It is the 15th of September 2019

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Einhorn: "None Of The Problems From The Financial Crisis Have Been Solved"

A month ago, a downbeat David Einhorn exclaimed "will this market cycle never turn?"

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Trump Mandates EPA Research Must Undergo Political Review Before Release

Amid rumors (climate change site removal), denials (gag orders), and melting snowflakes (see social media), AP reports the Trump administration is mandating that EPA scientific studies and data must undergo review by political staff before being released to the public.

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David Einhorn Slams Elon Musk, Central Bankers In His Latest Letter

In David Einhorn's latest letter, in which we find that Greenlight had a solid quarter in Q3, generating a 3.4% return which boosted the hedge fund's YTD return to 3.8%, we also learn that the poker playing-head of Greenlight is not a fan of Elon Musk; Einhorn also lashes out at the Fed although since Greenlight's antipathy toward the Federal Reserve has been well known for years, this is not exactly new.

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Every Time This Has Happened, A Recession Followed

Three months ago the Fed released its Fourth Quarter "Senior Loan Officer Opinion Survey on Bank Lending Practices", which revealed something ominous. It showed that in Q4, lending standards tightened for the second consecutive quarter. This was a problem because as Deutsche Bank pointed out at the time two consecutive quarters of tightening Commercial & Industrial loan standards "has never happened before without it signalling an eventual move into recession and a notable default cycle. Once we have 2 such quarters lending standards don't net loosen again until the start of the next cycle."

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Bill Ackman Is Down 18.6% After First 5 Weeks Of 2016; Down 41% From August 2015

Courtesy mostly of Martin Shkreli, 2015 was a horrible year for Bill Ackman and yet, despite being down -20.5% last year (after being up 11% in early August when his NAV peaked at 29.27), his LPs largely stuck with the white-haired hedge funder.

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"This Is Much Larger Than Subprime" - Here Are The Legendary Hedge Funds Fighting The Chinese Central Bank

One month ago, we first revealed that for one prominent winner from the subprime crisis, Hayman Capital's Kyle Bass, "the greatest investment opportunity right now" is to short the Chinese Yuan: as he explained "given our views on credit contraction in Asia, and in China in particular, let's say they are going to go through a banking loss cycle like we went through during the Great Financial Crisis, there's one thing that is going to happen: China is going to have to dramatically devalue its currency." He even went so far as to give a timeframe: "we think it's going to be in the next 12-18 months."

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