Private Equity

Frontrunning: June 27

  • After ‘Brexit’ Vote, Europe’s Leaders Debate Timing of U.K.’s Departure (WSJ)
  • Pound Slumps, Banks Tumble on Brexit Fallout; Bonds Extend Gains (BBG)
  • To Brexit or Regrexit? A dis-United Kingdom ponders turmoil of EU divorce (Reuters)
  • ‘Brexit’ Sparks Political Turmoil Across U.K. (WSJ)
  • 10 ways to leave EU lover; scenarios for Brexit (Reuters)
  • The $100 Trillion Bond Market’s Got Bigger Concerns Than Brexit (BBG)

Brits Lead Revolt Against Age Of Inequality, BofAML Favors "Gold, Vol, & Cash Positions"

Brexit is the biggest electorate riposte yet to The Age Of Inequality created by policymakers to save (some) of the world, and as BofAML's Michael Hartnett warns, investors must anticipate a shift to an increasingly populist policy response. The backdrop of Quantitative Failure nonetheless means a renewed bull market in risk assets is impossible unless fiscal policy can quickly arrest the downside in GDP & EPS forecasts.

Hedge Fund Manager Charged In Insider Trading Case Commits Suicide

Last week, we reported on the historic insider trading bust that took place at the soon to be sold Visium Capital, in which, among other accusations, U.S. Attorney Preet Bharara in Manhattan charged Sanjay Valvani of fraudulently making $25 million by gaining advance word about U.S. Food and Drug Administration approvals of generic drug applications. Moments ago, Dow Jones reported that the same Sanjay Valvani, charged in the Visiuam insider trading case, was found dead this morning in an apparent suicide.

Stocks, Sterling Rise As "Brexit" Fears Forgotten; Dollar Drops Ahead Of Yellen Speech

Tuesday's overnight price action has been a continuation of yesterday's Brexit relief rally, as investors focused on the two latest polls favorable to Remain in Thursday's referendum (while ignoring the YouGov poll which gave Leave a small lead), and hoping the doom and gloom by George Soros will convince the undecideds to vote against Leaving. As a result, global stocks continued their advance while pound extending the biggest rally since 2008.

How Wall Street Is Strangling The Economy

The “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream...

Global Stocks Plunge; US Futures, Oil Slide As Brexit Fears "Jolt Markets"

Right now it is all about the immediate fate of the UK, and as Bloomberg explains the "jolted markets" and overnight plunge in global risk assets, "growing anxiety over the prospect of the U.K. exiting the European Union dominated financial markets, sending global stocks down for a third day and the British pound to an eight-week low while boosting demand for havens such as the yen and gold."

Frontrunning: June 9

  • European Bond Yields Hit Record Lows as Stocks Tumble (WSJ)
  • Oil prices soften on profit taking after hitting 2016 highs (Reuters)
  • Wooing Sanders supporters will be tough task for Clinton (Reuters)
  • Clinton ally Warren weighs potential VP role, sees hurdles (Reuters)
  • Rise of the Machines Fueled by Higher Asia Manufacturing Wages (WSJ)

Frontrunning: June 8

  • World stocks struggle to build on highs as Europe weighs (Reuters)
  • Oil hits eight-month high on disruptions, Chinese demand (Reuters)
  • Hillary Clinton Set for Democratic Nomination After Primary Wins (WSJ)
  • DNC avoids calling Clinton presumptive nominee (The Hill)
  • Trump, Rattled by Critics, Treads Carefully in Victory Speech (BBG)

It Takes A Village To Maintain A Dangerous Financial System

“The few who understand the system will either be so interested in its profits or be so dependent upon its favors that there will be no opposition from that class, while the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.”