Bloomberg is reporting on the sell-off in high-yield bond ETFs (see here). Volume is soaring and prices are plunging. Part of the problem is the new structure of the high-yield bond market. High-yield bond ETFs have become the tail that can wag the dog. Yesterday, the dollar volume of the four big high-yield bond ETFs spiked to over 57% of the average traded value of the total high-yield bond market. The fast money crowd as well as yield chasers are the driver here. The fast money crowd favors junk bond ETFs over individual bonds because they are believed to have better liquidity. And … [Read more...]
Miles Bridges “Money is the Root of all Evil”
Who is Miles Bridges? Carvell Wallace examines why the Michigan State star basketball player decided to stay in East Lansing, rather than go straight to the NBA as soon as possible. In his lengthy report, Wallace recounts an interview with coach Tom Izzo about Bridges and his reasons for eschewing the NBA draft. Wallace writes: "I asked Miles, 'Why do you want to stay?' His first answer was, 'I want to get to a Final Four and I want to try to win a national championship,'" Izzo says. This was not good enough for Izzo. Only a year earlier, a Spartans team that featured current Bulls guard … [Read more...]
You’ve Read the Last Issue of Intelligence Report: Back to Investors Yield
“Well I remember the mood of euphoria that gripped the stock market back in the holiday season of year-end 1965,” writes Dick Young in his September 1987 issue of Richard C. Young’s Intelligence Report. “I had just entered the investment business and was a broker at a Boston based member firm of the New Your Stock Exchange. It was an exciting period. The market had climbed by nearly 50% in a three-year period end 1965, and investors were spending their profits literally before they were booked. It was a period of casino mentality—no one could lose. The party ended with a thud, and the … [Read more...]
What’s Behind the Bull Run in Emerging Market Stocks?
Emerging market stocks have had a solid bull run YTD with the benchmark MSCI emerging markets index up 34%. Good news follows good performance (yes you read that right) so the pundits are out promoting emerging market shares. The story being offered to the investment public is that growth is improving in emerging markets, emerging markets are cheap, and the U.S. is expensive. That is more or less right, though valuations could be debated, but the real story behind the boom in emerging markets shares has much more to do with Tech stocks than it does with growth and valuations in emerging … [Read more...]
The Enemy of My Enemy is My Friend in the Chip Industry
Intel and Advanced Micro Devices (AMD) are teaming up to battle against Nvidia with new chips aimed at gamers who want light laptops. A new laptop being produced by Intel will contain an Intel processor and an AMD graphics unit. Ted Greenwald reports: The chip is intended for laptops that are thin and lightweight but powerful enough to run high-end videogames—attributes that lately have been driving sales in an otherwise waning market for personal computers. It will be the competitors’ first collaboration since the 1980s, said analyst Patrick Moorhead of Moor Insights & Strategy, and … [Read more...]
The Dow hasn’t done this since 1945
It didn’t take much more to improve the investment climate in America than a more business-friendly resident in the White House. The Dow just put up its best post-election year return since 1945. Remarkable considering how little Trump and the GOP-led Congress have accomplished, but not so surprising when you consider that the greatest post-election year return in Dow history came while Calvin Coolidge was president. Coolidge was a hands off, business friendly president. He once famously said “The chief business of the American people is business.” MarketWatch has more. … [Read more...]
What You Need to Know about Food Storage and Data-Analytics: Think Amazon’d
As Hurricane Frances was barreling across the Caribbean threatening a direct hit on Florida’s Atlantic coast in 2004, “Residents made for higher ground, but far away, in Bentonville, Ark., executives at Wal-Mart Stores decided that the situation offered a great opportunity for one of their newest data-driven weapons…predictive technology,” reported the New York Times. “A week ahead of the storm’s landfall, Linda M. Dillmans, Wal-Mart’s chief information officer, pressed her staff to come up with forecasts based on what had happened when Hurricane Charley struck several weeks earlier. Backed … [Read more...]
Are New Regulations Forcing Truckers to Merge or Die?
Trucking companies are merging at a rapid pace. One possible cause of the merger frenzy is new regulation mandating drivers use electronic logging devices (ELDs) that track when they are driving. The measure is aimed at enforcing rules on how many hours truckers can drive, but they could also decrease productivity among trucking firms, forcing them to merge up to remain competitive. Eric M. Johnson and Nick Carey report at Reuters: There have been 44 publicly announced freight movement and logistics deals within the U.S. so far this year, according to Thomson Reuters data, already topping the … [Read more...]
Is America’s Great Coffee Boom About to End?
The number of coffee establishments in the U.S. has increased by 16% over the last year to almost 33,000. The increased supply has started to take a toll on the coffee business. With everyone from Cumberland Farms to McDonald's making an aggressive push into the coffee business, profitability has suffered. Dunkin Donuts recently scaled back its new store plans and Starbucks has reduced is long-term profit goals. The share prices of Dunkin and Starbucks have held up relatively well in the face of increased competition, but then again neither have had to face the rumors that Amazon is entering … [Read more...]
The Market for Quarterbacks Looks Bullish to Me
As you can see below, it’s good to be a quarterback in the NFL. Here are some of the top NFL salaries at quarterback position this year: It will be interesting to see what type of contract the 49ers offer former Patriots backup Jimmy Garoppollo. Keeping him on the Patriots' roster, in the end, was too expensive—to the tune of twenty some odd million dollars a year—to wear a headset. OverTheCap.com's Jason Fitzgerald (as pointed out by Ben Volin of the Boston Globe) believes that the 49ers will likely get Garoppolo for around $21 million next year which is what Brock Osweiler got … [Read more...]
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