Smart Money

Tyler Durden's picture

These Are The 50 Top Hedge Fund Long And Short Positions





At the end of every quarter there is a scramble by the financial public to peek at what the biggest hedge fund holdings were as of 45 days ago. And yet, one wonders why: as Goldman notes, "the low dispersion market continues to challenge stock-pickers as the average hedge fund lags the S&P 500 for the seventh straight year (2% vs. 4% YTD)." In fact, even the barbarous relic known as gold has outperformed the average hedge fund YTD. Then again, as we have said since 2012, the only informational value comes not from looking at hedge fund longs, but their biggest shorts, since short squeezes remain perhaps the only source of major outperformance. So for all those curious, here are the biggest hedge fund shorts as of March 31, 2015.

 
GoldCore's picture

Smart Money Entering Precious Metals as Russia Buys Another 300,000 Ounces





Smart money continues to maintain allocations or accumulate positions. U.S. mining financier Oskar Lewnowski is preparing to launch a base and precious metals fund. The 50 year old New Yorker has already invested almost $1 billion and hired a physical metals trader to handle supply.

 
Tyler Durden's picture

Is This The Chart Of A Healthy Stock Market?





If fundamentals like profits and sales no longer matter, then all that's left is faith that central banks will never let stock markets fall ever againNever, ever; that is of course the language of fairy tales.
 
Tyler Durden's picture

Presenting The $77 Billion P2P Bubble





"Loans take time to season and go bad, and Wall Street loves to package and pass along risk. The music will stop — it always does — and this will not end well.”

 
GoldCore's picture

Silver Bullion Buying Outstripping Supply As JP Morgan ($JPM) Buys





Artificially low prices for the metal have forced mines to close in recent years. Supply may not be able to match increasing demand in the coming years.

 
Tyler Durden's picture

"Hedge!!"





Q: How do you make a small fortune on Wall Street?

A: Start with a large fortune.

~ old investing adage

 
Tyler Durden's picture

When The Herd Turns





The ultimate hubris of central banks was their supreme belief in their own powers to direct the herd. As long as the herd was stampeding in one direction, the central banks could imagine that their shouted orders were directing the herd. But once the herd turns, the futility of those orders will be revealed.
 
Tyler Durden's picture

5 Things To Ponder: Market Soup





Operating and reported earnings have turned sharply lower over recent quarters which has historically been associated with major market peaks. As shown below, it is also important to notice that revenue has tended to lag these downturns in earnings previously. This is because the measures used to substantially boost profitability from each dollar of revenue generated through accounting gimmickry, share repurchases, and cost cutting are finite in nature. When the effect of those manipulations fade, so does the inflated profitability generated from each dollar of revenue. This will be something worth watching closely over the next few quarters particular as the commentary of a "continued secular bull market" continues to hit the headlines.

 
Tyler Durden's picture

The "Smart Money" Has Never Been More Bearish





The put/call ratio of open interest on S&P 100 (OEX) options has historically been a "smart money" indicator. The stock market peaked (anbd has drifted sideways for the last 6-7 weeks) since March 3rd saw an unprecedented string of bearish readings. The bearish OEX put/call readings have not relented, however. In fact, the bearishness has accelerated to an extreme level never seen before.

 
Tyler Durden's picture

Guess What Happened The Last Time Bond Yields Crashed Like This...





Of course no two financial crashes ever look exactly the same. The crisis that we are moving toward is not going to be precisely like the crisis of 2008. But there are similarities and patterns that we can look for. Sadly, most people are not willing to learn from history. Even though it is glaringly apparent that we are in a historic financial bubble, most investors on Wall Street cannot see it because they do not want to see it. This next financial crisis will be strike number three. After this next crisis, there will never be a return to “normal” for the United States.

 
testosteronepit's picture

The Chilling Thing Blackstone Said about the Oil Bust





Energy companies “biding their time in the hopes they don’t have to face the music.”

 
Tyler Durden's picture

5 Things To Ponder: What Hath The Fed Wrought





"I was having lunch with a very dear friend of mine yesterday, who is also a very successful financial planner and advisor, who stunned me with an obvious question: 'Has the dumb money become the smart money?'"

 
Tyler Durden's picture

Dollar Demand = Global Economy Has Skidded Over The Cliff





Borrowing in USD was risk-on; buying USD is risk-off. As the real global economy slips into recession, risk-on trades in USD-denominated debt are blowing up and those seeking risk-off liquidity and safe yields are scrambling for USD-denominated assets. Add all this up and we have to conclude that, in terms of demand for USD--you ain't seen nuthin' yet.

 
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