Institutional Investors

Robert Shiller: 1987 Could Happen Again

"Oct. 19, 1987, was one of the worst days in stock market history. Thirty years later, it would be comforting to believe it couldn’t happen again. We are still at risk, however: That kind of panic can certainly happen again."

The Cost Of Delusion - Asset Prices & Monetary Policy In An Irrational World

"The lesson for investors is that much of the picture presented today in prices for various assets classes is an illusion foisted upon us all by reckless central bankers. Yellen and her colleagues seem to think that they can spin straw into gold by manipulating markets and asset prices..."

Where US Stocks Are Traded Today

The US equity market structure has never been more fragmented, with 12 exchanges, over 40 alternative trading systems, dozens of dark pools, it means that the venerable New York Stock Exchange gets barely 13% of the US stock trading volume.

SocGen: "Global Earnings Are Back To 2014 Levels; Stocks Are 15% Higher"

"QE sustained equities levels in anticipation of a profit recovery, but rather than de-rating as those earnings came through, markets are simply being propelled to ever higher levels. The equity valuation problem was created during the 2011-15 era when global profits went nowhere, yet equities rose 30%."

A $1.5 Trillion "Quantamental" Market Opportunity

"...there are serious concerns over whether the flow we’ve already seen into these strategies explains a recent deterioration in performance, and is leading to a dangerous ‘crowding’ of too much money chasing the same factors."

Credit, Crypto, & Kuroda's "Bat-Shit-Crazy Monetary Expansion"

"This is bat-shit-crazy monetary expansion. Forget about arguing whether it is appropriate or needed. It doesn’t matter...What I find amazing is how complacent the markets have become about all of this...There will be consequences, we just don’t know what they are yet. Get your insurance while you can, not when you have to… "