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"Markets Not Cheap" & "Not Enough People Paid The Price For 2008" - SALT Day 2 Post Mortem

Tyler Durden's picture




 

'Not' as exciting and headline-making as Day 1, as damage control was loud and proud after Tepper's "dangerous markets" call. The number of times we heard "what he meant to say was..." made us laugh but day 2 of the SkyBridge Alternatives Conference (SALT) varied from Leon Cooperman's "S&P to 2000" exuberance to Rubinstein's "markets are not cheap" disappointment and everything in between... with Nassim Taleb's "not enough people paid the price for 2008" conclusion summing it all up nicely.

 

Via Bloomberg,

Carlyle’s David Rubenstein:

Sees modest interest rate increase next year;

 

China 2nd place to invest after U.S;

 

markets are not “cheap”;

 

difficult to find deals in buyout world.

Fortress’s Mike Novogratz:

Likes emerging market carry trades;

 

likes Argentina down the road;

 

says he missed Bernanke dinner hint on Treasuries.

Marathon’s Bruce Richards:

Says Europeans banks having “fire sale”;

 

very involved in TXU in all parts of capital structure;

 

sees good value in restructuring of IVG in Germany;

 

bought big “chunks” of Repsol debt.

Pine River’s Steve Kuhn:

Likes boring stocks, especially ConAgra, Rock-Tenn and Agco.

Visium’s Jacob Gottlieb:

Likes Freescale Semiconductor;

 

doesn’t like handset makers;

 

reiterates he likes Patterson-UTI Energy;

 

sees compelling shorts in healthcare/biotech sector

Omega’s Leon Cooperman:

expects S&P to end year ~2,000;

 

likes Monitise.

Passport’s John Burbank:

betting on Chinese Internet cos., specifically reiterating Qihoo, SouFun, VipShop

KLS’s Jeffrey Kronthal:

best idea European CLO equities

Former Treasury Secretary Larry Summers:

says not at end of financial instability;

 

says Glass-Steagal can’t be blamed for 2008 financial crisis

NYU Professor Nassim Taleb:

calls value at risk a “scam”;

 

says not enough people paid the price for 2008;

 

if you want to take risk go to a hedge fund

 

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Fri, 05/16/2014 - 11:55 | 4766756 slaughterer
slaughterer's picture

pAy the price or die, fuckers.  

Fri, 05/16/2014 - 11:56 | 4766760 svayambhu108
svayambhu108's picture

over 9000

Fri, 05/16/2014 - 12:28 | 4766874 NotApplicable
NotApplicable's picture

Given that 99% of us "paid the price" I'd say it's the wrong people, rather than "not enough."

Fri, 05/16/2014 - 12:34 | 4766892 pods
pods's picture

So lets get together those that fucked the system up and let them come up with the reasons why it blew up?

I betcha we would get a lot more candor if we had elimination matches where we have side by side banksters in guillotines and then start asking them some questions.

It would be like jeopardy.  In a running man sort of way.

pods

Fri, 05/16/2014 - 13:34 | 4767020 Remington IV
Remington IV's picture

Bend over , here it comes again pal

Fri, 05/16/2014 - 13:34 | 4767018 Remington IV
Remington IV's picture

Dow 6000

Fri, 05/16/2014 - 11:56 | 4766761 Save_America1st
Save_America1st's picture

Are you sure that's actually "salt" in that pic, Tyler?  I think it's a pile of "go-fast" powder

Fri, 05/16/2014 - 11:57 | 4766764 101 years and c...
101 years and counting's picture

"not enough people paid the price for 2008"

thats just crazy talk.  many traders has their bonus' reduced 5-10% in 2009.  how can someone possible live on only a 360K annual bonus?

Fri, 05/16/2014 - 13:36 | 4767023 Remington IV
Remington IV's picture

I got my bonus in stock 3 straight years , talk about getting screwed

Yep , the stocks up 200% , but it's still unfair

Fri, 05/16/2014 - 11:59 | 4766770 fonzannoon
fonzannoon's picture

Funny how we still talk about raising rates "next year" as Europe is about to go Nirp. This whole thing is so retarded.

Fri, 05/16/2014 - 12:30 | 4766884 Boston
Boston's picture

Funny how we still talk about raising rates "next year" as Europe is about to go Nirp.

Exactly.

Meanwhile, today, we can't even get much of a bounce in yields. The nearby 10yr contract is almost unchanged.....after three straight days of price jumps.  I really want to buy back (go long again) everything I sold yesterday.......

 

Fri, 05/16/2014 - 12:50 | 4766924 g'kar
g'kar's picture

Trillion dollar federal deficits have to be financed. TBTF spending and FSA spending isn't cheap. ZIRP and NIRP perps will continue until it fails.

Fri, 05/16/2014 - 11:59 | 4766773 AccreditedEYE
AccreditedEYE's picture

Annnd what is the purpose of rehashing this AGAIN? I sometimes believe ZH works for the Bulls/Sentiment folks. We'll be up 100bps by mid-afternoon. ZH may need to go dark before this market is allowed to have any kind of meaningful correction. BTFD.

Fri, 05/16/2014 - 12:23 | 4766860 LawsofPhysics
LawsofPhysics's picture

Why?

Ask yourself the following question;

1) do debts ever have to be repaid?

2) is accounability important?

3) do you believe that moral hazard is more than a "quaint term" from "outdated" ecnomics books?

 

That which cannot be sustained, won't be, lots of things will go dark motherfucker, that's a fucking guarrantee...

Give us some information we can trade.

Fri, 05/16/2014 - 12:00 | 4766776 youngman
youngman's picture

The got paid the price....they made more

Fri, 05/16/2014 - 12:12 | 4766823 joego1
joego1's picture

Some guy in northern Cali

   I don't trust the world I live in. It seems dangerous and overpriced.

Fri, 05/16/2014 - 12:15 | 4766826 Rainman
Rainman's picture

Good Gawd ... Larry's still pimping the story that the death of Glass-Steagall had nothing to do with this whole corrupted mess.

Payback, where the hell are you ?

Fri, 05/16/2014 - 12:19 | 4766847 LawsofPhysics
LawsofPhysics's picture

"Full faith and credit"

No more faith means no more credit motherfuckers...

Fri, 05/16/2014 - 12:46 | 4766915 Atomizer
Atomizer's picture

Tepper, take a 7 day gay fest venue on carnival cruise. Report back on how it feels to get ass raped. 

Fri, 05/16/2014 - 15:50 | 4767506 Calculus99
Calculus99's picture

None of them like Gold, or perhaps they do, but they haven't finished buying yet....

Sat, 05/17/2014 - 00:27 | 4768630 mkhs
mkhs's picture

  "says he missed Bernanke dinner hint on Treasuries."

 

Wow.  So did I.  But then, I don't have insider connections and missed the dinner, too.

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