– get at each other’s throat, the rich and the poor and the left and the right and so on, and you have a basic breakdown,that becomes very threatening. And for example, Hitler came to power in 1933, which was the depth of the Great Depression because of the social tension between the factions. So I think it very much is dependent on how the people work this through together and worry about the social elements.