On 28-May I attended a roundtable discussion in Limassol, Cyprus with Athanasios Orphanides, the governor of the central bank of Cyprus, Don Kohn, the ex-vice chairman of the FRB, Lucas Papdemos, the ex-vice president of the ECB, and Nout Wellink, president of the...
The Greek situation is the single greatest tail risk for markets. Restructuring, default and/or EU exit will surely bring with it confusion and retrenchment across ALL capital markets. The current situation remains “fluid” with quarterly reviews of the austerity...
After yesterday’s longwinded commentary on the US debt ceiling and Europe I will keep today short. The panic surrounding Europe seems to have ebbed and market price action is looking slightly more balanced. Tape bombs are surely lurking around every corner as the...
It has been a busy weekend of news with Europe the prime focus of market angst. Before jumping into the issues across the pond I wanted to start today with the US Debt ceiling debate. The gang of six has disbanded and comments from Harry Reid, Barney Frank and Paul...
If you’ve been in the game for 30 minutes and you don’t know who the patsy is - you’re the patsy” – Warren Buffet. There is a non-economic buyer and holder of US government backed securities. We all know that! They are not bound by pnl, shareholders or the threat of...
Our “Attack of Bond Zombies” theme took a nice turn in the last 24 hours with one of the largest back-ups in a month for TYM. It was getting ugly there for a while with mindless zombie buying of highly negative real return assets. Hopefully, people did not get sucked...
Our “Attack of Bond Zombies” theme took a nice turn in the last 24 hours with one of the largest back-ups in a month for TYM. It was getting ugly there for a while with mindless zombie buying of highly negative real return assets. Hopefully, people did not get sucked into Zombie Land! And if […]
