DoubleLine Capital's Jeffrey Gundlach tells Reuters that his firm bought some five-month put options on the S&P 500 a couple of days ago after VIX fell to lowest since December 1993.
“This is like free money,” Jeffrey Gundlach said in phone interview with Reuters, noting that "we lost money the first day we put on the trade, but now we are doing great."
No fundamental catalyst for today's tech wreck (just as there wasn't last time), but many people noted the coincdental timing of JPM's Kolanovic note on Vol fragilities coincided with the start of the pain...
Liquidity collapsed leaving many to think...
Authored by Lance Roberts via RealInvestmentAdvice.com,
As a portfolio manager, I start each morning by consuming copious amounts of a heavily caffeinated beverage and a data feed from a litany of web and blog sites. Over the last few days, as asset prices have set new records, there have been numerous articles on whether the market is currently in a bubble. Here are a few I grabbed from a Google search:
After dropping to an all time low 62.9% in Q2 of 2016, the US homeownership rate rebounded modestly in the subsequent two quarters, then dropped again at the start of the year, before once again rising fractionally to 63.7% in Q2 of 2017 from 63.6% in the previous quarter, just 1% from the all time lows in the series history going back to the mid 1960s.
While The FOMC statement yesterday had a little for everyone (dovish inflationary comments and hawkish employment and balance sheet normalization), the bottom line is that, as former fund manager Richard Breslow notes, Yellen has kicked the can down the road one more time to avoid making any decision before the start of autumn: "they are only human and well aware of the fact that August has repeatedly been a cruel month for upsetting their best-laid plans for September."
Via Bloomberg,