The Ministry of Truth in George Orwell's dystopian novel, 1984, is one of the most important agencies of the government, for an uninformed or misinformed populace can be confused, deceived, and directed easily by controlling powers. So, in order for users to feel confident expressing themselves "freely and safely," Twitter is debuting a new advisory group dubbed the "Trust & Safety Council." But a quick glance at its membership roster suggests the council is almost as Orwellian as it sounds - and overwhelmingly biased in favor of speech suppression.
Courtesy mostly of Martin Shkreli, 2015 was a horrible year for Bill Ackman and yet, despite being down -20.5% last year (after being up 11% in early August when his NAV peaked at 29.27), his LPs largely stuck with the white-haired hedge funder. In retrospect they surely regret that because according to the latest update by Pershing Square's website, as of February 9, just 5 weeks into the new year, Bill Ackman is already 18.6% in the hole at a NAV of17.07%, and down over 40% since the fund's recent peak in the last summer.
"No one is trading unless they have to or have microwave circuits for brains.... the system’s foundation rests on a presumption of their expertise. It’s what allows the leaps of faith necessary for financial transmission functions to work. Grand experiments, like the insanity of negative rates, are seen merely as the latest in making it up as you go along."
In May 2015, Warwick's European Distressed & Special Situations Credit Fund liquidated after investors submitted redemption requests amounting to 90% of the fund’s assets. But something unexpected happened" "the problem" as HFA writes, is that "the fund’s remaining assets — encompassing debt and equity positions in Fitness First, New Gulf Resources, Oasis Holdings and Punch Taverns — are too illiquid to be sold."
Tesla Releases Steaming Pile Of Epic "Non-GAAP" Gobbledygook; Stops Reporting Free Cash Flow; Stock SoarsSubmitted by Tyler Durden on 02/10/2016 - 17:03
Perhaps the only company's results we have more fun spreading that Netflix, is Tesla's for the simple reason that the company has managed to convert GAAP reality into a singularity of such non-GAAP bullshit, which is no longer merely laughable but is solidly inside the ridiculous, if not criminal (of course, nobody cares as long as the stock keeps rising but the second it plunges, watch those lawsuits soar), that none other company can even come close.
What do you call a "growth" stock that has stopped growing?
"The Fed is completely dangerous - it's the most dangerous entity out there. The policy makers are the ones who are causing much of the problems we have today... The bad news has only just begun... This bear market will continue which means we’re headed lower with rallies in between until the Federal Reserve is forced to come in and start QE4."
And just like that AMZN joins the AAPL club in admitting it is fresh out of organic growth ideas, and will resort to balance sheet alchemy to boost its price higher over the foreseeable future. Any immediate jumps in the stock are to be faded.
With access to heavily discounted Canadian crude, Midwest refiners are churning out cheaper and cheaper gasoline. “That could trigger fire sales—very quick and low price sales,” Patrick DeHaan of GasBuddy told the WSJ. There is a “strong possibility” that refiners, trying to offload excess winter fuel blends, could discount prices down to 99 cents per gallon for a brief period of time.
Is this what they call a "trust fall"?
Charlie Munger On Trump As President: "Anyone Who Makes Money Running A Casino Isn't Morally Qualified"Submitted by Tyler Durden on 02/10/2016 - 15:29
Earlier today Munger, the vice chairman at Berkshire Hathaway Inc., dismissed Republican Donald Trump’s qualifications to be president, during the annual meeting of his Daily Journal Corp. As reported by Bloomberg, Munger, 92, responded to a question whether a person who couldn’t make money in the gaming industry would be a good fit for the top office in the U.S. “Well, he did make money for quite a while,” Munger said. “My attitude is that anybody who makes money running a casino is not morally qualified.”
Having seen what monetary-policy failure looks like in Japan.. and in the US, we now turn our attention to the world. Amid NIRP temptations, growth fears, and faltering faith in central banker control, market-implied inflation expectations have collapsed to record lows. Worse still, even The Fed's own survey of consumer's inflation expectations has slumped to record lows.
What we do know is that the eurodollar system is failing and we know how it is failing. From negative swap spreads to the shrunken, depressed money and credit curves, they all spell out the death of the current standard. The money supply, for lack of a more appropriate term in the “dollar’s” universe, is in the long run converging with the shriveled economic baseline. The immediate problem for our current circumstances is that we don’t yet have any idea what that foundation might look like even now- how far is down.
The reality of loss will be more than most can stomach and sentiments of “time in the market” will go mostly unheeded. This is, of course, why many of the coveted millennial investors have already rejected much of the Wall Street rhetoric after watching the devastation that wrecked their parents over the last 15 years.