Markets Would Be A Lot Safer If We Wound Back The Clock About 25 Years
But times have changed.
But times have changed.
“Many of these same investors, however, tend to agree with us on a two year view that things are likely to end very badly.”
Buckle up.
Something tells me that if we do get a truly meaningful selloff in HY and/or EM credit, this is going to be the only thing anyone is talking about.
Not what I would call an “upbeat” session.
Here’s something else to worry about.
The fireworks started in Japan and that’s where they ended.
You can draw your own conclusions there…
What happens over the weekend no longer remains confined to the weekend.
In the end, the “truth” will prevail.
Thursday, bloody Thursday.
Are we there yet?
“It does feel like this is a different level of crazy,†the veteran editor said.
“Let me in.”
“… and guess what the most crowded trade is?”
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…
Let Mario Draghi just be “clear”: he is not convinced that you are convinced that
“In the end, however, there may be no escape for investors”…
“That’s pretty remarkable. But you have to wonder how much higher the number would be if people really knew what’s going on.”
“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.”
Paging 2 Chainz…
“Big league.”
“It’s the millennial’s wild west. Like all generations, they’ve discovered a new frontier, with few rules, seedy saloons, gunfights, corpses. As our earthly unknowns disappear, we find new ones in the ether. “
“We start with liquidity as a principle which leads to a sequence of events that escalates into a liquidity crisis, response to which is then an aggressive liquidity injection. At this point, we have to ask the logical question”…
“At last Treasury yields are rising,” Bloomberg’s Paul Dobson writes this morning, projecting what he imagines
“The truth is that letting the Dreamers work legally helps the U.S. economy; pushing them out or into the shadows is bad for everyone except racists. To understand why, you need to realize that America, like other advanced economies, is facing a double-barreled demographic challenge thanks to declining fertility.”
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