Bass Master

We are passengers in time
Lost in motion, locked together
Day and night by trick of light
But I must take another journey
We must meet with other names
--The Fixx

Had never heard of Kyle Bass before, but was quite impressed with his demeanor and thought process during these interviews (part 1, part 2). I found myself going thru these multiple times.

Essentially, his thesis is that the world's debt load is larger than its ability to pay. When he says that there will be debt 'restructuring', this is a code word for defaults (i.e., creditors are not going to get paid per original obligations).

His asset allocations are interesting. Looks like he's short JGBs in pretty good size. His, 'I can't see how you can own stocks' comment seemed to sober the talking heads a bit.

position in SH