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Can A 16 Year Old Math Genius And Semi-Naked Women Sell The First Ever ICO Tranche

As a product, we may have just encountered the most brilliant Initial Coin Offering ever. As a marketing ploy meant to reach the broadest number of financially astute investors who are just dying to see a quadruple-digit IRR on their prudent investment, this is certainly the pinnacle of genius. We are still in awe of […]


Jim Grant Interviews Alan Fournier: “Pension Funds Are So Desperate For Yield, They’re Systemically Selling Vol…”

In the latest installment of RealVision's interview series featuring Jim Grant, longtime publisher of Grant's Interest-Rate Observer, the newsletter publisher sits down with Alan Fournier, the billionaire founder of Pennant Capital, to discuss one of the most widely discussed topics across modern asset markets: Volatility – or rather, the systemic risks posed by not only […]


Goldman: The Last Time This Happened Was Just Months Before The Start Of The Great Depression

Ah Goldman, never change. One week after Goldman’s chief equity strategist David Kostin predicted a three-year bull market of “rational exuberance“, lifting his 2018 S&P price target from 2,500 to 2,850 rising to 3,100 in 2020, and stating that should the exuberance turn “irrational”, the S&P could rise as high as 5,300 by the end […]


“They’re Ba-ack!” – Citi Says Synthetic CDOs May Reach $100 Billion In 2017, 5x Increase In 2 Years

35-year-old Jia Chen of Citibank probably has no idea where that title quote above came from.  That’s because she was roughly 4 years old when Poltergeist II hit theaters back in 1986… …that said, Citibank, as we noted a few weeks back, has every confidence that Jia is the perfect person to put in charge […]


How Much Is Equity Research Actually Worth? Probably Less Than You Thought

Over the past several months, investment banks all across Europe have scrambled to put a price tag on their equity research after years of giving it way as a ‘freebie’ in return for trading commissions. Of course, for wall street’s titans of finance, you know, the same guys who will look you straight in the […]


CLOs – “Safe” CDOs – Are Booming Again

Last week we explained how junk bond managers were buying increasing amounts of equities to “juice” their portfolios and propel their funds higher in the performance rankings. While this struck us as a relatively recent development, the tried-and-trusted method of trading more risk for more yield is going gangbusters in the CLO (Collateralized Loan Obligations) […]


Surging Windstream Spreads Remind Wall Street Why Synthetic CDO’s Are A Bad Idea

Just a couple of weeks ago, we wrote a post about Citibank and the 35 year old they recently put in charge of once again making the bank into a powerhouse in the Synthetic CDO market.  Less than a decade after being forced to take a taxpayer funded bailout to avoid an embarrassing bankruptcy filing, […]


3 Uncommon Signs That An Economic Collapse Could Happen Soon

Originally published The Birch Gold Group, via Alt-Market.com, As stocks continue to climb and the U.S. economy sustains its third longest period of expansion in history, market forecasters are seeking clues for when our next crisis may strike. So far, three uncommon signals have them worried. Here’s an explanation of the three uncommon signs causing […]


Chris Whalen On The CDO-Redux & Inevitable “Catastrophic Systemic Risk Event”

Authored by Chris Whalen via The Institutional Risk Analyst, “The great wheel of circulation is altogether different from the goods which are circulated by means of it. The revenue of the society consists altogether in those goods, and not in the wheel which circulates them”   Adam Smith, 1811 This week in The Institutional Risk […]


Look Who Kalanick Just Appointed To The Uber Board Without Consulting Anyone

It looks like Travis Kalanick is preparing for all-out war in the Uber boardroom. The Uber co-founder and former chief executive officer – who retains control over three board seats, including his own – has finally filled his long-vacant seats. And guess whom he picked to fill them? Former Xerox Corp. Chairwoman and CEO Ursula […]


Tesla Bribes: Would $65,000 Be Enough To Sway Your Review A New Car? Ask These Guys…

Conflicts of interest exist in almost every business model…just ask the former AIG execs who bought trillions of dollars worth of mortgage CDO risk that they were told was worthy of a AAA rating. But when you read a car review to help figure out which set of wheels you’re going to buy next, you […]


Blain: “The Bond Market Has Become A Series Of Crashes Followed By Rallies”

Submitted by Bill Blain of Mint Partners Blain’s Morning Porridge – Why Bond markets are going down and Markets have no memory “And everything around her is a silver pool of light, the people who surround her feel the benefit of it. It makes you calm…” Before delving into the collapse in global bonds on […]


Citi’s Bringing Back The Synthetic CDO…But In A Way That “Insulates It From Any Losses”

Less than a decade after being forced to take a taxpayer funded bailout to avoid an embarrassing bankruptcy filing, Citibank, proving that they learned precisely nothing from the so-called ‘great recession,’ has put a 35 year old in charge of once again making the bank into a powerhouse in the Synthetic CDO market.  But please […]


A Brief History Of Tail Risk: From LTCM, ABX, CDS, To VIX

Authored by Peter Tchir via Brean Capital, I continue to be focused on tail risk.  While I think valuations may be stretched, my bigger concern is that the real risk lies in market structure – more specifically to volatility and correlation strategies that quickly propagate through the financial markets with the aid of algorithmic trading. […]