YTD Fixed Income Summary
Risk On, Off, and On Again On January first, I mentioned that we might get some wild gyrations on the back of the cliff agreement. Rarely have I been so right. The market started the year in complete “risk on” mode, followed by a lull, even a bit of weakness, only to close this week […]
The T-Report: You Look Great in Blue, Buy This Pink Dress
There was some chatter about the performance of fixed income ETF’s yesterday. They performed poorly at least relative to stocks and some had a late day sell-off fueling some speculation that credit wasn’t doing well. That speculation was just wrong, but highlighted some problems with existing fixed income ETF’s. They were trading at a premium […]
Afternoon T: Up, Down, and All Around
I can’t believe it’s only Wednesday. It has been a whirlwind week, in fact a whirlwind two weeks. With all that is going on, I figured I should clarify where I stand, as it’s been hectic. This note is more fun to write because I managed to do the opposite of getting whipsawed – I […]
The T Report: The Visible Hand
Adam Smith’s “invisible hand” is meant to represent some form of self-regulating energy in free markets. Some invisible force that lets free markets react to conditions to produce optimal outcomes. We don’t have invisible hands. We have Ben’s hand poised over the print button. Mario’s hand ready to pick up the phone and scream buy buy buy to his […]
The T Report: 1,000 Acts of Kindness
I have grown addicted to. Twitter. I find it a useful source of information – I’m not supposed to say rumors, but those too. Having said that, if all I knew about the hurricane came from twitter I’d be curled up in my basement in a ball sobbing and lamenting the collapse of civilization. In CT, we got […]
The T Report: Again, Still, More of the Same
We are seeing yet another risk rally on stories that this is the weekend Spain asks for a bailout. Let’s for a minute ignore that we had the same rally on the same stories last Thursday. Let’s ignore the growing effort in Germany to challenge OMT (unlikely to be successful but still not a positive […]
The T Report: Eurobowl Crisis Weekend XXVIII
I’ve lost count of how many crisis weekends we have faced, How many summits we have had that are about to change the nature of the problem, but we are at another one of those moments, with the added joy of bank stress test releases coming out of Spain. The Bull Case I had turned […]
The Weekly T Report: For Once the Focus Wasn’t on Europe
What a week. Just over a week ago we had a disappointing non-farm payroll report (why don’t farmers count?) that sparked a sell-off that accelerated throughout the day as the market got nervous about the elections. The market was right to be nervous about the elections. The Greek elections resulted in some groups adamantly opposed […]
After this weekend the world is no longer Orwellian.
The world can now be described as Sue Collinsish (though maybe we need something catchier than that). I can now finally admit I read the books over a year ago and found the world she creates somewhat interesting. We don’t yet make foodstamp recipients in District 12 (I mean Detroit) submit their names for a […]
Leveraged ETF’s – Path Dependent
http://www.zerohedge.com/news/leveraged-etfs-why-do-we-have-them#comment-2290614 I couldn’t figure out how to publish it properly on our site – working on fixing, but it did go out nicely formatted on the e-mail distribution if you want to be added to that: http://parishoffice.ipower.com/TFMA/emailsignup.htm
