Andrew Ross Sorkin

A Narrative For Every Season: Stocks, Before And After Trump

Following Donald Trump’s surprise victory and the violent market reactions, many investors are left scratching their heads. The consensus narrative warned that a Trump victory would spell doom for the markets. Days later, the narrative flipped and Trump’s economic policies, all of which were known prior to the election, are deemed beneficial for share prices.

The Elite "Have No Idea" - Society Is Near The Breaking Point

What I find most surprising today is that the insiders and the elite have no idea what is percolating just beneath the surface.  Okay, maybe their arrogance actually produces its own fog, so it should not come as a surprise that they are blinded. They do not look at the calendar, which, if one really looks, says "1788" on it.  Something is close.  Very close.  Society is near the breaking point.

President Obama Explains What The "Fiction-Peddling" BLS Got Wrong - Live Feed

Grab your popcorn. Having proclaimed his greatest achievement during his presidency as "saving the world from another Great Depression," we wonder what President Obama will have to say today when he discusses the economy. Following the decline in corporate profits, a manufacturing sector in recession, an auto industry which is shuttering production, minimum wage state job losses rising, and an equity market that is unable to make new highs, what cynical, skeptical, "fiction-peddlers" will he blame today's dismal jobs data on?

Obama Admits Couldn't "Convince Americans Of Recovery", Bashes 'The Big Short'

Despite his proclamation that he "saved the world from a Great Depression," the fact is that Obama will be the first President ever to not see a single year of 3% GDP growth - but only cynical fiction-peddlers would mention facts at a time like this. In yet more legacy-defending narrative, Obama told The NYTimes today that his biggest failure was being unable to sell his success in putting the American economy back on track to the American people (no matter the actual realities) careful to blame Republicans for slowing growth "by a percentage point or two." And then in a final affront to fact, Obama dismisses the conclusion of "The Big Short" proclaiming that he reined in Wall Street, overhauled the banking system, and made water from wine "the financial system substantially more stable."

"2016 Will Be No Fun" - Doug Kass Unveils 15 Surprises For The Year Ahead

My overriding theme and the central drama for the coming year is that unexpected events can take on greater importance as the Federal Reserve ends its near-decade-long Zero Interest Rate Policy. Consensus premises and forecasts will likely fall flat, in a rather spectacular manner. The low-conviction and directionless market that we saw in 2015 could become a no-conviction and very-much-directed market (i.e. one that's directed lower) in 2016. There will be no peace on earth in 2016, and our markets could lose a cushion of protection as valuations contract. (Just as "malinvestment" represented a key theme this year, we expect a compression of price-to-earnings ratios to serve as a big market driver in 2016.) In other words, we don't think 2016 will be fun.

In Ironic Twist, Stock Crash Leads To First CNBC Ratings Increase In Years

Ironic, because it is precisely CNBC's constant cheerleading of what little viewers it had left that pushed the market to such nosebleed levels that on August 24 it suffered its second flash crash in just five years. It is even more ironic, because instead of a rational, objective coverage of the newsflow, the constant stream of cherry-picked, double seasonally adjusted good news is precisely why viewers had left the Comcast cable station in droves realizing the disconnect between the economy and stocks is simply too gargantuan to stomach, and that they are being lied to.  As a result, it wasn't until the much dreaded market crash that viewers finally came back. At least some of them.

Today Financial Journalism Suffered An Epic Failure

We want to highlight today's absolute failure at investigative reporting, and the worst example of journalistic capture by the Federal Reserve that we have ever seen because at stake is the criminality, competence and corruption of that most important of organizations in modern society, the US Federal Reserve.

5 Things To Ponder: Is The Stock Market Rational Or Nuts?

Like Houston, the financial system has been flooded with liquidity over recent years which has ultimately only had one place to flow - the financial markets. That excess liquidity has sent prices soaring to record highs despite weakting macro economic data. While many hope that the Central Banks can somehow figure out how to keeps the rivers of liquidity from overflowing their banks, history suggests that eventually bad things will happen. Of course, for investors, that translates into a significant and irreperable loss of capital.

CNBC's SquawkBox Has Lowest Nielsen Rating In Its History

As the following update of CNBC's perhaps most popular (if least watched, lagging even Mad Money) day breaking segment, SquawkBox, the show that features Joe Kernen, Becky Quick  and Andrew Ross Sorkin just suffered its worst quarterly Nielsen rating in the show's history.

2014 Year In Review (Part 2): Will 2015 Be The Year It All Comes Tumbling Down?

Despite the authorities' best efforts to keep everything orderly, we know how this global Game of Geopolitical Tetris ends: "Players lose a typical game of Tetris when they can no longer keep up with the increasing speed, and the Tetriminos stack up to the top of the playing field. This is commonly referred to as topping out."

"I’m tired of being outraged!"

2014 Year In Review (Part 1): The Final Throes Of A Geopolitical Game Of Tetris

Every year, David Collum writes a detailed "Year in Review" synopsis full of keen perspective and plenty of wit. This year's is no exception. "I have not seen a year in which so many risks - some truly existential - piled up so quickly. Each risk has its own, often unknown, probability of morphing into a destructive force. It feels like we’re in the final throes of a geopolitical Game of Tetris as financial and political authorities race to place the pieces correctly. But the acceleration is palpable. The proximate trigger for pain and ultimately a collapse can be small, as anyone who’s ever stepped barefoot on a Lego knows..."

At Least A Quarter Of All M&A Deals Involve Insider Trading, Study Finds

As if the market needed any further proof it is not only manipulated and rigged (at least under a legal system that classifies trading on insider information as illegal), but is constantly abused by those with material, non-public information - i.e., insiders - here comes a study conducted by professors at McGill and New York Universities, which, as the NYT summarizes, finds that "A quarter of all public company deals may involve some kind of insider trading."