Authored by Simon Black via SovereignMan.com,
US stock markets hit another all-time high on Friday.
The S&P 500 is nearing 2,600 and the Dow is over 23,300.
In fact, US stocks have only been more expensive two times since 1881.
Last week we explained how junk bond managers were buying increasing amounts of equities to “juice” their portfolios and propel their funds higher in the performance rankings.
While this struck us as a relatively recent development, the tried-and-trusted method of trading more risk for more yield is going gangbusters in the CLO (Collateralized Loan Obligations) market in 2017...
In “Hunt for Yield Fuels Another Boom in Another Complex, Risky Security”, the WSJ notes:
Authored by Vitaliy Katsenelson via RealInvestmentAdvice.com,
Authored by John Rubino via DollarCollapse.com,
There’s a debate raging over what, exactly, bitcoin and the thousand or so other cryptocurrencies actually are. Some heavy-hitters are weighing in with strong, if not always coherent opinions:
Jamie Dimon calls bitcoin a ‘fraud’JPMorgan Chase CEO Jamie Dimon did not mince words when asked about the popularity of virtual currency bitcoin.
Ex-HSBC currency trader Mark Johnson, who was unwittingly captured on an audio recording saying "I think we got away with it," has just been convicted by a jury in New York of fraud for front-running a $3.5 billion transaction that netted his firm some $8 million in illicit profits. Per Bloomberg:
Former HSBC Holdings Plc currency trader Mark Johnson was found guilty of fraud for front-running a $3.5 billion client order, a victory for U.S. prosecutors as they seek to root out misconduct in global financial markets.