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Pipeline ETFs in Favor as U.S. Shale Industry Expands

May 12, 2017

ETF Trends – Don’t Forget MLP ETFs Master limited partnerships (MLPs) and some of the relevant exchange traded funds are proving somewhat steady this year in the face of falling oil prices. For example, the Tortoise North American Pipeline Fund (NYSEArca: TPYP) is down just 1% year-to-date. Passively managed, the Tortoise North American Pipeline Fund tracks… Continue reading Pipeline ETFs in Favor as U.S. Shale Industry Expands

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Crowd Sourcing Hedge Funds

May 12, 2017

The Economist – The wisdom of the herd: A new sort of hedge fund relies on crowd-sourcing Amateur coders write algorithms to compete for funds “QUANT” hedge funds have long been seen as the nerdy vanguard of finance. Firms such as Renaissance Technologies, Two Sigma and Man AHL, each of which manages tens of billions of dollars,… Continue reading Crowd Sourcing Hedge Funds

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Newsclips

How Many Rate Hikes Are Coming?

May 12, 2017

Comment Remember that the Fed already hiked in March, so the expectation of 2.5 hikes in 2017 means 1.5 more hikes for the rest of the year. The same math applies for the number of hikes by the end of 2018. Bloomberg Business – Fed Plan for Gradual Rate Hikes Is Starting to Look Complacent Global… Continue reading How Many Rate Hikes Are Coming?

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The Big French Polling Error

May 12, 2017

The Economist – Miss underestimated: How polls undercount centrists, not populists The polling error in the French election was bigger than in the Brexit referendum At first glance, Mr Macron’s landslide seems a win for pollsters. In fact, they underestimated his support by four points—a larger error than in Britain’s Brexit vote or Donald Trump’s election.… Continue reading The Big French Polling Error

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Newsclips

More On Productivity

May 12, 2017

The Financial Times – John Dizard: Lack of affordable houses undermines US productivity Post-crisis reforms make it harder for people to move where jobs are Is it possible to use the word “housing” in the US without thinking “bubble”? Bankers, investors, politicians, regulators and journalists have all accepted the notion of housing finance as something… Continue reading More On Productivity

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Squeezing Active Management

May 12, 2017

The Economist – Buttonwood: The investment- management industry faces a big squeeze It is likely to lead to further consolidation MAKING money yourself from investing other people’s has been a good business for over a century. Asset managers established a key principle early on: they could charge an ad valorem fee on the amount they oversee.… Continue reading Squeezing Active Management

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Newsclips

Interest Rates

May 12, 2017

The Financial Times – The silent sell-off in US Treasuries From a five-month low of 2.17% in April, the 10-year yield has now jumped to 2.4% The financial Twittersphere’s latest member couldn’t help but crow over the Treasury market’s recent setback. “Where are all the investors who turned bullish at 2.17 per cent, talking about a… Continue reading Interest Rates

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More Retail Troubles

May 12, 2017

Fox Business – Macy’s Shares Plunge on 1Q Earnings Miss Macy’s saw its worst selloff since the financial crisis on Thursday as investors punished the stock after first-quarter earnings widely missed expectations, doubting the company’s continued turnaround efforts.  The department-store operator revealed revenues of $5.34 billion in the first three months of the year, a 7.5%… Continue reading More Retail Troubles

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Newsclips

100-Year Bonds

May 12, 2017

The Wall Street Journal – Who Wants to Buy a 100-Year Bond? It Depends on the Yield With ultralong bonds under consideration at the Treasury Department, The Wall Street Journal surveys economists about likely yields For the Treasury Department to issue 40-year, 50-year or 100-year bonds, or for investors to consider buying them, it sure would… Continue reading 100-Year Bonds

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Saudis Invest In The U.S.

May 12, 2017

Bloomberg.com – Saudis Boost U.S. Ties With $40 Billion Investment Kingdom’s wealth fund plans to invest in infrastructure deals Plan may be unveiled next week when Trump visits kingdom Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S.  The kingdom’s sovereign wealth fund is set to… Continue reading Saudis Invest In The U.S.

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China’s Markets Slump

May 12, 2017

Bloomberg.com – China Stocks Are Tumbling Again. Unlike 2015, World Doesn’t Care Rout wipes out $560 billion from country’s stock market Shanghai benchmark now near most oversold level since 2013 Global investors are still shaking off a rout that’s erased more than $560 billion from the value of Chinese equities, making them the world’s worst performers… Continue reading China’s Markets Slump

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Financial Conditions

May 12, 2017

Bloomberg.com – Goldman Expects the Fed to Do More as Financial Conditions Prove Resilient Global gains revive questions about Fed policy effectiveness Broad macro risks key driver for Treasuries, Bank of America he Federal Reserve hasn’t lost its mojo.  Policy makers just need to work it a little harder when it comes to influencing the U.S.… Continue reading Financial Conditions