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 – […]
The T-Report: Thank-you Washington, German Taxpayers & Apple
Getting Paid to Make Hard Things Look Easy Athletes, computer programmers, and others get paid well because they make things that are hard to do, look easy. Politicians have now mastered getting paid to make easy things seem hard. As I sent in my early morning note to clients, I assume this is mostly just […]
Fixed Income Strategy Update
In traded and Aggressive are selling 20% of HY to take that allocation back to 20% in each. We will remove the entire 5% allocation to Spanish bonds in both those. We will sell the 2% allocation to EWI in Aggressive. A risk off call on the back of what to us is disappointing Greek […]
The T-Report: Greece and Other Reasons to be Less Bullish
Greece: One Less Reason for Risk On Frankly I am surprised how well received the Greek headlines have been. I can only explain it as an example of people reading between the lines, because if you read the lines, this is far from a deal. I have appended my initial reaction sent to clients at […]
The T-Report: Quebec Welcomes Catalonia to the United Nations!
But Quebec Isn’t a Country? Exactly. The Catalonian elections are interesting and shouldn’t surprise anyone. In stressful economic times people look for alternatives. They want someone to blame (“the other guy”) and like to be told how great they themselves are. If that wasn’t the case, it is unlikely that an angry megalomaniac with a […]
Weekly Fixed Income Overview and Strategies – Chase for Yield is On
The Year End Yield Chase Closed end fixed income funds continued their bounce, high yield ETF’s had inflows, and much of what we discussed last week came true. The move the prior week was rational. We saw steep declines in closed end funds on a combination of big premiums, leveraged assets, and dividend tax confusion. […]
Fixed Income Allocation Updates
Adding 2% NLY to trading and another 2% to aggressive. Am adding 5% to High Yield allocation in each target portfolio.
The T Report: Dumb Troika Plans for Greece
Pythagoras Rolled Over in His Grave All basic math seems to have been forgotten in Greece. Whatever the Troika is trying to do, it lives in some world devoid of reality. Here, to the best of my knowledge is where the Greek government creditor payments go over the next 10 years (ignoring rollovers, etc.). Those […]
The T Report: Thanksgiving Day Catch-Up
Happy Thanksgiving! I will be brief, and mostly use recycled material today before I attempt to use the chain saw to do some hurricane Sandy clean up. If I don’t write tomorrow, it is far more likely because of that, than overindulging. My Main Points On Bloomberg TV yesterday, we hit a lot of the […]
The T Report: Are You Being Underserved?
The Bottomless Punchbowl While we enter the season where we were about being over served or over indulging, the biggest message I got from Ben’s speech yesterday was that he is not worried about over serving us. I have accepted that by and large inflation will not rise without real economic growth. I have accepted […]
