As we tweeted at the open, between plunging durable goods, the slide in Services PMI and the tumble in Q1 GDP expectations, it's surprising it took this long to push the Dow green (BUT the S&P smash failed)... Happy Easter Christians...
The name of Russell Clark and his Horseman Global hedge fund are well-known to regular readers: Clark is perhaps best known not only for having run a net short book since early 2012...
... but for being consistently profitable and successful during this period, a time when most of his "pedigree" peers have been underperforming the market and losing money hand over fist.
In fact, based on its size, one can probably argue that Horseman Global is the most successful hedge fund of 2016, if not of the entire decade.
Via Dana Lyons' Tumblr,
The broadest U.S. stock index has reached an area of significant potential resistance.
The main catalyst that pushed the price of oil from a 13 year low in early February, when crude briefly traded in the mid-$20 to well over 50% higher less than one month later in one of the world's most furious short squeezes, was the recurring infatuation with the fabricated narrative that OPEC would if not cut production then, then at least freeze it.
We mocked this, as recently as one month ago, when we wrote "About That "Oil Freeze": Russian Crude Production Sets New Post-Soviet Record In February" an article which was self-explanatory:
Donald Trump “has a good brain and he’s said a lot of things,” which is why he often “speaks with himself” when he needs advice.
Be that as it may, Trump has apparently chosen to give his “good brain” a well deserved break when it comes to investing the portion of his net worth that isn’t tied up real estate because according to FEC filings, he has some $121 million stashed away in nearly two dozen funds run by a variety of asset managers including John Paulson and BlackRock.
The problem: they’re performing horribly.