Salient

Salient Partners

Breaking Down The Bull Market Thesis

"Considering that forward estimates are generally overstated by 33% on average, the risk is high of disappointment... The risk for investors is “willful blindness” that builds when complacency reaches extremes. It is worth remembering that the bullish mantra we hear today is much the same as it was in both 1999 and 2007."

Is This The New Media Normal: Manufactured News For Hire?

"The Trump-Russia story has frequently been likened to Watergate, a specious comparison since the latter started with evidence of a crime and the former with publication of an anthology of fables, pornography, and Russian-sourced disinformation put together and distributed by partisan political operatives....as comms shops-for-hire like Fusion GPS have assumed the role that the American press used to occupy."

Kunstler Fears "Violent Revolt" As "Soft Coup" Against Trump Looms

"The whole nauseating spectacle will be attended by violent popular revolt of region against region and tribe against tribe in a great civil explosion of long-suppressed angst...Too many nasty forces are vectoring in on the scene to overthrow the dream state America has been languishing in."

7 Myths Of Investing

"There are no sidelines. Those saying this seem to envision a seller of stocks moving her money to cash and awaiting a chance to return. But they always ignore that this seller sold to somebody, who presumably moved a precisely equal amount of cash off the sidelines."

Noted Short Seller Marc Cohodes Comments On The Recent Events At Home Capital

The past two months have been a roller coaster ride for Home Capital shareholders culminating in the announcement of Berkshire Hathaway’s investment in the company this week.  But the deal raises at least as many questions as it answers, not least of which is whose interests are being served?

How Much Longer Can Junk Bonds Ignore Tumbling Oil? UBS Has The Answer

"If oil prices fall to $40 or below, the negative impact on rest of world profits could be a material headwind for aggregate corporate profits, and a prolonged $40 oil price would trigger more stress and defaults in lower-quality HY issuers heading into 2018."

Mark Hanson: Housing Bubble 2.0 - The End Is Nigh?

"If, the past 8-years of a Fed in Armageddon-mode created the 'everything bubble', what will shifting monetary policy into reverse do to said asset price levels? ..Remember, a 'house-price recovery' and 'housing market recovery' are two vastly different things."

Multipolar World Order: The Big Picture In The Qatar-Saudi Fracture

"The American century is rapidly coming to an end. Terrorists are biting their masters’ hands and the vassals are rebelling. The unipolar world order that defers to the United States is rapidly disappearing, and the consequences are being felt in many areas of the world."