France

Howard Marks: "So Much For The Experts"

"The opinions of experts concerning the future are accorded great weight . . . but they’re still just opinions. While I take a dim view of forecasts, and especially of opinions presented as facts, I do believe there are such things as facts.  Unfortunately, however, the concept of 'facts' is among the casualties of the increasingly partisan environment.  Recently we have seen both the elevation in status of 'non-facts', as well as the tearing down of 'real facts'."

The Number One Concern For US Citizens Is... Terrorism!?

Mission 'accomplished' fear-mongers!! The most worrying issue in the US is terrorism. Isn’t that a hoot? How many in the US have died from terrorism? How much terrorism has the US sponsored in other nations, including its own drone policy?

The Top 10 Trump Myths

Given that the role of reporters now appears to be just unquestioningly barfing out whatever anyone throws at them, we thought we would expose (and debunk) the top 10 myths about president-elect Donald Trump...

Renault Shares Tumble After Anti-Fraud Authority Accusations Of "Cheating" On Emissions Tests

Yesterday we sarcastically noted "they are all at it" when Fiat Chrysler was slammed by the EPA for emissions cheating, and now get further confirmation of the farce as The FT reports, French authorities have started a preliminary investigation into Renault amid suspicion the company may have “cheated” to conceal abnormal emissions of pollutants from some of its diesel engines.

The Corporate Bond Market: Binge-Borrowing

For those tapping the fixed income markets, the borrowing bingefest is conspicuous in its constancy. Not only did global bond issuance top $6.6 trillion last year, a fresh record, sales are off to a galloping start thus far in January.

Jeff Gundlach's Forecast For 2017

Investors will confront excessive debt, high P/E levels and political uncertainty as they enter the Trump presidential era. In response, according to Jeffrey Gundlach, U.S.-centric portfolios should diversify globally.

Chanos Fears Trump's "Unmet Expectations", Warns Investors To "Rethink Almost Everything In Your Life"

"If we’re in one of those periods now, if 2016 is like 1932 or 1979 - then you not only have to change your portfolio, you have to change your lifestyle. That’s one of the things we’ve been telling clients. If this is a major shift to populism, nationalism, greater state involvement, and less globalism, then you really have to rethink almost everything in your life."

Frontrunning: January 11

  • Russia likely main topic in Trump's first news conference since election (Reuters)
  • Russia Denies Report It Has Compromising Material on Trump (BBG)
  • For Russia, U.S. election meddling claims strip Trump win of luster (Reuters)
  • Obama Urges Unity in Farewell Speech (WSJ)
  • 1930s-like Demographic Pressures Holding Back U.S. Economy (BBG)