The PFG Best story is full of so many twists and turns, we’ve wondered in the past how long it will be before the Hollywood treatment comes out (and whether a share of those profits would go to help make former customers whole). But as each new detail of the sordid affair has come to light, we’re starting to wonder if this tale might already be too unbelievable – or cliché – for even the big screen.
Category: Macro Commentary
28
Jan
2013
24
Jan
2013
Apple, Apple, Apple, Apple, Apple…
It’s impossible to turn on CNBC or look at Twitter lately without getting Apple news smashed in your face. It’s no surprise that the world’s biggest company gets so much attention – and the numbers they can post in the midst of a decline are still enough to boggle the mind.
24
Jan
2013
Skepticism on the New SEC Pick
It was announced today that they have decided upon a formal replacement for SEC Chief – none other than Mary Jo White. But who, exactly, is Mary Jo White, and why are people getting excited?
24
Jan
2013
When Washington Squabbles Rule the Markets
Investor sentiment rules the markets, but what rules investor sentiment? According to a recent poll, it’s the dysfunction in Washington. With political squabbles weighing more heavily on investors’ minds than the rest of the economy as a whole, we think it should serve as a clear warning sign.
23
Jan
2013
How to Win Enemies and Influence Markets
High-Frequency Traders are making enemies almost as fast as they make cancelled orders. Now that they’ve moved into the Forex markets, another front in the controversy has opened up. But if recent events are any indication, this fight may not end well for anyone involved.
22
Jan
2013
EU Readying Finance Tax
The 2008 financial crisis brought quite a few ideas from the margins of financial thought into the limelight. Now, one of these ideas looks poised to enter into force in the EU: a financial transactions tax. Similar proposals have appeared in the US, but now it looks like some EU members are going to give us a live experiment of the idea.
17
Jan
2013
Closing MFGlobal Loopholes?
After MFGlobal collapsed, there was a great deal of commentary on the accounting tricks that had been used to conceal the financial health of the company – moving the debt associated with the repo-to-maturity trades on European debt off of the balance sheets and out of the public eye. At the time, changing the accounting rules seemed like a long-shot, but that may be changing.
14
Jan
2013
Good Reason to Be Nervous?
There’s a lot of economic data floating around right now, providing mixed signals on growth or prolonged stagnation, but the story that matters to us right now is the debt ceiling. The U.S. is set to hit the debt ceiling mid-February, and as it stands, there are enough factors combining to make us very anxious about what that means for the market.
14
Jan
2013
Good News for MF Global Customers
In the wake of MF Global’s collapse, the process of picking up the pieces has dragged out for well over a year. But as the picture of what comes next has become clearer, it has also become rosier.
14
Jan
2013
A Case Study in the Structural Risks of Hedge Fund Investing
Managed futures and the world of hedge funds have a love hate relationship. On one hand, lumping managed futures in with hedge funds can make it easier for investors to understand the general idea behind a managed futures investment. But there are some pretty major distinctions between hedge funds and managed futures investments that can give managed futures a bad rap.
