Japan

Tyler Durden's picture

If Price Insensitive Buyers Become Sellers, Will The Entire Market Collapse?





"If circumstances cause these price-insensitive buyers to turn around and become price-insensitive sellers, there are not a lot of candidates to take the other side. Be prepared for the possibility that some of the same assets that have again and again risen to prices that many investors said were impossible show more downside volatility than investors have bargained for."

 
Tyler Durden's picture

We're Not All Gordon Gecko - Dan Loeb Defends 'The Activist' Investor





Lately, a varied chorus of powerful union bosses, politicians and candidates, an asset management company executive, and a few ivory tower types have asserted that activism is short term in nature, engaged in by “hit and run”  investors who care only about making a quick buck while leaving a company and its employees in ruins. It might surprise people to hear that we agree completely that the sort of activism they describe is abominable.  Luckily, it does not really exist, and certainly not at Third Point.  Activists today are very different from corporate raiders of the ‘80’s (about whom these criticisms might have been leveled fairly).

 
Tyler Durden's picture

This Coal Mine Valued At $630 Million In 2011 Just Sold For One Dollar





To get a sense of the complete devastation in the world of commodities, consider the curious case of Australia's Isaac Plans coking coal mine, which was valued at $630 million in 2011. It sold on Thursday for $1.  it gets worse: based on data from Citi Research, 90% of all M&A that miners did since 2007 has been written off. The commodity bubble has officially burst - feel free to thank China.

 
Tyler Durden's picture

Head Of Collapsed Mt.Gox Exchange Arrested With Half A Billion In Bitcoin Still Unaccounted





Some were confused if the Mt. Gox founder, Mark Karpeles, was going to get away with nothing more than an excuse, even if - as many speculated - he had personally fabricated exchange data entries and embezzled millions of dollars for his own account. Earlier today we got the answer when nearly 18 months after his infamous apology, Mark Karpeles was arrested in Tokyo. FT reports that Japanese police have arrested Mark Karpelès, the head of the bankrupt Japan-based bitcoin exchange Mt Gox. The arrest charge is that he made an illegal entry to the system in February 2013 and increased the balance of his account by $1 million.

 
Marc To Market's picture

Don't Exaggerate Significance of SNB's Loss





The SNB reported a record loss, but the real meaning and implication is not what most are claiming.  See why.

 
Tyler Durden's picture

Chinese Stocks Drop, End Worst Month Since August 2009; US Equity Futures Flat





In a repeat of Thursday's action, Chinese stocks which had opened about 1% lower, remained underwater for most of the session before attempting a feeble bounce which took the Shanghai Composite fractionally into the green, before the now traditional last hour action which this time failed to maintain the upward momentum and the last day of the month saw a surge in volume which dragged the market to its lows before closing roughly where it opened, -1.13% lower.  This caps the worst month for Chinese stocks since since August 2009, as the government struggles to rekindle investor interest amid a $3.5 trillion rout, one which has sent the Shanghai market lower by 15% - the biggest loss among 93 global benchmark gauges tracked by Bloomberg.

 
Tyler Durden's picture

China Says US "Militarization" Of South China Sea Shows Washington "Wants Nothing Better Than Chaos"





"China is extremely concerned at the United States' pushing of the militarization of the South China Sea region. "What they are doing can't help but make people wonder whether they want nothing better than chaos."

 
Tyler Durden's picture

"Say A Little Prayer" Bill Gross Warns, "Zombie Corporations Now Roam The Real Economy"





Having exposed the reality that the world's capital markets are a manipulated shell game, Janus' Bill Gross has a message for the perpetual bulls in his latest letter to investors - "say a little prayer." Gross continues, "low interest rates are not the cure – they are part of the problem," warning that ZIRP has enabled, "a host of zombie and future zombie corporations now roam the real economy. Schumpeter’s 'creative destruction' – the supposed heart of capitalistic progress – has been neutered. The old remains in place, and new investment is stifled." As he previously warned, when the central bank manipulation is removed the likely trajectory of prices is downward...

 
Tyler Durden's picture

4 Mainstream Media Articles Mocking Gold That Should Make You Think





Religious imagery... peak condescension... everyone proclaiming "gold is dead"... In a nutshell, sentiment has plunged to negative levels not seen in years, if not more than a decade. Here are four mainstream media articles that provide some evidence we may be approaching a sentiment low. Some of them we're sure you’ve seen, others perhaps not. What amazes us is how they’ve all come out within the last two weeks.

 

 
Tyler Durden's picture

Currency Devaluation: The Crushing Vice Of Price





Authorities pushing currency devaluation as a cure for their stagnating economies might want to study Frederic Bastiat's insight into the eventual cost and consequences: "For it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa.”

 

 
Tyler Durden's picture

China Demonstrates "Sea Combat Ability" With Live Fire Drill Video





Unlike largely pacifist Japan, in China increasing militarism merely leads to a boost in "rally around the flag" morale, and greater patriotic support for the government. Which is probably also why China was eager to release at least one clip showcasing its latest naval "live fire" military capabilities, as shown on the recording below.

 
Tyler Durden's picture

Russell Napier: What Happens When Markets Realize China Is A Forced Seller Of Treasuries





"How would US Treasury bulls in the private sector react if they knew in advance that the second largest owner of Treasuries, the PBOC, was a forced seller of Treasuries. Such compelled selling would be obvious before US markets opened each morning as downward pressure on the RMB exchange rate in Asia forced the PBOC to liquidate foreign currency assets to defend the fixed exchange rate. Would even Treasury bulls stand in the way of such a large and predictable liquidation? If they didn’t then the second phase of The Great Reset would come to pass and the decline of EM external deficits would force tighter monetary policy in both EM and DM."

 
Tyler Durden's picture

A Veteran Trader Slams The Fed: "Savers Are The Patsies For Share Buybacks"





There will always be some "crisis" or excuse to do nothing. But the fact remains that the U.S. economy is not at zero interest rate health. Monetary policy is broken with the status quo. Unlimited and constant central bank participation in the markets is ultimately destructive, encourages dangerous risk taking (just buy every dip, nothing can go wrong,) and has become too much of an aphrodisiac for policy makers. Savers are being told you are the patsies for share buybacks.

 
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