Good Friday morning. Heads up; I'll be away next Monday - Wednesday on a due diligence trip so our morning letters may turn into mid-day letters. I do plan to get something out each day, even if brief, and of course our entire team is always watching the markets and our positions. 

Breaking: this morning we got the March jobs report and it came in a bit hotter than expected, but essentially in line elsewhere. March saw 303,000 jobs created vs estimates of 214,000 while the unemployment rate stayed unchanged at 3.8%. Hourly earnings came in at +4.1% (y/y). 

The US economy remains in excellent shape…just as one would expect in the midst of the Roaring 2020’s. 

Futures remain higher on the news (Dow +80, nasdaq +70), while gold is flat at $2308 and 10 year yields are higher (4.38%). As a reminder, during the dot-com melt-up…a period which is very similar to the innovation revolution underway today…the 10 yr yield averaged better than 6%. 

For those that may think this economic...