Bridgewater

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.

13-F Summary: Who Bought And Sold What In The Fourth Quarter

Yesterday's barrage of 13F releases showed that hedge funds like Third Point, Eton Park and Blue Ridge piled into shares of major banks, David Tepper's Appaloosa jumped into the pharma sector starting new positions in Teva, Pfizer and Mylan while Buffett aggressively added to airline steaks and nearly quadrupled his Apple position to $7.7 billion. Here is a full breakdown of who bought what in the fourth quarter.

Seth Klarman Warns Trump's "Erratic, Overconfidence" Could End Dollar Hegemony

The big picture for investors is this: Trump is high volatility, and investors generally abhor volatility and shun uncertainty... If things go wrong, we could find ourselves at the beginning of a lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation, and global angst...”

Lagarde Urges Wealth Redistribution To Fight Populism

"I want to be loud and clear: populism scares me... policy makers need to 'man-up' and pay for the social cohesion that we need to keep our societies advancing... it probably means more redistribution than we have in place at the moment and accept that this may be a higher tax burden on people..."

"Something For Nothing" All-Weather Funds Disappoint In Post-Election Era

Variously marketed as "all-weather", "all-season", or "bulletproof", the so-called "risk-parity" strategies of some of the world's largest hedge funds have been anything but 'stable' since the election as the combination of leverage and bond losses have crushed the gains from an exuberant equity market.

COMEX, ICE Gold Vault Reports Both Overstate Eligible Gold Inventory

Both CME and ICE publish reports showing warehouse inventories of gold in two categories, Eligible gold and Registered gold. Most importantly, however, both reports are technically incorrect for the approved vaults that they have in common because neither Exchange report takes into account the Registered gold reported by the other Exchange.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Frontrunning: December 23

  • Berlin market attack suspect killed in Italy (Reuters)
  • Tunisian Suspect Had a History of Criminal Activity, Extremism (WSJ)
  • Hijacked Libyan plane lands in Malta with 118 on board (Reuters)
  • Deutsche Bank, Credit Suisse Settle U.S. Probes as Barclays Sued (BBG)
  • Italy Sets Up Fund to Help Troubled Banks (WSJ)