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The Epic Bull Market in Stocks, Accounting Fiction, and Fraud
At this point, the world of finance has become so completely and utterly moronic that it is all but impossible to write about it without wanting to smash oneās head through the computer screen.Ā There...
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Citi Warns The Leverage Clock Is Ticking
Citi's credit strategy team warns, for non-financial corporations - fundamentals have turned. Low interest rates hae helped keep debt service burdens low but, as they suggest, releveraging tends to...
View ArticleCarl Icahn Warns: "Easy To Fake Earnings" Thanks To Fed; "Major Correction...
"Everybody loves this market," jokes a hursuit Carl Icahn fresh from his eBay exigencies, "everybody is buying this and buying that... we have a lot of hedges on." However, Icahn - who knows better...
View ArticleFrontrunning: April 11
Sensitive Market Data Leaked After Government Phone Call (WSJ)This is a actual Bloomberg headline: China Fake Data to Skew More Export Numbers (BBG)This is another actual BBG headline: U.S. as Global...
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Herbalife Tumbles 14% On News Criminal Probe Has Been Launched Into Company
The Herbalife drama - perhaps the biggest billionaire pissing contest of 2013 - just got excting again, following FT news that a criminal probe has been launched into Herbalife. "The US Department of...
View Article5 Things To Ponder: Is This "THE" Correction?
Submitted by Lance Roberts of STA Wealth Management,On Tuesday of this past week I posted an article entitled "No One Rings A Bell At The Top"wherein I stated:"The current levels of investor...
View ArticleAckman Promised Former Herbalife Employer $3.6 Million To Become Whistleblower
"I will pursue Herbalife to the end of the earth," is the threat Bill Ackman made and the hedge fund manager acknowledges spending more than $20 million in a lobbying and media campaign against the...
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Herbalife's Earnings, And Carl Icahn's Activist Strategy, Summarized In Two...
Moments ago, Herbalife reported results which at first blush were far stronger than expected: revenues of $1.26 billion above the expected $1.23 billion, with (non-GAAP) EPS of $1.50 compared to...
View ArticleThe Complete Ira Sohn Conference Post-Mortem
From 110 slides of Ackman-inspired Fannie Mae bullishness to Tudor-Jones "Central Bank Viagra", and from Jim Grant's "Buy Gazprom because it's the worst-managed company in the world" to Jeff Gundlach's...
View ArticleCrony Capitalism and the Oracle of Omaha
I am back from the Berkshire Hathaway annual meeting in Omaha, Nebraska, and my brain is still spinning from the dozens of meetings and stimulating conversations. In a series of articles over the next...
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Take A Dive In The "Dash For Trash" Waterfall With Goldman Sachs
As we have discussed numerous times, the dash-for-trash in US equities has been insatiable as any and every consequence of screwing up is slowly removed from capitalism (and capital markets). As...
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Insider Trading Bombshell: FBI/SEC Investigating Carl Icahn & Phil Mickelson
Did you hear the one about the Vegas gambler, the Pro golfer, and the Wall Street insider? Straight off the pages of some Hollywood script, the Wall Street Journal reports that Federal investigators...
View ArticleFrontrunning: June 2
Unstoppable $100 Trillion Bond Market Renders Models Useless (BBG)Afghan president fumes at prisoner deal made behind his back (Reuters)Spain to Unveil $8.6 Billion Stimulus Package (AP)Obama to Urge...
View ArticleHow To Avoid Being Wiretapped: The Carl Icahn Case Study
One thing is certain about the much discussed investigation into possible insider trading involving Carl Icahn and Phil Mickelson - it is guaranteed to go exactly nowhere and fast. Not just because it...
View ArticleFrontrunning: June 4
U.S. sets new import duties on Chinese solar products (Reuters)U.S.-China Solar-Products Dispute Heats Up (WSJ)China Mulls Offshore Yuan Gold Trade in Free Trade Zone (BBG)Insider-Trading Probe Could...
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Do Any Of These Family Dollar Calls Belong To Phil Mickelson?
Just after the close today, Carl Icahn disclosed that through his investment vehicles, he has accumulated a 9.39% stake in the recently beaten down Family Dollar, buying the shares with the "belief...
View ArticleFrontrunning: June 9
Attorneys Known for Large Civil Settlements Line Up to Sue GM Over Company's Handling of Defective Ignition Switches (WSJ)Pakistani Taliban attack airport in Karachi, 27 dead (Reuters)U.S. Official:...
View ArticleFrontrunning: June 12
Iraqi Drama Catches U.S. Off Guard (WSJ)Al-Qaeda Offshoot on NATO Border Threatens Turkish Rally (BBG)It's just the snow, people: U.S. Economic Recovery Looks Distant as Growth Lingers (NYT)Freed...
View ArticleFrontrunning: June 20
Must be an early winter: Housing Falters as Forecasters See U.S. Sales DroppingĀ (BBG)China Property Failures Seen as $33 Billion in Trusts Due (BBG)Polish Prime Minister Says Recording Scandal May...
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Dean Foods -7.5% After Icahn-Mickelson Probe Subpoena
The 'dumb' algos trading off the headlines have dragged Dean Foods stock down 7.5% as the WSJ reports that the company has in recent weeks received a subpoena from criminal authorities ordering the...
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