Here Are The "Costanza Trades" Of 2019

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After a wild 2018, Mark Orsley – Head of Macro Strategy for Prism (and formerly with RBC), is out with a review of his 2018 “Costanza Trades,” while offering his comprehensive thoughts for next year. *** It’s that time of year again. Stockings, dreidels, Festivus poles, and, of course, the inevitable truckload of bank “2019… Read More

One Weird Number Explains… Everything

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Via DataTrekResearch.com, Today we want to expand on a theme we touched on last week: 20-year trailing returns on US stocks. Don’t yawn…. There’s interesting material here. Trust us and read on… First a quick summary of the data, using the latest market prices: Over the last 20 years, the S&P 500 has compounded at 5.52%… Read More

Brace Yourselves: A Crash Is Coming

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This post Brace Yourselves: A Crash Is Coming appeared first on Daily Reckoning. I know we are in the midst of a joyous time of year, but that doesn’t mean the world has stopped turning. And the start of 2019 brings us to a critical moment. We’re on the brink of the third wave crash.… Read More

"The President Is Reconsidering": Syria Pullout On Thin Ice After Lunch With Lindsey Graham

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President Trump is “reconsidering” his strategy to pull US forces out of Syria following an “eye-opening trip to Iraq” the day after Christmas, Bloomberg reports.  Sen. Lindsey Graham (R-SC) who sits on the Senate Armed Forces Committee – a harsh critic of Trump’s announced pullout, said earlier Sunday that he would try to change Trump’s mind during… Read More

Retailers Rejecting Customers' Cash As More Ban Paper Money

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“Your cash is not wanted here”, a growing number of retailers and restaurants throughout the US and UK are telling customers. But are reasons being given by companies for the new “cashless” approach — speed, efficiency, and the safety of store employees — valid enough to require something as utterly and downright unAmerican as rejecting cash?  We think not, and… Read More

Foreign Hackers "Cripple" US Newspapers, Cause Widespread Delivery Disruptions

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Foreign hackers infiltrated computer systems shared by several major US newspapers, “crippling” newspaper production and delivery systems across the country on Saturday, according to the Los Angeles Times, citing a source with knowledge of the situation.  LA Times Olympic printing plant (Photo: doobybrain.com) The attacks, which began alte Thursday night, appear “to have originated from outside… Read More

The World's Biggest Investors Paint A Gloomy Picture For 2019

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As is usually the case after the holidays, inquiring minds turn their attention to how various assets will fare in the coming new year. To answer this question, Bloomberg recently published a sample of opinions from top portfolio managers and strategists who shared their views on all asset classes heading into the new year. The common theme:… Read More

What Is Behind The Market's Record Liquidity Collapse

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One week ago, when we first previewed this week’s infamous $60 billion pension fund rebalancing out of equities and into bonds which resulted in historic market gyrations, and a violent snapback in the S&P from what was shaping up to be the worst December on record for stocks, we warned that while the buying would… Read More

Weekly Commentary: Thoughts on Liquidity

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“Money” challenged – and often confounded – economic thinkers for centuries. It functions as both as a “medium of exchange” and “unit of account.” Simple enough. Too often the focus has been how to use money to stimulate economic activity and achieve political gains. From my perspective, money’s importance lies with its fundamental roles as… Read More

Eddie Lampert Makes Last Minute $4.6 Billion Bid To Rescue Sears

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Sears Chairman Eddie Lampert has come through with an 11th hour takeover bid for the bankrupt retailer, according to Reuters, preventing what would have been an immediate liquidation of the iconic company. Lampert has offered a roughly $4.6 billion package backed by existing lenders Bank of America and Citigroup, along with new participant Royal Bank of Canada… Read More