CoTs: the silver CoT through Tuesday showed open interest backing off slightly to 185,716. There was a nearly equal but small reduction in large and small specs longs and shorts. The attacks through Friday brought this back to 189,203. The extreme naked short positions of the specs versus the commercials has shattered records going back…
Last month, in “Cities, States Shun Moody’s For Blowing The Whistle On Pension Liabilities,” we highlighted a rift between Moody’s and some local governments over the return assumptions for public pension plans. To recap, when it comes to underfunded pension liabilities, one major concern is that in a world characterized by ZIRP and NIRP, it’s…
By Sovereign Man Hanoi, Vietnam July 17, 2015 As Europe burns, Puerto Rico sinks, and China violently gyrates, it’s nice to know there are still some exciting bright spots of growth in the world. Vietnam is certainly one of them. The first thing you should know about Vietnam is that it’s a really wonderful place…
Below is a summary of my post-CPI tweets. Core CPI +0.18%, y/y rises to 1.77%. Pretty much as-expected on the headline figures. Was some market concern about a possible higher print following PPI, but there isn’t much correlation. Note that the next two months of CPI will ‘drop off’ an 0.10% and an 0.05%, so…
Is housing poised for a bright 2H upon millennial buyers? After a lull in the housing sector in the first quarter, construction activity picked up in the crucial spring/summer months, supported by an improving economic environment and a better employment picture. The outlook for the second half of the year appears favorable as well. Higher…
Fourth Greek Election Since 2012 Coming Up? It appears that way. Now that the vote for servitude is a done deal, the ensuing Greek Reshuffle Hints at Autumn Election. Alexis Tsipras, Greece’s prime minister, appears to be preparing the nation for a snap general election in September or October after carrying out a government reshuffle that…
Photo Credit: Jon Gos Here are some simple propositions on liquidity: Liquidity is positively influenced by the quality of an asset Liquidity is positively influenced by the simplicity of an asset Liquidity is negatively influenced by the price momentum of an asset Liquidity is negatively influenced by the level of fear (or overall market price volatility) Liquidity…
Marsico Flexible Capital (MFCFX – MF report) a Zacks Ranked #1 (Strong Buy) was created in December 2006. MFCFX seeks long-term capital appreciation. MFCFX primarily invests in companies of any size that have an impressive growth prospect. MFCFX maintains a portfolio of 20-50 securities of companies located throughout the globe. MFCFX may invest a maximum of 40% of…
Conserving what is failing is not a path to stability. What’s in demand but scarce is valuable. This is one of those scale-invariant principles: businesses large and small want what’s scarce and in demand, because that’s what generates profits. What’s abundant but not in demand is cheap. What’s scarce but not in demand is ignored. Capital,…
Now that even the IMF has admitted Greece has an unsustainable debt problem with a debt-to-GDP ratio which will soon cross 200% after its third bailout (even if it leaves open the question what the IMF thinks about Japan’s debt “sustainability”) we wonder what the IMF thinks when looking at Greece’s net government liabilities, which…
