“…history would suggest markets are likely to perform poorly.”
Category: high yield
“Equities Are The New HY” – “Weep” Now Or Forever Hold Your Peace
“Equities for yield, bonds for capital appreciation.”
Goldman Epiphany: Stocks, Junk Perform Worse When Econ Slowdown Dead Ends In Recession
So Goldman has something new out on Tuesday about ISM peaks and what generally happens
This Is A Bubble
Ok look, I know we’ve said this over and over. But the evidence just keeps
Wednesday’s Equity Bloodbath Produced A 94th Percentile Moment
“The outperformance has only been greater in 6% of the sessions in two years.”
Apparently, Energy Is One Place Where Equities Are Smarter Than Credit
Early last month, we showed you a chart that “made no sense.” See how the
After $1.5 Billion Outflow, Investors Now Most Bearish On High Yield Since 2008
“Should retail flows turn negative or equity markets selloff, high yield is likely susceptible to a backup.”
One Bank Goes Deep, Finds “The Major Performance Differentiator” For Stocks
Who cares about corporate leverage? Well shit, if you look at high yield spreads as
Fair-Weather Friends In Junk
In other words, they’re around when you don’t need them and not so much when you do…
Goldman Asks: “Is This The Next Shoe To Drop”?
“Additionally, the number of CCC-rated retail and apparel issuers has tripled over the past six years, with the share of CCC issuers in the Retail sector rising to the highest level since the recession at nearly 14%”…
Two Words For Junk: “5th Percentile”
“Moving over the small hump of the French election and back to 2014 we go.”
BofA’s Shocking Admission: Here’s What Saved Us From “The Recession That Wasn’t”
“By nearly every measure – earnings, revenue, spreads, lending conditions and access to capital markets – the macro environment was one that was suggestive of negative GDP growth”…
Chart Of The Day: (No) Go With The Flow
“Flows across the asset classes we track have slowed down to the lowest level since late 2015.”
Behold! One More Way ETFs Are Distorting Markets
“The key takeaway here is that, since mid-2014, the average daily turnover on large capital structures has notably increased relative to smaller capital structures. The increase appears to have coincided with the uptick in the ETF flow volatility.”
Bill Gross Has Some “Brainteasers” For You And Eventually He’ll Say Something About Markets
“Equity markets are priced for too much hope, high yield bond markets for too much growth, and all asset prices elevated to artificial levels that only a model driven, historically biased investor would believe could lead to returns resembling the past six years, or the decades predating Lehman.”
Deutsche Bank Exclaims: “This Is The Most Boring Year Ever!!!”
Credit. Is. Passed. The. F*ck. Out.
Investors Dump Stocks For Super-Safe Junk Bonds
Just call it a “flight to (relative) safety”…
Trader: Why Do “You Need To Be Miserable To Be Happy?”
“I don’t know what kind of a market environment we’re eventually going to be in, but there’s little to suggest we’ve been living through anything approximating risk-off mode.”
Chart Check: Q1’s Outperformers & Underperformers
Q1 – in aesthetically pleasing hues of blue.
This Chart Makes No Sense
We’ve talked a ton in these pages about HY energy and the extent to which
Just Another Junk Bond Chart To Ignore On A Slow Wednesday…
…just something else you can probably ignore if you’re in junk bonds.
Does This Chart Show The Bursting Of The Junk Bubble?
“That’s it. It’s over. The HY bubble has burst.”
“There’s A Good Chance The Selloff Is A Blip”: When Dumpster Diving Goes Wrong
In case there are still questions out there regarding how I feel about high yield (i.e.
Are Carl Icahn, Howard Marks, And Heisenberg All Wrong About ETFs?
If there has ever been a moment where we’re tempted to apply the “famous last
This Is How Far Oil Prices Have To Fall To Trigger Junk Bond Chaos
A persistent theme in these pages is the extent to which the mammoth spread compression
Heisenberg Crude Challenge: Why Are These Charts Absurd?
Ok, so we’re a broken record on HY and especially HY energy. And, you’ll recall,
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