Monthly Archives: January 2014

fear from last summer

Chart: Last summer fear returns!

Yes, Bloomberg’s Financial Conditions Index suggested all was well and the traditional fear indicator, the VIX options index, was bum shuffling along at historic lows. How quickly things change….

January 24th, 2014 by

Style & Sector Trends

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argentina pain

Argentina about to deliver Spanish bank pain….?

And just when things were going so swimmingly. The current FX storm in emerging markets has a variety of characters but Argentina is leading the way with an overnight 13% clubbing of the peso.  

January 24th, 2014 by

Financials

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beauty contest

Is Microsoft a beautiful digital toll-bridge utility?

We do Microsoft a disservice using “utility” in our headline given its recent results. However, Microsoft is akin to a toll-bridge for the global digital economy given it is embedded in almost every enterprise on the planet.

January 24th, 2014 by

Income

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WTF Treasuries

Macro: What the FX is happening in US Treasuries!

Whodathunk! The stage was set for a euphoric rush into equities in January but it’s not quite panning out as thought by most. Last year’s dogs are having a fantastic January run…..

January 23rd, 2014 by

Editorial

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broker sell

UK Dividend Stocks: Was Pearson just a little over-owned?

Pearson would possibly qualify as one of those very “owned” UK dividend stocks – nice 3.5% dividend, restructuring story in publishing, cyclical/digital uplift in the FT and quality ballast in education. So what changed today?

January 23rd, 2014 by

Income

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risk in kiev

Thai Turkey Kiev; a new emerging markets risk dish…?

And there we were reading about financial conditions being at their most benign for the past two decades according to an interesting index compiled by Bloomberg.

January 22nd, 2014 by

Editorial

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amzn + facebook

Amazon + Facebook combine as top 3 US company!

New all time highs for profit-less Amazon did prompt some thought. The combined market value of Amazon and Facebook exceeds that of Microsoft and puts the fantasy combo in the top 3 of all US companies.

January 21st, 2014 by

Editorial

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lipstick credit ratings

Bonds: Ireland meets US in stunning yield match…

Ireland’s sovereign credit, freshened with the ratings lipstick of Moodys, has seen yields on its five year bonds loiter around 1.63%. That my friends is basically the same return/risk being attributed to US 5 year Treasuries.

January 20th, 2014 by

Debt

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oil shock dividends

UK Dividend Stocks: “Cheap” oil stocks give us a Royal pain…

Oh boy, the cash flow gurus will be scurrying around for morsels of hope in the latest results from Royal Dutch Shell. Expected profits were 25% below what the street expected.  

January 17th, 2014 by

Income

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china

Another test for Chinese shadow banking system…

Latest data from the People’s Bank of China reveals a tightening of credit in the second half of 2013. But that’s not what caught our eye….

January 16th, 2014 by

Financials

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