Good evening:

"Avoid big losses. That’s the way to really make money over the years.”- Julian Robertson

Robertson, the Wall Street investor who with a handful of others pushed short selling into the mainstream, helped to create the modern hedge fund industry. He died on Tuesday at his home in Manhattan. We begin this week’s note with his quote on avoiding loss, a particularly helpful reminder amid these choppy waters. One day markets are ripping into the close, the next they’re diving lower on the Fed’s hawkishness. The elite stay the course amid the turbulence.

Here’s Chair Jay Powell on Friday from Jackson Hole, affirming that the Fed will “use our tools forcefully” to attack inflation that’s still running near its highest level in more than 40 years:

"Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance," Powell said. "Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions."

"While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortun...

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