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Articles by Romney Wordsworth
Our Money Is On This Guy
In this day and age, when hedge funds can no longer generate "guaranteed" returns courtesy of Gerson Lehrman or some other "expert network", when central banks are now openly failing their mandate of preserving the facade that they are invincible and will do "whatever it takes" to support the wealth effect, and where hedge funds are unable to outperform the S&P for the 6th year in a row, it seems there is no sure thing. Wrong.
S&P Settles DOJ Lawsuit For $1.5 Billion; Agrees Not To Accuse Government Of Retaliation For US Downgrade
As had been widely rumored in the past two weeks, and as the WSJ reported overnight, moments ago McGraw Hill, parent of disgraced rating agency S&P, entered into a $1.5 billion settlement to fully resolve the DOJ lawsuit regarding S&P ratings on RMBS and CDOs. As the WSJ reported overnight, In the "span of about 30 hours, the Justice Department lowered its asking price and backed off demands that S&P admit to violating laws when it issued rosy grades on risky mortgage deals, the people said."...
Venezuela's Largest Pharmacy Chain Execs Jailed For "Provoking The People With Economic War"
Because admitting that the Venezuelan utopia is failing due to the policies of Hugo Chavez' "socialist revolution" would leave the thread by which Venezuelan socialism hangs ready to snap, President Maduro has shifted the blame for hyperinflating-price-based staples shortages and food lines from a cut in oil revenues to the dastardly capitalists.
The Black Swan Of Super Bowls: "Ticket Prices Are Being Manipulated To The Extreme"
Super Bowl ticket prices continue to soar. With the game now just a day away, prices have exceeded the $10,500 average and get-in price is just over $9,000 but, as TiqIQ's CEO reports, the ticket market’s "Black Swan" moment will leave some fans showing up to Arizona having paid for tickets they’ll never receive... as were selling tickets they never had to begin with, and the short squeeze is unprecedented.
January Jitters Jolt Stocks - S&P Loses Key 2,000 Level; Bonds' Best Month Since June 2010
Given the following - Silver and Bonds win in January followed by Gold, Stocks and Oil Lose... We suspect this will help... Bu, for human oil shorts this afternoon, we suspect this sums up their message to the manipulators and their machines... We have to start with WTI because that was a fucking joke!!!! This 8.3% ramp into the NYMEX close was the biggest single-day ramp since June 2010... Which magicaly levitated stocks... to the NYMEX close... Now where have we seen that before?
ECB Threatens Athens With Bank Funding Cutoff If No Deal In One Month: February 28 Is Now D-Day For Greece
As Deutsche Bank's George Saravelos politely puts it, "Developments since the Greek election on Sunday have moved very fast." And indeed, so far the new Tsipras cabinet, and here we focus on the words and deeds of the new finance minister Yanis Varoufakis, has shown that the market's greatest hope - that the status quo in Greece will continue - has been crushed into a pulp (and so have Greek stock and bond prices) especially following yesterday's most recent comments by the finmin in which he...
Greece Slams EU Bailout-ers: "We Don't Want The $7 Billion, We Want To Rethink The Whole Program"
As Eurogroup chief Jeroen Dijsselbloem (of "template" foot in mouth infamy) heads to Athens for talks today, Bloomberg reports the new Greek Finance Minister Yanis Varoufakis has a clear message for his European overlords of the past: “We don’t want the 7 billion euros...We want to sit down and rethink the whole program." While this exposes the nation's banking system to further runs, yesterday's revelation that Russia could step in with financing should they need it, leaves Dijsselbloem and...
Bank Of Russia Surprises With Unexpected Rate Cut, Brings YTD Total Of Nations Easing To 14
Yesterday we reported that in less than 1 month in 2015, so far a whopping 13 countries have proceeded with "surprising" rate cuts: Singapore, Europe, Switzerland, Denmark, Canada, India, Turkey, Egypt, Romania, Peru, Albania, Uzbekistan and Pakistan.
Crude Crumbles To Fresh Lows: $43 Handle
Yet again this morning's "bounce" to $45 was heralded as maybe possibly could be the stability that markets are looking for. And once again it was not as WTI makes fresh cycle lows to a $43 handle.. and once again, energy stocks plunged back to energy credit's reality... Another bounce, another new low... (breaking yesterday's $44.08 lows) Who could have seen this coming? Charts: Bloomberg
Bill Gross Slams Broken Capitalism: "Policymakers Must Promote A Future Which Offers Hope As Opposed To Despair"
From Bill Gross latest monthly investment outlook letter, which is essentially the latest recap of our article from 2012 "How The Fed's Visible Hand Is Forcing Corporate Cash Mismanagement." My mother taught me how to play Monopoly – the game – and the markets over 40 years past have taught me how to play Monopoly – the financial economy. Financial markets and our finance-based economy are actually quite similar to the game in terms of the rules and strategies it takes to win.
Market Wrap: All Eyes On Yellen Who Better Not Disappoint
While all the algos are programmed and set to scan today's FOMC statement for whether both "patient" and "considerable time" are still there (as it did last time when it supposedly sent a pseudo-hawkish message while telling Virtu and Getco to buy, buy, buy), the market is torn between the trends observed in recent days: on one hand finally succumbing to the adverse impact of USD strength, which overnight also saw the Singapore Dollar admit defeat in the ongoing currency wars, is crushing...
Apple's Cash Is Now Greater Than The Market Cap Of These S&P500 Companies
Given that Russia perceives itself to be under financial and economic attack from the West, there is the possibility that they are accumulating more gold than they are declaring officially to the IMF...
"Out Of My Face Please" - Why Are US Soldiers In Mariupol?
Amid the devastation of yesterday's Mariupol artillery strikes which killed or wounded dozens, which was promptly blamed by both sides on the "adversary" - and has been proclaimed by both 'sides' (more on that later) as more violent than before the truce - an 'odd' clip has emerged that appears to provide all the 'proof' a US intelligence officer would need to surmise that US military boots are on the ground in Ukraine.
Why Oil Prices Will Be "Lower For Longer" In 3 Simple Charts
History may not repeat... but it does rhyme! A pattern emerges - from investment to exploitation... It's deja vu all over again... And it's different this time... Source: Goldman Sachs Average: Your rating: None Average: 3.5 (18 votes)
US Rig Count Craters To Lowest Since August 2010
With oil prices down another 6% this week (despite Saudi leadership uncertainty and ECB QE), widespread layoffs announced in Shale states, and despite Lew's comments that he doesn't see US oil production declining, it is perhaps no surprise that the US rig count cratered further to its lowest level since August 2010. The US rig count is now down over 15% from the highs, with its biggest 10-week drop since May 2009 (and down 8% YoY).
What Crispin Odey, And His $12.4 Billion In AUM, Thinks Are The 6 Risks Underpriced By The Market
We have some good news: we have found one more of the many, many hedge funds who bought into the biggest bandwagon trade of 2014, namely that the world is recovering and it is time - yet again - the short Treasurys.
Spot The Difference: Money Printing, Then And Now
It's different this time.. and just remember Draghi's perspective - hyperinflation hasn't happened yet, so what's the harm? The global central bank balance sheet is even more concerning.
$43 Hot Dogs; $47 Burgers And $55 Caesar Salads: A Look At The Davos Menu
Billionaires may live in a world untroubled by such petty concerns as rising costs of living and declining real wages, but like everyone else they have to eat. And pay. The picture below shows what the menu prices, in Swiss Francs, are for various meals offered for sale to the billionaires and other upper class "luminaries" currently congregating in Davos. Some examples converted to USD: Hot Dog: $43; Burger: $47; Caesar salad: $55.
Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is "Sorry" For "Overzealousness"
Day after day, mainstream media proclaimed December the month to be in stocks: seasonals, Santa Claus rally, and performance-chasing funds would 'guarantee' upside. For Owen Li, former Raj Rajaratnam's Galleon Group trader, and the clients of his Canarsie Capital hedge fund, December 2014 will never be forgotten.
Downgrading The US Will Cost S&P $1.5 Billion
Remember when S&P forgot for a second that it lives in a world of pretend free speech, and where telling the truth would promptly result in a lawsuit by none other than the US government under false pretenses (and from which Buffett darling Moody's was excluded) after it downgraded the US from AAA to AA+ in the summer of 2011?
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