“It is not unusual that losses may be happening.”
Category: credit
An Oxymoron For 2018
Will idiosyncratic risks be magnified as global QE is rolled back?
Lost: $25 Trillion Worth Of Yield
Please return to market if found.
The Big Top, The Big Long, The Big Short, & The Big Risk (‘Big League’)
The air up here is thin.
Into The Wild Blue Yonder.
Ok, well there were some notable headlines to start the week…
Sour Note.
Well, an eventful week ended on a sour note, which is a shame for the bulls because Thursday was a barnburner.Â
Watch The Throne.
What happens over the weekend no longer remains confined to the weekend.
‘The Biggest ETF In Town’
“And with CSPP holdings at €116bn and growing, a big ETF at that!”
‘Fuggedaboutit’: Bill Gross Says ‘This Market Is Fake’
“Fuggedaboutit.”
Bubbles, Bubbles, Everywhere…
“Bubbles, bubbles, every where, Nor any one to pop.”
‘The Results Look Pretty Bleak’
You have been warned (again) (and again) (and again).
‘Listen Up!’ Albert Edwards Wants To Talk To You About Bubbles
“The Fed and BoE are once again presiding over a credit bubble, with the BoE in particular suffering a painful episode of cognitive dissonance in an effort to shift the blame elsewhere – the credit bubble is everyone’s fault but theirs.”
I’m Out Of Bullets, How About You?
Can I borrow your double-edged sword?
With Corporate Debt-To-GDP At An All-Time High, The Defaults Are Coming…
I have absolutely no idea how any of that is sustainable and/or realistic.Â
This Hasn’t Happened Since 2014 (iTraxx Edition)…
Ok, it looks like some folks have seen enough.Â
Requiem For A Crisis.
Kind of makes you think…
‘Quantitative Failure’ Crashes The ‘Party’
“It’s important to remember that this is merely a microcosm of the larger dynamic at play across assets and across regions.”
Trader: Here Is The Only Way This Can End Well
“So how then might the story line read? That all this nonsense that globally rising rates and widespread balance sheet reduction just can’t be a calm experience. Investors simply own too much toxic “financial products†to make that likely.”
Grizzly Attack! Albert Edwards Says ‘January 2008 Is Here Again’
“This was last seen in 2007, just before the bursting debt bubble blew the global economy and financial system to smithereens.”
Here’s A Market That’s ‘Unambiguously Stretched’
“Despite overall mixed macro data and the failure to pass health care legislation in the US, spreads on virtually all indices have converged back to their post-crisis tights.”
A Record Percentage Of BofAML Clients Now Expect A Credit Selloff
Listen, here’s the thing: at some point, credit markets are going to wake up. Now
Stocks Fly To Records, Global Risk Rally Continues As Bad Data, ‘Good’ Yellen Keep Hope Alive
The message is loud and fucking clear: the vol. seller’s/ carry trader’s paradise and the risk party that’s made every homegamer with some SPY and QQQ look like a guru for the past eight years depends on DM central bankers staying some modicum of dovish. And on that score, bad data helps.
That’s Not Low Volatility, THIS Is Low Volatility…
We both agreed that while suppressed equity vol. grabs all the headlines, it is in fact credit’s Teflon performance that wins the John Gotti prize for “most bulletproof asset class.”Â
One Trader Won’t Tell About The Aliens In His Basement, But He’ll Talk About Price Sensitivity
“Rather, as we ponder the notion of a global regime change in monetary policy, and rates more broadly, it’s a big mistake not to consider that at some point issuers will be fighting to tap into a far more selectively inclined investor base.”
If This Is The Big One, ‘You’re Going To Have To See It Here Too’…
“Do as we say in rates and do as we do in credit” – or something.
Trader: ‘Stocks Might Even Go Down. Stranger Things Have Happened’
“So the question you need to be asking isn’t whether something is mispriced, but what are the catalysts that will convince the market that it’s time to recognize it as so.”
This Could End With “Large Retail Investor Outflows From Bond ETFs”
If you are a credit investor, you should be worried right about now. For one
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