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$17.5 Million In Revenue And $5.4 Billion In Losses: Archegos Was A 300x-Levered Time Bomb For Credit Suisse
$17.5 Million In Revenue And $5.4 Billion In Losses: Archegos Was A 300x-Levered Time Bomb For Credit Suisse A bank’s prime brokerage unit is supposed to be a safe, reliable and predictable generator of revenue, resulting from modest-margin transactions with a bank’s hedge fund client base. It’s safe because the bank’s risk managers scour the bank’s exposure to various […]
BofA: “Transitory Hyperinflation Ahead”
BofA: “Transitory Hyperinflation Ahead” Last week, when discussing the latest earnings call commentary, Bank of America said “Buckle up! Inflation is here”, and showed a chart of the number of mentions of “inflation” during earnings calls which exploded, more than tripling YoY per company so far, the and the biggest jump in history since BofA […]
How Costco Is Masking A 14% Price Jump With Shrinkflation
How Costco Is Masking A 14% Price Jump With Shrinkflation The oldest trick in the retailer book is back. We have previously written about shrinkflation – the “creative” masking of higher prices whereby retailers sell a materially lower amount of products for the ‘same’ price, covering up what is often a significant price increase on […]
Rabo: We Are Edging Closer To A Biblical Commodity Price Increase Scenario
Rabo: We Are Edging Closer To A Biblical Commodity Price Increase Scenario We Need Some Serious Remodelling Yesterday’s Daily saw me float the model hypothesis that the Fed would like everyone to have all their money in stocks, so they would have a practical mechanism for inflating and deflating the economy above and beyond the […]
Why Global Inflation Is About To Go Into Overdrive
Why Global Inflation Is About To Go Into Overdrive If you think inflation is already blistering hot – as most companies and survey respondents clearly do – and the worst case been largely priced in, with little inflationary upside left, think again. As Bloomberg notes, last week saw the Bloomberg Agriculture Spot Index rise by the most […]
Whatever happened to that “imminent” banking crisis?
Whatever happened to that “imminent” banking crisis? In the aftermath of the 2008 financial crisis, many of us in the hedge fund industry expected continuing fallouts from the unresolved imbalances that were papered over with monetary and fiscal stimuli by governments and central banks. These measures failed to address, let alone resolve the systemic causes […]
“Agricultural Disaster” – Frost Blast Decimates French Vineyards, May Slash Total Wine Output By Third
“Agricultural Disaster” – Frost Blast Decimates French Vineyards, May Slash Total Wine Output By Third Earlier this month, French farmers fought mother nature in their attempt to prevent frost from wiping out their crops. It appears their attempts have failed as the damage is extensive and could wipe out nearly a third of French wine output for […]
Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion
Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion In 2018, the Chinese launched a gold-backed, yuan-denominated oil futures contract. These contracts were priced in yuan, but convertible to gold, raising the prospect that “the rise of the petroyuan could be the death blow for the dollar.” Two weeks ago, The IMF reported that […]
“Things Are Out Of Control”: Supply Chain Collapse Leads To Lumber Frenzy, Soaring Home Prices
“Things Are Out Of Control”: Supply Chain Collapse Leads To Lumber Frenzy, Soaring Home Prices With median prices for both existing and new homes at all time highs, and soaring at a record annualized rate of almost 20%… … increasingly more Americans find themselves priced out of homeownership, while still cautious banks refuse to lend […]
Texas Faces New Power Crisis: Prices Soar 10,000% As ERCOT Urges Power Conservation Amid Grid ‘Emergency’
Texas Faces New Power Crisis: Prices Soar 10,000% As ERCOT Urges Power Conservation Amid Grid ‘Emergency’ Texas’ power grid operator, Electric Reliability Council of Texas (ERCOT), which came under immense pressure months ago for mishandling the historic winter storm in mid-February, urged customers Tuesday afternoon to “reduce their electricity use” as a cold front swept through, […]
Russia Warns NATO Against Sending Any Troops To Ukraine As “Frightening” Escalation Looms
Russia Warns NATO Against Sending Any Troops To Ukraine As “Frightening” Escalation Looms The Kremlin’s latest statements out Friday amid the potential new Ukraine crisis which has seen a serious flare-up in fighting in the Donbass region, along with what appears to be far bigger-than-usual troop movements on Russia’s side of the border, has raised […]
Rehypothecated Leverage: How Archegos Built A $100 Billion Portfolio Out Of Thin Air… And Then Blew Up
Rehypothecated Leverage: How Archegos Built A $100 Billion Portfolio Out Of Thin Air… And Then Blew Up One week after the biggest, and most spectacular hedge fund collapse since LTCM, we now have an (almost) clear picture of how Bill Hwang’s Archegos family office managed to single-handedly make a boring media stock the best performing […]
What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise?
What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise? After Wednesday’s JMMC meeting ended without reaching a recommendation (as is customary and expected), the key decision-making OPEC+ meeting – where ministers will hammer out May’s output quotas – begins at 1pm London Time. As Newsquawk notes, market expectations are skewed towards an extension of current cuts, […]
Suez Canal Crisis Morphs Into Global Supply Chain Wrecking Ball
Suez Canal Crisis Morphs Into Global Supply Chain Wrecking Ball The world got another wake-up call this week about the overreliance on complex global supply chains. As of Friday, the massive containership, “Ever Given,” remains stuck in the canal, unable to be refloated, paralyzing the world’s most important shipping lane. Ever Given is one of the world’s […]
