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Tag Archives: Real Estate

Another Week Of Huge Outflows From Active Managers, Huger Inflows To ETFs

The highly compensated world of active fund managers continued to disintegrate before their eyes in the last week, when according to EPFR data even as overall cash continued to flood into equities for a total of $14.5 billion, the 11th consecutive week of inflows, this was entirely due to allocations to ETFs, which saw $19.7 billion in inflows, the highest weekly amount YTD, offset by $5.1 billion in outflows from actively managed funds. Looking at what its private clients are doing, BofA...

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Now That Everyone’s Been Pushed Into Risky Assets…

Authored by Charles Hugh-Smith via OfTwoMinds blog, A funny thing happened on the way to a low-risk environment: loans in default (non-performing loans) didn't suddenly become performing loans. If we had to summarize what's happened in eight years of "recovery," we could start with this: everyone's been pushed into risky assets while being told risk has been transformed from something to avoid (by buying risk-off assets) to something you chase to score essentially...

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Risk-Ignorance Reaches 23 Year High As Short Interest Hits Record Low

Complacency about U.S. stocks has become so widespread that losses may lie ahead, according to Brian Belski, chief investment strategist at BMO Capital Markets. In a report Friday, Belski cited the ratio of the S&P 500 Index’s price-earnings ratio to the VIX Index, "which essentially shows how much investors are willing 'to pay' for a given level of market risk." As Bloomberg notes, the ratio rose this month to its highest reading since 1994. The S&P 500 fell...

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When It Comes To Wall Street, Preet Bharara Is No Hero

Authored by Jesse Eisinger via ProPublica.org, The prominent U.S. attorney fired by Donald Trump this weekend has been justly acclaimed for his pursuit of political corruption. But his treatment of the Wall Street executives involved in the financial meltdown was far less confrontational. After his election in 1968, President Richard Nixon asked Robert Morgenthau, the US Attorney for the Southern District of New York, to resign. Morgenthau refused to leave voluntarily, saying it degraded the...

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“2017 Will Be A Tipping Point” – Why Some Think This Is The Next “Big Short”

One week ago we reported that "Mega-Bears Smell Blood As Mall REITs Tumble" in which we wrote that "just like 10 years ago, when the "big short" was putting on the RMBX trade, and to a smaller extent, its cousin the CMBX, so now too some are starting to short CMBS through the CMBX. They are betting against securities backed by malls in weaker locations where stores could close in quick succession, triggering debt defaults." This morning Bloomberg has followed up...

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Atlanta Fed Selects Raphael Bostic As New President

The Federal Reserve Bank of Atlanta has selected Raphael Bostic as its new president, replacing Dennis Lockhart after his retirement last month.  In a statement by Thomas A. Fanning, chairman of the board of the Atlanta Fed, he said Raphael W. Bostic will become the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta effective June 5, 2017. Bostic, 50, succeeds Dennis Lockhart, who retired from the Atlanta Fed on Feb. 28, 2017. The appointment was jointly...

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When This All Blows Up…

Authored by Chris Martenson via PeakProsperity.com, This report marks the end of a series of three big trains of thought. The first explained how we’re living through the Mother Of All Financial Bubbles. The next detailed the Great Wealth Transfer that is now underway, siphoning our wealth into the pockets of an elite few. This concluding report predicts how these deleterious and unsustainable trends will inevitably ‘resolve’ (which is a pleasant way of saying ‘blow...

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“The Retail Bubble Has Burst” – Summarizing The Dark 4Q Earnings Commentary Of Retail CEOs

Amazon's willingness to sell almost any product imaginable at a loss, combined with a massive bubble in retail real estate square footage courtesy of decades of low interest rates seems to finally be catching up with the traditional bricks-and-mortar retailers of America.  As evidence, Scott Krisiloff of Avondale Asset Management compiled the following sample of relatively downtrodden commentary from America's largest retail CEOs, all of who seem to be throwing in the towel on hopes of...

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Marc Hanson: “Everything Has Changed In Housing”

The last time we presented the work of noted housing expert, and skeptic, Mark Hanson, we laid out why a mere 1% increase in mortgage rates "would change everything."   His December report piggybacked on a prior analysis, which showed that for all talk of housing affordability, the reality is that in the current environment, "houses have never been more expensive to buyers who need a mortgage." So, several months later, where are we now? According to Hanson's latest report released...

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The Next Domino To Fall: Commercial Real Estate

Via Charles Hugh-Smith of OfTwoMinds blog, Unless the Federal Reserve intends to buy up every dead and dying mall in America, this is one crisis that the Fed can't bail out with a few digital keystrokes. Just as generals prepare to fight the last war, central banks prepare to battle the last financial crisis--which in the present context means a big-bank liquidity meltdown like the one that nearly toppled thr global financial system in 2008-09. Planning to win the next war by assuming it...

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