Business

Less than a decade after various complex, synthetic, squared, cubed and so on securitized debt structures nearly brought down the financial system, here come "Sovereign Bond-Backed Securities."

Moments ago, the FT reported that in a watershed event for the European - and global - bond markets, Brussels is pressing for sovereign debt from across the eurozone to be "bundled into a new financial instrument and sold to investors as part of a proposal to strengthen the single currency area."

Call it securitized sovereign debt.

By now everyone knows it: what is going on with a handful of tech stocks is remarkably similar to the irrationally exuberant events from the first tech bubble at the turn of the century.

Four weeks ago, Goldman pointed out that in 2017, just 10 companies are responsible for half of the entire S&P's rally YTD with the top five, AAPL, FB, AMZN, GOOGL, and MSFT – have accounted for nearly 40% of returns.

The Bitcoin Investment Trust is an open-ended grantor trust based in the U.S., sponsored by Grayscale Investments. Trading under the ticker GBTC, it is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. According to its prospectus, the Trust's objective is for the NAV per share to track bitcoin's market price...

US equity markets pushed back into the green this morning just as two heavyweight investors suggested all is not well in the land of exuberance. Blackrocks' Larry Fink warned the equity market is not appreciating the message from the Treasury yield curve (and sees lower growth than Trump hopes for), while Omega's Cooperman warned that markets are fully priced, and ahead of fundamentals.

Fink headlines from his comments at a Deutches Bank conference:

Authored by John Rubino via DollarCollapse.com,

Housing is hot again, but lately it’s been overshadowed by flashier bubbles in government debt, tech stocks and possibly cryptocurrencies.

Still, the warning signs are spreading. Today’s Wall Street Journal, for instance, reports that homeowners are back to using their houses as ATMs:

Homeowners Are Again Pocketing Cash as They Refinance Properties