Wednesday, August 24, 2016

"Millennials getting a rush from trading oil in volatile market" (UWTI; DWTI)

The temptation for the old pros is, of course, to give the kids what they want and short both the up ETN (UWTI) and the down ETN (DWTI) to pick up the theta (time decay) inside the beautiful wrapper but (short)seller beware, this is not a set-it-and-forget-it strategy,

The position has to be rebalanced during periods of low volatility monotonic (same direction) moves so that one side or the other doesn't balloon in size to the point that, although the percentage moves are equal and opposite,  the resulting dollar amounts are completely out of whack.

Watch your gamma, gramma.

From Bloomberg via the Houston Chronicle's FuelFix blog:
Chris Santos likes a little spice in his investing life.

That’s why the 26-year-old Toronto man trades Credit Suisse Group AG’s VelocityShares 3x Long Crude ETN, which offers returns equal to three times the move of the S&P GSCI Crude Oil Index for each day. It’s allowed him to leverage the volatility of the fast-moving  oil market in a year in which prices have flipped five times between bear and bull markets as investors weighed how quickly a global supply glut might ease.

“There’s a theme among the younger generation to try to get rich quick,” Santos said. The oil market’s been “like a roller coaster. … Ultimately, that’s why I’m trading this position. It’s been pretty volatile lately, with these huge swings. It’s kind of fun.”

ETNs, or exchange-traded notes, are similar to exchange traded funds, or ETFs, in that they both trade on exchanges and track an underlying asset. However, while an ETF will usually hold the assets it tracks, an ETN is an unsecured debt note issued by a bank. It allows leveraged exposure and no tracking errors, but also increases risk since it’s linked to the issuing institution’s credit.

Santos isn’t alone in his investment choice. TD Ameritrade lists the Credit Suisse ETN, known by its  UWTI ticker, fifth among the top securities traded by those aged 18 to 34, after Apple, Netflix, Facebook and Walt Disney Co. While the risks with ETNs may be as significant as the gains, Santos, for one, said he is OK with that.

‘I can afford to lose money’
“I’m young,” said Santos, who noted that most of his personal portfolio is in more diversified traditional funds. “I can afford to lose the money.”

More cautious investors, however, probably want to stay better grounded, said David Fabian, managing partner at FMD Capital Management in Irvine, California. These ETNs magnify both gains and losses, and the fact that UWTI resets at the end of the day hinders long-term performance, he said.

Fabian said he advises people not to trade the note and its short counterpart, the VelocityShares Daily 3x Inverse Crude ETN, and doesn’t do so himself.

“It’s almost like going to the craps table and saying, ‘I’m going to put it on the black or I’m going to put it on the red,”’ said Fabian, who manages $13 million in discretionary assets. “It has more to do with a gambling and trading mentality than a true investing mentality.”

“There’s a lot of juice if you have a short-term tactical outlook and you want to take a risk with some big reward,” said Jason Bloom, director of commodities and alternatives research and strategy at Invesco Advisers Inc., who emphasized that leveraged ETNs are appropriate only for short-term bets and those with a higher risk tolerance. “It certainly provides entertainment.”

Credit Suisse writes in its prospectus that the ETNs “may not be suitable for investors who plan to hold them for a period other than one day. They are designed to achieve their stated investment objectives on a daily basis, but their performance over different periods of time can differ significantly from their stated daily objectives.” The company declined to comment further.

Still, ETNs are drawing converts. This year, UWTI attracted an average of $400 million a day in trades. Its turnover rate, the percentage of its $1.2 billion in assets traded each day, is about 40 percent, according to data compiled by  Eric Balchunas, a Bloomberg Intelligence analyst. That’s more than four times the rate of State Street Corp.’s broad-based Energy Select Sector SPDR exchange-traded fund and almost 40 times the popular Vanguard S&P 500 ETF....MORE

Banker Blockchain Settlement-Why?

Following up on "Blockchain Bastardized by Banks’ Back Office, Reports FT".
From FT Alphaville:

We already have a utility settlement coin: it’s called the euro
Four banks have stolen loads of column inches on Wednesday with news that they are developing “a new form of digital cash that they believe will become an industry standard to clear and settle financial trades over blockchain, the technology underpinning bitcoin”. 
In the fanfare, however, lots of common sense has been abandoned.
The big idea here (allegedly) is that banks will use a “utility settlement coin” to bypass the need for costly and inefficient fiat liquidity from the cbank. 
The utility settlement coin, based on a solution developed by Clearmatics Technologies, aims to let financial institutions pay for securities, such as bonds and equities, without waiting for traditional money transfers to be completed. Instead they would use digital coins that are directly convertible into cash at central banks, cutting the time and cost of post-trade settlement and clearing. 
Except none of this is new. And none of this is really all that pioneering. In fact, we’d argue, it’s more of a step back to the logic that brought us the euro than it is a step forward. As we’ve noted before, the Target settlement system underpinning the euro was from the outset supposed to fulfill two objectives: to allow the European central bank to transmit its monetary policy decisions to the money markets and to develop a sound and efficient payments and clearing system by introducing a real-time gross settlement systems and one overarching common clearing currency (a.k.a the euro). 
Prior to the introduction of the euro as the go-to “bridging currency” for the multi-currencied eurosystem, cross-border international settlements in Europe were mainly settled using the dollar as a “bridging currency”. As Patrick Mcguire at the BIS recounted in 2004, throughout the 1970s and 1980s, almost all trading of convertible currencies used the US dollar as a conduit currency....

Hurricane Watch: Invest 99L Poised to Become Tropical Storm Hermine

As noted yesterday:
For readers new to this stuff the order of development is: Invest; Tropical Depression; Tropical Storm; Hurricane, categories 1-5....
From Wunderblog:
Invest 99L is already bringing winds of tropical storm force to the northern Lesser Antilles Islands, and it could become a tropical storm at any time over the next day as it heads west-northwest at 15 mph towards Puerto Rico and the Virgin Islands. At Barbuda, sustained winds at minimal tropical storm-force—39 mph—were observed at 7:18 am AST, with a wind gust of 45 mph. At 10 am AST, Princess Juliana Airport in St. Maartin recorded sustained winds (below tropical storm-force) of 32 mph, gusting to 48 mph.

An Air Force hurricane hunter aircraft was investigating 99L late Wednesday morning, and found sustained surface winds of 45 - 50 mph, and sustained winds at their 500-foot flight level of 50 - 55 mph. At 11:35 am EDT, the National Hurricane Center issued a special Tropical Weather Outlook noting that the reconnaissance mission was still ongoing. As soon as 99L develops a well-defined surface circulation, it will be called Tropical Storm Hermine....

...Track forecast: Still uncertainty beyond The Bahamas
Since 99L had not yet formed a well-defined circulation center as of early Wednesday, it has been difficult for models to agree on its future track and intensity. Moreover, it appears that upper- and lower-level circulations are not yet well aligned. As a result, there remains a good bit of spread in how models are foreseeing its potential track.

A strong upper-level ridge now covering much of the Southeast U.S. and northern Gulf of Mexico will remain in place through the weekend, keeping 99L on its general west-northwest track for the time being. Among our three most reliable models for tropical genesis and track forecasting, the ECMWF has been the most consistent over the last couple of days. The ECMWF continues to bring 99L across or near South Florida on Sunday or Monday and moves it onward into the Gulf of Mexico....MORE
Figure 3. Ensemble output from the GFS (red) and UKMET (white) models from 00Z Wednesday, August 24, 2016, shows a wider range of track possibilities for Invest 99L (left) than for Tropical Storm Gaston (right). Image credit: NOAA/ESRL/GSD.
Hurricane Watch: Mid-Atlantic Structure Has Development Potential

"Blockchain Bastardized by Banks’ Back Office, Reports FT"--UPDATED

Update below.
Original post:

From Barron's Tech Trader Daily:
The Financial Times’s Martin Arnold and Jane Wild today report on the latest status quo embrace of blockchain, the technology for financial ledgers that used to be synonymous with the fantasy currency Bitcoin, but that has increasingly become uncoupled from the coins.

Arnold and Wild report that UBS AG (UBS), Banco Santander (SAN), Deutsche Bank (DB), and BNY Mellon (BK), “are developing uses blockchain technology to create different coins that are each directly convertible into existing currencies deposited at central banks. In essence, it is a way of putting dollars, euros and pounds on the blockchain,” citing no one in particular.

Today’s article appears to be a follow-up to a piece published late yesterday by Arnold previewing today’s announcement by the banks. In that article, Arnold wrote that the bank believe there approach “will become an industry standard to clear and settle financial trades over blockchain, the technology underpinning bitcoin.”...MORE
Banker Blockchain Settlement-Why?

"If you want to build your own Nvidia-powered self-driving car – or hack one – here's a blueprint"

From The Register:

'Parker' robo-ride processor design revealed

Hot Chips
Nvidia is channelling Thunderbirds legend Parker for its latest system-on-chip for self-driving cars.
Two Parker processors are used in the PX 2 box we saw at the start of the year. This hardware adds a super-cruise-control to vehicles by hoovering up video feeds from onboard cameras and other sensor data, feeding it through an artificial intelligence model, and constantly making decisions on speed, lane positioning and so on.

This allows the car to drive itself, provided the model is trained appropriately for its surroundings. Today's deep-learning systems require a shedload of data to be able to spot patterns, recognize objects and comprehend situations from their surroundings. Producing a box like the PX 2 is only half or a third of the job. Giving it a well-trained model that understands construction works, signs, intersections and complex street junctions, not just highways, is crucial if you want truly autonomous vehicles.

We went into detail about the Pascal architecture here. Now let's look at the Tegra system-on-chip codenamed Parker, which shares the same name as International Rescue's loyal chauffeur and butler.
The 16nm FinFET SoC has 256 Pascal CUDA GPU cores and six 64-bit ARMv8-compatible general purpose cores: two of Nvidia's homegrown Denver 2 cores and four stock Cortex-A57 cores. All six talk to each other coherently with a 2MB L2 cache for the Denver cores and a 2MB L2 cache for the A57s. The chip is fabricated by TSMC, and can perform 1.5TFLOPS on 16-bit floating-point values, according to Nvidia.

It also includes cryptography engines, a 60FPS 4K video decoder and encoder, audio output, a 2D graphics renderer, 128-bit 50GB/s low-power DDR4 interfaces with ECC, and an image processor. You can basically hook it up to 12 road-watching cameras that are spread around the vehicle. There are also interfaces for flash memory card storage, SATA, QSPI and the standard CAN bus. The two CAN interfaces conform to ISO 11898-1.

As we'll see later, there is a heavy focus on virtualization: Parker uses ARM's hardware virtualization to put the various bits of software controlling the car into secure sandboxes – in theory.
There's also a safety management engine, which is a fancy watchdog. It's a separate dual processor that runs in lockstep to detect internal hardware errors. It runs a realtime operating system and monitors the onboard computer for faults, reporting them as they happen and running recovery code where possible. It picks up on warnings from the error-correcting RAM, and blacklists unreliable areas of DRAM. On-die memories also have ECC and parity protection.

We're told Parker is ISO 26262 compliant....MUCH MORE

"Crude Slammed After Inventory Builds Across Entire Oil/Product Complex"

WTI $46.69, down $1.41, rebounding off the day's low.
A lot of folks want to hear soothing words out of OPEC but man there's a lot of oil and product around.
From ZeroHedge:
Following API's reported biggest crude build in 4 months overnight, which weighed on oil prices, DOE exasperated the pain by signaling builds across the entire complex. Crude's build of 2.5m barrels (biggest in 3 months) was less than API but more than the expected 850k draw but Cushing saw a big build and gasoline and distillates both saw builds despite expectations of big draws. As a reminder, US Crude production surged by the most since May 2015 the prior week but fell modestly in the last week. Crude tumbled back to $47 on the print.
  • Crude +4.464mm (-850k exp)
  • Cushing +417k (+200k exp)
  • Gasoline -2.2mm (-1.7mm exp)
  • Distillates -834k
  • Crude  +2.5mm (-850k exp)
  • Cushing  +375k (+200k exp)
  • Gasoline +36k  (-1.7mm exp)
  • Distillates +122k
DOE reports biggest build in 3 months and builds cross the entire complex... This is the first time since Feb 2016 that all 4 major segments have seen a build in the same week....

...Production surged most since May 2015 the prior week but fell this week.


Here's the 5-minute chart from FinViz:

How to Undress in 20 Seconds or Less

If the finance thing doesn't work out I'm thinking of doing handy hints.
From the Art of Manliness:

Can You Undress in 20 Seconds or Less?
 how to save someone from drowning undress quickly
Saving someone who is drowning is more difficult and dangerous than many people think (heck, even realizing someone is drowning is hard — the signs don’t look like you think they would.) A person who’s drowning can be panicked and clutch, kick, and grab at you as you try to rescue them, dragging you both underwater. And simply carrying someone through the water to safety who isn’t fighting you is more physically arduous than you’d imagine. For this reason, the first recourse to saving a drowning victim should be to extend a rope, oar, or stick to them from the shore, or from a boat, rather than getting in the water yourself.

If the victim is too far from shore to be reached with an implement, you’ll need to jump in to get them. It’s best to disrobe before you jump in, especially if they’re in open water, and a ways away. Clothes and shoes will only weigh you down, and make a difficult task much more difficult. The weight of your soaked garments may end up sinking the both of you. Of course every second matters when you’re trying to save someone, so you have to be able to undress with lightning speed.
The 1952 edition of the Handbook for Boys (the Boy Scout manual), admonishes young men to be able to strip down to their underpants or swim trunks in 20 seconds or less, holding up 15 seconds as the ultimate goal....MORE
And should you have to reverse the procedure:

The Tactical Order of Dressing: An Illustrated Guide
tactical order of dressing fastest way to get dressed illustration
If you were suddenly awoken in the middle of the night and needed to go outside to fight off a threat or evacuate from your home, in what order would you don your clothes? Does it matter?

Military and emergency personnel are often taught a specific order in which to put on their clothes that is most efficient and effective. On ITS Tactical, Bryan Black shared the order of dressing he picked up in BUD/s: First you pull on your pants, because you’re going to need something to protect your lower body from brush, debris, hot shell casings, and what have you. Then you’ll put on your boots....MORE
...Like this soldier in Afghanistan who was roused from sleep by enemy fire on his post in eastern Afghanistan, and took on the enemy in his pink “I Love New York” boxers:
soldier in boxers and t-shirt with gun over barricade
When this photo was featured on the front page of The New York Times, the soldier was initially embarrassed and even worried he might be reprimanded. Instead, Secretary of Defense Robert Gates praised him, and even noted that such a get-up might actually be used as a tool of psychological warfare: “Any soldier who goes into battle against the Taliban in pink boxers and flip-flops has a special kind of courage. I can only wonder about the impact on the Taliban....

More Bernstein On Marx, Market Structure and ETFs

But first a brief ramble. Old Karl took the plunge in equities while his partner in crime preferred commodities. From May, 2012:

Karl Marx Dabbles in the Market (and rationalizes his success)
On his 194th birthday we celebrate Karl the Capitalist!

Letter, Karl Marx to his uncle, Lion Phillips, 25June1864:
"I have, which will surprise you not a little, been speculating partly in American funds, but more especially in English stocks, which are springing up like mushrooms this year (in furtherance of every imaginable and unimaginable joint stock enterprise) are forced up to a quite unreasonable level and then, for most part, collapse. In this way, I have made over £400 now that the complexity of the political situation affords greater scope, I shall begin all over again. It’s a type of operation that makes small demands on one’s time, and it’s worth while running some risk in order to relieve the enemy of his money."  
327: Marx to Lion Philips by Karl Heinrich Marx, in Karl Marx, Frederick Engels: Collected Works, vol. 41, Marx and Engels: 1860-1864.
And from August of the same year:

Friedrich Engels: Global Macro With an Emphasis on Commodities
Sunday will be the 117th anniversary of Engels' death. Here's some stuff he thought about, in addition to co-writing The Communist Manifesto:
...The minor panic in the money market appears to be over, consols and railway shares are again rising merrily, money is easier, speculation is still pretty evenly distributed over corn, cotton, steam boats, mining operations, etc., etc.

But cotton has already become a very risky proposition; despite what is so far a very promising crop, prices are rising continuously, merely as a result of high consumption and the possibility of a brief cotton shortage before fresh imports can arrive. Anyway I don't believe that the crisis will this time be preceded by a regular rage for speculation; if circumstances are favourable in other respects, a few mails bringing bad news from India, a panic in New York, etc., will very soon prove that many a virtuous citizen has been up to all kinds of sharp practice on the quiet.

And these crucial ill-tidings from overstocked markets must surely come soon. Massive shipments continue to leave for China and India, and yet the advices are nothing out of the ordinary; indeed, Calcutta is decidedly overstocked, and here and there native dealers are going bankrupt. I don't believe that prosperity will continue beyond October or November — even Peter Ermen is becoming worried....
-letter to Marx, 24 August 1852
Good yucks huh? Maybe not.
Here are the bits that precede and follow his market report:
...There seems little doubt about the advent of the crisis, even if the recent bankruptcies were no more than precursors. Unfortunately the harvests in north-cast Germany, Poland and Russia show signs of being passable, and in places even good. Here the recent good weather has likewise borne fruit. But France is still in the soup, and that’s enough to be going on with....
Now, from David Keohane at FT Alphaville, the headline story:

As an investment strategy grows more popular, the probability of a comparison involving Marxism apparently approaches 1
Is there a Godwin’s Law equivalent for Marxism? Do we need one since the Law basically means that the longer an argument goes on the more likely we are to reach for extreme examples while in attack or in defence? So, you know, this kind of thing is already covered?
That’s from Bernstein’s Inigo Fraser-Jenkins and team, with a ht to Luke Kawa.

Their argument isn’t new — that as passive investing grows and active investing shrinks there will come a tipping point where price discovery and capital allocation are threatened — but they put it just a tad more energetically than others have before.

Here’s their ranking of possible societies by capital allocation efficiency, for example:
  1. Capitalist society with functioning capital markets
  2. Marxism
  3. Capitalist society with predominantly passive capital markets
Despite that Marx-slap they’re not against passive per se. Lower cost of access to equity markets is a good thing and active management’s fee-soaked track record ain’t pretty. They’re simply against loads and loads of passive.

Their big concern is that “policymakers have regarded the rise of passive as entirely benign” and that they’ll come to regret that “as there are costs to the system overall if active management suffers a catastrophic demise.”...MUCH MORE
Sanford Bernstein: Passive Investing Is Worse for Society Than Marxism

Grains: Corn, Wheat Continue Stately Descent

Back on March 16 we noted:
Corn     368-2 down 0-2
Wheat  470-6 down 6-4
We're looking for a drift down into late summer, then a weather related boost....
 That was followed, a month later with:

"One Commodity Trader Writes: "What Is Happening Has Absolutely No 'Reasonable' Explanation"
I was actually thinking about writing something similar just this morning as part of a mea culpa for what's probably our worst call since going long the Germans in '40, corn listlessly drifting down until a La Niña related price spike up later this summer....
Here's why, note the price action from the March 31 USDA report to mid-June:

And a slightly less tumultuous trip in wheat:

However, all's well that ends well, we got here although the ride has been bumpier than we needed.
And today's story, from Agrimoney:

AM markets: grain markets cautious after wheat sell-off
Selling remains in vogue.
Grain markets on Wednesday remained somewhat chilled from the battering meted out on wheat futures in the last session - when (December basis) Minneapolis spring wheat dropped nearly 2%, Chicago wheat recorded a contract closing low, and Paris wheat dropped 1.6%, to take losses this week above 3%.
That has somewhat distracted investors who were meant this week to be focusing on the results of the Pro Farmer tour of Midwest crops, results of which have suggested a US corn harvest below the record levels suggested by the US Department of Agriculture.
'Crop is large'
The blame for the tumble in wheat has been laid largely at the door of Statistics Canada, in on Tuesday unveiling a 30.5m-tonne estimate for the domestic wheat harvest - above the level expected by analysts although, it has to be said, only by some 100,000 tonnes.
With Canada a grower in the main of spring wheat, the number was of particular influence on Minneapolis exchange prices.
"Analysts were expecting a number around that level but the confirmation clearly worried the market," said Tobin Gorey at Commonwealth Bank of Australia.
"The crop is large - Canada's wheat production has only exceeded the 30m-tonne level one other time in the past quarter century."
"Canada will see a very large wheat crop this year despite early season weather problems," said Terry Reilly at Chicago broker Futures International.
Great expectations?
Still, the extent of the drop in wheat futures surprised many observers, given that the StatsCan number was not far above analyst expectations....

Last Chg
Corn 336-0-1-2
Soybeans 1007-4-6-0
Wheat 426-0-1-4

"Solar industry braces as looming glut threatens to erode prices"

This may be a case where the problem is already in the stock prices. Here's the larger of the two solar ETFs, the Guggenheim Solar ETF (TAN):

TAN Guggenheim Solar ETF daily Stock Chart

And remember, There was a reason for the choice of the first winner of the Climateer "Our Hero" award back in April 2007:
The 26th Secretary of War, the Democrat and Republican (!) Senator from Pennsylvania, Simon Cameron:
Our Hero
Simon Cameron
"An honest politician is one who,
when he is bought, will stay bought."
From Bloomberg via The Business Times:
Solar manufacturers that are ramping up production now face a looming glut of panels, forcing companies to adjust or face dire consequences.

Trina Solar Ltd, Canadian Solar Inc and JinkoSolar Holding Co are among the suppliers boosting output at factories that will expand global capacity by 18 per cent this year, according to Bloomberg New Energy Finance.

The manufacturers are locked in a race to build bigger and more advanced factories to crank out panels faster and cheaper.

Just as they start rolling off the lines, demand is expected to slow, especially in China where the government rolled back subsidies last month. Prices are slumping, and suppliers expect margins to slip as well. It's a pattern we've seen before, after a global oversupply five years ago drove dozens of companies out of business.

"Oversupply appears to be business as usual in the solar industry," said Jenny Chase, New Energy Finance's lead solar analyst.

The solar industry went through a similar boom-bust cycle after capacity grew faster than demand, triggering a two-year slump starting in late 2011.

The result was a wave of consolidation as prices plunged and panelmakers' losses piled up. Cheap panels also helped spur demand for more solar power, eventually prompting the survivors to expand production.

"These companies are all fighting for market share and their tendency is to build more and more capacity," Pavel Molchanov, an analyst at Raymond James Financial Inc, said in an interview.
"Ultimately that drives down prices and margins for everyone."

Canadian Solar, the second-largest manufacturer, is building a a 350-megawatt facility in Brazil, and JinkoSolar is expanding output from a 450-megawatt factory that went into operation in Malaysia last year.

This comes as demand slows in China, the world's largest market, where the government is reducing subsidies for solar farms commissioned after June 30.

That fuelled a rush of projects in the first half of the year as developers added as much as 22 gigawatts before the subsidy expired, said Hugh Bromley, a New Energy Finance analyst. With the lower subsidy in place, he expects about 6 to 8 gigawatts of new solar projects in the second half.
Trina, the world's largest panel maker, said Tuesday that shipments will fall as much as 6.5 per cent in the third quarter, to between 1.55 and 1.65 gigawatts. At the same time, the company has increased production capacity 7.1 per cent after opening a 500-megawatt factory in Thailand in March. Yingli Green Energy Holding Co said Tuesday that it expects shipments to slip as much as 54 per cent in the current quarter, after 60 per cent of its panels went to China in the second quarter....MORE
For what it's worth Trina is the queen of the Chinese solars and was, along with First Solar, the subject of dozens (hundreds?) of posts over the years. Use the 'search blog' box if interested.

Tuesday, August 23, 2016

"FT Correspondent: UK Businessmen Dress Like Vulgar Slobs Compared To Parisian Counterparts"

From DealBreaker:
It’s the third week in August and nothing is happening so sure, let’s examine this issue. According to the Financial Times‘ Adam Thomson, financial services employees living across the pond show up to the office looking like garish bums, compared to financiers à Paris. The trouble, apparently, is two-fold:
  • First, no one ever told United Kingdom-based blokes that your options for shirt colors are white, white, or white, the result being that they walk out of their closets looking like they take sartorial cues from Władziu Valentino Liberace: “…you need to convey elegance, which a white shirt does in spades. ‘A blue shirt will never look as elegant as a white shirt,’ [a French colleague at the Paris bureau of the Financial Times] states bluntly. By and large, English people do not know any of this. What constitutes good dress sense is more flexible on the island and it leaves plenty of room for flamboyance: pink shirts are commonplace in London; so are striped shirts with solid-colour collars and cuffs. Such an approach in formal Paris could easily derail an otherwise promising career, my colleague says. ‘You don’t want to be remembered for what you wear.'”


Also at DealBreaker:
Maybe Bill Ackman Should Use Labor Day Weekend to Think About Whether This Hedge Fund Thing Is Right For Him

Sanford Bernstein: Passive Investing Is Worse for Society Than Marxism--UPDATED

Update below.
Original post:

From Bloomberg:
The rise of passive asset management threatens to fundamentally undermine the entire system of capitalism and market mechanisms that facilitate an increase in the general welfare, according to analysts at research and brokerage firm Sanford C. Bernstein & Co., LLC.

In a note titled "The Silent Road to Serfdom: Why Passive Investing is Worse Than Marxism," a team led by Head of Global Quantitative and European Equity Strategy Inigo Fraser-Jenkins, says that politicians and regulators need to be cognizant of the social case for active management in the investment industry.

"A supposedly capitalist economy where the only investment is passive is worse than either a centrally planned economy or an economy with active market led capital management," they write.

High fees and subpar returns, coupled with the creation of a plethora of relatively inexpensive exchange-traded funds that track major equity indexes have helped fuel a massive shift in asset flows away from active management in favor of passive. While policymakers are quick to praise the benefits of these low-cost options for retail investors, Bernstein argues that this is a short-sighted view that doesn't take into account the potential downsides involved with the increase in passively-managed assets.

Fraser-Jenkins notes that the rise of indexing should theoretically entail that stocks tend to move in the same direction more often (though such a simple relationship isn't necessarily borne out by the data), and cites research indicating that "if the correlation of stocks increases then that impedes the efficient allocation of capital. That is, there isn't as big of a difference in capital expenditures on a sector by sector basis than what would be expected based on relative profit growth.

The social function of active management, in a capitalist society, is that it seeks to direct capital to its most productive end, facilitating sustainable job creation and a rise in the aggregate standard of living. And rather than be guided by the Invisible Hand and profit motive, capital allocation under Marxism is conducted by an oh-so-visible hand aimed at producing use-values that satisfy each member of the society's needs. Seen through this lens, passive management is somewhat tantamount to a nihilistic approach to capital allocation....MORE
More Bernstein On Marx, Market Structure and ETFs

CME Fedwatch Tool Has Odds For A September Rate Hike Up To 24% (from 15% yesterday)

From Humble Traders:
Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike.The data below is to visually show the market’s expecations of FED’S interest rate policy for the rest of the year.

As all talking heads tend to flood the internet with probabilities of rate hikes and theories behind them, nobody is putting it in the time perspective. I find it very frustrating....MORE, including charts.
He'll update his charts on Wednesday but what caught my eye was the bump up in implied probability over the last couple days. The Fed's current target rate is 25-50 bps and the odds of it remaining there is still 3-1 but the futures are now pricing in a greater chance we go to 50-75 bps.
From the CME:

Target Rate (bps)

ARM Wrestles Its Way Into Supercomputing (9984 Tokyo; INTC)

Lifted in toto from MIT's Technology Review:
The chipmaker best known for smartphone processors now has designs on one of Intel’s last areas of chip-making dominance.

The designer of the chips that run most of the world’s mobile devices has announced its first dedicated processor for use in supercomputers.

The British company ARM Holdings, which was recently acquired by Japanese telecom and Internet company SoftBank, has announced a new kind of chip architecture dedicated to high-performance computing. The new designs use what’s known as vector processing to work with large quantities of data simultaneously, making them well suited to applications such as financial and scientific computing.

This isn’t ARM’s first association with supercomputers. Earlier this year, Fujitsu announced that it plans to build a successor to the Project K supercomputer, which is housed at the Riken Advanced Institute for Computational Science, using ARM chips. In fact, it was announced today that the new Post-K machine will be the first to license the newly announced ARM architecture.

ARM has built a reputation for building processors known for their energy efficiency. That’s why they’ve proven so popular for mobile devices—they extend battery life in smartphones and tablets.

Among the companies that license ARM’s designs are Apple, Qualcomm, and Nvidia. But the company’s energy efficient chips also create less heat and use less power, which are both desirable attributes in large-scale processing applications such as supercomputers.

Intel will be worried by the purchase. The once-dominant chipmaker missed the boat on chips for mobile devices, allowing ARM to dominate the sector. But until recently it’s always been a leading player in the supercomputer arena. Now, the world’s fastest supercomputer is built using Chinese-made chips, and clearly ARM plans to give it a run for its money, too.

It remains to be seen how successful ARM-powered supercomputers will be, though. The first big test will come when Fujitsu’s Post-K machine is turned on, which is expected in 2020. Intel will be watching carefully the whole way.

(Read more: AnandTech, “Supercomputer Powered by Mobile Chips Suggests New Threat to Intel,” “$32 Billion Buyout of ARM Is a Giant Bet on the Internet of Things,” “Intel Outside”)

Hurricane Watch: Mid-Atlantic Structure Has Development Potential

For readers new to this stuff the order of development is: Invest; Tropical Depression; Tropical Storm; Hurricane, categories 1-5.
The SAL is the Saharan Air Layer, a usually dry part of the atmosphere that comes off North Africa and inhibits storm development.

From Wunderblog:

99L a Potential Threat to Hispaniola, Bahamas, U.S. East Coast
The main Atlantic tropical weather threat to populated areas continues to be Invest 99L, a large tropical wave with an increasing amount of heavy thunderstorm activity that was located about 800 miles east of the northern Lesser Antilles Islands late Monday morning. This disturbance was moving west to west-northwest at 15 - 20 mph, and will bring heavy rains and gusty winds to these islands beginning on Tuesday evening. Conditions for development will steadily improve in the coming days, and the storm could be trouble for the Bahama Islands late this week--and is a threat to make landfall along the U.S. East Coast early next week. Satellite loops on Monday morning showed that 99L had finally managed to fire up a respectable amount of heavy thunderstorm activity near its core, in defiance of the dry air from the Saharan Air Layer (SAL) that had been interfering with development over the past few days. Water vapor satellite imagery showed that there continued to be a fair amount of dry air around the storm, though the amount of dry air had decreased since Sunday. Other conditions were generally favorable for development, with wind shear a light 5 - 10 knots and sea surface temperatures (SSTs) near 27.5°C (82°F), which was close to average.

Figure 1. Latest satellite image of 99L.
Track forecast: 99L a potential threat to Hispaniola, the Bahamas, and the U.S.
A strong ridge of high pressure will keep 99L headed north of due west over the next few days, and the storm should pass through the northern Lesser Antilles Tuesday night through Wednesday, track close to Puerto Rico on Wednesday night, and affect Hispaniola and the Southeastern Bahamas by Thursday. The uncertainty about the track increases greatly thereafter, due to a potential weakness in the ridge of high pressure steering the storm caused by a trough of low pressure passing to the north of 99L. The storm should slow its forward motion to 5 - 10 mph, in response to this trough, and may turn to the north near the central Bahamas. The track of 99L may also be affected by the remnants of Tropical Storm Fiona, which could be a few hundred miles to the north or northeast. At this time, it appears that 90L near the Cabo Verde Islands off the coast of Africa, which is expected to become Tropical Storm or Hurricane Gaston late this week, will be too far from 99L next week to exert a steering influence on it. The steering situation is too complex next week to say how great a threat the storm may pose to the U.S., but 99L is a legitimate threat to make landfall along the East Coast.

Figure 2. The dry air of the Saharan Air Layer (SAL) as analyzed by satellite at 8 am EDT Sunday, August 21, 2016 (top) and Monday, August 22, 2016 (bottom). The amount of dry air from the SAL interfering with 99L has decreased since Sunday. Image credit: University of Wisconsin CIMSS/NOAA Hurricane Research Division.
Intensity forecast for 99L: commentary by Jeff Masters
Heavy rains from 99L will be capable of causing flash flooding problems in the Lesser Antilles, Virgin Islands, and Puerto Rico, but wind damage should not be an issue, since 99L will likely be, at worst, a moderate-strength tropical storm with 55 mph winds once it leaves the islands. The 8 am EDT Monday run of the SHIPS model showed moderately favorable conditions for development through Thursday. Wind shear will be in the light to moderate range, 5 - 15 knots, and SSTs will increase from 27.5°C (82°F) to 29°C (84°F), accompanied by an increase in the total heat content of the ocean. Working against development of 99L will be the large size of the storm, dry air of the SAL, potential interaction with the land areas of Puerto Rico and Hispaniola, and large-scale sinking air over the tropical Atlantic imparted by an unfavorable phase of the Madden-Julian Oscillation (MJO). None of the Sunday morning (00Z) operational runs of our three reliable models for predicting tropical cyclone genesis--the European, GFS and UKMET models--showed development of 99L into a tropical depression or tropical storm over the next four days, though the UKMET model predicted it could be a tropical depression in the Bahamas in five days. In their 8 am EDT Monday Tropical Weather Outlook, NHC gave 99L 2-day and 5-day development odds of 20% and 50%, respectively. I think these odds are too low, and should be 30% and 60%, respectively. The Hurricane Hunters are scheduled to investigate 99L on Tuesday afternoon....MORE
Here is the ensemble of tracking models:

Invest 99L

Nvidia Unveils New Processor For Its Self-Driving Car 'Supercomputer' (NVDA; INTC)

Parker, take the wheel.
From Forbes:
Graphics chip maker Nvidia announced its latest processor to power its self-driving car ambitions: Parker.
The new mobile processor will serve as the brains behind the company’s autonomous car system, Drive PX 2, first announced at the 2016 Consumer Electronics Show in January.
Drive PX 2 system will feature two Parker processors as well as two of Nvidia latest graphical processing units (GPUs) called Pascal. Nvidia claimed Drive PX 2 will deliver 24 trillion deep learning operations per second. Deep learning, a branch of machine learning, will enable the car to figure out the world around it — like, for example, if that’s a dog or police car with its siren on.
Nvidia said the new Parker processor is 50% to 100% higher performance than competing mobile processors.

Nvidia said it has attracted plenty of interest for the hardware so far, with more than 80 car makers, auto suppliers and university research centers working with it. Volvo plans to test out Drive PX 2 in its SUVs next year.

Autonomous vehicles has become a sizable opportunity for Nvidia recently, along with artificial intelligence in general. GPUs have caught on in AI, in part, because of their ability to do “parallel computing,” a technique that involves multiple calculations happening simultaneously. That makes them much faster at running deep learning neural nets than a more generalized processors like those from Intel. Nvidia’s second quarter earnings boasted $119 million in revenue from its auto business, a 68% spike year-over-year....MORE
Here's NVIDIA's blog post on the processor, they seem rather proud.

Parker chips on Nvidia's Drive PX 2 platform.

"How to Enter a Room Like a Boss"

This is a repost from May 2014.

One simple trick is backup singers.
Entering a room with at least three backing vocalists garners one immediate attention and respect.
See below.

From The Art of Manliness:
Charlie Dresow knew when he entered the courtroom that every eyeball would be trained on him.
It was the first day of trial for his client, Max Wade. A child of a well-to-do family who was raised in affluent Marin County outside San Francisco, Wade was accused of a crime spree of epic proportions, including a daring heist of celebrity chef Guy Fieri’s yellow Lamborghini, as well as stealing police uniforms and badges, and attempted murder.

The car theft wasn’t just any car theft. This was the Mission Impossible of car thefts.

The Food Network star’s Lambo was in for service at British Motor Cars, a luxury car dealership in San Francisco. Shortly past midnight, a man dressed in all black rappelled down from the roof of the dealership and into a window. Security camera footage showed the man stalking around the dealership, ninja-style, until he drove off in the Italian sports car.

The attempted murder was equally brazen. A man – also dressed in black – rode up on a motorcycle and opened fire on a girl and her boyfriend as they sat in a truck talking in broad daylight.
And perhaps the craziest part? Wade was under 18 at the time the crimes occurred.
The sensational nature of these crimes meant everything would be riding on Dresow, and that all eyes would be on him when he entered the courtroom that day.

Dresow knew he couldn’t look unsure of himself as he walked in. You need to “just walk in like you know what you’re doing even if you don’t,” he says. Most importantly, he needed to project an air of authority, conviction, and certainty. “You have to have a plan and be confident in what you want to do and do it the way you want to do it.”

He had to look, in other words, like a boss.

Only he had to look like the good kind of boss — more like Tom Hanks’ character in Saving Private Ryan, and less like Alec Baldwin’s character in Glengarry Glen Ross.
Dresow knew, intuitively, the importance of making a strong first impression. “If you don’t take how you appear seriously,” he says, “how can you expect anyone else to take you seriously?”

Why How You Enter a Room Matters

Even if you aren’t a high-profile trial attorney like Charlie Dresow, you are being judged every time you enter a room.

Imagine, for example, you’ve just entered a room full of people you want to impress. It could be a roomful of your peers, or potential clients, or even a bar filled with attractive women.

You’re feeling pretty good — you’re wearing a new shirt and you’ve got your best cologne on that smells like George Clooney in a bottle.

And then one of your buddies pulls you aside and whispers to you that your fly is open.
Ouch. You’ve just experienced the brutal reality of first impressions. They can be good, and they can be really, really bad.

But here’s the thing: leaving your zipper open is just one obvious example of ways we all can ruin a first impression. In reality, there are many things we all do, unintentionally, when we enter a room or gathering of new people that equates to walking into a room with our fly open.

In other words, we’re killing our best chances at success with our own bad habits, mistakes, or simply ignorance. The stakes here are high. First impressions set the tone for entire relationships, whether it’s interviewing for a job, meeting one’s future in-laws for the first time, introducing ourselves to someone we admire, landing a new client, or getting a girl.

But here’s the good news – it doesn’t have to be that way. There are things we can — and should — do to put our best foot forward anytime we enter a room.

Art of Manliness has previously covered how to command a room like a man. Today I’m going to back up a bit and share specific steps you can take to enter any room projecting an air of confidence, self-assurance, and authority, without coming off like Michael Scott walking into a Dunder Mifflin staff meeting.
Below I share 9 specific, easy-to-implement tips culled from experts in psychology, social dynamics, and networking that will show you how to enter any room like a boss.

9 Tips for Projecting Confidence and Authority When You Enter Any Room

Below, I have included 9 easy things you can do to make your entrances convey confidence and authority. I broke them down into two steps – first, what things you should do to prepare to enter a room, and second, what you should do as you are actually making your grand entrance.

How to Prepare to Enter a Room

Being able to enter a room with confidence begins long before you ever cross the threshold of the door. Getting in the right mindset before you get to an event will prepare you to put your best foot forward once you get there. Here’s how.

1. Create a Dressing Ritual
Dresow, the criminal defense attorney, suggests creating a “pregame ritual” to settle your mind and make sure your clothing and appearance are up to snuff. He jokes that he learned a lot from reading about NFL Hall of Famer Deion Sanders’ pregame clothing ritual. “On the morning of every game he would lay out his uniform on the locker room floor exactly how he intended to wear it, with the pads, jersey, armbands, et cetera, all laid out on the floor,” says Dresow. “On gameday, he would put the pads on in a specific order and that was part of how he’d get into his game mindset.”

The routine had two benefits. First, it ensured Sanders’ equipment was all there and ready to go. By laying out your clothes the night before an interview or an event, you can check to see if your clothes are clean and your dog hasn’t chewed up your only tie. Secondly, Sanders pregame habit gave him greater confidence going into the high-stakes world of a professional football game. The rituals of getting ready for an important meeting – shaving with a safety razor, ironing your clothes, shining your shoes, tying your tie — can similarly work wonders in settling your mind.

Just don’t do the high step as you’re leaving the room.

2. Do Power Poses Before Entering the Room
You probably understand already that positioning our bodies in certain ways can convey nonverbal messages of “power.”

Just picture Macho Man Randy Savage strutting around the ring with his chest puffed out, or a King sitting on a royal throne. (The King Charles kind of King, not the Elvis Presley kind.)

But here’s something you may not know: the act of positioning our bodies in powerful ways not only makes others perceive us as more powerful, it makes us feel more powerful ourselves.

Harvard psychologist Amy Cuddy has found that standing tall directly influences our biochemistry. “In all animal species, postures that are expansive, open, and take up more space are associated with high power and dominance,” she says. In a research study she conducted, when participants were asked to strike one of these “power poses,” the results were amazing: after just two minutes in a high power pose, testosterone rose and cortisol (a natural hormone that the body releases in response to stress) decreased. By simply standing in a more dominant way, their bodies’ physiology changed to that of a dominant person....MUCH MORE
Here's an entrance:

Professor Damodaran's Handy Lifecycle of Free Cash Flow Chart

Via Alpha Ideas:
Previously in handy:
Prof.Damodaran's Handy Uber Valuation Template (or, How to Price a Narrative)
Reason Mag's Handy Drinking Guide for Those Who Want to Coordinate their Sips and Shots with the Candidates’ Non-answers
Handy Hints For Our Soon-to-be-Snowbound East Coast Friends

Questions America Wants Answered: Was Leo DiCaprio’s ‘Wolf of Wall Street’ Paid for With Stolen Money?

From the Daily Beast:

The Oscar-winning actor’s charity and the production company behind Wolf of Wall Street have come under scrutiny for ties to a $3 billion embezzlement scandal.
When was the last time a celebrity scandal—not a body part—truly broke the internet? In the age of long lens paparazzi, 24/7 reality TV coverage and conscious uncoupling, we’ve been subsisting on cheap, disposable drama and scripted Bachelor breakups. Nobody thinks big anymore. Surprisingly, the man to finally bring some old school Hollywood glamour back to the celebrity scandal game may be none other than the founder of the pussy posse himself, Leonardo DiCaprio. Yes, it’s come to this.
In 2016, DiCaprio stuck it to malicious memers everywhere when he finally won an Academy Award. Having put himself through the physical and emotional ringer—i.e., growing an unflattering beard—for his critically acclaimed role in The Revenant, DiCaprio has found himself reduced to a bit part in an ongoing international saga. For anyone who’s unaware of the still-breaking Malaysian money laundering scandal (coming soon to a court near you), DiCaprio boasts a minor role as “Hollywood Actor 1.” According to filings from the Department of Justice’s Kleptocracy Asset Recovery Initiative’s “largest single action” ever, the Wolf of Wall Street star is inextricably linked to a set of alleged criminal masterminds.
It’s a story as old as time—Hollywood actor mistakenly bankrolls his movie about a financial criminal through stolen Malaysian money. 2013’s Wolf of Wall Street was a famously risky investment that almost didn’t make it to theaters. Luckily, financial aid arrived in the form of a mysterious production company called Red Granite Pictures, which contributed more than $100 million to DiCaprio and Martin Scorsese’s project. At the time, many joked that DiCaprio’s role as a Quaaludes-popping, philandering party boy was art imitating life, but nobody guessed that the entire crime film was vaguely criminal. Who knew that Wolf of Wall Street was so layered and nuanced?
As relayed by The Hollywood Reporter, investigators believe that much of Red Granite Pictures’ funding was diverted from production company 1MDB, which was set up seven years ago by the prime minister of Malaysia to spur local economic development. Allegedly, the company ciphered $155 million over 9,000 miles through a series of offshore shell companies. Red Granite Pictures was set up in 2010 by Riza Aziz, the Malaysian prime minister’s stepson, and Christopher McFarland, a Kentucky businessman. These two like-minded individuals were introduced through their mutual friend, a Malaysian party boy by the name of Jho Low. Low was a fixture on the celebrity club circuit, a position he cemented by sending 23 bottles of Cristal to Lindsay Lohan at 1OAK for her 23rd birthday. Naturally, this is where our blue-eyed “Hollywood Actor 1” enters the scene, summoned by the invocation of “Cristal,” “Lindsay Lohan,” and “1OAK.”...

Monday, August 22, 2016

Now The ECB Is Buying Corporate Debt Directly From Companies

I almost titled this post "Oh Good Grief, Bloomberg's Matt Levine mentioned 25% of the stories that I also found postworthy today" but had second thoughts when I realized that headline would mean nothing to long-suffering reader.

Here is Mr. Levine's A.M. linkfest, "Mirror Trades and Tax Tricks".

Anyhoo, I just read Mr. L's Monday "Money Stuff" post, checked timestamps, saw he was, unbeknownst to me, interested in many of the same things, but earlier, better, backwards and in heels.*

For the record he linked to the Bloomberg story I headlined Artificial Intelligence: "How This Hedge Fund Robot Outsmarted Its Human Master"  and the WSJ story "In Scramble for Yield, Pension Funds Will Try Almost Anything". Additionally, he linked to the Journal story that is this post's subject, which we had in the queue.

Inexplicably he didn't post on the annual walk through the cornfields to determine probable yields, about which one trader said:
"Social media will be buzzing with pictures and stories about what is really out there,"
Mr. Levine also missed the wonderful video in "Technology and Percussive Maintenance".
He did however have links to around a hundred other stories, although no footnotes today.

I had an intro all set to go, Cantillon effects from the location of central bank or treasury injections of money (MZM).
TL;DR: you want to be first in line for the loot, before general price levels rise (although some say that's a fallacy of composition), but I got so flustered seeing Matt stalking me from in front that I'm reduced to referring thou to the Wikipedia page on M. Cantillon who knew enough about economics to make and book a fortune off John Law and the Mississippi bubble.

Again, anyhoo...

From the Wall Street Journal, August 21:

Seller’s Paradise: Companies Build Bonds for European Central Bank to Buy 
Two European firms have sold debt directly to the ECB through private placements, a startling example of how the market is adapting to extremes of monetary policy

The European Central Bank’s corporate-bond-buying program has stirred so much action in credit markets that some investment banks and companies are creating new debt especially for the central bank to buy.

In two instances, the ECB has bought bonds directly from European companies through so-called private placements, in which debt is sold to a tight circle of buyers without the formality of a wider auction.

It is a startling example of how banks and companies are quickly adapting to the extremes of monetary policy in what is an already unconventional age. In the past decade, wide-scale purchases of government bonds—a bid to lower the cost of borrowing in the economy and persuade investors to take more risk—have become commonplace. Central banks more recently have moved to negative interest rates, flipping on their head the ancient customs of money lending. Now, they are all but inviting private actors to concoct specific things for them to buy so they can continue pumping money into the financial system.

The ECB doesn’t directly instruct companies to create specific bonds. But it makes plain that it is an eager purchaser, and it lays out the specifics of its wish list. And the ECB isn’t alone: The Bank of Japan said late last year it would buy exchange-traded funds comprising shares of companies that spend a growing amount on “physical and human capital,” essentially steering fund managers to make such ETFs available to buy.

The furious central-bank buying has been a relief to companies and governments that can now borrow at rock-bottom interest rates. But it has also spurred criticism that the extreme policies are killing the returns available to other investors, such as pension funds, and loading up the economy and financial system with potentially overpriced debt.

The ECB was late to the central-bank party—it began quantitative easing only in 2015, years after the U.S., the U.K. and Japan—but it has embraced bond-buying with fervor. In March, it boosted its purchases to €80 billion ($90.6 billion) a month from €60 billion and surprised investors by saying it would soon add corporate bonds to its shopping list.

It had already bought so many government bonds that it was running out of things to purchase.
The ECB had bought more than €16 billion of corporate bonds as of Aug. 12, according to the latest available data from the central bank, after starting purchases in early June. The lion’s share has been already-issued bonds trading in secondary markets, but some has come in new debt sales, according to the ECB.

And Morgan Stanley has arranged two private placements that have been bought by the ECB, according to a Wall Street Journal analysis of data from Dealogic and national central banks.

The ECB cited its website when asked to comment on the corporate-bond-buying program. On Thursday, it updated information on the site to clarify that the bank can participate in private placements. The ECB isn’t involved in defining the characteristics of the bonds in these sales, a spokeswoman for the central bank said.

Private placements are private debt sales not open to the broader market, typically relying on a handful of investors that want to buy a company’s bonds.

For the company, such a sale allows it to raise cash quickly without having to draft a bond prospectus. Investors, for their part, are guaranteed to get a sizable chunk of the bonds they want to buy without having to compete with the wider investment community.

"Typically there won’t be a prospectus, there won’t be any transparency, there won’t be a press release. It’s all done discreetly,” said Apostolos Gkoutzinis, head of European capital markets at law firm Shearman & Sterling LLP.

The ECB executes bond purchases through the eurozone’s national central banks, which function like branches....MORE
*This is not the first time I've used the quote about Ginger Rogers to refer to ML. In "The Last Word On Asness' Alpha, Buffet's Beta and The Failure of Commodity Quants (and how to turn hyperlinks into footnotes)" it was:
I was informed that the theses that took me three five posts to present was wrapped up by Matt Levine in one little package two days prior to my attempts. And he does it better, backwards and in heels. Plus, to get the alliteration in the headline I had to mix up the alpha and the beta.
From Bloomberg...
If interested see also:
"Which corporate bonds has the ECB been buying?"
Climateer Line of the Day: In With The In Crowd Edition
Frontrunning the ECB: "Investors in corporate bond ‘land grab’ ahead of ECB buying"--UPDATED
"The ECB’s momentous step into corporate asset purchases"
Deutsche Bank On the European Central Bank: We Are Governed By Idiots
Pictet: "The Pricing And Valuation Of Bonds No Longer Reflects Fundamentals" - Why This Matters