• Bruce Krasting
    12/18/2014 - 21:42
      The one thing that Jordan can't do in this war is appear to be weak.

Kraft

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The Yellow Cab Bubble Pops: Taxi Medallion Prices Tumble 17% From Last Year's Record Highs





A little over a year ago, we presented a "Yellow" asset, which was "the best performer of the past year." It wasn't gold: it was yellow cab medallions.  As we wrote then, "the best returning asset class traded in the NY Metro area is yellow but doesn't change hands on Wall Street.... over the last 12 months New York City taxi medallions have risen 49% in price, besting the relatively humdrum returns of the S&P 500 (up 21%), the NASDAQ (22%) and the Dow (18%).  Medallions – essentially the right to operate a for-hail taxi in New York City – now trade for as much as $1.3 million, an all-time record."  In retrospect it was also the perfect time to cash out on the "yellow" euphoria. According to the NYT, "the average price of an individual New York City taxi medallion fell to $872,000 in October, down 17 percent from a peak reached in the spring of 2013, according to an analysis of sales data. Previous figures published by the city’s Taxi and Limousine Commission — showing flat prices — appear to have been incorrect, and the commission removed them from its website after an inquiry from The New York Times."

 
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Frontrunning: October 30





  • "Soaring consumer confidence" - How the Economy Is Stoking Voter Anger at Incumbent Governors (WSJ)
  • Euro zone deflation worries shield German Bunds from upbeat Fed (Reuters)
  • Greece’s Euro Dilemma Is Back as Minister Sees Volatility (BBG)
  • Ukraine gas supplies in doubt as Russia seeks EU payment deal (Reuters)
  • Sterling Lads Chats Show FX Traders Matching Fix Orders (BBG)
  • NATO Tracks Large-Scale Russia Air Activity in Europe (WSJ)
  • U.K. SFO Charges Ex-Tullett Prebon Broker in Libor-Rigging Probe (BBG)
  • Jerusalem on edge after shooting of rabbi (FT)
  • Israeli police kill Palestinian suspected of shooting far-right activist (Reuters)
  • Samsung seeks smartphone revamp to arrest profit slide (Reuters)
 
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Frontrunning: October 8





  • Turkey says Syria town about to fall as Islamic State advances (Reuters)
  • Only now? Growth worries grip stocks, oil (Reuters)
  • Hong Kong Protest Leaders ‘Furious’ at Agenda for Talks (BBG)
  • Earthquake Damages Thousands of Homes in Southern China (BBG)
  • Keystone Be Darned: Canada Finds Oil Route Around Obama (BBG)
  • Where Is North Korea's 31-Year-Old Leader? (BusinessWeek)
  • Australia to Revise Employment Data (WSJ)
  • Americans Living Longer as Fewer Die From Heart Disease, Cancer (BBG)
  • A 401(k) Conundrum: Can You Make Cash Pile Last for Life?  (BBG)
  • China Services Sector Slows in September (WSJ)
 
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Frontrunning: September 17





  • -0.07%: Germany Secures Record Low Funding Cost at Bond Auction (WSJ)
  • Pentagon Sees Possible Role for U.S. Ground Forces Against Islamic State Militants (WSJ)
  • China Joins ECB in Adding Stimulus as Fed Scales Back (BBG)
  • Stealthy or Normal? Analysts Diverge on PBOC’s Action (BBG)
  • Sony Forecasts Massive $2B Loss as Smartphones Lag (AP)
  • Islamic State campaign tests Obama's commitment to Mideast allies (Reuters)
  • Brent Crude Rebounds as Libya’s Sharara Oilfield Shut (BBG)
  • Market calm over Scottish vote at odds with disaster warnings (Reuters)
 
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The Game Of Thrones & The Game Of Markets





There is a connection between modern capital markets and the NFL (and between Central Bankers and Roger Goodell). The connection is solipsism – a pathological egocentrism where reality is defined by an individual’s mental perceptions and constructs. Collective solipsism is what overwhelming Common Knowledge looks like. It’s the annihilation of an individual’s perception of reality in favor of a group perception of reality. The collective solipsism of modern markets is the most crucial game to comprehend.

 
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Frontrunning: July 31





  • Moscow fights back after sanctions; battle rages near Ukraine crash site (Reuters)
  • On Hold: Merkel Gives Putin a Blunt Message (WSJ)
  • Argentina’s Default Clock Runs Out as Debt Talks Collapse (BBG)
  • Argentina braces for market reaction to second default in 12 years (Reuters)
  • Banco Espirito Santo Plunges After Posting 3.6 Billion-Euro Loss (BBG)
  • Adidas Plunges After Cutting Forecast on Russia, Golf (BBG)
  • GOP Says Lerner Emails Show Bias Against Conservatives (WSJ)
  • Londoners Cashing in Flee to Suburbs as Home Rally Wanes (BBG)
  • BNP Paribas Reports Record $5.79 Billion Quarterly Loss (WSJ)
  • Swiss Banks Send U.S. Client Data Before Cascade of Settlements (BBG)
  • Putin Sows Doubt Among Stock Bears Burned by 29% Rebound (BBG)
 
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Two Thirds Of Gen X Households Have Less Wealth Than Their Parents Did At The Same Age





Just how badly is Generation X doing? Bad enough to turn around the entire concept of middle-class prosperity in America - one where every next generation should do better than the preceding one - on its head. "Only one-third of Generation X households had more wealth than their parents held at the same age, even though most earn more, The Pew Charitable Trusts found." And there, in a nutshell, is your so-called recovery: two thirds of an entire generation - one which is in its prime working years - doing worse than the one before them!

 
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Frontrunning: June 9





  • Attorneys Known for Large Civil Settlements Line Up to Sue GM Over Company's Handling of Defective Ignition Switches (WSJ)
  • Pakistani Taliban attack airport in Karachi, 27 dead (Reuters)
  • U.S. Official: Sgt. Bowe Bergdahl Has Declined to Speak to His Family (WSJ)
  • Ukraine Gas Talks Resume in Brussels to Avoid Cut-off This Week  (BBG)
  • China's Central Bank Flexes Muscle (WSJ)
  • China says Vietnam, Philippines' mingling on disputed isle a 'farce' (Reuters)
  • World Needs Record Saudi Oil Supply as OPEC Convenes (BBG)
  • Kraft Raises Prices on Maxwell House, Yuban U.S. Coffee Products (BBG)
  • United Continental: One Sick Bird (WSJ)
 
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The All-Time-High In The Dow Jones Industrial Average Is A Hoax





The Dow Jones Industrial Average (DJIA) Index is the only stock market index that covers both the second and the third industrial revolution. Calculating share indexes such as the Dow Jones Industrial Average and showing this index in a historical graph is a useful way to show which phase the industrial revolution is in. Changes in the DJIA shares basket, changes in the formula and stock splits during the take-off phase and acceleration phase of industrial revolutions are perfect transition-indicators. The similarities of these indicators during the last two revolutions are fascinating, but also a reason for concern. In fact the graph of the DJIA is a classic example of fictional truth, a hoax.

 
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Frontrunning: April 14





  • Three dead in shootings at Kansas Jewish centers; man to face charges (WSJ)
  • Sanctions Blowback in Russia Targets Burgers to Movies (BBG)
  • Deadly Virus's Spread Raises Alarms in Mideast (WSJ)
  • China group buys $6bn Glencore Peru copper mine (BBG)
  • Iran lodges complaint against United States over U.N. envoy ban (Reuters)
  • Russian assets down sharply on Ukraine conflict fears (Reuters)
  • ECB comments knock euro, but not much (Reuters)
  • World-Leading $25 Hourly Wage Roils Swiss Businesses (BBG)
 
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Frontrunning: January 8





  • Here comes JPM's next multibillion legal reserve: Federal Probe Targets Banks Over Bonds (WSJ)
  • Mulally Bows Out of Microsoft CEO Race, Staying at Ford (BBG)
  • United States sending more troops and tanks to South Korea (Reuters)
  • Eurozone unemployment sticks at record high (FT)
  • China-Japan 'Voldemort' attacks up ante in propaganda war (Reuters)
  • Alternative Lenders Peddle Pricey Commercial Loans (WSJ)
  • John McAfee: glad Intel dropping name from security software (Reuters)
  • Jobless Benefits Bill Stays Alive Amid Talks on Offsets (BBG)
  • Chicago Colder Than South Pole as Frigid Air Clamps Down (BBG)
  • Former Miss Venezuela shot dead in attempted robbery (Reuters)
 
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Frontrunning: December 18





  • MOAR: BOJ Said to See Significant Room for More Bond Purchases (BBG)
  • Meltdown Averted, Bernanke Struggled to Stoke Growth (Hilsenrath)
  • New Mortgages to Get Pricier Next Year (WSJ)
  • Republicans to Seek Concessions From Obama on Debt Limit (BBG)
  • Hunting for U.S. arms technology, China enlists a legion of amateurs (Reuters)
  • Jury Begins Deliberating in Case of SAC Portfolio Manager (WSJ)
  • BP to Write Off $1 Billion on Failed Well (WSJ)
  • Rajan Unexpectedly Keeps India Rates Unchanged to Support Growth (BBG)
  • Thai protesters say they will rally to hound PM from office (Reuters)
  • SEC Brings Fewer Enforcement Actions, Slows Early-Stage Probes (WSJ)
 
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Frontrunning: December 9





  • Glass-Steagall Fans Plan New Assault If Volcker Rule Deemed Weak (BBG) ... "if"? The banks control the legislators and regulators...
  • Cellphone data spying: It's not just the NSA (USA Today)
  • Major tech companies push for limits on government surveillance (Reuters)
  • Shanghai Warns Kids to Stay Indoors for Seventh Day on Smog (BBG)
  • Protesters fell Lenin statue, tell Ukraine's president 'you're next' (Reuters)
  • Everyone must be flying private these days: EADS to cut 5000-6000 jobs, close Paris HQ in restructuring (FT)
  • Big Players Trade 'Upstairs' (WSJ)
  • There’s no way to tell how many people who think they’ve signed up for health insurance through the U.S. exchange actually have (BBG)
  • Slower China inflation reduces worries of tighter policy (Reuters)
 
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Frontrunning: November 14





  • Yellen to defend Fed's ultra-easy monetary policy (Reuters)
  • Japan growth slows on global weakness (WSJ)
  • Eurozone third-quarter growth falters (FT)
  • Fed Debates Its Low-Rate Peg (Hilsenrath)
  • Yellen: Economy Still Needs Fed Aid (WSJ)
  • ‘Obamacare’ launch fiasco rouses sceptics (FT)
  • DoubleLine's Gundlach says U.S. equities 'only game in town' (Reuters)
  • Indian Inflation Exceeding Estimates Adds Rate-Rise Pressure (BBG)
  • HUD Said to Fail in Bid to Sell $450 Million of Mortgages (BBG)
  • Boeing machinists reject labor deal on 777X by 67 percent (Reuters)
 
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Frontrunning: November 13





  • Desperate Philippine typhoon survivors loot, dig up water pipes (Reuters)
  • Fading Japanese market momentum frustrates investors (FT)
  • China's meager aid to the Philippines could dent its image (Reuters)
  • Headline du jour: Granted 'decisive' role, Chinese markets decide to slide (Reuters)
  • Central Banks Risk Asset Bubbles in Battle With Deflation Danger (BBG)
  • Navy Ship Plan Faces Pentagon Budget Cutters (WSJ)
  • Investors pitch to take over much of Fannie and Freddie (FT)
  • To expand Khamenei’s grip on the economy, Iran stretched its laws (Reuters)
  • Short sellers bet that gunmaker shares are no long shot (FT)
  • Deflation threat in Europe may prompt investment rethink (Reuters)
 
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