After sifting through the EU document, there is reason to be impressed - 17 George Bushes, 17 Nancy Pelosis and 17 Hank Paulsons sat down at dinner and achieved some important decisions on loss sharing. There were 4 basic things agreed - 1. A "coerced" loss for...
Before diving into the pressing issues of the moment, let's get some baseline macro perspective on current price action. US equities (ex the financially repressed) are trading about as well as anyone could expect. US corporate credit is recovering nicely from the...
It’s been quite a trip through Europe this past week. Our central bank and SWF conference in Rome provided some very lively debate, as did the many client meetings in Geneva and London. I have a lot more to write about regarding Europe, but I will save that for Monday...
So here we sit with the DJIA and Nasdaq unchanged on the year, while the spoo is spitting distance from the green zone. At the same time core European bond markets are finding very little support, with some fairly aggressive moves in France and Belgium most recently....
"I know what you're thinking, 'Did he fire six shots or only five?'. Well to tell you the truth, in all this excitement I kind of lost track myself. But being as this is a .44 Magnum, the most powerful handgun in the world, that would blow your head clean off, you've...
I spent all of last week on the west coast of the US crossing paths with about 300 clients from nearly 30 institutions. As to be expected, all discussions centered on Europe. While our highly pessimistic view on Europe met with only minor resistance, our idea that a...
I spent all of last week on the west coast of the US crossing paths with about 300 clients from nearly 30 institutions. As to be expected, all discussions centered on Europe. While our highly pessimistic view on Europe met with only minor resistance, our idea that a European financial sector nationalization process would NOT […]
