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Random Thoughts: An Interesting Historical Juncture in Finance


While the market movements are somewhat muted, the motion under the surface is pretty amazing.

  • One of the more interesting junctures in financial history continues to continue as we edge through the minxy meander. While the market movements are somewhat muted, the motion under the surface is pretty amazing.

  • It's nuts, really, particularly since it's so darn stealth. Meanwhile, the markets (read: asset classes) continue to grind higher into quarter-end as fund managers look to put lipstick on their pigs.

  • We've talked about many of these dynamics of late--the dollar as the lens, foreigners holding the trump card, the importance of Europe (thanks Minyan Peter)-but that doesn't make the day-to-day any easier.

  • In fact, while I've traded through 17 years of market environments, I'm not sure I've ever seen such a massive confluence of cumulative crosscurrents.

  • Word on the Street is that the massive injections (ECB, Fed) are a function of providing liquidity into quarter-end. It also jibes with the redemption window, which closes this week, although I'm not quite sure how these moving parts fit together.

  • If I've learned anything, it's to respect and adapt to the market. For me, at present, that means trading a bit smaller and paring some risk as I adjust my bearings. Old school Minyans know that I like to swing the risk bat when I see the set-up but, given the performance anxiety into October, there's no shame in watching a few innings as we ready for the pay-off pitch.

  • China is launching its China Investment Corp (CIC) this weekend with a cool $200 bln divied up into three arms: domestic, strategic sectors (commodities) and overseas investment.

  • Whataya say, Vuja De? The dollar? Lower. Asset classes--from gold to crude to equities--higher. We know the Stateside M.O. THE question remains how long international investors will hang tough.

  • More from Tellsville? Market internals continue to act buff and buffer, beta feels dry, energy and metals are back in vogue and the all-important financials are mixed, with Bear and Merrill laggy against a firm granny Goldman and some Mother Morgan moxie.

  • I always like to give the market---and by extension, my positions--a half hour at the start of the trading session to shake off da noise and shake out da funk.

  • Oh sure, like he went to Harvard! The Yale Endowment, which has led the academic world in investment performance over the last decade, posted a 28% return yesterday for the fiscal year ended June 30, bringing its total value to $22.5 bln.

  • Snaps to the Yanks for securing their post-season spot. Let's go Mets--and let's get that subway thang going!

  • Hey Minyans! We're very close to unleashing the beast that is MV Kids. As part of our partnership with the Kaboose Network, we've launched the MV Higher Education Sweepstakes with $10,000 of prizes towards your child's education. You're already a Minyan-get involved and stake your claim!


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