Book Value

China FX Reserves "Unexpectedly" Rebound Above $3 Trillion, First Increase Since June

Overnight China reported that its FX reserves "unexpectedly" rose in February for the first time since June 2016, halting a seven-month decline, rebounding over the psychological $3 trillion level controls on capital outflows and a rally in the yuan. Total foreign reserve holdings increased by $6.9 billion to $3.005 trillion last month, exceeding the consensus estimate for a $30 billion decline to $2.969 trillion

US Stocks Are Now The Most Over-Priced Since The 2000 Crash

The single most important characteristic of any investment is the price when you buy it. It doesn’t matter how spectacular your investment is. If you overpay for it, you have no margin of safety. And as the market affirmed yesterday, US stock prices can be expressed in a single word: expensive.

Doug Casey: "Sell All Your Bonds"

Let the hoi polloi cast a meaningless vote, so they have the illusion of being in control. Instead of seeing themselves as subjects, they’ll think they’re “we the people,” who actually have some say in what happens. That way they’ll pay their taxes willingly, enthusiastically sign on to aggressive wars on the other side of the world against people they know nothing about, and generally do as they’re told. Because it’s supposed to be patriotic. “Democracy” is a much more effective scam for controlling the plebs than kingship or dictatorship.

Chinese Reserves Tumble By $69 Billion, Biggest Drop Since January

Overnigt China disclosed that, as expected, FX reserve liquidation has spiked with reserves falling by nearly $70 billion last month as the country’s central bank burned through more of its reserves in the fight to defend the renminbi from greater depreciation on the back of accelerating capital outflows. This was the largest decline since January.

Buffett Wins Again: Berkshire To Get $29 Billion Boost Under Trump Tax Plan

Something curious happened as Trump was "draining the swamp" - the man who by some accounts owns the swamp, Hillary Clinton's billionaire backer Warren Buffett, may be about to get an "unexpected" windfall thanks to Trump's tax-rate cut policies which would boost the book value of Berkshire by as much as $29 billion.