What happens over the weekend no longer remains confined to the weekend.
Category: high yield
Stocks Tried To Lie To Jeff Gundlach – And You Can’t Lie To Jeff Gundlach
In the end, the “truth” will prevail.
Flies In The Ointment.
“Well in a low vol world, yesterday was fascinating and a small shock to the system.”
A Truly Taxing Day.
Thursday, bloody Thursday.
‘Great Again’
Are we there yet?
Here Are A Bunch Of Scary Charts For Halloween.
“The only thing to fear is fear itself.”
Stark Raving Mad.
“Let me in.”
‘It Has Been Too Long’: Junk Heaven
“It has been too long. Way too long by the standards of its predecessors, and yet this credit cycle still shows few signs of an impending turn.”
Where To Be Long As Low Vol. Persists, According To Goldman
Were you wondering where you need to be long as the low vol. regime drags into its 482nd year? I’ll answer that for you: no, you weren’t. Wondering that is. Because…
Goldman Spots A Potential ‘Sign Of Trouble’ In High Yield
“It has only been flatter in only 20% of the trading sessions since the crisis.”
Calm Before The Storm.
Although you’d be forgiven for asking where the “calm” was.
BlackRock Won’t Touch Bitcoin, But They’ll Gladly Sell You An ETF Nightmare
“…to all the Bitcoin fans and crypto-crazies out there, I’ve got good news: I’m siding with you on this one.”
‘Pigs Just Might Fly’ In A World Where Spreads Are This Out Of Touch With Leverage
“However, by 2008’s final quarter, corporate debt reached 523% of internal funds and the high-yield EDF soared to 10.33%. At the same time, a mild recession was turning into a global calamity.”
Trader: Investors Have Become ‘A Great Passel Of Hogs’ Who Will Be Summarily ‘Butchered’
“In a financial world characterized by central bank front running and put issuing, being a swine has been acceptable behavior. You can play the part and not get slapped. However, as we start to seriously contemplate tapering or, dare I say it, normalizing, the risk becomes that the great passel of hogs does meet their prophesized fate and gets butchered.”
What’s The Most Expensive Asset This Week?
Paging 2 Chainz…
‘They Bought It All – Literally’
To be sure, traders and investors were left to cope with conflicting signals in the
Fed QE’s Dramatic Effect On Credit Markets In One Annotated Chart
Global central banks certainly haven’t succeeded in creating the type of robust recovery they ostensibly
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
Riders On The Storm.
Right, so the storm wasn’t supposed to come until next month.
More ‘Junk’ Talk
Dispersion is the trend.
The Risks For This Asset Class Are Asymmetrically Skewed To The Downside
Given that the weaker dollar and a slow pace of policy normalization are key pillars of support for emerging markets, and given that the same thing that’s weighing on the dollar (Donald Trump) is also behind fleeting risk-off moves, it makes sense that EM would outperform USD HY. But…
Trading The White Moose With Carl Icahn
“Central Banks are printing money out of thin air and buying stocks with it. Stop a moment and really take that in.”
The Dirty Little Secret Behind The EM Rally…
“However, below the surface”…
The Good Looking Ones Are Always Bad News
“Why not just short the actual security that will cause the other security to decline?”
Borrowed Time.
Tick, tock.
America The ‘Financial Prozac Nation’
” It’s almost like investors are citizens of some financial Prozac Nation, emotions suppressed and buying all kinds of assets regardless of the perceived risk (or return).”
Requiem For A Crisis.
Kind of makes you think…
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