Category Archives: Uncategorized

Bring It, Richie…

It’s dark out, but gotta believe Richie

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Negative Yields Versus Negative Coupon Rates

There is a big difference between a bond with a negative yield to maturity than a bond with a negative coupon rate.   Many in the market conflate the two. We are searching for bonds that pay a negative coupon rate.  … Continue reading

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“Rent Control” Problems Emerging In Bond Auctions

  Hat Tip: Gregory Mannarino  @GregMannarino The bid-to-cover ratio, indicative of the number of investors who put in offers to buy the debt and a gauge of demand, stood at 2.19. That is down from the 2.4 recorded in the last sale … Continue reading

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The Good Ol’ Daze…

I loved this commercial when everyone was a stock market genius back in the late 1990’s, that time was different, and eyeballs trumped earnings. Let's Light This Candle #1999 https://t.co/uM7qM6RjuR — Rudy Havenstein, Smiling Politely (@RudyHavenstein) June 23, 2015  

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China Trade Talks And The Cuban Missile Crisis

We find it interesting that many accuse us of being China apologists because we have concluded from our analysis long ago that President Trump is taking the wrong approach in dealing with the Middle Kingdom.   No argument here we have … Continue reading

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My Daughter Is Definitely Not Going To Penn

One year to this very day l flew to the east coast to check out colleges with my then 15-year old. Check Penn off the list. The following is from an economics major from the University of Pennsylvania. ….proud to … Continue reading

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Can Treasury Issue An Additional $1 trn At These Fake Yields?

A question has been nagging us for some time.  If the current sovereign yields are repressed and fake, many of which are negative, can the borrowers issue any significant amount of new debt at these current yields?   Especially to long-term … Continue reading

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The S&P’s Very Long Top

The S&P got whacked again today and is now about 1 percent below its first peak of January 26, 2018, in this very long topping process.  In other words, stocks have gone nowhere for the past 18 months. We believe … Continue reading

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Summer Of Discontent Cometh

It feels like the rivets are really starting to pop on the global international order as we have been warning over and over and over.  The markets smell it. If China moves on Hong Kong, things can really go sideways … Continue reading

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The Summer Friday Ramp Into Close

Here we go again.  The Summer Friday afternoon ramp. We posted how the S&P tends to ramp into the close in our post on Monday (see below). No different today.  The S&P had traded in a 34.44 point range high-to-low … Continue reading

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