Bonds

Eurodollar University’s Making Sense; Episode 40; Part 1: The Inside Story of Lehman, Collateral, and Why Always Premature Celebrations

By |2020-12-28T15:04:48-05:00December 21st, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

PROGRAMMING NOTE: Episode 40 will be the final one for 2020. Episode 41 will pick back up in early January, ~10th. ———WHERE——— AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Pandora: https://pdora.co/2GQL3Qg Breaker: https://bit.ly/2CpHAFO Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PlayerFM: https://bit.ly/3piLtjV PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK ListenNotes: https://bit.ly/38xY7pb AmazonMusic: https://amzn.to/2UpEk2P PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, possesses outside information. Artwork [...]

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TIC October: More Foreign Bills & More Private Corporates

By |2020-12-18T19:42:42-05:00December 18th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Since we highlighted the action in T-bills yesterday and the day before, it’s worth at least mentioning what TIC had to say about the instruments. Foreigners had been reducing their holdings of them not out of growing distaste but rather the opposite. There’s not nearly as many of them, not enough for what’s demanded, the Treasury Department quite purposefully (and [...]

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Not Manipulation, Montagu’s Monkey

By |2020-12-18T19:06:08-05:00December 18th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Chinese have never subscribed to the modern wave of “transparency” which has swept over Western central banks. The People’s Bank of China, Big Mama, very much operates instead on the doctrine which preceded it. Basically, Montagu Norman’s way of doing things. Never explain, never excuse.This mantra has been applied to what it does outside of China as much as [...]

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Eurodollar University’s Making Sense; Episode 39; Part 3: Spiking The (inflation) Ball At Your Own 30

By |2020-12-18T15:02:52-05:00December 18th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

———WHERE——— AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Pandora: https://pdora.co/2GQL3Qg Breaker: https://bit.ly/2CpHAFO Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PlayerFM: https://bit.ly/3piLtjV PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK ListenNotes: https://bit.ly/38xY7pb AmazonMusic: https://amzn.to/2UpEk2P PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, spiking the ball at the 30-yard line. Artwork by David Parkins. Podcast intro/outro is "Otherworld" by Lama House at Epidemic Sound. ———WHY——— 39.3 Polar Opposite [...]

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Possible Problem? Ask Bill

By |2020-12-17T19:36:24-05:00December 17th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It has happened more frequently the past few days. The difference between the equivalent yield for the 6-month (26-week) Treasury bill and its cousin with a 1-year (52-week) maturity has turned negative. You have to watch for it intraday, catching it flipping occasionally back and forth by fractions. After hours more than regular trading.Inversion, in other words. That dirty term [...]

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Messing Gold

By |2020-12-16T19:43:42-05:00December 16th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

They really got carried away, though in the context of that time there seemed any number of legitimate reasons for this. Gold investors were bidding up the precious metal like there was some kind of shortage, the price in dollars making a new record high (LBMA morning fix) on August 7. The way it was reported in the mainstream, this [...]

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Eurodollar University’s Making Sense; Episode 39; Part 2: In Swaps Nobody Can Hear You Scream

By |2020-12-16T14:58:09-05:00December 16th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

———WHERE——— AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Pandora: https://pdora.co/2GQL3Qg Breaker: https://bit.ly/2CpHAFO Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PlayerFM: https://bit.ly/3piLtjV PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK ListenNotes: https://bit.ly/38xY7pb AmazonMusic: https://amzn.to/2UpEk2P PodcastAddict: https://bit.ly/2V39Xjr ———WHY———39.2 Inflation Hysteria II: In Swaps Nobody Can Hear You ScreamInflation Hysteria II is the latest blockbuster advertised in the financial media. Is the sequel better, or worse than the original (2017-18)? Let's ask the critics: TIPS, interest rate swaps, [...]

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Inflation HyZ1teria #2

By |2020-12-14T19:21:56-05:00December 14th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Never attribute to malice that which is adequately explained by stupidity. In our specific case here, never attribute to deviousness what is plainly incompetent Economists. Jamie Dimon, the CEO of JP Morgan, though he works atop one of the world’s biggest banking money dealers he got there by being a trained Economist. To bring this home, in March 2008, just [...]

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Eurodollar University’s Making Sense; Episode 39; Part 1: A Monetary Fifth Dimension; Or, “regulatory arbitrage in the presence of non-harmonised re-hypothecation regimes”

By |2020-12-14T16:37:38-05:00December 14th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

———WHERE——— AlhambraTube: https://bit.ly/2Xp3royApple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Pandora: https://pdora.co/2GQL3Qg Breaker: https://bit.ly/2CpHAFO Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PlayerFM: https://bit.ly/3piLtjV PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK ListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2P PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, quantum mechanic. Artwork by David Parkins. Podcast intro/outro is "Otherworld" by Lama House at Epidemic Sound. ———WHY——— 39.1 Not Lehman Bros; It was Lehman Bro Intl. [...]

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Winning The Beauty Contest

By |2020-12-21T16:23:12-05:00December 13th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

One of the hardest things to understand as an investor is that markets sometimes - often - don't line up with economic reality. Markets rarely reflect current economic conditions and at times they seem to discount a future that seems highly unlikely at best, and delusional at worst. That seems to be the case today, as stocks sit near all-time [...]

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