Earlier this week, shares of private mortgage insurers crashed after reports emerged that Freddie Mac had launched a new pilot program involving a deal structure that would work in place of lender-paid single-premium mortgage insurance. According to the government mortgage agency, the new structure will be called IMAGIN, which stands...
In his 29 years of investing, former Tudor Investment Corp. manager Brett Gillespie says he “can’t recall a more exciting outlook for macro investing," according to a recent letter to investors. With the US Federal Reserve withdrawing interest rate accommodation at a time when a robust fiscal stimulus is...
At the beginning of February, Goldman Sachs's chairman and CEO, Lloyd Blankfein told investors that the bank is willing to deploy more capital in its beaten up fixed-income, currency and commodities trading business to respond to a " more attractive opportunity set" in the current market environment. This announcement from...
Will 2018 become known as the year that active management finally made a comeback? It is starting to look that way. A few days ago we reported that actively managed mutual funds outperformed their benchmarks on average during the first two months of 2018 and according to a new...
From start to finish February was a month of US Equity downwards pressure by many measures. Whether it be the record level of mutual fund (MF) and ETF outflows (-$42bn) and net futures selling (-$31bn) in the first three weeks of the month, or the S&P 500 ending February...
UPDATED by Mark Melin on 3.14.18 at 6:41 PM EST As overall Canadian consumer debt continues to rise, key risk trends are growing among the nation’s seven largest banks. A report from Moody’s Investors Service notes greater vulnerabilities as interest rate hikes loom on the horizon. “The strong credit quality of...
Following a brief period in which actively managed funds were overweight the Tech sector relative to the wider market, Tech has now fallen to the second most popular position behind Discretionary according to Bank of America Merrill Lynch's latest active managers' holding update. 70% Of Active Mutual Funds Outperform...
While Paul Tudor Jones comments about interest rates and the central bank conundrum are making headlines today, the thoughts are not new. In a February 2 letter to investors reviewed and reported by ValueWalk, Jones made his feelings clear. But in speaking with Goldman Sachs Global Macro Research team,...
Paul Tudor Jones is known in systematic trading circles for his somewhat mathematical approach to markets before computers were prevalent. Also, see PTJ Explains What He Learned From A Lifetime Of Studying Bubbles And Crashes PTJ “ Cry ‘Havoc!’, and let slip the dogs of war” seems an apt description for...
Investopedia defines a 'Giffen Good' as, "a good for which demand increases as the price increases, and falls when the price decreases." Named after the economist Robert Giffen, a Giffen good has an upward-sloping demand curve, which is, "contrary to the fundamental law of demand which states that quantity demanded for a product...
This article on Mozido was originally posted on June 28 2016, on February 27th 2019 the DOJ announced a criminal indictment against the founder. We are proud of our work and want to point out that we love the WSJ and Forbes but we beat them both on this...
On January 16, as Dave Craver, Mala Gaonkar, Kelly Granat and Steve Mandel sending out the Lone Pine Capital letter to investors, the observed that the Long / Short hedge fund was “modestly less short” for several reasons. After a “poor fourth quarter,” where both long and shorts were...
What caused the Dow Jones Industrial Average to decline by 1,400 in the space of an hour on Monday, February 5? In the mind of vocal hedge fund manager Crispin Odey, the rise in bond yields in the three weeks before the decline was "undoubtedly" responsible and behind that...
In the US, hedge fund investors appear to be a forgiving lot. While “alpha generation” is listed as the top goal of investing in a hedge fund, JPMorgan’s 2018 Institutional Investor Survey also notes that performance failures are a key concern. The annual report from the bank’s Capital Advisory...
As the 2018 volatility crash was approaching, Arlington Value Capital’s Allan Mecham was deriding the “docile markets” and in fact was hoping Mr. Market would get “moody.” After delivering investors a gross of 21.7% in 2017, slightly under the S&P 500s 21.8%, Mecham got what he wanted. As he...
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