http://www.bloomberg.com/apps/news?pid=20601087&sid=aFcXAGUYZSVw
Is this clown serious? an 80% tax rate for 1d capital gains, does he have a clue as to what that would do to a pension fund? or to an insurance fund? has he even heard of the word liquidity? imagine how much of a discount a fund would have to charge an investor to liquidate their portfolio? its worse than pig ignorant. In addition bozo the clown neglects that the asset in which the most speculation occured was in fact primary residences, no prizes for guessing what the capital gains tax on this "long term" investment was? effing ridiculous, its obviously show time at the village idiot fare.
Thursday, 25 June 2009
stopped out
L: 27% S:36% G: 63% N: -9% ~ $D 0% $G 0% $V 0% $P 0%
The Raven is licking some wounds after yesterdays price action, he was certainley right about the correlation of assets rather than their direction, which helped to reduce some of the risk. He's still thinking about what yesterday's statement really means, the language and the analysis of Fed watchers indicates to the Raven that rates are going to stay low in the US for a long time, that there is little threat of inflation, etc. He got squeezed out of half of his MCO short, but will be looking to put that back on today if the price action is stable, his FX portfolio moved as expected, he's increased the GBP position as well at the NOK.
The Raven is licking some wounds after yesterdays price action, he was certainley right about the correlation of assets rather than their direction, which helped to reduce some of the risk. He's still thinking about what yesterday's statement really means, the language and the analysis of Fed watchers indicates to the Raven that rates are going to stay low in the US for a long time, that there is little threat of inflation, etc. He got squeezed out of half of his MCO short, but will be looking to put that back on today if the price action is stable, his FX portfolio moved as expected, he's increased the GBP position as well at the NOK.
Wednesday, 24 June 2009
FOMC today...
http://www.ft.com/cms/s/0/095722f6-6028-11de-a09b-00144feabdc0.html?nclick_check=1
An interesting piece today from the FT's Martin Wolf, pointing out that shareholder incentives and too big to fail increase systematic risk, not that he really has a solution, but at least he's more clear than others as to what the problem is.
Another "interesting" piece is the WSJ publishing their editorial from ?2004? saying that the Fed needed to raise rates to stop and inflation bubble, with the internal comment from Bernanke which says that inflation from input prices wasn't a concern at that time. They then go on to claim that they won the argument because of the asset price bubble that ensued. Frankly that shows them to be petulant and thick. Bernanke was precisely correct, we've not seen an inflation bubble!
L: 27% S:56% G: 83% N: -30% ~ $D 0% $G 0% $V 0% $P 0%
FOMC minutes tonight which the Raven is waiting for, he's getting long 10yr TNotes ahead of the meeting. The last couple of auctions have been well covered and he thinks that the market will have a favourable reaction to any comments of keeping rates lower for a longer period of time. By favourable here, he thinks UST rally as does SPX, but USD weaker, which isn't entirely logical.
An interesting piece today from the FT's Martin Wolf, pointing out that shareholder incentives and too big to fail increase systematic risk, not that he really has a solution, but at least he's more clear than others as to what the problem is.
Another "interesting" piece is the WSJ publishing their editorial from ?2004? saying that the Fed needed to raise rates to stop and inflation bubble, with the internal comment from Bernanke which says that inflation from input prices wasn't a concern at that time. They then go on to claim that they won the argument because of the asset price bubble that ensued. Frankly that shows them to be petulant and thick. Bernanke was precisely correct, we've not seen an inflation bubble!
L: 27% S:56% G: 83% N: -30% ~ $D 0% $G 0% $V 0% $P 0%
FOMC minutes tonight which the Raven is waiting for, he's getting long 10yr TNotes ahead of the meeting. The last couple of auctions have been well covered and he thinks that the market will have a favourable reaction to any comments of keeping rates lower for a longer period of time. By favourable here, he thinks UST rally as does SPX, but USD weaker, which isn't entirely logical.
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