Visual Proof That Central Banks Killed Active Management

“I’ve gone to great lengths to try and disabuse retail of that notion, and not because I want to make people feel stupid. But rather because I want investors to understand that if central banks pull back and markets are allowed to trade in a two-way manner again, suddenly everyone is going to realize they weren’t the gurus they thought they were.”


A Good Bottle Of Scotch Would Be Nice: Making Sense Of Market Nonsense

Thank God for four months of sobriety because the old Heisenberg would have been at the bottom of a good bottle of scotch right now…

Good News! “Only” 16% Of The World’s Total Debt Now Has A Negative Yield

The only question now is whether the long list of “known unknowns” eventually conspires to put the brakes on the reflation meme and trigger a central bank response that plunges us right back down the “accommodative” policy rabbit hole.

This Is One Rally You Probably Shouldn’t Fade (And I’m Not Talking About Stocks)

Holy Schatz! Again.

Bank Of Japan’s Batshit Policy Prescriptions Explained In One Short Video

Summarized with a slightly modified quote from the video: “It remains to be seen if this crazy sh*t will work.”

A “Stimulating” Pocket Guide To Central Bank Largesse

On Friday in “The Ghosts Of Central Banks Past And Future,” I outlined the history of recent QE measures by the ECB, the Fed, the BOE, and the BoJ (using a table from Goldman) before presenting readers with a thorough rundown of what’s ahead for the world’s central banks in 2017. I thought this was an…

Daily Kickstart (Swedish Edition)

It makes total sense to take some money off the table. We’ve priced in no policy mistakes. We’ve priced in no market accidents, and we’ve ignored all sorts of political issues. That’s from Mohamed El-Erian and the former PIMCO chief could scarcely be any clearer. This week the market has taken apathy to a whole new…

Daily Kickstart (BoJ Recap Edition)

“European stocks climbed to their highest in almost a year, while bonds and gold fell, demonstrating markets’ increasing resilience to geopolitical shocks,” Bloomberg wrote this morning, echoing sentiments I expressed overnight about the extent to which risk assets now seem immune to geopolitics, even as investors overwhelming say 2017 is likely to be the year…

A Look Back At 8 Years Of QE

Well, we’re coming to the end of an era. The median Fed dots now presage three hikes in 2017 and Deutsche Bank’s models now incorporate the rolling off of the FOMCs assets and under once scenario, even the gradual liquidation of the SOMA portfolio. Meanwhile, the ECB has signaled its willingness to at least start the…