"I wrote this note because I am so effin’ tired of being called a racist or a sexist because I don’t think that Donald Trump is evil incarnate... I think Trump is a narcissist and an ass, not a Fascist. Like most people in the financial services world, I deal with narcissists and asses every day … they’re not Hitler clones because the only thing they’re really true-believers about is their own self-aggrandizement."
In a desperate bid to fill empty space, mall owners are being increasingly forced to turn to non-conventional tenants to fill empy space. Which is great news for the American consumer who can now purchase cold cuts, have that mole removed and pick up a Louis Vuitton bag all in one convenient location.
Runaway real estate speculation has been filling global capitals with vacant homes, creating artificial shortages in the world’s most sought after cities. The city of Paris has decided it’s had enough, and implemented a tax in 2015. They didn’t quite get the results they wanted, so they’re now tripling the tax to 60%.
Yellen, like notorious previous Fed chiefs including Strong, Martin, and Greenspan, can now claim success in having prolonged and strengthened an asset price inflation which otherwise may well have been about to enter its severe end phase. If history is any guide, the result of that success is to be feared.
It's not just the Obamas that are moving into swanky mansions across Washington D.C.. This last weekend saw two $12-million-plus homes sold in the D.C. area with realtors noting "Trump's bringing people from outside a local market...and they’re coming from a much more expensive market."
European shares and S&P futures are modestly lower this morning, dragged down by fresh geopolitical concerns out of North Korea which last night fired 4 ballistic missiles, by renewed political jitters ouf of France where Alain Juppe announced he would not run in the presidential election, from Deutsche Bank whose aggressive equity offering has weighed on local stocks, and from China's announcement over the weekend in which it modestly cut its economic outlook.
"With spreads at post-crisis tights, equities making new highs, and new issues oversubscribed, markets are clearly exuberant. But could it be rational this time? We’re not convinced.... sell we think you should." - Matt King
Are you an expert at identifying forged documents, and fake IDs? How about investigating immigration history? If not, you may want to think twice before becoming a landlord, investing in real estate, or opening a homeless shelter. According to Texas law, upheld by a Federal Appeals Court, you could be held legally liable for “harboring” an illegal immigrant.
"...although it might be fashionable to claim equities are in a bubble, be aware this “bubble” is completely different. It is not driven by speculation, but instead might be the most gigantic short squeeze of all time."
We focus most of our ire on the federal government because bad policy from Washington is the biggest threat to our nation’s freedom and prosperity. But we also get plenty of bad policy from other levels of government...
"February should have been a better month for stock-picking, with pair-wise stock correlations continuing to fall to their lowest levels since 2000. But a better backdrop for stock-picking does not necessarily equate to fund managers making the right picks."
An internal White House strategy review on North Korean options includes the possibility of both military force and regime change to counter the country’s nuclear-weapons threat, the WSJ reports, a prospect that has some U.S. allies in the region on edge.