Economic Commentary

“Someday financial markets will decline...rising stock/bond markets will no longer be government policy. QE will end and money won’t be free. Corporate failure will be permitted. The economy will turn. Someday, somewhere, somehow, investors will lose money and once again come to favor capital preservation over speculation. Someday, interest rates will be higher, bond prices lower, and the prospective return from owning fixed-income instruments will again be commensurate with risk.” Seth Klarman

Wednesday, February 17, 2016

Low distillate demand is now at levels historically that has only been seen prior to/during recessions.






Posted by Robert Park at 8:17 AM No comments:
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China: Is there any sign we're missing yet? Migrant factory workers moving back to farms.






Posted by Robert Park at 8:09 AM No comments:
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Frontlines: real (chinese) smart money--business owners reducing yuan exposure. Word is external lenders are also reducing exposures.






Posted by Robert Park at 7:51 AM No comments:
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Clues from EMs: Brazil Retail Sales YoY. Hint: NOTE DIFFERENCE FROM 2008-9. (You ain't seen nothin' yet.)






Posted by Robert Park at 6:51 AM No comments:
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Tuesday, February 16, 2016

San Francisco Housing Bubble in 1 Chart.






Posted by Robert Park at 7:33 PM No comments:
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$SPX P/E normalizing, down to 14.7...going below 10??






Posted by Robert Park at 3:42 AM No comments:
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Sunday, February 7, 2016

Current State of Our Economy in 9 Charts






Posted by Robert Park at 8:40 PM No comments:
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