Merrill

Merrill

When Speculators Prosper Through Ignorance

"Speculators often prosper through ignorance; it is a cliche that in a roaring bull market, knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss."

Blind Faith Everywhere

Beware of academics bearing models. Knowing prices are wrong and knowing when they are going to correct are two very different things - being able to survive until and through the correction is vital.

Meet China's Hedge Fund Capital

Hedge funds didn't exist in the world's second-largest economy five years ago...Now they have their own private village.

Here Are The Best Hedges Against A Le Pen Victory

According to BofA, the best ways to hedge increased risks of a potential Eurosceptic win in the upcoming French election is favouring 10y peripheral spread wideners in Spain vs France, longs in 5y5y Germany and 5y Dutch sovereign CDS. In the options space, the banks recommends going long vol with a hybrid 6m10y strangle. In inflation, it likes 5y5y French CPI v HICP widener and a long 30y OATei breakeven vs inflation swap.

Carlson Capital: Border Adjustment Tax Would Lead To "Global Depression"

"If the border adjustment mechanism is implemented as proposed we think it will cause a global depression and a major equity market decline. It is still unclear whether it will happen but at the very least we expect that US trade policy will put downward pressure on global growth. When this becomes apparent commodities will correct meaningfully and we will reinvest in inflation beneficiaries."

Trump To Sign Executive Orders Undoing Dodd-Frank, "Fiduciary Rule"

President Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010. Trump also will halt another of Obama’s regulations known as the "fiduciary rule", hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients.

GoldCore's picture

The Trump administration continues to sabre-rattle at global powers and threatens to disrupt the status-quo of international relations. Comments in just 24-hours by Donald Trump and his team have included attacking an Ivy League university, a nuclear power and two of the United States’ key trading partners.

Hillary Clinton To Pen New Memoir Reflecting On Stunning 2016 Loss

"These are the words I live by.  These quotes have helped me celebrate the good times, laugh at the absurd times, persevere during the hard times and deepen my appreciation of all life has to offer.  I hope by sharing these words and my thoughts about them, the essays will be meaningful for readers."

Nomi Prins On The Goldmanization Of President Trump

In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government.”  Under Trump, an even smaller group will flourish -- in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come.

As Wall Street Tries To Trade On Trump's Tweets, Problems Emerge

A problem has emerged as Wall Street scrambles to trade on Trump tweets: while HFT strategies can quickly identify that a stock was referenced in a tweet, isolating if the actual message is bullish, bearish or indifferent presents a major challenge.