Search Results for: junk
Give Me Some Damn Credit – Or Actually, No. Don’t.
More on the disconnect.
No Resolution.
Aaand that’s the week.
Welcome To ‘The Age Of Fragility’
Enjoy your stay.
Relief, But Not-So-Great Expectations.
“Unanimous concern and disappointment” and deteriorating sentiment despite a bid for the periphery.
Rudy Giuliani: Trump Can ‘Probably’ Pardon Himself
Believe it or not, that wasn’t even the punchline – this was…
BTP-Bund Spread Widens As Italy All Set To Try Populist Government, Because What Has Ever Gone Wrong With That?
But don’t get any ideas or Draghi will “rip your eyes out”.
‘The Snapback When It Comes Can Be Vicious’: Albert Edwards Thinks Credit ‘Isn’t Getting The Message’ (Yet)
“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’!”
David Stockman Says This Cycle Is An Octogenarian – At Least
“…like in the case of an aging human, where weakened defenses and impaired resilience cause it to succumb to infections and other exogenous threats, the main street economy is exceedingly vulnerable.”
David Stockman On Subprime, WeWork And Beer Goggles
“Between the March 2009 bottom and the January 2018 peak, of course, they were essentially buying the dips—-about 50 of them with material dimension. The short-run narrative constantly changed—low interest rates, escape velocity ahead, synchronous global reflation, Goldilocks once more—-but the mechanic was always the same.”
Here’s Why There May Be Rainy Days Ahead For A Popular Hedge Fund Strategy
“The strategy almost looks foolproof on paper.  Yet like most things in the markets, nothing lasts forever.”
Trump Wakes Up, Says ‘Flunkie’ Haberman Is Conspiring With ‘Drunk Losers’ To Get Cohen To ‘Flip’
“I don’t see Michael doing that”.
High Yield Is Back!
Needless to say, all of this could turn on a dime, but for now…
David Stockman: That ‘Unicorn’ Isn’t Real
“The single most important price in all of capitalism is the interest rate—-and at all points on the maturity curve. And the single most important truth about honest interest rates is that they must be discovered by markets, not imposed by the state.”
Low Tech.
It should be fine. Really.
David Stockman: Trump Now Has ‘Arguably The Most Militarist National Security Team Ever Assembled’
“…is arguably the most interventionist, militarist, confrontationist and bellicose national security team ever assembled by a sitting President.”
Just Another Day In Legal Hell With Donald Trump And Michael Cohen
“According to the Washington Post, Donald Trump has been wandering around Mar-a-Lago asking random rich people if they believe Daniels’s story.”
David Stockman: Amazon Is The ‘Bubble Tracker’
“Since the rules of arithmetic apparently have not yet been “disrupted”, AMZN’s implied multiple on operating free cash flow has erupted from an already frisky 39X to a completely absurd 120X.”
David Stockman: ‘Kudlow’s Job Is To Dig Through A Pile Of Horse Manure And Find Trump A Pony’
“That’s because his newly appointed task will be to dig through Ronald Reagan’s proverbial room full of horse manure to reassure the Donald that there is a pony in there somewhere.”
BIS: Passive Bond Funds May Pose Threat To Financial Stability
“Unlike active investors, they cannot express their disagreement with the decisions of individual issuers by selling their holdings.”
Short Demand For HY ETFs Hits Record
“The ability to achieve HY short exposure via exchange listed products has allowed a wider range of market participants to put the trade on.”
David Stockman To CNBC: ‘That Was Just Janet Yellen In Trousers And A Tie’
“The Donald seems to think that the 37% gain in the stock market between election day and the January 26th high was all about him, and in one sense that’s true. Donald Trump is all about delusional and so are the casino punters.”
What’s Going On With Credit Vol.?
“…the tail risk associated with the bond trade unwind has become more visible.”
David Stockman Presents: A $67 Trillion Nightmare
“To wit, there never would have been a double inverse VIX ETF under a regime of honest money and free market financial discipline; nor would you find European junk bond yields trading inside of US treasuries.”
Trader: ‘The First Canary May Have Already Expired In This Coal Mine’
On the bright side, remember that people were talking about high yield and canaries in November and we got through that ok.
In High Yield: Exodus
“Big league”.
You must be logged in to post a comment.