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Tue, Aug 31, 2010 |
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The Lipstick Pig Is Invited to the Dance |
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The ability of high grade companies to issue debt at absurdly low yields has fueled a wave of high grade corporate new issuance that is expected to accelerate after the Labor Day holiday. The desire of banks to put excess reserves to work has enabled... |
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Wed, Aug 11, 2010 | |
Splitting Hairs……No |
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Slowing Chinese economic growth, brute force government interference in the private sector, brute force government interference into the banking and credit system, projected tax increases, the need for the FED to remain engaged with QE programs, recent bank CDS and CDX spread widening and a... |
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Tue, Jul 27, 2010 | |
It’s Gonna Get Ugly |
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Putting some ‘stuff’ into perspective… |
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Fri, Apr 30, 2010 | |
Bears Have Some Good Arguments |
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Two broad based trains of thought keep gripping the market... |
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Tue, Apr 6, 2010 | |
Thirty vs. One |
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Although the credit and equity markets have rallied over the past week, our interaction with equity investors has been dominated by increasingly bearish sentiments. At one point late last week, a simple straw poll of daily client conversations indicated that... |
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Wed, Mar 24, 2010 | |
Credit Market Observation and Equity Implications |
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Last Friday afternoon we received a number of emails/bbgs/IMs highlighting a credit market comment that was posted on a popular bearish website. The note was basically gibberish, first calling fixed income market participants stupid for... |
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Mon, Mar 15, 2010 | |
Who is the Benchmark? |
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During the worst of the dot.com bust and telecom debt problems the Chief Equity Strategist of the firm I was working at called almost frantically to ask how the fixed income market was performing. (I was the senior high grade credit strategist.) As I began to reply... |
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Tue, Dec 22, 2009 | |
Credit to Support Equity Again |
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The economic recovery is well underway and is likely to gain sustainability as 2010 progresses. We expect that equity and fixed income credit investors will gain greater... |
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Thu, Dec 3, 2009 | |
Bear Market Celebrities |
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Bank of America’s (BAC) announcement that they would completely repay the government’s TARP investment was probably greeted with high fives and smiles across the company’s entire platform. Good for them! BAC…remember them….they were one of those companies that the bear market celebrities... |
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Wed, Dec 2, 2009 | |
Absurdity is Making the Rounds Again |
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The year is not over; however, December tends to be the month in which investors and analysts systematically take the time to review “what they expected would happen over the past 11 months”, “what did actually happen”, and “what is going to happen” in the next year. This annual process... |
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