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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 […]


Jefferies Fixed Income Revenue Plunges 37% To 2 Year Low

Once upon a time Jefferies was the country’s biggest junk bond trading shop, with a small investment banking group on the side. Now, it’s the other way around. in its latest quarter and fiscal year ended November 30, Jefferies – which is the last public company to announce results in the old bank convention with […]


Here Are The Biggest Winners And Losers From Trump’s Corporate Tax Cuts

Credit Suisse Chief US Equity Strategist, Jonathan Golub, has estimated that corporate tax cuts in the U.S. could boost average earnings of companies in the S&P by about 8-10%.  Now, as those tax cuts get priced into the market for the 10th time today, we decided to take a look at which industries will benefit […]


Wall Street Bonuses Set To Shrink Again This Year

Bankers were thrilled last year when Wall Street bonuses climbed for the first time in years after falling more than 15% in 2015. But unfortunately, even with equity markets around the world at record highs in 2017, volatility across asset class plunged this year – with the Dow seeing its least volatile year on record […]


JPMorgan: “This Is The Moment Everyone Went All In”

There is a fascinating table in JPMorgan’s 2018 year-end outlook released overnight, previewed yesterday by head quant Marko Kolanovic: it shows that a funny thing happened as the so-called experts were looking for signs of retail euphoria (and repeatedly were unable to find it): everyone went “all-in” stocks, and not just retail investors and US […]


Financial Times Survey: Banks’ Brexit Relocations By March 2019 Much Lower Than Feared

In the run-up to the recent agreement on phase I of Brexit, there was mixed news on the extent to which jobs in the City of London would be relocated to other European hubs, primarily Frankfurt. On one hand, we discussed the meeting between US Commerce Secretary, Wilbur Ross, and executives of JPM, Goldman, HSBC […]


US Futures Hit New All Time High Following Asian Shares Higher; European Stocks, Dollar Mixed

U.S. equity index futures pointed to early gains and fresh record highs, following Asian markets higher, as European shares were mixed and oil was little changed, although it is unclear if anyone noticed with bitcoin stealing the spotlight, after futures of the cryptocurrency began trading on Cboe Global Markets. In early trading, European stocks struggled […]


Systemic Risk? Pffft! THIS, My Friends, Is Systemic Risk

By Chris at www.CapitalistExploits.at Have you ever asked yourself what happens when you place a trade? I hadn’t given it much thought until about 10 years ago when something happened which opened my eyes to a single company that holds what is probably the most concentrated risk position in the US market. Here’s what happened… So, […]


An Angry Rudy Havenstein Lashes Out: “No, The Fed Is Not Populist”

Submitted by Rudy Havenstein After years of seeing terrible market news and commentary, I’m pretty jaded, but when I saw the recent Marketwatch op-ed, “Janet Yellen’s true legacy is her focus on middle-class wages” (by Tim Mullaney), I thought such nonsense needed a reponse that went beyond 280 characters. (Half of Mullaney’s article is an […]


JPMorgan, BofA See 15% Plunge In Trading Revenues; Blame “Lack Of Volatility, Excitement”

Stop us when you’ve heard this before… and you’ve heard it exactly two times in the last two quarter: both Bank of America and JPMorgan warning their revenue will be down double digits year over year because volatility is so low, and traders are so paralyzed, there is much less money to be made trading […]


Summers Warns “1000s Will Die” But Who Are The Real Winners & Losers From Trump’s Tax Reform?

While many in the 'resistance' have vociferously denounced the Senate tax reform bill in the last 48 hours, former Treasury Secretary Larry Summers took the proverbial biscuit by warning that "thousands will die as a consequence of this new tax bill." The Congressional Budget Office estimated that the tax bill could reduce insurance coverage by […]


“Hong Kong House Prices Could Soar Another 10% Next Year” – Have They Just Rung The Bell?

Hong Kong property was in Algebris Investments’ top tier of six most inflated bubbles from its longer list of the world’s fourteen biggest bubbles. The territory is ranked as the most expensive housing market in the world for the seventh successive year in 2017, with the medium home price selling for 18.1 times the median […]


Jamie Dimon Bets Trump Will Last Only One Term As President

In an October 2017 interview, Jamie Dimon famously lambasted Bitcoin as a “fraud” and the people who bought it as “stupid” which, temporarily, halted the ascent in the Bitcoin price. It also led to much heated debate in the mainstream media and much anger across the crypto community. In a just as incendiary follow up, […]


Novogratz Slams Dimon: Buy Bitcoin Because “We No Longer Trust Financial Institutions”

It must be a sign that cryptocurrencies are becoming mainstream when Bloomberg TV launches the first of a six-part series on this comparatively recent innovation. Setting the scene, Bloomberg replayed comments made in interviews from what it described as “Wall Street sceptics”, including (not surprisingly) JPMorgan Chase’s Jamie Dimon, Neil Dwane of Allianz Global Investors […]


Frontrunning: November 20

Merkel faces worst political crisis of her career (FT) Europe Faces a Hamstrung Germany as Merkel’s Coalition Bid Fails (BBG) Merkel’s Failure Is Bad News for May (BBG) What’s Left For Noble Group Creditors: The Answer’s in Jamaica (BBG) Bitcoin’s White-Knuckle Ride Continues as It Dashes Past $8,000 (BBG) UK Preparing Enhanced Brexit Cash Offer […]