Select Page

Why One Hedge Funder Is Calling It Quits

Back in 2011 Srinivas Dhulipala was a successful prop trader for Bank of America, so successful in fact that he decided to branch off on his own and that year launched Kildonan Castle Asset Management, a credit hedge fund which at its peak, managed $550 million. Eight...

read more

Doug Casey on Alexandria Ocasio-Cortez

Justin’s note: America can’t stop talking about Alexandria Ocasio-Cortez (AOC). AOC, if you haven’t heard, is a 29-year-old democratic socialist. Earlier this month, she became the youngest woman ever elected to Congress. And that concerns me. I say this because her...

read more

Where Have All The Safe Havens Gone?

Even at the height of the 2008 global financial crisis, which originated in the United States, global investors viewed US Treasuries as the safest asset available. But with US President Donald Trump undermining faith in the dollar, portfolio managers find themselves...

read more

The Ugly Truth

For years critics of central bank policy have been dismissed as negative nellies, but the ugly truth is staring us all in the face: Market advances remain a game of artificial liquidity and central bank jawboning and not organic growth and now the jig is up. As I’ve...

read more

“Pain, Pain, Pain”

Two icons of distressed investing - Bruce Richards and Lou Hanover, who together run the $15 billion Marathon Asset Management - gave a lengthy interview to Barron's last week, in which they laid out their views for 2019, and perhaps surprisingly had a generally...

read more

“A Tectonic Shift In China’s Economy….”

Back in August 2 we reported of a historic event for China’s economy: for the first time in its modern history, China’s current account balance for the first half of the year had turned into a deficit. And while the full year amount was likely set to...

read more

The Real Market Chaos Is Yet To Come, Here’s Why.

If one asks traders what was the common market theme over the past three months, among the various (often angry) answers, one will stand out: general prevailing chaos, manifesting itself in soaring volatility which coupled with record low liquidity and a sharp pick up...

read more

Britain Tops Economic Growth in Europe

What I have found totally shocking is that the British government under Prime Minister Theresa May is this need to surrender all rights just to remain in the customs union. She has not figured out that the UK has been at the top of the list of the European Union’s...

read more

The $1.6 Trillion “Debt Tsunami Of Worry”

Much has been said about the threat that some $3 trillion in BBB-rated bonds (out of a total investment grade universe of $6.4 trillion)present to the credit market, with growing fears that the next economic slowdown will see over $1 trillion in “fallen...

read more

The Periodic Table of Investments

All ordinary matter in the universe is comprised of chemical elements. An investment portfolio is no different, with a tapestry of asset classes, factors, strategies, tools and techniques serving as the raw materials. The science of chemistry has long struck me as...

read more

GM & GE Victims Of The Same Ponzi Scheme

America’s twin economic “generals” are both in very deep trouble.  General Electric was founded in 1892, and it was once one of the most powerful corporations on the entire planet.  But now it is drowning in so much debt that it may be forced into bankruptcy.  General...

read more

Goldman on Hedge Fund Returns and Leverage

The last time we looked Goldman Sachs Hedge Fund VIP index one month ago, it confirmed what we already knew, namely that it was in freefall as the pain for hedge funds refused to stop. Now, in its latest quarterly hedge fund tracker, Goldman digs into the just...

read more

Traders Step Away From Headline-Driven Holiday Markets

With volumes already sinking and liquidity disappearing ahead of tomorrow’s Thanksgiving Day holiday in the US, markets are jittery at best and deadly to one’s P&L at worst as the machines react to every headline with maximum pain. And while...

read more

Event Risk

Event risks are rare, but they can impact markets harshly. 9/11 being an obvious example. Unpredictable, unforeseen. “Stuff happens” Donald Rumsfeld once opined about events surrounding the Iraq war. But some event risk can be brewing for a long time. People know it’s...

read more

The New Quant Research Arms Race

As the financial research industry drifts further away from being 100% human powered to relying upon split second decision-making based on data collected by a human/machine hybrids, Bank of America is seeking to lap the competition. The bank’s head of global...

read more

Behemoth Energy Fund Taken To The Chipper

Crude oil. An ugly move lower over the past two weeks. The market pundits will try to explain the price action. They will offer evidence of President Trump’s tweet as the catalyst for the sell off. Or they will point to the decline resulting from market participants’...

read more