Portfolio Manager Ken Shinoda joined Bloomberg's
@kgreifeld &
@RomaineBostick live from DoubleLine's L.A. offices to share his views on the mortgage market, the diverging fortunes of residential and commercial real estate and why 2026 is shaping up to be the year of carry.
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DoubleLine CEO Jeffrey Gundlach welcomed Bloomberg's
@kgreifeld &
@RomaineBostick to our L.A. offices to discuss private credit's Wild West and the unlikely but thought-provoking scenario of a Treasury debt restructuring as a tail risk worth understanding.
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DoubleLine is excited to welcome
@BloombergTV’s The Close hosted by
@kgreifeld &
@RomaineBostick today at 12pm PT in our LA offices, featuring interviews with Senior Portfolio Managers Bill Campbell, Ken Shinoda, Jeffrey Sherman, Robert Cohen and Jeffrey Gundlach.
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NFL Champion Tom Brady and Former X CEO Linda Yaccarino join Katie Greifeld and Romaine Bostick live from the Milken Global Conference in California to discuss GLP-1s and their joint venture, eMed
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California's record rain hits the salad bar: Cauliflower is $48 a case, up from $13. Romaine lettuce is $50 from $12
聪明的朋友可能发现了,虽然BTC最低触及了66+, 但很多山寨币并没有下跌太多,比如 $Pump一夜价格没有任何波动。
这就是我经常说的理论,山寨没有那么多货可出了,也没有做市价值。
目前山寨币指数在54,以往的下跌末期都会降到30以下。
这不是偶然,是未来的趋势,BTC的波动会大于一些山寨币,反而更适合交易者操作,山寨的流动性逐渐被吸干,一些龙头会有更好的上涨,大部分逐渐死亡,不归零但没人交易。
所以抄底时也许可以多考虑一些标的。
Sharp observers might have noticed that even though BTC dipped to the $66,000+ range, many altcoins didn’t fall all that much—for instance, the price of $PUMP remained completely flat overnight.
This aligns with a theory I often discuss: there simply isn’t much supply left to dump in the altcoin market, nor is there much value in market-making for these assets.
The current altcoin index sits at 54; historically, toward the end of a market decline, this figure typically drops below 30.
This is no coincidence—it’s a sign of a broader trend. BTC’s volatility is now exceeding that of many altcoins, making it a better vehicle for traders. Meanwhile, liquidity in the altcoin space is gradually drying up. While a few leading tokens may still see significant gains, the vast majority are effectively dying—not necessarily hitting zero, but simply becoming illiquid with no trading activity.
Therefore, when looking for "buy-the-dip" opportunities, you might want to be more selective about which assets you target.
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My mom fed a homeless man behind our house for 20 years.
Three meals a day, even when we couldn’t afford electricity.
I hated her for it.
The day after her funeral, that same man took my hands, looked me straight in the eyes, and said:
“Before she died, she begged me to stay silent.”
I honestly had no idea what he was talking about.
For 20 years, this man had lived in a makeshift shelter behind our rental house.
My mom brought him breakfast, lunch, and dinner.
Every single day.
And the crazy thing was, we were poor too.
My sneakers had tape covering the holes. Sometimes we struggled to pay our bills, and there were days when we couldn’t even afford electricity.
But somehow, my mother always found enough food to feed him.
I never understood it.
I remember coming home two days before Christmas and finding a yellow eviction notice taped to our front door.
We were struggling to keep a roof over our heads, yet my mother was still preparing three meals a day for a stranger.
That night, I finally lost my temper.
Me: “Maybe if you stopped feeding strangers, we wouldn’t live like this!”
My mom turned around so quickly that I knew I had crossed a line.
Mom: “Don’t you ever DARE say that again.”
I had never seen her that furious before.
I didn’t understand why she was defending him so strongly when her own child was going without things.
I moved out when I turned 18.
We fought less after that, mostly because I stopped asking questions.
But the man stayed.
Year after year, his little shelter remained behind our house, and my mother continued feeding him.
Then my mom got sick.
Cancer made her small.
She became quiet, and it was the kind of quiet that scares you because you know something terrible is happening.
Two weeks before she died, she reached out and grabbed my wrist.
Her grip was so weak that it broke my heart.
Mom: “Promise me you’ll keep feeding him.”
I looked at her.
Honestly, I wanted to say no.
I wanted to ask why she was still worrying about that man when she was the one who needed help.
But you don’t lie to a dying mother.
So I promised.
My mom eventually passed away.
The day after her funeral, I prepared the best meal I could, put it on a plate, covered it with foil, and drove to her house.
I had promised her I would keep feeding him.
But when I got there, the man was gone.
His shelter had been completely cleared out.
Everything was gone.
The ground had even been swept clean, as if those 20 years had never happened.
I stood there holding the warm plate, wondering where he could have gone.
Then I noticed something.
A black SUV was parked at the curb.
Standing beside it was a man wearing an expensive wool coat.
He was clean-shaven, well-dressed, and looked nothing like the homeless man I had known for 20 years.
But the thing that caught my attention was what he was holding.
My mother’s old silver locket.
The same locket she had told me she lost when I was eight years old.
He looked at me and said:
Man: “I thought you wouldn’t come.”
I stared at him.
Me: “Wait… is that you? What’s going on?”
He smiled, but his expression was unsteady.
His eyes were already filling with tears.
Man: “Your mom hid something from you.”
I felt my stomach tighten.
Me: “What did she hide?”
He looked at the plate in my hands before responding.
Man: “Before she died, she begged me to stay silent.”
My blood went cold.
Me: “Silent about what?”
He gently shook his head.
Man: “Sit down. You shouldn’t hear this standing in the cold.”
We sat on the front steps.
The plate was still warm between us.
He turned my mother’s silver locket over in his palm as though it might break.
Then he began telling me something I never could have imagined.
Man: “My real name is Vernon Hale. Before all this, I owned a company. I had a big house in Connecticut, a wife, and a little girl. My daughter was six years old.”
I just stared at him.
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The Moral Collapse of the Chinese Crypto Community
To Elon Musk
2022–2023 marked the golden age of Chinese-language Twitter. Back then, there was no creator revenue you offered purely based on traffic. Two main groups of creators came here to share insights:
Influencers who migrated over with their followers after their Weibo accounts were banned.
Content creators who were already living overseas.
These people came with genuine intent to share, and they often uncovered valuable market alpha. Whether it was Bay Area Spaces, inscription research bloggers, or spot and secondary market analysts. Back then, everyone believed the next bull run would be bright. People expected their altcoin spot holdings would deliver at least 5–10x returns. After all, A16Z poured capital into projects left and right, and every so often, stories popped up of Gen Z traders hitting A8 and retiring financially free.
Then the tide turned. High-cap tokens pumped immediately upon launch. Instead of bringing fresh liquidity into the market, the ETF event drained what little liquidity remained, driven largely by Trump-related narratives.
The crash on October 11 was almost inevitable. Long before that, many had already lost everything on altcoins. That black-swan event merely liquidated whatever leveraged contract positions were left.
Starting around 2024–2025, after X rolled out creator ad revenue, a flood of traffic chasers emerged, catering to lowbrow audiences. These people do not trade crypto, nor do they care about any market narratives. They crossed over to this platform just to scrape together that tiny creator payout, as they have little footing in real life.
Consequently, we saw the worst tropes from mainland domestic social media spill over: gender polarization, disinformation, and bootlicking culture. While you tweaked the algorithm to curb plagiarism, the platform still fails to incentivize high-quality content. Plenty of boundaryless content farms still rack up views, and accounts that harass others relentlessly often evade effective reporting penalties. Meanwhile, posts from creators I used to follow have vanished from my timeline.
I kindly request that you strictly investigate accounts that distribute other users’ private information without consent.
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The Moral Collapse of the Chinese Crypto Community
To Elon Musk
@elonmusk
2022–2023 marked the golden age of Chinese-language Twitter. Back then, there was no creator revenue you offered purely based on traffic. Two main groups of creators came here to share insights:
Influencers who migrated over with their followers after their Weibo accounts were banned.
Content creators who were already living overseas.
These people came with genuine intent to share, and they often uncovered valuable market alpha. Whether it was Bay Area Spaces, inscription research bloggers, or spot and secondary market analysts. Back then, everyone believed the next bull run would be bright. People expected their altcoin spot holdings would deliver at least 5–10x returns. After all, A16Z poured capital into projects left and right, and every so often, stories popped up of Gen Z traders hitting A8 and retiring financially free.
Then the tide turned. High-cap tokens pumped immediately upon launch. Instead of bringing fresh liquidity into the market, the ETF event drained what little liquidity remained, driven largely by Trump-related narratives.
The crash on October 11 was almost inevitable. Long before that, many had already lost everything on altcoins. That black-swan event merely liquidated whatever leveraged contract positions were left.
Starting around 2024–2025, after X rolled out creator ad revenue, a flood of traffic chasers emerged, catering to lowbrow audiences. These people do not trade crypto, nor do they care about any market narratives. They crossed over to this platform just to scrape together that tiny creator payout, as they have little footing in real life.
Consequently, we saw the worst tropes from mainland domestic social media spill over: gender polarization, disinformation, and bootlicking culture. While you tweaked the algorithm to curb plagiarism, the platform still fails to incentivize high-quality content. Plenty of boundaryless content farms still rack up views, and accounts that harass others relentlessly often evade effective reporting penalties. Meanwhile, posts from creators I used to follow have vanished from my timeline.
I kindly request that you strictly investigate accounts that distribute other users’ private information without consent.
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Befor yesterday morning, agents from U.S. Immigration and Customs Enforcement detained a Chinese citizen outside Los Angeles International Airport. As they took her away, she asked a bystander to call 911. He did not. He started shouting, “Why are you taking her? ICE!” and got louder.
The Department of Homeland Security then issued a statement on the arrest of Jing Zhao, an illegal immigrant from China. On October 3, ICE arrested her. Zhao was first allowed into the United States in September 2017 on a temporary admission. She broke U.S. law, failed to leave when required, and has remained here illegally. A pending application does not give her legal status.
Last night, a friend of Zhao’s contacted Zheng Cunzhu and asked him to help. A word on who he is. He introduces himself as holding an LLM and a J.D. In fact, he stayed in the United States through asylum. He has failed the California bar more than once, still calls himself a lawyer, and has been warned twice in writing by the government. Together with Chen Chuangchuang, he opened a law office. On Telegram he recruits Chinese migrants who entered the United States illegally and files asylum for them, especially people nothing happened to in China, who only started performing anti-CCP outrage after they arrived. He calls it fear of persecution that has not happened yet.
Zheng says he reached Zhao by phone, got the details, immediately drafted a habeas petition, sent it to a lawyer for review, and uploaded it to federal court. He then posted that she had been legally waiting on an immigration decision. She had been an F-1 student, earned two master’s degrees in the United States, held a work permit, and worked with minors who have language disorders. She did not follow the news. She had planned a weekend trip and did not expect plainclothes ICE to arrest her at the airport. Her father is over 80 and disabled, and the government had assigned her to care for him.
On Zheng’s own account, she came to study. He does not say why she switched to asylum, or how China persecuted her. Her father is also here, supported by the government. Nothing is said about what he contributed. She claims persecution, takes a government wage to care for her father, and then left him, with dementia, to go on a trip.
Zheng kindly offered to seek bail through the nonprofit Voice of Immigration, and worried about who would look after the father now that she had been arrested. Who was looking after him when she left for the airport? The trip ended in detention.
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