The Dallas Pension Fiasco Is Just The Beginning

The recent blow-up of the Dallas Police and Fire Pension System was entirely predictable. The combination of overpriced financial markets, inadequate contributions and overly generous pension promises mean dozens of US local and state government pension plans will end up in the same situation.

China Orders No Market Selloffs During President's Davos Trip

China has taken "measures" to prevent market selloffs this week, Bloomberg reports, as President Xi Jinping’s appearance at the World Economic Forum in Davos puts Asia’s largest economy in the global spotlight, and its immediate reaction has been to manipulate its stock market.

The Psychological Impact Of Loss

Despite all of the arm waving and pounding on the table by advisors touting long-term average returns, time-in-the-market, etc., the psychological impact of loss is all too real. While “buy and hold” investing has its appeal during bullish trending markets, the “impact of loss” on individuals is a far greater emotional pull. This is why investors tend to do everything backwards by “buying high” (greed) and “selling low” (fear).

US Equities... Last. Man. Standing.

Trumpflation expectations have given up... bond-great-rotaters have given up... and carry-traders have given up... So what happens next?

Reagan And Trump: American Nationalists

Since World War II, the two men who have most terrified this city by winning the presidency are Ronald Reagan and Donald Trump. And they have much in common...

Ignore At Your Peril

They’re at it again. It isn’t enough that the Federal Reserve’s tighter monetary policies are hamstringing global economic growth, but over the past week a few different Fed officials floated the idea of reducing the size of the Fed’s balance sheet. They seem intent on tightening until something breaks.

Ackman's Pershing Square Busted For Violating Pay-To-Play Rule; Fined $75,000

Following a disappointing year for Bill Ackman, in which his Pershing Square returned -13.5%, moments ago Ackman got some bad and some good news. The bad news is the Pershing Square was among 10 investment advisory firms who were busted by the SEC for engaging in pay-to-play schemes, or accepting pension fund fees within two years of making donations. The good news: the penalty is a whopping $75,000.

David Einhorn Explains How He Is Trading The "Trump Presidency"

1) Long a variety of low-multiple, tax-paying, U.S. value stocks; 2) Long AAPL; 3) Long GM; 4) Short “bubble basket.” 5) Short oil frackers, 6) Short CAT (and other similar industrial cyclicals that have moved much higher post-election).