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A Quick Question For Pimco's Tony Crescenzi
Earlier on CNBC, Pimco's Tony Crescenzi was discussing the NFP number, and trying to infuse calm in the market, which is to be expected: with Pimco way past the full-scale size at over $1 trillion in fixed income holdings, where it is the de facto market in the bulk of its products, and thus critically reliant on marginal price makets, any further disruption in market confidence may just result in a, gasp, down month for the TRF. Yet, while the agenda was clear, one of Tony's statements was blatantly false. "The money market gauges such as Euribor, the amounts of money deposited at the ECB, commercial paper market, etc, all of these have improved since May." Uhm... Tony, perhaps it is time to take another hard look at the monitors on "McCulley's moneymarket desk"- perhaps you are just looking at the chart depicting popular trust in economic pundits on CNBC, which has, indeed, been flat at +/- 0.
To wit:
We are confident you can explain to us how a parabolic move in Euribor, EUR Libor and ECP since May is considered an improvement in your upcoming book.
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Captured or just part of the problem?
I just noticed this, but the graphic behind him looks like a world map, except that all your base are belong to PIMCO. Is this some kind of subliminal messaging attempt?
Ya i noticed that too..
I guess when he meant improved he was just talking his book and meant he's vulnerable 100% to the upside on the rising s-t rates:)
Move higher = improvement, right?
Farther up and farther in.
how about the pretty substantial drop in cp http://www.federalreserve.gov/releases/cp/outstandings.htm
This is a disclosure published by Cann Hoe of Hoe Brothers Investment Management.
"Before we get to the meat of the investment note we want to mention one thing first. Since the world is full of experts that you can find on CNBC, Fox News, Bloomberg, Wall Street, Ivy League Universities and politicians, the potential client has a vast array of advice at his disposal that can make him or her financially secure, right?
We will let you decide that but we wanted to give you a few tips that we have found useful in trying to decrypt the news streams that are floating all over the place. We would advise you to be skeptical of everyone and everything when it comes to your money—that includes us.
Everyone you see or hear from has different incentives to tell you what to buy or sell. CNBC has a very optimistic viewpoint about where markets are headed because if they do not then advertisers (financial institutions) who buy commercial time (and place their analysts on their show to be interviewed) will not spend ad dollars.
The analysts on the shows are helping their banks to sell mutual funds and other investment products for which they will receive a future bonus or commission from. Politicians will undoubtedly promise you the moon and stars to get re-elected.
CEOs of publicly traded companies will most likely not talk about their companies in a negative light when part of their compensation depends on stock options and a higher stock price. Consequently, we hope you remain cognizant of these incentives in choosing where and with whom to place your money."
http://www.zerohedge.com/article/guest-post-are-we-approaching-epic-failure
great point and very duly noted - thanks for sharing
I guess Franklin Templeton logged on and didnt like what he saw CD :/
Tony should schedule lunch with John.
http://www.businessweek.com/magazine/content/10_28/b4186004424615.htm
""We're in the middle of a sustained recovery in the U.S.," Paulson declared in London. "The risk of a double dip is less than 10 percent." The housing market is now, he says, an attractive buying opportunity. "It's the best time to buy a house in America," he said. "California has been a leading indicator of the housing market, and it turned positive seven months ago. I think we're about to turn a corner."
No mention of a third depression."
**SEE CD's post above**
May 2009?
Tony's book is up because of his hedges...
I heard Tony this morning as well and wondering if I had been living under a rock over the last month.
Tony wants to see flat, so it's flat. And flat is the now term for " improvement ".
It all pencils for me.
I have a hefty position in PIMCO for now....they have been doing really well lately and as the markets worldwide melt down, they should do even better. This is a good place to park cash while waiting for equities (energy and miners with maybe a Large cap dividend king or two, ONLY) to rebound from around S&P +/- 600.
More important, they are hooked in. PIMCO is a political creature as integrated as much as Goldman. Gives them an edge for now at least. As long as Bernanke keeps creating cash and keeping the prime at zero, I'll keep looking for PIMCO to advance, albeit slowly but surely.
When Bernanke begins edging toward his first 25 basis point, increase, I'll give up on PIMCO.
Certainly a lot of details like that to take into consideration. Thanks windows vps | cheap vps | cheap hosting | forex vps