• Monetary Metals
    01/28/2015 - 00:28
    It’s terrifying how fast the whole Swiss yield curve sank under the waterline of zero. Now even the 15-year bond has negative interest. The franc has reached the end.

Institutional Investors

Marc To Market's picture

Short Note on Falling Yen





Why is the yen falling now and some thoughts about what's next.  

 
Reggie Middleton's picture

The Web's Most Comprehensive Apple Analysis & A Roadmap To Apple's Resurgence That Management Is Ignoring!!!





This one post contains comprehensive profit margin analysis apps, 15 minutes of prescient Apple video analysis, and basically better research than you'll find in a year's worth of Goldman research. Don't belive me? Post a compariosn for all to see.

 
Marc To Market's picture

Currency Positioning and Technical Outlook: Heavy Dollar Looks Likely





A look at the price action in the foreign exchange market and the technical forces in the week ahead.  

 
Tyler Durden's picture

Guest Post: A Bubble In ‘Safety’ Driven By Bond Funds?





The pricing of 'safe' assets reflects the ongoing uncertainty in a world that is in the grip of the lunacy of policymakers who have seemingly lost all sense of perspective and are engaged in a huge gamble. This essential fundamental backdrop has not changed for the better lately, but for the worse. What this once again demonstrates is that intervention by central banks is creating incentives for many institutional investors to take inordinate risks in the name of preserving the purchasing power of the savings that have been entrusted to them. The problem is that the gains of today are absolutely certain to become the losses of tomorrow for investors taking the bait, as the echo bubble created by loose monetary policy is fated to turn into a major bust once the boom has played out. When the tide is going out, a great many naked swimmers will be revealed.

 
Tyler Durden's picture

Frontrunning: May 3





  • U.S. Bulks Up to Combat Iran (WSJ)
  • Taking sides in Syria is hard choice for Israel (Reuters)
  • Gold Traders Most Bearish in Three Years After Drop (BBG)
  • It's a Hard Job Predicting Payrolls Number  (WSJ)
  • EU economies to breach deficit limits as economic picture darkens (FT)
  • IBM Says U.S. Justice Investigating Bribery Allegations (BBG)
  • At Texas fertilizer plant, a history of theft, tampering (Reuters)
  • SAC Sets Plan to Dock Pay in Cases of Wrongdoing (WSJ) - "in case of"?
  • EU to propose duties on Chinese solar panels (Reuters)
  • Billionaire Kaiser Exploiting Charity Loophole With Boats (BBG)
  • SEC Zeroing In on 'Prime' Funds (WSJ)
  • Apple Avoids $9.2 Billion in Taxes With Debt Deal (BBG)
  • China April official services PMI at 54.5 vs 55.6 in March (Reuters)
 
Tyler Durden's picture

The End Of 'Orderly And Fair Markets'





Capitalism may have bested communism a few decades ago, but exactly how our economic system allocates society’s scarce resources is now undergoing its first serious transformation since the NYSE’s founding fathers met under the buttonwood tree in 1792.  Technology, complexity and speed have already transformed how stocks trade; but As ConvergEx's Nick Colas notes, the real question now is what role these forces will play in long-term capital formation and allocation.  Rookie mistakes like the Twitter hack flash crash might be easy to deride, but make no mistake, Colas reminds us: the changes that started with high frequency and algorithmic trading are just the first step to an entirely different process of determining stock prices.  The only serious challenge this metamorphosis will likely face is a notable crash of the still-developing system and resultant regulation back to more strictly human-based processes.

 
Tyler Durden's picture

Deutsche Bank To Sell Up To 90 Million Shares, Will Raise €2.8 Billion In New Capital





And just like that, European banks are back in capital raising mode, starting with what is perceived by some as Europe's strongest bank (alternatively, the most undercapitalized): Deutsche Bank, which at least check had a Core Tier 1 cap ratio somewhere south of 2%.

  • DEUTSCHE BANK TO SELL UP TO 90 MLN NEW SHARES TO RAISE EU2.8B
  • DEUTSCHE BANK SAYS NO PUBLIC OFFERING PLANNED 
  • DEUTSCHE BANK SHRS WILL BE PLACED VIA ACCELERATED BOOKBUILD

Since this is about 10% of the company's total float, the stock is not happy.  The question why DB announced this just ahead of its earnings release should certainly make one ask just how well capitalized Europe (where every bank purports to having a fortress Basel III balance sheet) truly is?

 
Marc To Market's picture

Dollar Softens at Start of Eventful Week





Macro perspective of this week's events.  Hint:  the ECB meeting may be the most interesting.  

 
Tyler Durden's picture

Guest Post: We've Dug A Pretty Damn Big Hole For Ourselves





“Recovery” has become the shibboleth constantly invoked by people running things after the crisis of 2008. Unfortunately, no such recovery was underway. It was papered over by the twin Federal Reserve policies of quantitative easing and financial repression – a combination of the nation’s central bank loaning vast new amounts of money into existence at ultra-low interest rates (hardly any interest to pay back) and creating steady monetary inflation to reduce the burden of existing debt by shrinking the dollar value of the debt. The program was a racket in the sense that it was fundamentally dishonest. The presumed purpose of these shenanigans from the point of view of the Federal Reserve and the White House was to keep the financial system stable and afloat, and therefore to keep “normal” American daily life going. Unfortunately, it was based on the unreal assumption that the financial norms of, say, 2006 could be ginned back up again, and this premise was just inconsistent with the reality of a post-Peak-Cheap-Oil world. Unfortunately, there was no organized counter-view to this wishful thinking anywhere within the boundaries of the political establishment.

 
Marc To Market's picture

Five Shocks that Push Investors Off Balance





There have been several recent developments that have flown in the face of both neo-liberalism and ordo-liberalism and thrown investors off balance.  Discuss.  

 
Tyler Durden's picture

G-20 Releases Statement On Japanese Devaluation (But Nobody Mention The Yen)





Two days in Washington D.C. kept caterers busy but produced a 2,126 word communique long on slogans and short on anything actionable. The G-20 statement (below) can be boiled down simply, as we tweeted,

And just to add one more embarrassing detail for them, while section 4 discusses "Japan's recent policy actions," not only does Canada's finance minister James Flaherty believe they "didn't discuss the Japanese Yen," but Japan's Kuroda believes, comments on 'misalignments', "were not meant for the BoJ."

 
Marc To Market's picture

Displaced JGB Investors





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A discussion of what investors who are being displaced by BOJ purchases are going to do. It may not be as simple as rushing to buy foreign assets that people are anticipating.

 
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