It is the 12th of November 2019

News

BMO Sees Risk Of Curve Inverting "As Early As March 2018"

Over the weekend, we published an analysis from Citigroup looking at how long after the yield curve inverts do investors "have to worry."  The results were interesting: as Citi wrote, while sometimes inversion provides a timely signal for the economic cycle a la 2000, "where Professor Curve predicted almost the ding-dong high in the SPX", other times, like the 2006 inversion, dished up 7 months of pain for equity bears, with 18% further upside for the SPX. The same occurred for the 1989 episode where equities continued to rally 22% into the 1990 recession.

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$1 Trillion Norway Wealth Fund Sees "Red Flag" In Real Estate Market

Back in September, we pointed out that assets managed by Norway's sovereign wealth fund had surged to over $1 trillion after they made the controversial decision to increase their exposure to global equity bubbles (see: Norway Wealth Fund Assets Surge To Over $1 Trillion On Massive 70% Allocation To Equities).  The move has worked out perfectly in the short term, though we still have our doubts as to whether the "greater fool" theory works over the long term...certainly it never has before but maybe this time is different.

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Saudi Arabia Is About To Confiscate $33 Billion From Four Of Its Richest People

Earlier today, when discussing the Saudi bank account and asset freeze (and confiscation) of dozens of princes and ministers, we said that just the haul of billionaire prince Alwaleed's $19 billion in various holdings, including nearly a billion dollars in jewelry, plans, yachts, furniture and cash...

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