Book Value

China's Minsky Moment Is Imminent

Everything you wanted to know about the looming bursting of the world's biggest credit bubble, but were afraid to ask...

Noted Short Seller Marc Cohodes Comments On The Recent Events At Home Capital

The past two months have been a roller coaster ride for Home Capital shareholders culminating in the announcement of Berkshire Hathaway’s investment in the company this week.  But the deal raises at least as many questions as it answers, not least of which is whose interests are being served?

RBC: Welcome To "The Insanity Loop"

"It's a classic 'pennies in front of a stream-roller' / 'negative skew' return profile - a Taleb distribution...The problem is….IT KEEPS WORKING, because market expectations for rates / curves / inflation expectations remain D.O.A., which perversely keeps the major global central banks 'reflexively easy'..."

A Sobering Look At The Future Of Oil

"Whether the world decides to stay in or get out of the oil business; governments, regulators and opponents must learn to read an income statement and balance sheet before dispensing any further advice on how the petroleum industry conducts itself. "

Fasanara Capital Explains How The "Fake Market" Works In One Chart

"‘Fake Markets’ are defined as markets where the magnitude and duration of artificial flows from global Central Banks or passive investment vehicles have managed to overwhelm and narcotize data-dependency and macro factors. A stuporous state of durable, un-volatile over-valuation, arrested activity, unconsciousness produced by the influence of artificial money flows... The higher it goes, the higher it can go, as more swathes of private investors are pulled in. The more violently it can subsequently bust."