The T-Report: Thou Shalt Take Risk
The One Commandment Ben has come down from the mountain with the one commandment – take risk. All those at the base of the mountain, busy with such trivial pursuits as valuation, downside protection, relative value, and gosh forbid, the worst of all sins, have been told from on high to take risk. Maybe that […]
Weekly FI ETF Report: Dr. Bernankenstein & Catch 22
Dr. Bernankenstein I can’t help but think of Dr. Frankenstein with his experiment that goes wrong. An experiment, that seems to have no hope of succeeding, but then does, but then doesn’t play out according the script. Whether Ben can continue to look at the latest “unlimited” QE without questioning it remains to be seen, […]
Weekly FI ETF Report: Dr. Bernankenstein & Catch 22
Dr. Bernankenstein I can’t help but think of Dr. Frankenstein with his experiment that goes wrong. An experiment, that seems to have no hope of succeeding, but then does, but then doesn’t play out according the script. Whether Ben can continue to look at the latest “unlimited” QE without questioning it remains to be seen, […]
The T-Report: An Animal House Market
Was it over when the German’s bombed Pearl Harbor? One of my favorite movie scenes as not only is the quote so wrong as to be funny, but everyone just “rolls” with it. Which I think is actually relevant for today. For the past two sessions the S&P (and fixed income) have done nothing on […]
The T-Report: Keeping it Simple
As Simple As it Gets This is probably the simplest technical chart out there. A basic RSI chart which is signaling overbought for the first time since September. It was good in September and was good in March of last year. It was awful at the start of last year. So is this another January/February […]
Weekly Fixed Income ETF Review & Positioning: Ramones Edition
I Want to be Sedated! Continuing on our investing for “boredom” and a market addicted to morphine themes, I couldn’t think of a better song to channel and I really do think the Ramones are under utilized in investment letters. This was just a dull week in fixed income. Treasuries provided probably the most excitement, […]
The T-Report: The Rule of Three and Pain Trades – Delayed
The Rule of Three Before digging in, I just wanted to remind people that I am a strong believer in the “rule of 3” or alternatively “by the time my mother knows it” rule. It is simple, sometimes it doesn’t even seem serious, yet I think it is in play here. The pattern I see […]
Monday’s T-Report: 10% Returns in a 4% Yield Environment
Sorry for the delay today, but just getting used to mountain time (and the extreme cold morning right now). What caught my eye today was story that funds are more leveraged then they have been in awhile. I take all these with a grain of salt as I don’t think the numbers mean as much […]
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 […]
Treasuries, QE, Float & the Hotel California
This if from a couple of weeks ago, but has been part of the premise that has encouraged us to be vocal about liking longer dated bonds since the January 2nd route. Treasuries, Still a Market? It is impossible to read about the markets and not come across opinion after opinion about what moves in […]