Kerrisdale Capital's Sahm Adrangi is no stranger to stirring up notoriety and self-promoting publicity if it helps generate inbound capital. Back in 2013 New York magazine's spellbound Kevin Roose wrote an extended profile of the then-32 year old hedge fund manager and prominent short seller, describing him as "the hedge-fund world’s first full-on social-media-savvy investor can move markets with the flick of a tweet."
From Mike O'Rourke at Jones Trading
The Most Crowded Trade in History
Back in December 2014, just before the ECB officially launched its initial phase of QE in which it would monetize government bonds, Mario Draghi was asked a very direct question: what types of assets could the ECB buy as part of its quantitative easing program. He responded, "we discussed all assets but gold."
Submitted by Pater Tenebrarum via Acting-Man.com,
Dismal Earnings, Extreme Valuations
The current earnings season hasn’t been very good so far. Companies continue to “beat expectations” of course, but this is just a silly game. The stock market’s valuation is already between the highest and third highest in history depending on how it is measured.
Every market participant has pondered the shenanigans occurring in many commodities in recent weeks as Iron ore, Rebar, Copper, and Steel prices have all gone parabolic. We warned that this was not real demand-driven but purely credit-fuleed malinvestment here, and today, as Credit Suisse notes, we seem to have got confirmation as these metals are tumbling after China raises margins/commission on metal futures.
Credit Suisse explains: