Author Archive: Jeremy Parkinson
For Saudi Aramco, Breaking Up Is (Not So) Hard To Do
Saudi Aramco and Royal Dutch Shell (RDS-A) recently announced plans to end their co-ownership of the Motiva refinery in Texas. The two energy companies have operated the refining and marketing enterprise as a 50/50 joint venture since 2002. This move is significant because Motiva includes three refineries in the gulf region of the United States […]
Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People
The Swiss, the Finns, and the Ontarians may get their ‘Universal Basic Income’ but the Japanese are about to turn the Spinal Tap amplifier of extreme monetary experimentation to 11. Sankei reports, with no sourcing, that the Japanese government plans to unleash “vouchers” or “gift certificates” to low-income young people to stimulate the “conspicuous decline” in consumption among […]
U.S., European Secondary Funds Collect Massive Sums Since 2015
by Joanna Nolasco, PitchBook Partners Group has announced the closing of its latest secondary investment fund on its hard cap of €2.5 billion. While certainly a hefty sum, it’s surprisingly dwarfed by a handful of other recent massive secondary funds: Coller International Partners VII collected $7.15 billion in January and Lexington Capital Partners VIII closed on $10.1 billion last year—touted as the largest dedicated secondary […]
S&P 500 On The Cusp
A couple days ago it was noted that stocks are high risk, but also that I was more long than short. Yesterday we reviewed the still bearish state of the broad market. This bounce has tested my patience (vs. the preferred scenario seeing it as just a relief bounce) but this morning it looks like […]
Oil & Stocks Starting The Move Down Into Daily Cycle Lows
As I mentioned in one of my prior charts the oil and stock cycles have been tethered together for a while now. Once oil began the move down into its daily cycle low stocks will most likely follow. This morning oil has broken it’s cycle trend line so the odds are good that the corrective […]
Morning Call For March 24, 2016
OVERNIGHT MARKETS AND NEWS Jun E-mini S&Ps (ESM16 -0.54%) are down -0.47% and European stocks are down -1.44%, as a stronger dollar undercuts commodity prices and drags down raw-material and energy producing stocks. Hawkish comments from Fed officials this week have bolstered the chance of a Fed rate hike next month and boosted the dollar and led to a […]
GBP/USD Risks Further Losses On Slowing U.K. Retail Sales
– U.K. Retail Sales to Contract for First Time Since December. – Will Slower Consumption Encourage the BoE to Further Delay Normalizing Monetary Policy? Trading the News: U.K. Retail Sales The U.K. Retail Sales report may produce headwinds for the British Pound and drag on GBP/USD as signs of a slowing recovery provides the Bank of England (BoE) with greater […]
The Safety Net: A 20% Yielder Got A Downgrade
I last looked at Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) in the Safety Net more than two years ago. At the time, I gave the stock a dividend safety rating of “D.” Though its 10% yield at the time was attractive, the company’s distributable cash flow – a measure of cash flow used by MLPs – did not […]
A Scam Called Valeant —Why The Casino Is Going To Blow
If you need evidence that Wall Street is a financial time bomb waiting for ignition look no further than the recent meltdown of Valeant Pharmaceuticals (VRX). In round terms, its market cap of $90 billion on August 5th has suddenly become the embodiment of that proverbial sucking sound to the south, having plunged to less than $12 billion by Wednesday’s […]
The Dynamic Duo Of Risk Factors
The value and momentum factors have earned high praise in recent years as complementary sources of risk premia for designing and managing equity portfolios. AQR’s widely cited paper “Value and Momentum Everywhere” a few years back helped popularize the idea, pointing to applications in equities and beyond. There’s no shortage of support from the wider world of […]
