Why Sometimes, “Beating the S&P 500” Isn’t Good Enough

Why Sometimes, “Beating the S&P 500” Isn’t Good Enough How money managers who beat a benchmark can still “ruin your retirement” By Elliott Wave International Would you like to invest with a money manager who has a track record of “beating the market”? “Who wouldn’t” you might reply. But, hold onto your horses — or, in this case, onto your portfolio. Even a professional manager who “performs” the S&P 500 can financially ruin you. You see, the “beat the market” investment strategy is BOGUS. Learn what EWI’s decades of research has uncovered about a long list of market myths. Is […]

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Exciting 2018 for Gold/Silver; Rickards: Next Financial Panic Will Be the Biggest of All, Part 1

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason. Coming up we’ll hear another amazing interview with Jim Rickards. Jim examines what the next financial crisis will look like and how it will be different from previous panics, gives us his outlook for gold and the key drivers for the yellow metal in part one of a tremendous two-part interview. Don’t miss my conversation with Jim Rickards, coming up after this week’s market update. As the White House and Congressional leaders scramble to avert a government shutdown, investors are bracing for possible market gyrations. Historically, government shutdowns have tended […]

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“Mother Of All Blow-Offs?”

People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth. – Jesse Livermore Boeing’s stock has gone parabolic. It’s doubled since April 2017: The stock now trades at a 31x PE ratio, for whatever that’s worse. I’m sure if I went through the numbers closely, I could find numerous accounting manipulations which added a copious amount of non-cash income to BA’s numbers. BA’s revenues on a trailing 12 month basis are flat. From 2015 to 2016, its revenues declined 1.7%. On a trailing twelve month basis vs. 2016, […]

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Gold, Bill Miller, and Buffett’s Thoughts On Inflation

Alex here with this week’s Macro Musings. As always, if you come across something cool during the week, shoot me an email at alex@macro-ops.com and I’ll share it with the group. Recent Articles/Videos — The Oil Bull Market — AK provides some color on the oil rebound we’ve been tracking. Hedge Fund Letters — Our 10 favorite hedge fund letters for sourcing equity picks. Japanese Equities Awaken — The Nikkei is ripping. We explain why the run is just getting started.   Articles I’m reading — Pseudonymous blogger, Jesse Livermore, put out a fascinating piece on how to calculate and […]

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Can We Make Sound Financial Decisions Anymore?

I. Hate. Central. Banks. Loathe them. They’ve hijacked our economy and the markets and taken away all our power to make sound financial, investment, and business decisions. Sure, you’ve got to hand it to them: they pulled us away from a depression, thanks to their trillions in stimulus. I mean, QE has had a huge impact on the economy. Two percent growth isn’t great, but it’s a hell of a lot better than a depression. But in the process, they’ve separated the economy and markets from any fundamentals. There’s no rhyme or reason why the markets should be as high […]

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Japanese Equities Awaken

At Macro Ops we like trades where a confluence of positive tailwinds intersect with a thematic that has a long runway. Opportunities where attractive valuations spawned by negative to neutral sentiment combined with improving fundamentals and accelerating momentum are what we look for. One of our current holdings checks all these boxes. I’m talking about Japanese equities. A theme we’re playing using futures on the Nikkei (DXJ is the ETF alternative). The Nikkei has had a good run since it first popped up on our radar back in September. But this move is only getting started. Here’s why it’s time […]

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The Story Behind Asia’s Crypto Squeeze

It seems not everyone is a fan of cryptocurrencies. South Korean police and tax officials raided several crypto trading operations in the country last week, looking for tax evaders, money launderers, and generally bad actors. The government previously informed the crypto community that it thought its activity was little more than gambling and that it could potentially ruin citizens’ financial lives. Officials threatened to shut down cryptocurrency operations around the country, and they now seem to be following through. This is particularly bad news for Bitcoin and its ilk because Asia, and particularly South Korea, has been one of the […]

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Chinese Physical Gold Demand Surges; Americans Pile Into Stock & Crypto Bubbles

Chinese demand for physical gold investment surged in the first three-quarters of 2017 while Americans ditched the shiny yellow metal for increased bets in the crypto mania and stock market bubble market. Even though China’s Hang Seng Stock Market outperformed the Dow Jones Index last year, Chinese citizens purchased the most gold bar and coin products Q1-Q3 2017 since the same period in 2013, when they took advantage of huge gold market price selloff. According to the World Gold Council, Chinese gold bar and coin demand increased to 233 metric tons (mt) in the first three-quarters of 2017 compared to […]

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2018 Should Be Bullish For The Precious Metals Sector

Usually I’m loathe to stick out price targets on the markets, especially gold and silver, because of the undeniable market intervention of the Central Banks – market manipulation which is blatant to the point at which it is now denied only by card-carrying idiots. Gold and silver had a sharp run-up in the last two weeks of 2017. However, the abrupt move in gold was accompanied by a rapid rise in the gold futures open interest on the Comex. The “commercial” – aka “the banks” – net short position in Comex gold futures has increased by 100,000 contracts (from 120 […]

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Top Ten Hedge Fund Letters For Generating New Equity Ideas

I’m often asked how I come up with trading ideas. My usual response is that I do a lot of reading, talking to other traders, and thinking. I don’t have a single funnel for sourcing trades. This is partly because we’re interested in all types of trades (ie, value, classic macro, special situation etc…) and don’t limit ourselves to a particular approach. What were concerned with, is asymmetry… the greater the convexity the better. Since I can’t give you my network of traders and HF managers I talk shop with, I thought I’d do the next best thing and share […]

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