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It’s Good To Be In The 1% (And Better To Be In The 0.01%)

February 26, 2015

Bloomberg.com – Hyper-Luxury Cars Are Now Selling Faster Than Normal Ones Welcome to a new gilded age of driving in which sales of Ferraris grow faster than Fords In the past five years, global registrations of the seven largest ultra-premium car brands–a group that also includes Aston Martin and Lamborghini–have surged by 154 percent, far outpacing the 36 percent gain… Continue reading It’s Good To Be In The 1% (And Better To Be In The 0.01%)

Newsclips

London Is Changing

February 26, 2015

boingboing – Billboards tell the stories of professionals who can’t afford London anymore The London is Changing project collects the personal stories of professional people who are leaving the city because it has been remade as a playground for the global rich. Our neighbourhood has had most of its affordable housing and office space scraped to… Continue reading London Is Changing

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Newsclips

Cartoons

February 26, 2015

None Today

Charts of the Week

Conference Call Presentation/Charts of the Week

February 25, 2015

Conference Call Presentation/Charts of the Week Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/022615.mp3|titles=Conference Call ] Topics Covered This Week Include: Earnings Forecasts 2015 Earnings Forecast Q4 2014 Earnings Beat Rate Forward P/E Ratio – Overvalued? Revenue Forecasts 2015 Revenue Forecasts Q4 2014 Revenue Beat Rates Company Guidance – Not Good Disappointing Economic Data To Start The Year? Seasonal Surprise Index… Continue reading Conference Call Presentation/Charts of the Week

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Newsclips

Yellen Fixes Her Second Calender Guidance Gaffe And Opens The Door To No Rate Hike in 2015

February 25, 2015

The Wall Street Journal – Jon Hilsenrath: Fed Chief Janet Yellen: Rate Increases Draw Nearer as Economy Strengthens The Fed has been saying since December that it would be patient before moving rates higher. Before rates go up, Ms. Yellen noted in her testimony, the central bank would drop this assurance. An important section of… Continue reading Yellen Fixes Her Second Calender Guidance Gaffe And Opens The Door To No Rate Hike in 2015

Newsclips

An Alternative View About The Fed Funds Rate (aka, The Fed’s Worst Case Scenario)

February 25, 2015

Comment In the post above we note the fed funds futures market has diverged from Fed projections and the consensus of economists who expect the first rate hike in June/July. Most, like us, assume this means the market simply doesn’t believe the Fed will follow through on their suggested rate hike timeline. However, there is… Continue reading An Alternative View About The Fed Funds Rate (aka, The Fed’s Worst Case Scenario)

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Newsclips

More On Yellen’s Testimony

February 25, 2015

CNBC – Yellen gave me a great reason to buy bonds: Trader As Federal Reserve Chair Janet Yellen testified before the Senate banking committee on Tuesday, bond prices surged and rates sank, with the 10-year Treasury yield falling below 2 percent. Traders clearly took her words to be more dovish (that is, more supportive of… Continue reading More On Yellen’s Testimony

Newsclips

Jim Grant Speaks

February 25, 2015

CNBC – Jim Grant’s warning about the Fed The market reacted positively to Federal Reserve Chair Janet Yellen’s congressional testimony Tuesday, but Fed critic Jim Grant warned that, in the end, the consequences of the central bank’s “distortion” of interest rates “will not be wholesome.” “This virus of radical monetary policy is now coursing through… Continue reading Jim Grant Speaks

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Newsclips

Crude Oil ETFs

February 25, 2015

Bloomberg.com – Rush to Biggest Oil Fund Echoes Last Collapse (no link) Investors are rushing into the top exchange-traded fund that follows oil at the fastest rate since 2009, when its assets rose to a record in the aftermath of the previous price crash. The CHART OF THE DAY shows the assets of the U.S.… Continue reading Crude Oil ETFs

Newsclips

Central Banks’ Balance Sheets Matter

February 25, 2015

The Financial Times – Martin Wolf: How addiction to debt came even to China Huge increases in private sector credit preceded many financial crises Balance sheets matter. This is the biggest lesson of the financial crises that have rolled across the world economy. Changes in balance sheets shape the performance of economies, as credit moves… Continue reading Central Banks’ Balance Sheets Matter

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Newsclips

Crude By Rail, Keystone XL And Political Dysfunction

February 25, 2015

<Click on chart for larger image> The Wall Street Journal – Obama’s Oil-by-Rail Boom … if there’s one boom Mr. Obama can claim authorship of, it’s the oil-by-rail boom. A business that barely existed when he took office now moves an impressive million barrels a day. The oil pouring forth from America’s resurgent fields, after… Continue reading Crude By Rail, Keystone XL And Political Dysfunction

Newsclips

Greece

February 25, 2015

The Wall Street Journal – Greek Bailout Extension Approved by Eurozone Finance Ministers “It forces Greece to be serious, and it forces the eurozone to say, ‘Look, we’re not going to give you any of this bridge financing unless you start working on implementation on Day One,’ ” said Jacob Kirkegaard, a Europe expert and… Continue reading Greece