Silver as an investment

Category Archives: REITs

Malls Swap Retailers For Gyms And Restaurants In Last-Ditch Bid For Survival

With a record 8,640 retail stores expected to close in 2017, American malls are desperate to draw in customers as America’s retail apocalypse leaves them littered with empty store fronts. Now, some are experimenting with a model that worked for some movie theaters: Invest in restaurants and popular amenities like rock-climbing walls to sell customers […]

Grocermageddon Goes Global

Well that escalated quickly… This morning's Amazon acquisition of Whole Foods Market has collapsed share prices of many grocers (in US and around the world), pharmacies and drug distributors, and even REITs… First things first, 11 of the top 12 biggest losers in the S&P 500 are related to AMZN's move…   It's a bloodbath […]

There are only two other times in history when stocks were more expensive than today

We are having a hard time finding high-quality companies at attractive valuations. For us, this is not an academic frustration. We are constantly looking for new stocks by running stock screens, endlessly reading (blogs, research, magazines, newspapers), looking at holdings of investors we respect, talking to our large network of professional investors, attending conferences, scouring […]

Which States Have Suffered The Biggest Retail Losses

With the great retail bankruptcy tsunami claiming its latest victim on Thursday, when Gymboree announced it wouldn’t make its June 1 interest payment guaranteeing a Chapter 11 bankruptcy filing in the next month, the signs continue to mount that the next “big short” – either in the form of REITs, CMBS, CMBX, or single name […]

One Bank’s Stunning Forecast: “A Quarter Of All Malls Will Close Over The Next Five Years”

One month ago, we first presented several striking charts and observations from Credit Suisse’s retail analyst, Christian Buss, who showed the extent of the devastation sweeping through the US retail sector. To be sure, while the mass shuttering of retail stores – just today Michael Kors announced the company would close up to 125 full-price […]

What Keeps Bank of America Up At Night

It has been a painful, bruising intellectual exercise for BofA’s HY credit strategist Michael Contopoulos, who after starting off 2016 uber-bearish, was – together with every other money manager and advisor – taken to the woodshed, and forced to flip bullish, kicking and screaming, and advising BofA clients to buy the same junk bonds he […]

Oil Surges After Saudis, Russians Agree To 9 Month OPEC Output Cut Extension; US Futures Flat

In an otherwise quiet session in which European shares dropped, Asian equities rose and S&P500 futures were little changed, crude oil surged above $49 on high volume, after the Saudi and Russian energy ministers said in Beijing they favor extending the OPEC production cut for 9 months, though the end of Q1 2018. WTI rose […]

Biggest Inflows Into European Stocks Since 2015, Just As The Economic Pullback Begins

Forget the “great rotation” out of bonds into stocks: 6 months into the so-called reflation trade, which so many strategists predicted would unleash a new era of euphoric stock buying driven by bond sales, it just isn’t happening; in fact bonds have seen fund inflows on 17 of the last 18 weeks. Instead, two other […]

“The Retail Bubble Has Now Burst”: A Record 8,640 Stores Are Closing In 2017

        “Thousands of new doors opened and rents soared. This created a bubble, and like housing, that bubble has now burst.”         – Richard Hayne, Urban Outfitters CEO, March 2017 The devastation in the US retail sector is accelerating in 2017, and in addition to the surging number of brick and mortar […]

RBC Emergency Market Update: “Big Trouble For Consensus Trades”

Markets may not be turmoiling yet, but as per this “emergency” Sunday night “hot take” from RBC’s cross-asset head Charlie McElligott notes, things are certainly starting to break. SPECIAL EDITION RBC Big Picture: BIG TROUBLE FOR CONSENSUS ‘REFLATION’ TRADES AS ‘FISCAL POLICY’ FEARS CONFIRMED  #HOTTAKE: ‘Risk-off’ in a sloppy Asian opening to start the week […]