- Amy Winehouse New Album: Lioness: Hidden Treasures
- Good Credit: MasterCard & Visa
- Succinct summation of week’s events (11/04/2011)
- Europe’s Tower of Terror
- Daily Deals by the Numbers
- Vizify + Twitter = Tweetsheet
- Triumph Insult Comic Dog Goes to Occupy Wall Street
- Employment Situation In Pictures
- Are Italian Yields Once Again At The Tipping Point?
- QOTD: Chanos on Europe, China
Posted: 04 Nov 2011 03:22 PM PDT
I first mentioned Amy Winehouse back in April 30th, 2007: “A fierce English performer whose voice combines the smoky depths of a jazz chanteuse with the heated passion of a soul singer.”
Her death at 27 was tragic but inevitable; Now comes news of a posthumous release of Lioness: Hidden Treasures. Its a full 12 track album from Winehouse, scheduled US release on December 6th, a mix of previously unreleased tracks, alternate takes, brand new compositions. Its likely to be a big seller in the UK. The Guardian in London got to hear most of the songs recently. They wrote:
Regardless, I expect it will find its way to my gift list this year.
The Guardian has a track by track discussion of the new album.
(The above were the seven tracks played at the listening session)
(These were mentioned but not played)
Tragically Inevitable: Amy Winehouse Dead at 27 (July 23rd, 2011)
Posted: 04 Nov 2011 02:58 PM PDT
Disclosure: We own Visa for clients in our Separately Managed Accounts.
Posted: 04 Nov 2011 12:30 PM PDT
Succinct summation of week’s events:
Posted: 04 Nov 2011 12:00 PM PDT
The circus continues in Europe. No big bazooka EFSF coming out of G20 to put a firewall around Greece and save Italy. Greece is a sideshow and the Italy-Germany bond spread is what you need to watch as an indicator of the short-term direction of the risk markets. Clearly, at least to us, risk wants to run into year-end but fear of the EU macro bear is palpable and reflected in the elevated VIX even on big up days.
Maybe the U.S. markets can decouple, but the fear and linkage in the financials is just too strong, in our opinion. Here's the scoop from AFP,
So what is the trade? If Italy continues to blow out and a big bazooka EFSF bailout fund is not attainable, the EU will be faced with certain death or massive ECB bond purchases. We think they will choose the later, which makes the Euro a sell against the dollar and gold a buy, in our opinion.
At that point, maybe the S&P500 and Euro will become less correlated. Time to rewrite the algo? And time to rewrite "risk on/risk off"? Jusk askin'.
Posted: 04 Nov 2011 11:30 AM PDT
In light of Groupon’s IPO, have a look at this cool graphic from BuySellAds:
Posted: 04 Nov 2011 10:30 AM PDT
Posted: 04 Nov 2011 10:28 AM PDT
Posted: 04 Nov 2011 09:00 AM PDT
Posted: 04 Nov 2011 08:15 AM PDT
LCH Clearnet is the main clearing house of European bonds and CDS. In October 2010 they released a circular which formalized some of their guidelines for margin requirements:
When Irish spreads breached the 450 basis point level, LCH Clearnet responded with a margin hike. A second and third margin hike were announced when spreads remained consistently over 500 basis points.
While the bullet points above would lead us to believe that Italy may be close to a margin hike, these rules should not be considered definitive. In a world where a 50% Greek haircut can be deemed voluntary, anything is possible. In fact, officials at LCH Clearnet recently commented on the guidelines above by saying, "It is important to note that it is an outline guide to our approach to managing risk. Our risk managers will use their judgement to determine whether, and if so how, we will utilise the framework."
The ECB clearly understands the importance of the 450 basis point spread. They have been rumored to have bought large chunks of Italian debt in an attempt to hold this level. The fear is that, if this measure only postpones the inevitable, LCH Clearnet will have to make some difficult decisions in the near future. Based on past precedence, it would appear as though Italy is once again dangerously close to the tipping point.
Source: Bianco Research
Posted: 04 Nov 2011 07:50 AM PDT
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