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Doug Kass’ 15 Surprises For 2018: FANG Crackdown, Gold All-Time-Highs, Stocks Slump

Authored Doug Kass of Seabreeze Partners Management, "The missing step in the standard Keynesian theory [is] the explicit consideration of capitalist finance within a cyclical and speculative context . . . finance sets the pace for the economy. As recovery approaches full employment . . . soothsayers will proclaim that the business cycle has been […]

Stockman Slams “Bubble Finance And The Era of No-See-Um Recessions”

Authored by David Stockman via Contra Corner blog, Today's single most dangerous Wall Street meme is that there is no risk of a stock market crash because there is no recession in sight. But that proposition is dead wrong because it's a relic of your grandfather's economy. That is, a reasonably functioning capitalist order in which the […]

The 30-Years Bubble – Why America Ain’t That Rich

Authored by David Stockman via Contra Corner, The entire financial and economic narrative in today's Bubble Finance world is virtually context- and history-free; it's all about the short-term deltas and therefore exceedingly misleading and dangerous. So when a big trend or condition is negative and unsustainable, you generally can't even get a glimpse of it from the so-called "high-frequency" weekly, monthly and […]

Earnings Don’t Matter After All!

Via The Knowledge Leaders Capital blog, Our long-time readers are familiar with the work of Professor Baruch Lev of the NYU Stern School of Business, whose research forms the basis for the Knowledge Leaders investment strategy. In his decades-long study of financial records, Lev first discovered a link between a firm’s knowledge capital and its […]

The Mother Of All Irrational Exuberance

Authored by David Stockman via Contra Corner blog, You could almost understand the irrational exuberance of 1999-2000. That's because everything was seemingly coming up roses, meaning that cap rates arguably had rational room to rise. But eventually the mania lost all touch with reality; it succumbed to an upwelling of madness that at length made even Alan Greenspan look […]

Morgan Stanley: Tesla Will Surge To $400 Before Crashing To $200

When it comes to Wall Street cheerleaders, Tesla has few closer friends than Morgan Stanley’s Adam Jonas (current price target of $379). To be sure, the relationship cuts both ways, with Jonas relentless enthusiasm ‘for the EV maker granting Morgan Stanley a reserved spot for any future debt, convert and equity underwriting, as well as […]

What Happened To Cash Flow Growth: The Red Flag In Q3 Earnings

Listening to Wall Street analysts, or their financial press cheerleaders, one would be left with the impression that earnings season has been gangbusters, and the recent 2-3 quarters of growth are sure to lay the basis for a new golden age in which EPS rises at double-digit rates for years to come. There are just […]

The Difference Between GAAP And Non-GAAP Q3 EPS For The Dow Jones Was 16%

The last time we looked at the near-record difference between GAAP and non-GAAP Dow Jones earnings, we found that it had crept to a (virtually) unprecedented 25%. To be sure, that was exactly one year ago, when the economy was perceived as being in worse shape than it is now, thanks to the narrative of […]

Walmart Jumps 4%, Pushes Dow Futures Higher After Beating, Boosting Guidance

Walmart is trading 4% higher, pushed Dow futures higher, after reporting Q3 earnings that beat expectations on the top and (adjusted) bottom line – in big part due to the recent hurricanes – while boosting Q4 guidance, despite reporting a decline in profit margins. The company reported GAAP EPS of $0.58, which however management claimed […]

Global Stocks Tumble, Asia Plunges On Chinese Commodity Carnage

The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today’s critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines […]

Caution: Slowdown Ahead

Authored by Sven Henrich via NorthmanTrader.com, Many of you know I keep posting charts keeping taps on the macro picture in the Macro Corner. It’s actually an interesting exercise watching what they do versus what they say. Public narratives versus reality on the ground. I know there’s a lot of talk of global synchronized expansion. […]

In Bizarre Warning JPMorgan Says “Beware The Shadow World” As “Speed Of Asset Rally Is Scary”

While the Fed may still be confused by the lack of inflation, if only in the “real economy”, if not in financial assets, increasingly more analysts have realized that what the Fed has done is tantamount to blowing an roaring inflationary bubble, if largely confined to the realm of asset prices. And while we used […]

Twitter Surges After Beating, Adding 4MM MAUs Despite Admitting It “Overcounted” Users For Years

In the first sign that President Trump's favorite social network may be finally turning the corner, Twitter reported revenue, EBITDA and earnings all of which beat expectations, at revenues of $589.6MM (vs exp.$587.5MM), EBITDA of $207MM (vs exp.  $161MM) and non-GAAP EPS of $0.10, better than the $0.06 expected. Monthly active users rose by 4% […]

Something Wicked This Way Comes: McDonalds – A Bear In A Bull Costume

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, As Halloween nears, kids are choosing costumes to transform themselves into witches, baseball players and anything else they can imagine. In the spirit of Halloween, we thought it might be an appropriate time to describe the most popular costume on Wall Street, one which many companies have been […]

IBM Reports 22nd Consecutive Quarter Of Declining Sales, “Beats” EPS On Drop In Effective Tax Rate

Last quarter, IBM – once again – almost fooled the market when it “beat” but only thanks to using the lowest (until then) effective non-GAAP tax rate in recent history (excluding one charge-filled quarter when the rate was negative and thus N/M). Fast forward to this quarter when IBM has done it, or at least […]