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).

Banks Are Getting Battered

US financials stocks are down 3% from Friday's exuberant post-earnings opening highs. That is the biggest drawdown since the election with BofA, JPMorgan, and Goldman leading the downturn (down almost 5% from Friday's opening highs)...

Trump Takes On The Deep State

"The deep state" is shorthand for a force within Washington that is able to guide the US' ship of state over periods of time longer than presidential terms, and at times despite the stated intentions of elected officials. If Trump has indeed embroiled himself in a conflict with this entity, then, what does that mean for his policy plans and for the post-Inauguration markets?

Taiwan Holds Military Drills Simulating Naval Invasion By China

Taiwan today sent the clearest message to China that it is taking deteriorating diplomatic relations with its estranged mainland cousin seriously, when the island nation began two days of military drills simulating an attack by China, in the wake of Beijing's sailing of an aircraft carrier through the Taiwan Strait as the government sought to reassure the public.

Why Obamacare's "20 Million" Number Is Fake

The next time a defender of Obamacare tries to take the moral high ground about the millions of people the law has helped, ask them to define what “help” looks like.

Trump As Lightning Rod (Not Just For Disaffected Progressives, But For Panicked Insiders)

Trump isn't just a lightning rod for delusional Progressives who were happy to see their real-world fortunes erode away as long as the Insiders in charge kept muttering the desired symbolic speech acts; he is also a lightning rod for Insiders fearful that their Insider apple cart is about to be upended, and they might actually have to work for a living, or actually compete in the real world--something they know they are ill-prepared to survive.

Trump Touts "People Are Seeing Big Stuff” After GM Unveils 7,000 New U.S. Jobs

"As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners.  The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value.”

Trump Trounces Yellen - Dollar Dumps, Erases All Post-Fed Gains

It appears The Donald is stronger than The Fed (for now). The president-elect's comments that the dollar is "too strong" have accelerated the weakness from his press conference last week, and erased all the "well the dollar is up because the US economy is so strong" gains in the greenback since The Fed hiked interest rates for the second time in a decade...

Bonds & Bullion Are Surging As Small Caps Give Up 2017 Gains

Following Friday's plunge in bond and bullion prices, dollar weakness (on Trump's comments), Brexit uncertainty, and looming inauguration appear to have sent a ripple of anxiety through capital markets sending Treasury yields tumbling (6-8bps lower across the curve), gold prices soaring (above $1215), and stocks tumbling (Small Caps back in the red for 2017)...