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While China's overall housing market was stable in January compared with December 2017, there was one major surprise: in Tier-1 cities, housing prices fell on a year-over-year basis for the first time since May 2015.

"There’s no way I can come back here three years from now and tell you that we hold $150 billion or so in cash or more, and we think we’re doing something brilliant by doing it..."

With hedge funds doubling down, and going all in - even more - on their favorite positions, here are the Top 50 most popular longs and shorts within the HF community.

"If you have 5% for nominal GDP in the U.S., and you have 70 basis points on Germany, add those together, you get 5.7. You divide by two, and lo and behold, you get 2.85%, which is within two basis points of where you are today."

"We now expect the 10Y rate to reach 3.25% by the end of the year driven by a worsening supply/demand dynamic. However, this transition will likely be a bumpy one due to the interplay between rates and risk assets."

"valuations are higher than would be expected based solely on the current level of longer-term Treasury yields."

"Without question, Powell will find the break point. Moreover, when the next great liquidity crisis hits it won’t be a failing of free market capitalism. It’ll be the failing of the central planners and the system they wrought."

"The recent decoupling has coincided with bouts of inflation and/or market volatility: on average inflation rose 2ppt, equities fell 9% and volatility rose 22ppt."

• China seizes control of Anbang Insurance as chairman prosecuted (Reuters)
• How Deal-Hungry Anbang Went From Waldorf to Woe (BBG)
• Anbang and the Financialization of China’s Economy (WSJ)
• Trump’s Stance on Gun Laws Raises Pressure on Congress (WSJ)
• Chance of halting Brexit now close to 50:50, says leading campaigner (Reuters)

...This is news to us...

"Real yields now stand at a critical technical juncture. A break up and there’s nothing left to stop the dollar roaring and equities melting."

Rates and valuations can rise together—to a point. At some point the negative relationship between rates and valuations reasserts itself.

"... despite the amazing rebound in equities over the last week or so, none of the days qualify as a true breadth thrust... not even close..."

"As Turkey shifts from a firmly secular society to one dominated by religious and authoritarian rule, it still relies on Western institutions to deal with potential debt, currency and reserve crises. Turkey’s new alienation from the West may mean that Western help will not be available in a future financial crisis."

The Fed should shift from "reactive" to "proactive" only if inflation reaches or surpasses its 2% target with further price gains expected.

"the U.S. may need to more actively consider policy actions that would moderate the path of projected U.S. government debt growth."

"I see risks around our forecast as two-sided as well.... by later in the year, it's certainly possible that they wind up adding another one and do five hikes for the year."

China is key because it’s the only major market that hasn’t yet seriously bought into the fantastical stock rallies that got going once the ashes of Brexit had settled.

"When I think about individual applications, like gold which is a $3 trillion market, there’s the idea of Bitcoin as millennial gold..."

"Petro is born and we are going to have a total success for the welfare of Venezuela... The largest and most important companies and blockchain in the world are with Venezuela, we are going to sign agreements."