NG

Whither Wheat? "A Technician's Wet Dream"

“The most exciting returns are to be had from an asset class where those who know it best, love it least because they have been burnt the worst...

One Professional Investor's Take On Bitcoin

"Can’t say that I don’t feel a little tinge of a bitter sting. I have long attempted to find an asset that is impervious to Central Bank bat-shit crazy balance sheet expansion. I was handed the answer with bitcoin, well before most others, and completely whiffed..."

The Other Shoe Drops: Prime Auto Loan Losses Surge As Recoveries Tumble

With subprime auto loan delinquencies already surpassing losses last seen in the immediate aftermath of the financial crisis, the next shoe has dropped as losses in bonds tied to prime auto loans surged in recent months from a year ago, with 60+ day delinquencies and default rates in Prime ABS pools doubling from post-crisis lows.

Pondering The Real Perils Of Risk Parity Portfolios

Following Paul Tudor Jones "terrifying" stock market comments last week, we explain why Jones might be wrong, not about risk parity causing a market dislocation, but instead the market in which risk parity will cause problems.

The Last Remaining Cheap Asset

Today we face expensive assets everywhere we look. So what’s an investor to do? Is there anything truly cheap anymore? Well, rest assured, there is absolutely nothing easy left...

"The Fed Is Once Again Making A Policy Error"

"I must admit, I am a little surprised the Fed's goal of withdrawing accommodation without having the whole financial system come crashing down has gone so smoothly. But I wonder if the Federal Reserve isn’t pushing their luck..."

Canada At 150: Hate Crimes & The Chinese Question

As it turns 150 years old in 2017, Canada faces a surge in hate crimes amid growing nativist anger against Chinese migrants, Muslim refugees, and public officials for their alleged role in worsening the country’s socio-economic conditions, said community leaders and analysts.

Central Banker Sees "Scary" 2017

Q. When you look ahead to 2017, what keeps you awake at night?
A
. Short term, the Fed rate hikes. Medium-to-long term, the retreat from multi-lateralism related to the performance of the global economy - the major and various economies, and emerging markets like China.

Frontrunning: November 15

  • Biggest Global Bond Rout Since 2003 Pauses (BBG)
  • Oil prices jump 3 percent on hopes of OPEC output cut (Reuters)
  • Italy polls get worse for Renzi as referendum nears (Reuters)
  • Trump will get wake-up call when he takes office, Obama says (Reuters)
  • With Priebus, Ryan’s Speakership Has Direct Channel to Trump (BBG)
  • Supreme Court now in Trump’s hands (The Hill)

What Hedge Funds Bought And Sold In Q3: The Full 13-F Summary

Today was the deadline for hedge funds to submit their Q3 13-F filings, which considering they represent a snapshot in time as of Sept 30, prior to both the October volatility spike and the presidential election, are likely totally irrelevant by this time. Still, for those who religiously focus on hedge fund position changes, here is the list.