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Goldman is not invincible

I have talked a lot about the conspiratorial tone of frustrated bears lately, and how I take it as a sign that traders are resigned to the market marching ever higher despite the depression grinding...

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Barf O’Rama

Bloomberg’s Tom “Tuxedo & Bowtie” Keene recently provided a 10-minute forum for Abby Joseph Cohen, Senior Investment Strategist at Goldman, to drone on about how the “recession is ending right...

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How a lone value investor thought up the subprime swaps market.

A friend just sent me a link to this excerpt of Michael Lewis’s new book, The Big Short. It’s the chapter about  Michael Burry, a California recluse who emersed himself in mortgage bond prospectuses,...

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The world’s most transparently cynical website.

www.gs.com Did you double check to make sure you landed on a bank’s website? Do they really think this will help improve their image? Making their charity efforts the focus of their front page with a...

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Max Keiser on Greece: No alternatives to higher taxes? How about insurrection?

Kaiser’s not one to hold back (he comes in about 3:20): - Best line in here is when he asks those Greek economists who favor higher taxes, “Why are you selling your countrymen down the road?” “Get rid...

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Good Faber interview on Bloomberg: manipulation, GS, Fed, Greece, etc

He basically expresses my opinion when it comes to manipulation: the Fed manipulates interest rates and bails out banks by accepting crappy collateral and buying bonds, and of course things like FX...

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Chart: Secular Bear Markets Since 1900

Secular Bear Markets (red) since 1900. Source: Crestmont Research I like this chart, but I would change one thing: the bear that started in 1929 could extend clear through to 1948 due to inflation and...

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Hedge funds: Just say no

Hedge funds are almost never a good investment. As a class, they underperform and overcharge. Only 20% of funds beat their benchmarks in a given year, and of those, fewer than half outperform in two of...

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Bristlecone Pine trading

Hedge funds, mutual funds and active mangers underperform and overcharge, while a simple buy-and-hold strategy regularly sustains sharp losses and lengthy secular bear markets. So what’s an investor...

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Barrons Big Money Poll shows complacency & love for equities

It amazes me that the most successful managers could be so bullish at a time like this (way overvalued, way overbought, rising Treasury yields, stalled earnings growth), but of course stocks are most...

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What goes up must come down (coffee futures boom-to-bust).

A 9-month mania has become a relentless 2-year bear market, and prices are back where they started: From Futures.Tradingcharts.com From Indexmundi.com, here’s a longer-term view. As is typical of...

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Top developing

An overbought market that has kept the vast majority of investors and traders in the bull camp for several weeks is to be viewed with suspicion. When prices also begin to lose their upward momentum,...

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RSI declining – final warning sign

This is a very expensive and overbought market which few participants believe can decline meaningfully. That alone is dangerous, but now we see signs of technical exhaustion, such as the downtrend in...

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Daylight saving is pointless

  Daylight Saving Time doesn’t save energy. It just messes up the seasonal progression of diurnal rhythms, effectively giving us jetlag. The sun was rising a few minutes earlier each week, and now...

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One more datapoint on the equity bubble

The latest Flow of Funds Report (link to pdf) shows that equities comprise a greater share of US household assets than at any point besides the height of the internet bubble. Of course, elevated prices...

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On Flash Boys, why HFT is parasitic, and why it’s over.

  It’s my baseline assumption when looking at markets, financial or otherwise, that when something involves no fraud or physical coercion it’s beneficial or innocuous. When you find something damaging...

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Goldman is not invincible

I have talked a lot about the conspiratorial tone of frustrated bears lately, and how I take it as a sign that traders are resigned to the market marching ever higher despite the depression grinding...

View Article


Image may be NSFW.
Clik here to view.

Barf O’Rama

Bloomberg’s Tom “Tuxedo & Bowtie” Keene recently provided a 10-minute forum for Abby Joseph Cohen, Senior Investment Strategist at Goldman, to drone on about how the “recession is ending right...

View Article

Image may be NSFW.
Clik here to view.

How a lone value investor thought up the subprime swaps market.

A friend just sent me a link to this excerpt of Michael Lewis’s new book, The Big Short. It’s the chapter about  Michael Burry, a California recluse who emersed himself in mortgage bond prospectuses,...

View Article

Image may be NSFW.
Clik here to view.

The world’s most transparently cynical website.

www.gs.com Did you double check to make sure you landed on a bank’s website? Do they really think this will help improve their image? Making their charity efforts the focus of their front page with a...

View Article
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