Bear Market

The Bull Giveth, The Bear Taketh, & You’re Not Passive

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss.

The Coming Bond Market Crash - An Interview With Eric Hadik

"I believe 2017--2021 will represent the end and reversal of that multi-decade trend - as the debt bubble bursts and bond markets begin to crash... Each phase was a desperate battle between centralized, governmental control of currency versus universal, hard-asset based currency. And each phase saw the acceleration and intensification of that battle take hold in the ‘7’ year."

"World's Most Bearish Hedge Fund" Shuts Emerging Markets Unit After 17% Loss

We had previously dubbed Horseman Capital the world's most bearish hedge fund for one reason: as recently as a few months ago the firm's Global Fund had taken its net equity short position to an unprecedented -100%. Horseman is now in the news once again as it is liquidating an emerging markets focused hedge fund following losses totaling 17% this year and difficulties raising capital, according to a letter sent to investors.

Ganging Up On Gold

Gold remains the asset Wall Street loves to hate. It is currently under pressure due to the recent increase in rate hike odds and there was definitely a need for stale long positions to be cleared out. When we see the mainstream gang up on gold so quickly though, we tend doubt that the bears will be correct. Of course we have no crystal ball either, but we remain convinced that the monetary experiments of recent years will end quite badly.

Past Is Prologue: New Secular Bull Or A Repeat Of The 70s

Despite much hope that the current breakout of the markets is the beginning of a new secular “bull” market – the economic and fundamental variables suggest otherwise. Valuations and sentiment are at very elevated levels which are the opposite of what has been seen previously. Interest rates, inflation, wages and savings rates are all at historically low levels which are normally seen at the end of secular bull market periods, not the beginning of one.

Weekend Reading: Market Breaks Support, Time To Worry?

“The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.”

Global Stocks Tumble To Three Month Lows As China Fears Return

Remember when two weeks ago the China Beige Book warned that "It’s A Lot More Negative Than People Think" in the world's second biggest economy? Well after months of complacency about the Chinese economy and financial risks emanating from its $35 trillion financial sector, overnight the world got a rude awakening when China export figures tumbled, signalling a deeper slowdown than many anticipated just as the Fed prepares to raise interest rates.

America Is On A Slippery Slope

The deep state is unlikely to accept that it’s Check Mate to China and Russia. Increasing desperation and the deep state’s groupthink place a high probability on another false flag operation, or a variant thereof. The world is at a critical juncture already with Syria, where the super-powers are at war through their proxies. Let’s just hope the fears expressed in this article over the senselessness of America’s future actions are overstated.