Authored by David Stockman via Contra Corner blog,
You could almost understand the irrational exuberance of 1999-2000. That's because everything was seemingly coming up roses, meaning that cap rates arguably had rational room to rise.
But eventually the mania lost all touch with reality; it succumbed to an upwelling of madness that at length made even Alan Greenspan look like a complete fool, as we document below.
Nothing can keep the BTFD spirit at bay in Europe this Thanksgiving morning.
The euphoria from the year-end melt up in Europe and the US failed to inspire Chinese traders, and overnight China markets suffered sharp losses, with the Shanghai Composite plunging 2.3%, its biggest one day drop since June 2016, over growing fears that the local bond rout is getting out of control. Both the tech-heavy Chinext and the blue chip CSI 300 Index dropped over 3%, as the sharp selloff accelerated in the last hour, as Beijing's "national team" plunge protection buyers failing to make an appearance. There were sixteen decliners for every one advancing share.
Authored by Rusty Guinn via Epsilon Theory blog,
This is my favorite street art in the world.
It adorns a rail bridge that soars above I-45 in Houston. More than 300,000 cars pass by it every day. It has been modified a couple times by other street artists, but every time it goes back.
Authored by Tom Luongo,
I’m not a terribly religious man. But, I’d like to believe there is a special corner in Hell reserved for those that fomented the Syrian Civil War.
From its beginnings in Libya with gun-funneling through the U.S. embassy in Benghazi to yesterday’s meeting between Russian President Vladimir Putin and Syrian President Bashar al-Assad, this entire affair will be remembered as one of the most cynical and abusive periods of history.