It's that time of the year again when with just a few weeks left in the year, Goldman unveils its top trade recommendations for the year ahead. And while Goldman's Top trades for 2016 was an abysmal disaster, with the bank getting stopped out with a loss on virtually all trade recos within weeks after the infamous China crash in early 2016, its 2017 "top trade" recos did far better.
Yesterday, it was CHF Solutions - a $10 million market cap medical device-maker - that exploded 500% higher on no news, no catalyst, no event. Today it is the turn of China Advanced Construction...
China Advanced Construction Materials Group, Inc. produces construction materials for large-scale commercial, residential, and infrastructure developments. The Company is focused on ready-mix concrete materials.
The $14.8 million market cap company is now up 300% on 4 million shares traded...
Activity in the art/collectible markets yesterday caught my attention. A once-lost portrait of Christ by the iconic Renaissance man Leonardo da Vinci sold Wednesday at auction for $450 million, roughly triple its anticipated price and the most ever paid for a creative work of human genius.
One of the world's largest sovereign wealth funds, and one which ironically amassed the overwhelming majority of their wealth via rich oil reserves, is now looking to sell off some $35 billion worth of energy stocks. According to central bank Deputy Governor Egil Matsen, the move is intended simply to "spread the risks for the state's wealth," but one has to wonder whether the owner of 1.5% of the world's stocks has decided that oil has now moved into a period of secular decline. Per Bloomberg:
So much can change in ten days.