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March 28, 2014
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Comment Jim Bianco, president and founder of Bianco Research LLC, says Federal Reserve Chair Janet Yellen overreached when she set a timetable for Fed policy. Bianco talks with Bloomberg’s Pimm Fox and Carol Massar on Bloomberg Radio’s “Taking Stock” on March 26th. CNBC – Dr. Doom: Watch out if the Fed makes this mistake Nouriel… Continue reading Talking The Fed And Markets
<Click on chart for larger image> Bloomberg.com – Tudor to Return Money From Managed-Futures Fund Amid Loss Tudor Investment Corp. is returning money to clients from its $120 million managed-futures fund run by Steve Evans after three years of losses. Investors in the Tudor Tensor Fund can put their money into a managed account that… Continue reading Arguing The Merits Of Technical Analysis In A QE World
<Click on chart for larger image> MoneyBeat (WSJ Blog) – China Interbank Lending Rates Jump Interest rates in China’s interbank money market shot up on Thursday, after the central bank stepped up its withdrawal of liquidity as part of continued efforts to rein in reckless lending. The People’s Bank of China this week has drained… Continue reading Chinese Lending Rates
<Click on chart for larger image> ScottSkyrm.com – New Regulation And The Repo Market: Leverage Ratios New regulation and bank Leverage Ratios are set to come into effect within a year and, honestly, no one knows exactly how these Ratios will impact the industry, though I will try to estimate their impact on the repo… Continue reading The Effect Of Leverage Ratios On The Repo Market
The Wall Street Journal – Fed Kills Citi Plan to Pay Investors Citigroup Inc. failed to get Federal Reserve approval to reward investors with higher dividends and stock buybacks, a surprising blow to Chief Executive Michael Corbat’s effort to bolster the bank’s reputation following a 2008 government rescue. The Fed rejected capital plans from five… Continue reading A Quick Rundown Of The Stress Test/Capital Plans
The Financial Times – Be brave, and patient, to make a fortune in value investing Mr Fama himself, who was made a Nobel economics laureate last year, explains the value premium in terms of risk. Cheap stocks are generally cheap because they are in bad shape and face big risks. Therefore a value effect over… Continue reading Two Approaches To Value Investing
The Financial Times – Wages and taxes will decide the fate of Abenomics In truth, we are no closer to knowing whether the attempt to banish deflation will end in tears. Those who say it will argue that, because of Japan’s huge stock of debt, if interest rates spike as a result of higher inflationary… Continue reading Abenomics
The Wall Street Journal – Housing Recovery Needs More Than Warmer Weather As warmer weather arrives, home sales should heat up. But the thaw may be less than bullish housing investors are hoping for. Although much of the recent weakness in housing has been concentrated in parts of the country most affected by winter weather,… Continue reading Housing Beyond The Bad Weather
The Wall Street Journal – Robert Shiller’s Nobel Knowledge Q: Are bubbles always a bad thing, or do they have some good effects? A: First of all, it’s a free world and people can do what they want. I’m not proposing we put the straightjacket on these things. The other thing is that human nature… Continue reading Robert Shiller Takes Ownership Of ‘Irrational Exuberance’
Bloomberg – William D. Cohan: Seth Klarman Says Markets Are Too Bubbly When Seth Klarman speaks, listen carefully. Very few hedge-fund managers are as widely and consistently acclaimed as is Klarman, the 56-year-old founder of the Boston-based Baupost Group. The fund has about $27 billion in assets under management — after returning $4 billion to… Continue reading Seth Klarman