Value Versus Growth: One Firm Reminds You That ‘This Time’ Is Never Really ‘Different’

“Yet that raises the question – did something change in the Great Financial Crisis, or is this just a pause in the strategy’s long-term outperformance?”


‘The Snapback When It Comes Can Be Vicious’: Albert Edwards Thinks Credit ‘Isn’t Getting The Message’ (Yet)

“And another straw in the wind may be the performance of a newly issued junk bond of a company called WeWork who have invented an entirely new, nonsense valuation metric – ‘community-based EBITDA’!”

It’s ‘Grotesque’! Of Buybacks And Leverage

“…it’s not like you have to dig deep to find a problem.”

‘Dragon Energy’.

That’s one “very cool” holding pattern.

Here’s Why There May Be Rainy Days Ahead For A Popular Hedge Fund Strategy

“The strategy almost looks foolproof on paper.  Yet like most things in the markets, nothing lasts forever.”

Revisiting The Hierarchy Of Vulnerability (Again)

The bottom line (or at least from where I’m sitting), is this…

From Inflation To ‘Quantitative Failure’: What Are Credit Investors Most Concerned About?

“Slim margin”of error for Goldilocks.

Goldman Isn’t Saying Now Is The Time To Hedge, They’re Just Saying If There Was Ever A Time To Hedge, It’s Probably Now


Quarter Back.

It was only fitting that the quarter should close in dramatic fashion for U.S. equities.

Enjoy The Easter Bunny, Because Q2 Will Be Just As ‘Interesting’ As Q1

“Enjoy those chocolates.”

David Stockman: That ‘Unicorn’ Isn’t Real

“The single most important price in all of capitalism is the interest rate—-and at all points on the maturity curve. And the single most important truth about honest interest rates is that they must be discovered by markets, not imposed by the state.”

Low Tech.

It should be fine. Really.

‘Rates < HY < IG < Equity': Hierarchy Of Vulnerability Revisited

“This seemingly counterintuitive result has a distinct ‘path-dependent’ flavor.”

‘In Late January A Client Called Us With An Exasperated Query’: Why Barclays Sees A ‘Bumpy Road Ahead’

“In the last week of January, as equities went on yet another run, a client who had been waiting to buy the dip called us with an exasperated query.”

Hide The Women And Children.

“Tremendous” things are happening.