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The S&P 500 Is Now Overvalued On 18 Of 20 Metrics

According to Bank of America, the S&P is substantially overvalued on 18 of 20 valuation metrics. According to Goldman, the S&P is now in the 98% percentile of median historical valuations, meaning the almost market has never been more expensive.

"We Don't Know How To Replace The Vast Gold Deposits Of The Past"

"What the industry has not done anywhere near enough is to put money back into exploration... it doesn’t really matter what the gold price will do in the next few years: Production is coming off and that means the upward pressure on the gold price could be very intense..."

Junk Bond Debt Covenant Quality Drops To All Time Lows

The Moody's Covenant Quality score was developed to measure the change in bond structuring terms that will be detrimental to bond investor. It moves between 1 and 5 with 5 being the weakest covenant quality. It is now at all time lows.

A $1.5 Trillion "Quantamental" Market Opportunity

"...there are serious concerns over whether the flow we’ve already seen into these strategies explains a recent deterioration in performance, and is leading to a dangerous ‘crowding’ of too much money chasing the same factors."

Next Up For Venezuela: PDVSA's Inevitable Default

"By cutting access to an essential source of funding, the Trump administration is precipitating the default of PDVSA and, given the key economic role of the company, of Venezuela."

How Hedge Funds Are Preparing For This Weekend's "Catastrophe"

"If people just watched the Weather Channel, they’d sell everything. The round-the-clock coverage is looking for ways to sound as sensational as possible. We’re trying to look at it from a more cold, detached, calculative perspective.”