Long bond futures, open interest. There really shouldn’t be much to glean from just the raw count of US Treasury futures contracts at any given time, yet throughout the past quarter-century you could tell something was up whenever this particular contract’s open interest went up. More of long bond OI, the more it seemed (and still seems) trouble lurked (lurks).I [...]
Ten years ago yesterday, Bear Stearns sent a letter to shareholders of two specific hedge funds that it sponsored. Whenever anyone brings up the name now, you immediately know where this is going. That wasn’t the case in 2007, however. Whatever the world may think of Bear in hindsight, a decade ago it was a highly reputable firm. These two [...]
Snapchat, a company that describes itself as a camera company yet makes no cameras, went public last week at a valuation of $24 billion. The company is growing fast, revenue up from $58 million to $405 million in just the last year. And as one publication put it, the company "earned" a loss of $514.6 million in the process. The [...]
I normally don’t pay much attention to mutual fund flows as they don’t have nearly the explanatory power or relevance in what is surely a more complicated and topographically inconsistent “market.” Equity mutual funds are no longer the primary measurement tool of “small” investor demand. That does not mean, however, that unusual events cannot contain something more than passing interest [...]
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