“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’!”
“The strategy almost looks foolproof on paper. Yet like most things in the markets, nothing lasts forever.”
Well, that was interesting.
Needless to say, all of this could turn on a dime, but for now…
“Slim margin”of error for Goldilocks.
Imagine a world without QE…
“This seemingly counterintuitive result has a distinct ‘path-dependent’ flavor.”
“Tremendous” things are happening.
“They’re back. I thought they had all given up, but like an old college buddy who’s going through a bad divorce and just needs a place to crash for a ‘few days,’ the corporate credit skeptics are a tough lot to shake.”
What happens to the zombies (so to speak)?
Well needless to say, this was not a particularly inspiring week.
And so we close the book on February.
“The ability to achieve HY short exposure via exchange listed products has allowed a wider range of market participants to put the trade on.”