“The weapons of mass destruction during the Great Financial Crisis were three-letter words: CDS (credit default swap), CDO (collateralized debt obligation), etc. The current weapon of mass destruction is also a three-letter word: ETF (exchange-traded fund). When the world decides that there is no need for fundamental research and investors can just blindly purchase index funds and ETFs without any regard to valuation, we say the time to be fearful is now.”
Day: April 27, 2017
Does This Market Have Bad Brea(d)th?
“Some investors worry that the index’s earnings and price rely too heavily on a small number of companies, making the broad market vulnerable to a potential shock suffered by one of those firms.”
Don’t Look Now, But Something Cracked On Tuesday
One of the questions we’ve been asking for some time now is this: “when will emerging markets finally start to crack?” Indeed it was just
Caught On Tape: Alex Jones Admits He’s A Fraud – “It’s Satire!”
I’ll admit that I can’t quite decide how to frame the ongoing Alex Jones versus the world+his ex-wife story. On one hand, it’s pure comedy
“Don’t Believe The Hype”: 2 Charts Suggest Central Banks Are Not All Powerful
“It’s always a good idea to challenge preconceived notions by delving into the data. Sometimes we find our convictions are strengthened, which gives us the confidence to look through market noise. Occasionally, however, we find an answer other than the one we’re looking for.”
4,000 People Were Asked About Trump’s First 100 Days – This Word Came Up Most
Ok, so allow us to frontrun the criticism right off the bat by conceding that what we’re about to highlight is a survey of WaPo
Epic: One Strategist Explains Why This Market Is Like Wile E. Coyote
“A coyote walks floating in the air above the precipice, and it falls only after it looks down and becomes aware of how it has no support beneath its feet – as if it has momentarily forgotten the natural laws its body has to obey, and has to be reminded of them.”
“Amazingly,” This Trade Is Probably Going To Work However You Put It On
“Amazingly, that 110 bps increase in the percent of sales was the biggest acceleration in non-store retailing since we have data going back to 1993, and was as big as the prior two years combined.”
Guest Post: “The Chance Of A Melt Up Has Never Been More Intense”
“Yet too many investors mistakenly believe good old fashioned fundamentals still drive financial asset markets. Nothing could be further from the truth. Since the 2008 credit crisis, Central Bank flows have made a mockery of financial pricing theory.”
The Retail “Big Short” Goes Mainstream As WSJ Touts The CMBX 6 Trade
Well, it’s official. The CMBX 6 trade has gone mainstream. And predictably, just in time for it to be all played out. Or at least
Le Pen Stand-In Says It’s “Bullshit” You Keep Bringing Up That Time He Denied The Holocaust
“This is the first time I hear this kind of bullshit, I have no memory of it. Maybe I gave an interview but these are not my favorite subjects.”
Euro Jumps On Draghi “Diminished Risks” Remark – Then Gives It All Back
DRAGHI SAYS DOWNSIDE RISKS TO ECONOMY HAVE FURTHER DIMINISHED
Kuroda Shrugs, Twitter Lampoons Sweden, Deutsche Crumbles: Welcome To Thursday
Ok, so as detailed earlier this morning, the first thing you should note about the overnight session was the action in the loonie and peso
Confused About Trump’s Tax Plan? Goldman Has Your Back With A Handy Q&A
“This suggests that tax legislation is unlikely to become law before Q4 2017. While enactment shortly before year-end is a clear possibility, we believe it is more likely to become law in Q1 2018.”
ECB Stays Put Following French Election
ECB LEAVES DEPOSIT FACILITY RATE UNCHANGED AT -0.4%
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