Words to Remember
Risk Management Beats Risk Avoidance 🧠
“The irony is that this is a market where the safest way to make money is to take some risk, and the riskiest way to make money is to be safe.”
Why we ran it
Kevin Warsh tore up the Fed's forward guidance and went quiet on purpose, the same week a U.S.-Iran peace deal reopened the Strait of Hormuz. Less hand-holding from the Fed means more uncertainty to price. Klarman's line is the reminder that hiding from it has a cost too.
From the June 19, 2026 issue: Warsh Rips Up The Roadmap →