Real estate

Republican Party To Trump: "Fire Somebody"

In the aftermath of last night's snafu involving Melania Trump's address to the RNC, the GOP has a simple message to trump: fire somebody. As the Hill reports citing Republicans gathered in Cleveland on Tuesday, the Trump campaign should take action against whoever is responsible for the similarities between Melania Trump’s address at the GOP convention and Michelle Obama’s convention speech in 2008.

Frontrunning: July 19

  • Turkey's Erdogan recounts night of coup, mulls death penalty (AP)
  • Dissidents Silenced, GOP Convention Turns Attacks on Clinton (WSJ)
  • U.S. police deaths build momentum for law to treat attacks as hate crimes (Reuters)
  • Police across US patrolling in pairs after ambush attacks (AP)
  • UK will not invoke EU Article 50 this year, government lawyer says (Reuters)

Largest US Pension Fund Suffers Worst Annual Return Since Financial Crisis Due To Heavy Stock Losses

While we have often documented the dramatic underperformance by the hedge fund industry over the past decade, today we learn that "vanilla" asset managers were also hurt over the past year in which the S&P went nowhere. Case in point: Calpers, the largest U.S. public pension fund which as the WSJ reports posted its lowest annual gain since the last financial crisis due to heavy losses in stocks.

"The Credit Ponzi Is Dead" - Brexit Or Not, The Pound Will Crash

Status quo, as our generation know it, established in 1945 has plodded along ever since. It is true that it have had near death experiences several times, especially in August 1971 when the world almost lost faith in the global reserve currency and in 2008 when the fractional reserve Ponzi nearly consumed itself. While the recent Brexit vote seem to be just another near death experience we believe it says something more fundamental about the world.

UK Luxury Property Sales Collapse Post-Brexit

Things just went to '11' on the Spinal Tap amplifier of Britain's property market. Having detailed the numerous 'dominoes' that have begun to fall, and the start of forced real asset liquidations, the hard data from Britain's Royal Institute of Chartered Surveyors suggests Brexit just killed the British housing market... and even more crucially, as Bloomberg reports, a measure of London (luxury) home-price changes crashed to its weakest since the financial crisis as the U.K.’s vote to leave the EU sent shock waves across the nation.

The 3 Charts That No UK Property Fund Manager Wants You To See

Things just went from worst to worst-er in Britain's property market. Having detailed the numerous 'dominoes' that have begun to fall, and most recently the start of forced real asset liquidations, the hard data from Britain's Royal Institute of Chartered Surveyors (RICS) suggests Brexit just killed the British housing market. Simply put, as RICS concludes, this is the "most negative reading for near term expectations since 1998."

"All-Time-Highs"

"...central bankers seem to view elevated security valuations as “wealth.” The longer this fallacy persists, the worse the subsequent fallout will be. I have little doubt that future generations will look at the reckless arrogance of today’s central bankers no differently than we view speculators in the South Sea Bubble and the Dutch Tulip-mania. Unfortunately, there is no mechanism by which historically-informed pleas of “no, stop, don’t!” will penetrate their dogmatic conceit. Nor can we change the psychology of investors."

JPM Revenue Rebounds On Stronger Fixed Income Trading, Jump In Lending

JPMorgan Chase & Co., the biggest U.S. bank by assets, said second-quarter profit fell 1.4 percent, beating analysts’ estimates as fixed-income trading revenue and loan growth jumped. Revenue climbed 2.8 percent to $25.2 billion, beating the $24.5 billion average estimate of seven analysts surveyed by Bloomberg. The company said average core loans increased 16 percent from a year earlier.