One week ago we asked - rhetorically - "Why OPEC Is Colluding With Hedge Funds." As readers will recall, what we noted is that as part of OPEC's recent decision-making process, it had suddenly gotten very cose with the same "speculator" traders it had reviled and mocked for so many years:
The last time Robert Shiller heard stock-market investors talk like this in 2000, it didn’t end well for the bulls.
As Bloomberg reports, Shiller says when markets are as buoyant as they are now, resisting the urge to pile in is hard regardless of what else might be happening in society.
“I was tempted to do it, too,” he says. “Trump keeps talking about a new spirit for America and so you could (A) believe that or (B) you could believe that other investors believe that.”
Pershing Square's Bill Ackman once predicted Valeant would be the next Berkshire Hathaway, saying its shares could hit $330 took a roughly $4 billion loss on the embattled drugmaker as he reported his complete exit overnight.
For today's moment of blizzard-refuge Zen, we bring you the following excerpt from Gartman's daily letter in which the "world renowned commodity expert" takes on Bill Ackman over his Valeant capitulation and $4 billion loss. Because people who live in glass houses, and invest their retirement accounts, do throw stones in their newsletters.
With tomorrow's rate hike baked in the cake, today's hotter than expected PPI print for February provides Yellen more cover (as economic growth forecasts slump). PPI Final Demand surged 2.2% YoY (more than expected) driven by a 4.0% YoY jump in final demand goods. This is the highest inflationary print since March 2012.
Final Demand Energy prices surged 19.8% YoY