Guy LeBas (@lebas_janney) header
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Guy LeBas

@lebas_janney

Janney Chief Fixed Income Strategist & PM. Targeting a 10:1 sarcasm : useful content ratio. I do not reply to DMs for regulatory reasons.

 The Woodchipper
janney.com/
Joined April 2011
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Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)Photo by Guy LeBas (@lebas_janney)
Week Ahead Sept 28, 2026
🤖 Made with AI
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I think the biggest thing we've got going on in equities is "high water, small pipes" syndrome. When there's a small change in opinion, the trades flow through those small pipes causing a massive swing in valuation. There are fewer counterparties willing to act as a reservoir.
Guy LeBas (@lebas_janney) profile pictureGuy LeBas@lebas_janney2h
Welp
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Welp
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Owen Lewis (@is_OwenLewis) profile pictureOwen Lewis
@is_OwenLewis16h
The Singularity is coming for Physics and Biology. RIP Math.
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(If I'm rules-based this holds, but if I'm a discretionary rebalancer, I'm probably waiting until next Wednesday)
Guy LeBas (@lebas_janney) profile pictureGuy LeBas@lebas_janney4h
For the first time in a while, our month end rebalancing model has net selling in USD duration vs. net buying in equities. The Agg took back almost all of its 3-month relative underperformance vs. S&P in the last two weeks.
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For the first time in a while, our month end rebalancing model has net selling in USD duration vs. net buying in equities. The Agg took back almost all of its 3-month relative underperformance vs. S&P in the last two weeks.
Image from Guy LeBas (@lebas_janney)
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Morning Commentary: Silly Season
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Sir Patrick Stewart
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Apparently when you have a press conference fully of word salad, the curve just steepens like crazy*. n=2
Guy LeBas (@lebas_janney) profile pictureGuy LeBas@lebas_janneyOct 28
I guess you can just say things.
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Waxing poetic about the Korean economy.
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Aaaaaand he implied that he popped the AI bubble with one hike.
Guy LeBas (@lebas_janney) profile pictureGuy LeBas@lebas_janneyOct 28
Replying to @lebas_janney
Took a victory lap implying one hike tightened financial conditions and made capital allocators more disciplined. 🙄
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"When consumers interrogate reality." wut?
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I guess you can just say things.
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Warsh's intro is mostly reading the FOMC statement and then tacking on some data from tomorrow's GDP report.
Guy LeBas (@lebas_janney) profile pictureGuy LeBas@lebas_janneyOct 28
30 seconds late.
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more replies
Oof dropping some seriously patronizing tone on @colbyLsmith despite saying absolute nothing.
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Someone figured out that 2yr's too rich if there are 3x meetings taken out in the next 24mths.
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30 seconds late.
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Today's took about 20% longer to read vs. Warsh's average at 172 words.
🤖 Made with AI
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I see excellent relative value in the Good Afternoon markets.
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