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.
“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...”
“Nationalism, protectionism and militarism increase global tensions and the risks of conflict. For these reasons, while we remain open-minded, we are increasingly concerned about the emerging policies of the Trump administration,”
"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..."
How do you know with certainty that Davos has not only jumped the shark, but is now an outright parody of what itself? One answer: when you have a handful of semi, and non-semi billionaires, confused by the populist backlash of the past year, sit down and discuss among each other how a "Squeezed and Angry" middle-class should be fixed.
"I have been reflecting for quite a while on the destructive effects that fake and distorted media are having on our society’s well-being...This is not just a fringe media problem; it is a mainstream media problem... and it is questionable whether the world will be just fine if this fake and distorted media epidemic is not arrested."
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.
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.
"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..."