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What Hedge Funds Bought And Sold In Q3: The Full 13-F Summary

Today was the deadline for hedge funds to submit their Q3 13-F filings, which considering they represent a snapshot in time as of Sept 30, prior to both the October volatility spike and the presidential election, are likely totally irrelevant by this time. Still, for those who religiously focus on hedge fund position changes, here is the list.

The Scenic Route To Hell

Regardless of who won the American presidential election, market collapses, debt defaults and an eventual currency collapse were baked in the cake. It’s safe to say that, should they occur in the next four years, as would seem likely, they would be blamed on the president, as they would happen on his watch. This being the case, in addition to the fact that conservative thinkers are aging and being replaced by collectivists, it’s very likely that the US is looking at its last Republican president.

Secede And Decentralize: An Open Letter To Clinton Supporters

Dear Clinton Voters, I know this election has been painful for you. Many feel betrayed and even believe yourselves no longer living in the country you thought you were. Reflect on that pain and frustration for a moment. Now recognize how you feel now is how an equally large, possibly larger, number felt for the past eight years. Those who are of a liberty bent feel it all the time, no matter who ends up in office. Reflect on it, feel it, understand it, own it.

Italian Bond Yields Explode To 18-Month Highs As Deutsche Sees 'Italeave' Odds At 60%

With TARGET2 imbalances at record highs, Italian bonds yields are exploding higher (despite Draghi's foot on the scales) following Trump's populist-encouraging victory just a few shorts weeks ahead of Italy's referendum vote. The probability of reform rejection (and implicitly 'Italeave') is now 60%, according to Deutsche Bank, with complexity due to the country’s growth-banks-politics nexus: disappointing growth, concerns about the banking system and the rise of populist and euro-sceptic parties.

Why President Trump Will Fumigate The Fed

Trump’s election has given hard money advocates the most hope in over 30 years that our nation’s failed monetary policy will be reformed. Mixed with the current hawkish wave that is already percolating in the veins of some FOMC members, Trump’s future appointments can have a huge impact on the central bank’s immediate decision-making. One can only hope that the president-elect will stick to his guns and do the right thing.

Why Some "Flyover States" Switched To Trump

The grossly aggregated national data (and the stock market) shows the economy is growing... so everything must be fine, right? For millions of people outside the coastal cities where powerful investors and media figures live, however, things are not fine. Indeed, no one should be surprised that on election day, it was voters from Ohio, Michigan, and Wisconsin - states that have favored Democrats in recent presidential elections - handed Donald Trump his victory.

One Hedge Fund's Warning: "What’s Good For The US In This Case, Is Not Good For Emerging Markets"

"To be bullish on emerging markets at this stage is to disregard the adverse dollar and interest rate environment, and build your investment thesis on the expectation that China will sustain the largest credit expansion in modern economic history." Most investors viscerally understand this, particularly within China, where capital outflows just hit new highs for the year - weakening the renminbi. "Historically, emerging markets have done well when global growth has been robust. But the world is changing."

On That 'Concession' Speech (aka Meet The New Clinton Inc.)

"...as I watched Mrs. Clinton’s concession speech I couldn’t help but marvel at what I believed to be watching. For if I’m correct, what transpired at that presser was more inline with a business turnaround, or business crisis PR announcement event (think Tylenol or even Wells Fargo for base-case relevance) rather than just your typical political concession speech."

No, Protesters, You Are Not Entitled To Free Education

One of the recurring themes from these protestors being interviewed, primarily young people, was that Trump wasn’t going to do anything about student debt. "The truth is that they’re not interested in free education... They just want a free university degree... a piece of paper that confers neither education nor any guarantee of success in life."

Is A Real Civil War Possible?

There was very little discussion about policy in this election. It was almost all ad hominem attacks, mostly pushing emotional hot buttons, not intellectual points. It’s all about a culture clash. It’s a non-violent civil war. These two groups no longer have very much in common. And they don’t just disagree, they hate each other. Is a real civil war possible?

Liberal Media Turns On Itself As NYT Promises To "Rededicate" Itself To "Honest" Reporting

"Clinton campaign believed until 9 o’clock that they were going to win. That fault of that, actually, lies with the media” who "stopped being journalists for the past month, and began being cheerleaders, and began being people who had a conclusion that they reached, and then searched for facts to show that Hillary was a 99.999% chance winner of winning this campaign."