• Bruno de Landevoisin
    09/21/2014 - 14:52
    Dear Janet; Concerned citizen of the Constitutional Republic of the United States

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With A Market Cap Of $168 Billion, Alibaba Is Bigger Than...

With a market capitalization of $168 billion after its pricing at $68/share, the upper end of the range which makes this the largest US IPO in history and would be the largest in the world if the greenshoe is exercised, Alibaba, while not a member of the S&P 500 (at least not immediately), will have a market cap that is larger than the following index members:



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First YouGov Poll Predicts The Scottish "No's" Have It With 54% Of The Vote



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Alibaba Prices At $68: Here's What Happens Next

The deal is done...

*ALIBABA SAID TO PRICE IPO AT $68: CNBC CITES DOW JONES

At that price, BABA is valued at ~$170 billion - higher than 95% of the S&P 500 and the biggest US IPO ever at $21.8 billion (bigger than Visa's $19.7bn debut in 2008).  So if you want to buy some BABA shares, here's what happens next...



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You Know Your Country Is Broke When...

...when the cops have to Call 911.



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Larry Ellison Steps Down As CEO Of Oracle

Unlike Steve Jobs, who almost literally passed away engrossed by his lifetime legacy, his work, that "other" billionaire, Oracle's Larry Ellison, 70 years young, has decided to step aside and focus on the more enjoyable things in life such as buying Hawaiian islands.



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S&P Hits All-Time Record High As Russell "Death Cross" Looms

For the first time since July 2011's plunge, and with almost half its components already in bear market, the Russell 2000 looks set to experience a 'death cross' in the next few days (50-day moving average crossing below the 200-day). But don't look at that - the S&P 500 and Dow hit new record highs (despite market internals slumping) today ahead of the BABA IPO to keep the dream alive just a little longer ahead of tomorrow's quad-witching malarkey. Today's action was dominated by dismal housing data (demolishing yesterday's exuberance in homebuilders), Poroshenko's "Ukraine invasion" headlines, and hopes ahead of BABA and Scottish votes. USD down on the day, commodities down, bonds unch, stocks... UP.



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"Stocks Are More Crash-Prone Than Ever," Fleckenstein Slams "Fed's Idiot Policies"

Infamous short-seller Bill Fleckenstein left a CNBC anchor questioning her faith in the status quo in this brief interview. As she pestered him with questions about 'missing out on the rally', Fleckenstein snapped back "so what? I don't care, it doesn't matter" asking rhetorically "when the market declines, how fast will it all be taken away from you?" Fleckenstein warned "I don't think we will get through October without some accident," adding that "the stock market is more crash-prone than ever." When pressed again about sitting on the sidelines, Fleckenstein rebukes, "if you want to pursue idiots like the Fed doing crazy policies, and if you think you can get out in time, go for it. I don't want to try to do that."



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Yesterday's Late-Day Buying Panic In Stocks Was The Biggest In 3 Years

Judging by the most liquid US equity market instrument - e-Mini S&P 500 futures - market participants have not been as exuberant buyers of stocks in three years. With AAII bulls at extremes vs bears, it seems this is anything but the most-hated rally of all time!



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When It Comes To Net Worth, This Is The Main Difference Between China And The US

Ever wonder why for the US, it is all about reflating the stock market bubble in order to boost the "wealth effect", if only for a small portion of the population? Or, for that matter, why in China where the Shanghai Composite has gone absolutely nowhere since the Lehman crash (and certainly isn't up some 200% unlike the liquidity-supercharged S&P 500), it is all about preserving the sanctity of the housing bubble? Then the following chart should make it all clear.



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White House Explains Where Your $1.3 Billion Went In Ukraine

Just minutes after Poroshenko's fearmongering speech to US Congress (and in the face of a collapsing Ukraine economy), The White House has released its "fact sheet" to explain exactly how committed (aside from the lethal aid demands - which may or may not be happening as we noted here) to supprting Ukraine the US taxpayer is... On top of guaranteeing $1 billion of Ukraine's debt, a further $291 million in 'assistance' has been flooded in... here's what for...



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238 Years Of The (Dis)United Kingdom

As the World anxiously awaits the results of today's Scottish Referendum for independence from The United Kingdom, we thought a little context on just how many 'nations' have left over the last 238 years...



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Lurking Beneath The Taper: More Trouble In Repo Land

Since we are now in the middle of the final month of a quarter, checking repo stats shows what we have come to expect of a fragile liquidity system. Once again, repo fails spiked sharply. The problem for “markets” is that repo is a primary liquidity conduit indicating significant and persistent degradation under, again, very benign conditions. There is no doubt that QE is the primary culprit here and that its removal is not “allowing” a healing process to begin but instead revealing the damage. With the Fed’s reverse repo program having no impact whatsoever, it just adds to the weight of evidence that policymakers don’t really know what they are doing and are just making it up as they go.



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Household Net Worth Hits Record $81.5 Trillion In Q2 Driven By Stock Market Surge

When earlier today, the Fed released its latest Z.1 (Flow of Funds report) for the second quarter, there were few surprises: thanks to the relentless liquidity injections by global central banks (charter here) resulting in record stock market levels, total household net worth rose once more, increasing by $1.4 billion in the quarter (up from a downward revised $1.2 billion in the previous quarter) to a record $81.5 billion. This was the result of a $95.4 trillion in total assets, offset by $13.9 trillion in liabilities, mostly mortgage debt of $9.4 trillion, as well as some $3.2 trillion in consumer credit.



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El-Erian: Investors Are Overlooking 6 Major Sources Of Global Uncertainty

This has been an unusual year for the global economy, characterized by a series of unanticipated economic, geopolitical, and market shifts – and the final quarter is likely to be no different. How these shifts ultimately play out will have a major impact on the effectiveness of government policies – and much more. In the next few months, the buoyant optimism pervading financial markets may prove to be justified. Unfortunately, it is more likely that investors’ outlook is excessively rosy.



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What's Wrong With This Chart?

Presented with little comment...



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