Silver as an investment

Category Archives: hedge fund

Deutsche Bank: “The Probability Of A Negative Shock Is High”

For the second week in a row, Deutsche Bank’s strategist Parag Thatte has a somewhat conflicted message for the bank’s clients: on one hand, he writes that positive economic surprises continue “but are getting less so”, and although the divergence between har data surprises and sentiment is diminishing the bank is somewhat confident that a […]

BofA: The Market Is No Longer Efficient

Almost exactly 8 years ago, in April of 2009 we wrote for the first time that as a result of the confluence of unprecedented central bank intervention meant to prop up risk prices which distort markets in the long run, and the rising dominance of HFT and algo trading strategies, which distort price formation in […]

Gartman On Ackman: “We Feel Very Sad For Him To Have Fallen This Hard”

For today’s moment of blizzard-refuge Zen, we bring you the following excerpt from Gartman’s daily letter in which the “world renowned commodity expert” takes on Bill Ackman over his Valeant capitulation and $4 billion loss. Because people who live in glass houses, and invest their retirement accounts, do throw stones in their newsletters. We have […]

1,000% Returns? Sure, When PIIGS Fly! – by Michael Carino – Greenwich Endeavors

The world is filled with intelligent people in finance.  Unfortunately, being intelligent doesn’t always mean you are smart.  To make sound investments, you need to be looking forward and constantly coming to rational conclusions.  One has to avoid sheltering oneself in a herd of backward focused investors taking comfort in performing in line with the […]

The “World’s Most Bearish Hedge Fund” Capitulates After Surge In Redemptions

“At some point in my life, and I can’t remember exactly when, I learnt two things that define my approach on how to deal with problems. The first is simply to tell the truth, while it may be unpleasant, at least it is then out in the open and you can begin to work towards […]

‘Cash On The Sidelines’ Crashes Near Record Lows

With hedge fund liquidity (and their ability to absorb any market shock) at record lows, it seems retail investors are also all-in on stocks. As Ned Davis Research points out, total cash holdings for funds at lowest in 19 years. In a Ned Davis calculation that treats the global investment portfolio as an amalgamation of […]

How Trump Changed The Market: Goldman Explains

In the first stage of the Trump Rally (from the election to year-end), investors appeared to hedge as the market rallied. However, since the start of the new year, Goldman Sachs' proprietary macro hedging indicator has traded along with equities, suggesting that investors are buying stocks and discarding protection. As Goldman's John Marshall and Katherine […]

BofA’s Institutional Clients Are Suddenly Selling Everything

Over the past week we reported on multiple occasions that according to two major banks, Bank of America and JPMorgan, institutional investors and hedge funds have been quietly selling stocks, while the “last man in”, mom and pop retail investor, have been waving it in, riding high on the animal spirits and delighted brokers who […]

Berkshire Letter Highlights: Buffett Hates Hedge Funds, Likes Immigrants And The US Outlook

In its latest annual letter, released at 8am on Saturday, Warren Buffett’s Berkshire Hathaway said Q4 profit rose 15% as net income increased to $6.29 billion, or $3,823 a share, from $5.48 billion, or $3,333 the previous year, while operating earnings, which exclude some investment results, were $2,665 a share, a slight miss to the […]

Doug Noland: Risk On/Risk Off Face-off / by Doug Noland via Credit Bubble Bulletin / February 25, 2017 The DJIA rose 11 straight sessions (“longest streak since the Reagan administration”) to end the week at a record 20,822. The S&P500 gained 0.7% this week (up 5.7% y-t-d), its fifth consecutive weekly gain. The Morgan Stanley High Tech Index’s 0.5% rise increased y-t-d gains of […]