Archive for February, 2019

“Complete Collapse”: Iceberg Twice The Size Of NYC Set To Break Off Antarctica

Courtesy of ZeroHedge. View original post here.

Dangerous cracks developing across Antarctica’s Brunt Ice Shelf are due to unleash a massive iceberg twice the size of New York City, according to NASA researchers who warn when it breaks, it could destabilize the entire shelf.

NASA recently released images acquired by Landsat satellites of Antarctica’s Brunt Ice Shelf, where a rift is visibly slicing through the shelf. Researchers said the crack had been stable for more than three decades, but since, has been moving north at about 2.5 miles per year.

“The near-term future of Brunt Ice Shelf likely depends on where the existing rifts merge relative to the McDonald Ice Rumples,” said Joe MacGregor, a glaciologist at NASA’s Goddard Space Flight Center. “If they merge upstream (south) of the McDonald Ice Rumples, then it’s possible that the ice shelf will be destabilized.

The rift is moving toward another fissure, as known as Halloween crack, that is located 3 miles away. Halloween crack was first discovered in 2016, continues to move east, and when the two rifts intersect in the very near term, an iceberg is formed measuring 660 square miles.

“We don’t have a clear picture of what drives the shelf’s periods of advance and retreat through calving,” said NASA/UMBC glaciologist Chris Shuman.

“The likely future loss of the ice on the other side of the Halloween Crack suggests that more instability is possible.”

Researchers are puzzled on what drives this process, known as calving, could mean the health of the shelf is in immediate danger.

“At worst, this calving could destabilize the remainder of the Brunt Ice Shelf leading to its complete collapse,” Dominic Hodgson, a senior scientist at the British Antarctic Survey, told NBC News Tuesday in an email.

“This would then likely be followed by an acceleration of ice in the upstream glaciers, increasing their contribution to sea level.”

Calving is a natural part of the life cycle of ice shelves, but recent rifts forming in the region are unusual. The edge of the Brunt Ice Shelf has evolved since Ernest Shackleton surveyed the coast in 1915, but in the last several years, the speed of its transformation has been accelerated.

The risk of the 660 square mile shelf breaking off has prompted safety concerns for researchers working in the area, particularly researchers at the British Antarctic Survey’s Halley Station, a major base for Earth, atmospheric, and space science research typically operates year-round, but has recently closed operations due to unpredictable changes in the ice.

If the converging cracks destabilize
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One Media Expert’s Take On Why Plepler Quit HBO

Courtesy of Benzinga.

One Media Expert's Take On Why Plepler Quit HBO

AT&T Inc. (NYSE: T) CEO Randall Stephenson publicly praised HBO executive Richard Plepler on many occasions after buying the media property, but now the HBO executive is calling it quits after 27 years. The sudden move had CNBC’s Andrew Sorkin asking New York Times media reporter and CNBC contributor Ed Lee: “what went wrong?”

What Happened

Plepler’s decision to quit the media business is likely a function of the “job being different” under AT&T’s umbrella, Lee said. Prior to AT&T’s acquisition of HBO, the channel was a “very separate enterprise” within the former Warner Media portfolio.

Now AT&T will “collapse a lot of the back-end operations” and John Stankey, a former AT&T executive now in charge of media, will be leading the strategy, Lee said. 

“When there is less strategy for you to work on, what do you do at that kind of company?”

Why It’s Important

The main concern some investors likely have is that HBO will become more of a mass market and less of a premium offering under AT&T’s control. This could occur to a degree, Lee said, and the main challenge for AT&T is to “supercharge” its network with more content and a compelling over-the-top streaming platform.

What’s Next

Despite recent management shuffles, Stephenson and Stankey will continue emphasizing HBO as being the “centerpiece” of AT&T’s media brand going forward, Lee said. HBO is the “best brand” in the property, but the company needs to make the platform “bigger and broader,” Lee said — but without triggering consumer backlash. 

Related Links:

Report: AT&T In Talks With Media Heavyweight To Run HBO, Turner

Analysts: AT&T Earnings Weren’t That Bad

Posted-In: CNBC Ed Lee HBO Randall Stephenson Richard PleplerNews Management Media Best of Benzinga





Funko Shares Rally After Q4 Print, BMO Lifts Price Target

Courtesy of Benzinga.

Funko Shares Rally After Q4 Print, BMO Lifts Price Target

Shares of Funko Inc. (NASDAQ: FNKO) were popping Friday after the toymaker reported better-than-expected fourth-quarter results and strong guidance for the coming year on the strength of its wildly popular Pop! bobblehead-like figures.

At least one Street analyst worries that the pop culture figurines might be a fad.

Funko stock was trading higher Friday after the Everett, Washington-based company’s strong showing Thursday in which it beat the Street on revenue and profit estimates. Earnings per share were a full dime ahead of analyst expectations, coming in at 44 cents per share on an in-line revenue report of $198.2 million.

The Analyst

BMO Capital Markets analyst Gerrick Johnson maintained a Market Perform rating on Funko and boosted the price target from $12 to $20.  

The Thesis

The problem for Johnson is what he sees as a lack of diversity in product mix.

The analyst is hesitant to recommend the stock “because we believe that Pop!, which contributes about two-thirds of company sales, could be a fad.”

BMO would need to see “better diversification of revenues” and a lower share price in order to turn bullish, Johnson said. 

Funko, which CNBC recently called “a cornerstone in the geek merchandise industry,” has seen strong performance from its “Fortnite”-based Pop! collectible figurines. It also makes figurines based on characters from Disney movies, the Marvel Universe, Star Wars and even pop music figures. The company’s motto is “everyone is a fan of something.”

Price Action

Funko shares were up 4.45 percent at $20.78 at the time of publication Friday. 

Related Links:

Toy Story: Bank Of America Bullish On Funko’s 2019 Opportunities

Funko CEO Discusses ‘Fortnite’ Toys With Cramer

Latest Ratings for FNKO

Date Firm Action From To
Mar 2019 BMO Capital Maintains Market Perform Market Perform
Nov 2018 BMO Capital Maintains Market Perform Market Perform
Aug 2018 BMO Capital Maintains Market Perform Market Perform

View More Analyst Ratings for FNKO


View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Earnings News Guidance Price Target Reiteration Analyst Ratings Best of Benzinga





The Daily Biotech Pulse: Puma Biotech Earnings, Mersana Offering, Orphan Drug Designation For Ascendis

Courtesy of Benzinga.

The Daily Biotech Pulse: Puma Biotech Earnings, Mersana Offering, Orphan Drug Designation For Ascendis

Here’s a roundup of top developments in the biotech space over the last 24 hours:

Scaling The Peaks

(Biotech stocks hitting 52-week highs on Feb. 28)

  • Amphastar Pharmaceuticals Inc (NASDAQ: AMPH)
  • Abbott Laboratories (NYSE: ABT)
  • Eli Lilly And Co (NYSE: LLY)
  • Horizon Pharma PLC (NASDAQ: HZNP)(announced positive Phase 3 results for teprotumumab, its treatment candidate for active thyroid eye disease)
  • NeoGenomics, Inc. (NASDAQ: NEO)
  • Tcr2 Therapeutics Inc (NASDAQ: TCRR) (listed on Feb. 14)
  • Varian Medical Systems, Inc. (NYSE: VAR)

Down In The Dumps

(Biotech stocks hitting 52-week lows on Feb. 28)

  • Achaogen Inc (NASDAQ: AKAO)
  • AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO)
  • CytomX Therapeutics Inc (NASDAQ: CTMX) (reacted to Q4 results)
  • RA Medical Systems Inc (NYSE: RMED)
  • Karyopharm Therapeutics Inc (NASDAQ: KPTI) (reacted to Q4 results)
  • Novavax, Inc. (NASDAQ: NVAX)(reported negative trial results for its ResVax vaccine)
  • Seelos Therapeutics Inc (NASDAQ: SEEL)
  • Trillium Therapeutics Inc (NASDAQ: TRIL)

Stock In Focus

Mersana to Offer Shares to Fund Pipeline Development

Mersana Therapeutics Inc (NASDAQ: MRSN) intends to offer shares of its common stock in an underwritten public offering. All the shares are to be sold by the company.

Mersana said it intends to use the net proceeds to fund clinical development of XMT-1536, to progress its next ADC product candidate into Phase 1 trial, to progress its early platform development, among other things.


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10 Biggest Price Target Changes For Friday

Courtesy of Benzinga.

  • Citigroup boosted the price target for Best Buy Co Inc (NYSE: BBY) from $72 to $77. Best Buy shares closed at $68.84 on Thursday.
  • Atlantic Equities lifted the price target on O’Reilly Automotive Inc (NASDAQ: ORLY) from $370 to $400. O’Reilly Automotive shares closed at $371.96 on Thursday.
  • Wells Fargo cut the price target for Nutanix Inc (NASDAQ: NTNX) from $70 to $45. Nutanix shares closed at $50.09 on Thursday.
  • JP Morgan lowered the price target for Michaels Companies Inc (NASDAQ: MIK) from $18 to $15. Michaels shares closed at $14.14 on Thursday.
  • KeyBanc raised the price target for Autodesk, Inc. (NASDAQ: ADSK) from $168 to $184. Autodesk shares closed at $163.01 on Thursday.
  • Goldman Sachs boosted the price target for Farfetch Ltd (NYSE: FTCH) from $24 to $40. Farfetch shares closed at $24.50 on Thursday.
  • Barclays raised Hertz Global Holdings Inc (NYSE: HTZ) price target from $14 to $18. Hertz Global shares closed at $19.10 on Thursday.
  • JP Morgan raised Jianpu Technology Inc – ADR (NYSE: JT) price target from $5.50 to $9.50. Jianpu Technology shares closed at $7.19 on Thursday.
  • KeyBanc boosted the price target on VMware, Inc. (NYSE: VMW) from $172 to $192. VMware shares closed at $171.81 on Thursday.
  • Citigroup cut Booking Holdings Inc (NASDAQ: BKNG) price target from $1,900 to $1,800. Booking shares closed at $1,697.04 on Thursday.

Posted-In: Price Target ChangesPrice Target Intraday Update Analyst Ratings





The Greatest Investor You’ve Never Heard Of: An Optometrist Who Turned Billionaire

Courtesy of ZeroHedge. View original post here.

Meet Dr. Herbert Wertheim, a South Florida optometrist and small businessman who in several decades, became a billionaire.

Wertheim, 79, is a self-made billionaire worth $2.3 billion, according to Forbes' The World's Billionaires list. His fortune comes from numerous inventions and buy-and-hold investing.

Wertheim could very well be the most significant individual investor many Americans have never heard of, and he recently sat down with Forbes to prove it.

Madeline Berg, a reporter at Forbes following the money, flipped through Wertheim's brokerage statements which showed hundreds of millions of dollars in tech stocks like Apple and Microsoft, purchased long ago at their IPOs. There are dozens of other blue-chip stocks in the portfolio, ranging from GE, Google, BP, and Bank of America.

Here is Wertheim's interesting path into becoming a billionaire.

In the early 1960s, he attended the Southern College of Optometry and after graduation started a small practice in South Florida. At nights, Wertheim spent his time tinkering on inventions, and in 1969, he invented an eyeglass tint for plastic lenses that filtered dangerous UV rays, helping to prevent cataracts.

Demand for Wertheim’s tint erupted, and he sold the royalty for $22,000. However, because of contractual breaches, he never collected any royalty funds from the deal.

So in 1970, Wertheim formed a new company, Brain Power Inc. (BPI). He established the company as a technology consulting firm, but at the same time, he reverted to developing tints, dyes and other technologies for eyewear.

A year later he invented the world’s first neutralizers, a chemical that restored lenses to their original state. At the time, he showed his wife a can containing the new chemical and said, ‘Nicole, what’s in this can is going to make us millionaires.’ ”

Between the tints, dyes, and neutralizers, Wertheim rolled the new technology into BPI, which became one of the world’s largest manufacturers of optical tints, selling products to companies like Bausch & Lomb, Zeiss and Polaroid.

Forbes said BPI "never achieved hypergrowth," but it allowed Wertheim more freedom to pursue a life of investing.

Similar to Warren Buffett, Wertheim believes in doubling down when he feels passionate about companies.

“If you like something at $13 a share, you should like it at $12, $11 or $10 a share,” Wertheim says. “If a stock continues to go down, and you believe in it and did your research, then you buy more. You are actually getting a better


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Vertical Group: Tonight’s Move Is Proof-Positive TSLA Has A Serious Demand Problem

Courtesy of ZeroHedge. View original post here.

Submitted by Gordon Johnson Of Vertical Group

Earlier this evening in a widely anticipated announcement, TSLA, again, cut the prices on all existing cars – the third such cut in just two months – with the price concessions ranging from 4.8%-to-13.6% (Exhibit 1). Furthermore, TSLA announced availability of the widely anticipated $35K Model 3 (more on this below) – while this is welcome news to many, it comes 15 months after the car’s original promised timeline, which means the cost sensitive US buyer has lost $3,750 of the federal EV tax credit (and the true $35K version will only come in black, with any additional paint colors costing an extra $1.5K-$2.5K). However, TSLA also warned that 1Q19 would see its earnings go back into negative territory (after two straight quarters of profit), and announced its third round of layoffs just this year (TSLA is cutting the majority of its sales locations globally, shifting to a 100% online purchase model).

In short, there’s a lot to unload here; however, we believe tonight’s move is proof-positive TSLA has a serious demand problem (if TSLA was not experiencing tepid demand, in our view, it would not have cut the prices on all its cars three times just this year). In fact, we view this as an all-in move by TSLA to try to stay solvent (by our calculations, demand is very bad right now – we believe the Feb. sales report from InsideEVs will disappoint). With respect to the numbers, prior to today’s $2.9K price cut for the Mid-Range Model 3, TSLA cut the price by $2K on 1/2/19, then by $1.1K on 2/5/19. Moreover, when one also considers the fact that TSLA cut the price for Enhanced Auto Pilot (“EAP”) from $5K to $3K, or $2K in total, that’s another ~$1.540K in lost margin (~77% of buyers purchase EAP, so a $2K price drop is equivalent to a ~$1.540K drop in gross margin – EAP has virtually no associated costs, so it’s all margin). So, adding it all up, the ~20% margin on TSLA’s Mid-Range Model 3 alluded to in 4Q18 is now ~13% (by our calculation). Consequently, with OPEX expected to be up ~9% in 2019, that means TSLA is now firmly back in the loss-making column.

Exhibit 1: TSLA
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Remember, The Fed Hasn’t Actually Done Anything Yet

Courtesy of ZeroHedge. View original post here.

Authored by John Rubino via DollarCollapse.com,

When the financial markets got, um, choppy towards the end of 2018, the Fed caved almost instantly. But only rhetorically.

Fed chair Powell promised to stop raising interest rates and shrinking the money supply, and the financial markets, trained to salivate at the sound of Fed happy talk, immediately morphed from “risk-off” to “risk-on.” Stocks are now approaching last year’s all-time highs, bond prices are way up (which is to say long-term interest rates are way down) and the financial press is back to celebrating the “Goldilocks economy.”

But remember that as far as actual monetary policy goes, nothing has changed. Last year’s Fed Funds rate increases are still in place, while the Fed’s balance sheet remains diminished (which is to say the cash drained from the economy as the bonds in the Fed’s account were retired remains out of action). So the damage has not been undone, and it’s starting to bite. Some examples:

US retail sales are falling:

source: tradingeconomics.com

Housing, which a year ago was in a mini-bubble, is rolling over. Housing starts are down…

source: tradingeconomics.com

… while existing home sales have cratered:

source: tradingeconomics.com

US manufacturing orders missed big in the most recent reporting month:

Corporate earnings, meanwhile, are so weak that analysts are talking about an “earnings recession”:

From a February Zero Hedge article:

One week ago, when looking at the dramatic collapse in consensus Q1 EPS estimates, we noted that the “profit party” is over and the days of near record earnings growth are about to end with a bang as a result of the recent barrage in profit warnings and negative preannouncements, first and foremost starting with Apple, which issued a shocking guidance cut one month ago for the first time since 2001. As a result, analysts have slashed their S&P500 earnings estimates for the first quarter, and the Q1 bottom-up EPS estimate dropped by 4.1% (to $38.55 from


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“There’s No Money” – Has China’s Shadow-Debt Reckoning Finally Arrived?

Courtesy of ZeroHedge. View original post here.

Months before Beijing abandoned its deleveraging plans and approved a gargantuan 4.64 trillion yuan credit injection (including the "shadow" credit that the government had vowed to curb) – which, as we pointed out at the time, resembled the January 2016 "Shanghai Accord" intervention (when Beijing famously intervened to stop global stock markets from careening off a cliff) – a team of S&P credit analysts warned in an October report that China's debt burden might be much larger than previously believed.

New

Social

Against a backdrop of soaring corporate defaults, the team from S&P warned that investors could safely tack on another ~40% of debt/GDP to China's total (with even more likely hidden from view) after a careful analysis of a new source of shadow debt being tapped by local governments to further their development plans. These Local Government Financing Vehicles, or LGFVs, represented "an iceberg with titanic credit risks" as local officials had increasingly turned to these sources of shadow financing to finance development projects while bureaucrats in Beijing struggled to turn off the credit taps.

China

Now that Beijing has reckoned with the idea that now is not the time to try and contain the country's massive debt load, even as the percentage of bad debt balloons, it increasingly appears that these measures might be too little, too late for investors who financed these LGFVs, as the Wall Street Journal revealed in a report about how a local government in China's impoverished Southern had caused a stir by stiffing its creditors after racking up a debt pile – largely through these LGFVs – equivalent to roughly three times the government's annual revenue.

When a group of wealthy investors traveled to Sanhe to confront the local government, they were swiftly rebuffed, leaving them little recourse to recover their money.

Meanwhile, many of the buildings that their money helped to finance stood half-finished.

A building splurge in this impoverished pocket of rural China ended in half-finished projects and a trail of angry investors from some of the country’s wealthiest areas.

On a recent winter workday, investors


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Heineken USA Cuts 15% Of Workforce 

Courtesy of ZeroHedge. View original post here.

A few weeks ago, when observing the collapse in consensus Q1 EPS estimates, we noted that the “profit party” is over and the era of near-record earnings growth was about to end as a result of the recent barrage in profit warnings from US companies. One industry that has suffered in the earnings slowdown has been mass-market beer makers.

Beer companies, like Anheuser-Busch, MillerCoors, Constellation Brands and Pabst Brewing, have recently made significant cuts to their respective workforces, in response to slowing sales.

Brewbound is reporting that Heineken USA (HUSA) is the latest mass-market beer maker to announce significant layoffs.

HUSA spokesman Bjorn Trowery said in a statement that 15% of its entire workforce will be eliminated amid restructuring efforts.

“Today, we announced that we are modifying our sales team structure to align with our strategy and to enable more efficient ways of working,” he wrote.

This will help Heineken USA be more cost effective, and allow us to reinvest behind our brands and business in the U.S. While change that impacts our people is always difficult, we believe these changes will better position Heineken USA for the future.”

Some indicate that big brewers are losing drinkers becuase millennials are switching to craft beers.

However, that might not be the case, as well-known craft beer companies, including Heineken International-owned Lagunitas, Deschutes Brewery, and New Belgium Brewing, have all recently cut a significant amount of their respective workforce, citing lowered growth ahead.

Industry-wide layoffs are a result of declining beer sales in the US. Though off-premise sales at retailers jumped 2% in 2018, according to research firm IRI, however, shipments of beer made domestically dropped 2%.

According to the latest earnings report, HUSA, the US operating company for Heineken International that imports, warned that its brands, as well as Dos Equis and Tecate, among others, could experience weak sales in 2019.

So did the American beer bubble just go flat?





 
 
 

Phil's Favorites

How Does the Stock Market Bottom?

 

How Does the Stock Market Bottom?

Courtesy of 

Despite the recent selloff, things are still relatively fine. I know nobody wants to hear this right now, but the S&P 500 is still up double digits over the last year and 36% over the last three years. What has people shook, understandably, is the speed of this decline.

Depending on where stocks close today, we could be looking at a 10% haircut in just five sessions. Over the last 20 years, this only happened during the Yuan devaluation in 2015, the Eurozone crisis in 2011, the GFC (global financial crisis) in ’08 and ’09, and the dotcom bubble in ’00, &rsqu...



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Zero Hedge

NYSE Announces Disaster-Recovery Test Due To Virus Fears

Courtesy of ZeroHedge View original post here.

In a somewhat shocking sounding move, given administration officials' ongoing effort to calm the public fears over the spread of Covid-19, The New York Stock Exchange has announced it will commence disaster-recovery testing in its Cermak Data Center on March 7 amid coronavirus concern, Fox Business reports in a tweet, citing the exchange.

During this test, NYSE will facilitate electronic Core Open and Closing Auctions as if the 11 Wall Stree...



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ValueWalk

Cities With The Most 'New' And Tenured Homeowners

By Jacob Wolinsky. Originally published at ValueWalk.

Homeownership is a major investment. Not just financially, but when a person or family purchases a home, they’re investing years – if not decades – in that particular community. 55places wanted to find out which real estate markets are luring in new homebuyers, and which ones are dominated by owners that haven’t moved in decades. The study analyzed residency data in more than 300 US cities and revealed the top 10 cities with the most tenured homeowners – residents who’ve lived in and owned their home for more than 30 years – are sprinkled across ...



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Kimble Charting Solutions

Financial Crisis Deja Vu: Home Construction Index Double Top?

Courtesy of Chris Kimble

Most of us remember the 2007-2009 financial crisis because of the collapse in home prices and its effect on the economy.

One key sector that tipped off that crisis was the home builders.

The home builders are an integral piece to our economy and often signal “all clears” or “short-term warnings” to investors based on their economic health and how the index trades.

In today’s chart, we highlight the Dow Jones Home Construction Index. It has climbed all the way back to its pre-crisis highs… BUT it immediately reversed lower from there.

This raises concerns about a double top.

This pr...



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Insider Scoop

A Peek Into The Markets: US Stock Futures Plunge Amid Coronavirus Fears

Courtesy of Benzinga

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. South Korea confirmed 256 new coronavirus cases on Thursday, while China reported an additional 327 new cases. Data on U.S. international trade in goods for January, wholesale inventories for January and consumer spending for January will be released at 8:30 a.m. ET. The Chicago PMI for February is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentime...



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Biotech & Health

Could coronavirus really trigger a recession?

 

Could coronavirus really trigger a recession?

Coronavirus seems to be on a collision course with the US economy and its 12-year bull market. AP Photo/Ng Han Guan

Courtesy of Michael Walden, North Carolina State University

Fears are growing that the new coronavirus will infect the U.S. economy.

A major U.S. stock market index posted its biggest two-day drop on record, erasing all the gains from the previous two months; ...



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The Technical Traders

SPY Breaks Below Fibonacci Bearish Trigger Level

Courtesy of Technical Traders

Our research team wanted to share this chart with our friends and followers.  This dramatic breakdown in price over the past 4+ days has resulted in a very clear bearish trigger which was confirmed by our Adaptive Fibonacci Price Modeling system.  We believe this downside move will target the $251 level on the SPY over the next few weeks and months.

Some recent headline articles worth reading:

On January 23, 2020, we ...



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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

...

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Chart School

Oil cycle leads the stock cycle

Courtesy of Read the Ticker

Sure correlation is not causation, but this chart should be known by you.

We all know the world economy was waiting for a pin to prick the 'everything bubble', but no one had any idea of what the pin would look like.

Hence this is why the story of the black swan is so relevant.






There is massive debt behind the record high stock markets, there so much debt the political will required to allow central banks to print trillions to cover losses will likely effect elections. The point is printing money to cover billions is unlikely to upset anyone, however printing trillions will. In 2007 it was billions, in 202X it ...

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Members' Corner

Threats to democracy: oligarchy, feudalism, dictatorship

 

Threats to democracy: oligarchy, feudalism, dictatorship

Courtesy of David Brin, Contrary Brin Blog 

Fascinating and important to consider, since it is probably one of the reasons why the world aristocracy is pulling its all-out putsch right now… “Trillions will be inherited over the coming decades, further widening the wealth gap,” reports the Los Angeles Times. The beneficiaries aren’t all that young themselves. From 1989 to 2016, U.S. households inherited more than $8.5 trillion. Over that time, the average age of recipients rose by a decade to 51. More ...



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Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

 

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.