Apple

David Tepper Dumps 40% Of US Equity Exposure Despite Claiming "Stocks Inexpensive"

At the start of Q4 2014, Appaloosa's David Tepper made a series of statements - dismissing Bill Gross as irrelevant (nope - turmoil caused by PIMCO unwinds roiled credit markets), calling the end of the bond bull market (nope - yields went on make lower and lower lows), and finally proclaiming that stocks were inexpensive and multiples not high. So, one wonders, if stocks were inexpensive and multiples not high, why did Appaloosa dump 40% of its US equity exposure in that quarter (only to end the quarter with even more exuberance proclaiming that stocks could rise another 10% in 2015)? It appears that when David Tepper says "buy", he means "buy... from me."

Frontrunning: February 17

  • Markets From Stocks to Debt to Euro Show Little No Panic (BBG)
  • Greek Euro Exit Risk Increases as EU Delivers Ultimatum (BBG)
  • Oil rises to $62, near 2015 high as Mideast risks support (Reuters)
  • Texas judge blocks Obama plan to protect undocumented immigrants (Reuters)
  • Oil Train Derails and Ignites Forcing West Virginia Evacuations (BBG)
  • Battle rages for town where Ukraine rebels reject ceasefire (BBG)
  • Chinese Firms Tiptoe Back Into Europe’s Battered Financial Sector (WSJ)
  • Putin’s Paradise Becomes Economic No-Go Zone Where Cash Is King (BBG)
  • Emerging fund managers stuck in buy-and-hold as trading shrivels (Reuters)

First Genetically Modified "Browning-Resistant" Apple Approved For US Consumption

With only 37% of the public believing that genetically-modified foods are 'safe', The Arctic apple - which resists browning when cut open or sliced - faces an uphill battle for 'success'. But as WSJ reports, the non-browing trait makes it particularly attractive for restaurants, grocery stores, airlines and other companies that offer pre-sliced fruit, and since The Agriculture Department on Friday approved it as the first genetically modified apple for sale in the U.S., the debate over the safety (and labelling) of modified foods reignites. While "getting the consumer to buy in to the product has to be the priority," notes Okanagan, environmentalists warn "there is no place in the U.S. or global market for genetically engineered apples."

Meet The "AAPL Trading Guru" Who Blew Through 99% Of His AUM, Ending With Just $32,362.84

Roger Bliss runs Roger Bliss and Associates Equities, LLC, which is supposedly an "investment club" and has had tremendous success day-trading Apple stock, achieving annual returns for his investors of between 100 to 300%. Bliss tells investors he has never had a trading day in which he has lost money in the past six years. Bliss claims to be managing in excess of$300 million of which approximately $260 million is his own equity in the fund. Bliss also claims there is no risk for investors as he indemnifies them against the loss of their principal. There is only one problem: it is all nothing but one non-stop, epic lie.

"Gaussian Demolition": Observations On Key Global Events

Bell Curves have become fatter and flatter. They may even be inverted. The term “bell curve” comes from the shape of the curve that depicts all occurrences distributed around the most-probable event. Data points in the ‘tails’ are now more frequent. Hyper-active central banks might be ensuring both a melt-up bubble and a market crash: larger ‘right-tail’ and ‘left-tail’ outcomes.

Obama Unveils His Executive Order To Share Your Confidential Information With Corporations: Live Webcast

As reported earlier, today Obama will unleash his latest executive order, one which will set the stage for "information sharing and analysis organizations" (ISAOs) - or, in political jargon "hubs where companies share cyber threat data with each other and with the Department of Homeland Security."  In regular parlance, what Obama will do is merely codify the second coming of the Patriot Act. Click here to make it easier for the NSA watch you watch the president.

Fourth Turning: The Shadow Of Crisis Has Not Passed - Part 3

When you accept the fact history is cyclical and continuous linear progress is not what transpires in the real world, you free yourself from the mental debilitation of normalcy bias and cognitive dissonance. Things do get worse. There are dark periods of history and they recur on a regular cycle. And we are in the midst of one of those dark periods. This Crisis will not be resolved without much pain, sacrifice, bloodshed, and ultimately war. The American people have lost their ability to think, reason, question, do math, control their urges, defer gratification, or realize when they are being lied to by the people they elected to public office. A culture of ignorance, celebration of the absurd, salutation of stupidity, honoring of the inane, being mesmerized by electronic gadgets, and satiating their egocentric shallow impulses on social media, is a sure recipe for societal collapse.

Now On The Endangered Species List: Bond Traders

The bond market may have gotten so fragmented in recent months that even Bloomberg was amazed at how little trading volume it necessary to make a price impact, the amount of bond traders (and certainly salesmen), and certainly their bonuses, appeared to only go up. "Appeared" being the key word, however, because as Bloomberg reports, "the average number of dealers providing prices for European corporate bonds dropped to a low of 3.2 per trade last month, down from 8.8 in 2009, according to data compiled by Morgan Stanley."

Frontrunning: February 12

  • 'Glimmer of hope' for Ukraine after deal at Minsk peace summit (Reuters)
  • Ruble Rebounds, Russian Stocks Surge on Ukraine Cease-Fire Deal (BBG)
  • Greek PM Tsipras in Brussels as clock ticks on EU bailout (Reuters)
  • Emerging-Market Currencies Rout Not Over for Traders (BBG)
  • Little noticed, new Saudi king shapes contours of power (Reuters)
  • In Wake of Financial Crisis, Goldman Goes It Alone (WSJ)
  • AmEx Is Losing Its Millionaires (BBG)
  • Thousands to Lose Health Insurance Over Residency Questions (WSJ)

Billionaire Baubles: A $3.5 Million iPhone 6

In today's new normal, all that matters is pretense and for the most pretentious items we need to dig deep down in the Oligarch ornaments folder. The latest must-have item among those that really understand the world (and manage it) - The $3.5 million "Diamond Ecstasy" iPhone 6 from Goldgenie.

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The Greek Austerity Myth

Since the anti-austerity Syriza party's victory in Greece's recent general election, the “Greek problem" is again preoccupying markets and policymakers throughout Europe. Some fear a return to the uncertainty of 2012, when many thought that a Greek default and exit from the eurozone were imminent.