• Pivotfarm
    07/25/2014 - 10:30
    Bloomberg carried out a study and it has just been published. It covers conference calls from 2004 to 2014 and it analyzes how American CEOs speak and what words they use.
  • GoldCore
    07/25/2014 - 09:41
    The EU and global drive toward bail-ins continues unabated. Bail-ins are coming to financial institutions and banks in the EU, UK, U.S. and much of the western world - with painful consequences for...

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Venezuela's Transformation To Socialist Utopia Is Nearly Complete As Its Factories Grind To A Halt

The good news about this particular banana republic: everything else may be imploding, but at least still has bananas.



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1 In 25 New Yorkers Is A Millionaire

New York "has the second largest millionaire and largest billionaire population of any global city," according to analysis by Spear's magazine, but as LA Times reports, walk down the streets of The Big Apple and 1 in every 25 New Yorkers you bump into is a millionaire. But if you really want to rub shoulders with the rich... almost 1 in 3 Monaco residents are millionaires) and likely billionaires too...



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"Authenticity Is As Rare As A Unicorn In Today's Politically-Motivated Markets"

In the Golden Age of the Central Banker it is impossible to distinguish fundamental economic reasons for asset class price movements from politically-driven strategic reasons. When words are used for strategic effect rather than a genuine transmission of information you create a virtual stalking horse. It’s a focus on how something is said as opposed to what is described. It’s a focus on form rather than content, on truthiness rather than truth. It’s why authenticity is as rare as a unicorn in the public world today.



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The Baltic Dry Index Collapses To 18-Month Lows; Worst July Since 1986

The bulls will ignore it, shrugging that it's merely over-supply of ships that the resurgent world economy will quickly soak up as it 'recovers'... However, World GDP growth expectations are collapsing, trade volumes are slowing, and the Baltic Dry Index has continued to slump to its lowest since the start of January 2013 (a holiday period). For some context, this is the lowest July level for the Baltic Dry since 1986... "noise"



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Apple's Quarter In Charts

The highlights from Apple's just released third quarter ended June 30: beat on EPS, margins and Mac sales, miss on revenue, iPhone sales and weaker Q4 topline guidance. Additionally, AAPL generated $10.3 billion in cash flow from operations and returned over $8 billion in cash to shareholders



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Turkish PM Cuts Ties With US, Mulls De-Dollarization With Russia

As Turkey's graft probe continues (which the Prime Minister believes is a conspiracy - fact or not - created by The West), AP reports that Recep Tayyip Erdogan has said he no longer holds "direct" telephone conversations with U.S. President Barack Obama, suggesting a rift between the leaders who were once close. What is perhaps even more concerning is Turkey's recent de-dollarization discussions with Russia to move to settlement in local currencies. It appears 'allies' are falling by the way-side quicker than many thought...



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Stocks Are Up - It's Tuesday Durr!

A hot CPI and better-than-expected home sales was all that was needed (aside from USDJPY and VIX pumps) to send the S&P 500 and Trannies to new all-time intraday record highs. Escalating sanctions threats and death tolls be buggered... this is going to the moon, Alice. Treasuries were less than exuberant and rallied 4bps off their high yields of the day (i.e. totally disconnecting from stocks) and even USDJPY decoupled through the middle of the day. The USD rose 0.3% (biggest jump in 3 weeks) testing up towards 5-month highs. Gold and silver were dumped, pumped, and then dumped as CPI and housing data hit to end the day mixed. Credit rallied but diverged again this afternoon and remains wider post-MH17. VIX closed back below 12. Only the Dow remains modestly red since MH17 headlines hit last week and in spite of all this exuberance The Russell 2000 remains -0.5% year-to-date.



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Ackman Unleashes Herbalife's Biggest Single-Day Gain Ever

(+24%!! WTF) - The market has spoken: the only thing that can destroy Herbalife now is if Ackman buys a minority stake, joins the board and "fixes it"



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Efficient Markets? August Oil Futures Flash Smash & Crash Into Expiry

August WTI Crude Oil futures expired at 230pm today... a fact that has been known for years... and yet, in the minutes before the 'last trade' settlement, the 'efficient' markets in which traders trade saw August futures flash smash higher by over $1 (running stops to the upside) and then crash to the day's lows (running stops to the downside) before closing modestly lower on the day. "unrigged"



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Bubblenomics And The Future Of Real Estate

?Economics is like a Monet painting. Stand too close and all you see is a bunch of seemingly random paint strokes. Back up a few steps and an image emerges. The painting of bubblenomics started with the Plaza Accord, September 1985, where five nations agreed to manipulate the dominant currencies at the time. Japan enjoyed a 50% devaluation of the US$ vs the yen, artificially enriching its citizens so they could travel the world in busloads with eighty pounds of cameras around their necks. The consequences of that bubble have yet to be corrected. Based on healthy guidelines, the price of real estate is far too expensive today, or, more precisely, the cost of housing is too high but we may need another crisis before the market will wake up to the needed changes. In the meantime, money printing and hype will continue.



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Portugal President Admits Espirito Santo Failure Could Be Systemic As Another HoldCo Goes Bankrupt

As RioForte joins its parent ESI in bankruptcy, in a strangely honest turn of events from a European leader, Portugal's President Anibal Cavaco Silva warned on Monday that fallout from the financial troubles of the founding family of Banco Espirito Santo (BES) could affect the wider economy. With Portugal's hope-strewn GDP growth expectations at only 0.9% for 2014, they do not have much room for disappointment before the nation (whose yields remain near record lows) double- or triple-dips back into recession. Silva concluded, "We cannot ignore that there will be some impact on the real economy," which is odd given every talking-head has explained it is "contained" and "priced-in."



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Ackman Has 6 Months Left To Come Up With The Devastating-est HLF Presentation Ever

UPDATE: This is now the biggest single-day rise in HLF's history...

Bill Ackman's "most important presentation of his career" is not going so well. The 'Death Blow' expectations Ackman created yesterday (that sent the stock down 13%) have been entirely wiped away as a 2-hour presentation, 100s of slides, and nothing really new sent stocks 16% higher today... It appears time is running out for Mr. Ackman as his massive put position (bleeding value every day that passes) is set to expire in six months... and we suspect Carl Icahn can outlast Ackman's view of market 'irrationality'.



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How Effective Have The Fed's QE Programs Been?

It is quite clear that Bernanke achieved his goal of inflating asset prices by expanding the Federal Reserve's balance sheet by 371.64% since the end of the financial crisis. However, was he as successful in fulfilling his other objectives? The following charts perform the same cost/benefit analysis on real economic health... Did the Fed's monetary intervention programs keep the economy from sliding into a much deeper recession?  Probably. Have the programs been effective in achieving Bernanke's stated goals? Not really.

 



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Flight MH-17 Black Boxes To Be Analyzed In "Impartial" London

Now that the black boxes from flight MH-17 have been handed over by the Ukraine separatists to Malaysian authorities (somewhat denting the credibility of the fabricated Ukrainian YouTube clip in which the rebels were "instructed" by Moscow to hide the black boxes), there was one question: which impartial entity and/or country would be tasked with an objective retrieval and analysis of the contents. A little while ago we got the answer courtesy of none other than UK Prime Minister David Cameron. "We've agreed Dutch request for air accident investigators at Farnborough to retrieve data from #MH17 black boxes for international analysis." This is the same Cameron who at the same time called on Europe to impose “hard-hitting sanctions” on Russia and "invoked the spectre of the Second World War and compared Russia’s aggression to that of Nazi Germany."



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With 1 Week Left Until Argentina's 'D'efault-Day, Judge Blasts "Judgments Are Judgments"

Day after day, headlines from Argentina implore Judge Griesa to do the "fair, responsible" thing and lift his judgment that holdouts get paid before current bondholders receive their payments... and day after day Argentina's demands are met with silence or denials. Today, though, with 1 week left until Argentina must put up or shut up, Judge Griesa has come out swinging...

*U.S. JUDGE SAYS OF ARGENTINA RULINGS: 'JUDGMENTS ARE JUDGMENTS'; ARGENTINA'S 'INCENDIARY` RHETORIC `UNFORTUNATE,'
*U.S. JUDGE URGES 'SENSIBLE STEPS' TO AVOID ARGENTINA DEFAULT

While CDS spreads have surged once again, bonds trade with default probabilities around only 50% which, according to Jefferies "are expensive on underestimating the risk of default."



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