Some critical observations on investor positioning from BofA's Michael Hartnett
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On April 28th the current bull market in the S&P500 will become the 2nd longest ever
3 observations:
1. Quantitative Success on Wall Street
There has been much confusion, at time quite angry, how in the aftermath of the Soros-funded Panama Papers revelations few, if any, prominent U.S. name emerged as a result of the biggest offshore tax leak in history. Now, thanks to McClatchy more U.S. names are finally being revealed and it will probably come as little surprise that many of the newly revealed names have connection to both Bill and Hillary Clinton.
How The American Neoconservatives Destroyed Mankind’s Hopes For Peace
Paul Craig Roberts
When Ronald Reagan turned his back on the neoconservatives, fired them, and had some of them prosecuted, his administration was free of their evil influence, and President Reagan negotiated the end of the Cold War with Soviet President Gorbachev. The military/security complex, the CIA, and the neocons were very much against ending the Cold War as their budgets, power, and ideology were threatened by the prospect of peace between the two nuclear superpowers.
Following yesterday's OPEC "production freeze" meeting in Doha which ended in total failure, where in a seemingly last minute change of heart Saudi Arabia and specifically its deputy crown prince bin Salman revised the terms of the agreement demanding Iran participate in the freeze after all knowing well it won't, oil crashed and with it so did the strategy of jawboning for the past 2 months had been exposed for what it was: a desperate attempt to keep oil prices stable and "crush shorts" while global demand slowly picked up.
Christopher Preble adds to the discussion about U.S. allies and clients:
We can see, then, that for all the talk of free riding, for all those instances when some U.S. government official expresses concern or frustration that allies don’t do more to defend themselves and their interests, it’s just that: talk. For the dominant foreign-policy community, allies are the equivalent of Facebook friends. U.S. officials count them, rank them, and occasionally thank them. But we don’t ever expect these “allies” to actually do anything for us in return.