JeremyGrantham’sGMO: "The S&P IsApproximately 75% Overvalued; ItsFairValueIs 1100" http://feedly.com/k/1b4uWqy It has been a while since we heard from the rational folks over at GMO. Which is why we are happy that as every possible form of bubble in the capital markets rages, Jeremy Grantham lieutenant Ben Inkster was kind enough to put the raging Fed-induced euphoria in its proper context. To wit "the U.S. stockmarketistradingatlevelsthat … Seguir leyendo Jeremy Grantham’s GMO: “The S&P Is Approximately 75% Overvalued; Its Fair Value Is 1100”

"Bubble" InRiskiestCreditExceeds 2008 Peak http://feedly.com/k/1jhIOwN As wewarnedtwomonthsago, thebubbleincreditmarkets (which if you ask anyone at the Fed, except Jeremy Stein, does not exist) is nowhere more evident than in the explosive growth of so-called cov-lite loans. While total volumes of cov-lite loans are already at record, as theFTreports, wenowhave 55% of new leveragedloans come in “cov-lite” form, fareclipsingthe 29% reachedattheheightoftheleveragedbuyout boom justbeforethefinancial crisis. LBOmultipleshavereachedrecordhighs and demand … Seguir leyendo “Bubble” In Riskiest Credit Exceeds 2008 Peak

TheBiggestDisasterin SE Asia WaitingtoHappen: Thailand’sMassive Real EstateBubble http://feedly.com/k/1h04NeN In 1997, the SE Asian Tigers all faced severe economic stresses, partially triggered by a primarily foreign capital-funded massive real estate bubble in Thailand. Today the EXACT same thing is happening as untempered foreign investment into Thailand’s real estate market has created not a “soaring” real estate market as economists always incorrectly explain them, but massive real … Seguir leyendo The Biggest Disaster in SE Asia Waiting to Happen: Thailand’s Massive Real Estate Bubble

Ritholtz: Has theDollarReallyLost 97% ofItsValue? – Bloomberg http://feedly.com/k/1ispD5G shared via http://feedly.com Seguir leyendo Ritholtz: Has the Dollar Really Lost 97% of Its Value? – Bloomberg

A Poor Critique ofKeynes http://feedly.com/k/1bNM0zE … can be found in the video below. This is an interview of an economist called G. P. Manish by the Austrian Thomas Woods in an attempt to summarise and criticise the economic ideas of Keynes. Some comments: (1) The discussion of “animal spirits” is rather poor. The term was used by Keynes but three times in the whole General … Seguir leyendo A Poor Critique of Keynes

Inversiones angoleñas en Portugal (1/2): Lisboa hace la vista gorda ante el “dinero sucio” de Luanda http://feedly.com/k/1isp6Rh Mediapart , París – La antigua metrópolis, presa de la crisis, se ha convertido en un “supermercado” en el que las nuevas fortunas de la antigua colonia, empezando por la familia del presidente Dos Santos, multiplican sus adquisiciones en los bancos o en el sector inmobiliario. Pero en … Seguir leyendo Inversiones angoleñas en Portugal (1/2): Lisboa hace la vista gorda ante el “dinero sucio” de Luanda

No Moneyto Retire the New AmericanNightmare; Retirementat 80 the New Norm? http://feedly.com/k/19DMaEU Except for public union workers with pensions that ultimately will not be met, retirement age for most keeps inching up. People need to work longer or go back to work after a few years of retirement because they have insufficient savings. This creates competition between those over 60 and those under 20 for … Seguir leyendo No Money to Retire the New American Nightmare; Retirement at 80 the New Norm?

ATA TruckingIndexdeclinesinOctober, Up 8% Year-over-year http://feedly.com/k/1isovPI Here is a minor indicator that I follow, from ATA: ATA TruckTonnageIndexDecreased 2.8% inOctober TheAmericanTruckingAssociations’ advancedseasonallyadjustedFor-HireTruckTonnageIndexfell 2.8% inOctober, the first decrease since July. … In October, the index equaled 124 (2000=100) versus 127.5 in September. October’s level was the lowest since April. ComparedwithOctober 2012, theSAindexsurged 8%, whichisthelargestyear-over-yeargainsinceDecember 2011. … “From May through September, the index surged 3.5%, including only … Seguir leyendo ATA Trucking Index declines in October, Up 8% Year-over-year

BubblesinBitcoinandElsewhere http://feedly.com/k/18kyQJv Global MoneySupplyGrowth Michael Pollaro has recently updated his moneyTMS data. As of October, US monetary inflation shows signs of re-acceleration. Earlier in the year a slowdown could be observed in spite of ‘QE-to-infinity’. This was probably attributable to a combination of commercial bank credit inflation slowing down and dollars that moved into the US banking system during the height of the euro area … Seguir leyendo Bubbles in Bitcoin and Elsewhere

BitcoinTradesOver $1000 OnBTC China ExchangeAndCrashes 30% … ThenRebounds http://feedly.com/k/18KJDZY Update: following the 30% drop to under $600 in seconds, BTC promptly rebounded to $800 in a few more seconds, as the entire BTC market is now just an algo arena. * * * Putting to rest fears that today’s Senatorial hearing on digital currencies would crater Bitcoin (if in the immediate term), moments ago the … Seguir leyendo Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% … Then Rebounds