Capital Markets

Crispin Odey: "It Feels Lonely Being Bearish"

"A year ago it was easy to be bearish. China was slowing, world trade was creaking, Europe was not recovering and the oil price was hitting new lows. A year later to be bearish feels lonely... When we look back at this madness, some people will feel ashamed. Twisted facts and twisted logic may be met in the quiet of the night by reality. "

Scientific Proof ETFs Make Markets Dumber

"Our evidence suggests the growth of ETFs may have (unintended) long-run consequences for the pricing efficiency of the underlying securities."

What Is Going On With The GDXJ: One Explanation

Can an exchange-traded fund get too big for its index? That's the question investors in one popular gold miner ETF are grappling with after rapid asset growth pushed it to significantly deviate from its underlying index.

Global Stocks Slide As Iron Ore Crashes; Pound Jumps After UK Calls Snap Elections

European stocks slide  s traders return from a 4-day Easter holidays, Asian equities likewise drop pressured by the ongoing rout in iron ore, while U.S. stock-index futures point to a lower open. British markets were roiled after U.K. Prime Minister Theresa May said she would seek an early election on June 8. The FTSE 100 droped 1.3%, on the news, hitting the lowest since Feb. 24

We're All Yen Traders Now

At almost 90% of GDP, the Bank of Japan’s balance sheet is just bat shit crazy! No other way to describe it...

Why The Bank Of Canada Should "Cease And Desist"

“The BoC should cease and desist with talk of possible further rate cuts, which simply fuel the sense that rates are never going higher, and instead start warning that rates will someday rise.”

Which Hedge Funds Are The Biggest Holders Of ETFs

Despite complaints by hedge funds that ETFs are eating their lunch (and dinner), an interesting observation emerged in a new reported from Deutsche Bank: Hedge Funds are allocating increasingly more capital toward ETFs. This post shows why, and who are the 20 hedge funds with the highest ETF investments.

Jeff Ubben Is Returning $1.25 Billion To Investors Because The Market Is Overvalued

"The S&P 500's median P/E ratio is 18 times. For most high quality companies we follow, it is much higher. These valuations can only be justified by assuming cyclically high corporate margins will persist, a certainty of lower corporate tax rates and a risk-free rate that stays near all-time lows. We are skeptical of all of the above."

How Active Managers Can Profit From The ETFs' Takeover Of The Market

Sometime this week the 2,000th exchange traded fund will list on a domestic exchange. It is no exaggeration to say that there are more ETFs than investable stocks listed on US exchanges. Here is how active managers can profit from the relentless takeover of ETFs of the stock market.

Zimbabwe Central Bank To Accept Cows, TVs, Fridges As Collateral

As Zimbabwe desperately attempts to restart its monetary system, cow, cars, TVs, refrigerators, computers and other household appliances will become acceptable as collateral once they are evaluated and registered in the central bank’s register.