January 19, 2012 - Quote of the Day
?The journey is the reward,? said the late Apple founder, Steve Jobs.
Entries by DougD
Carnage in the Grain Pits
I have been warning readers away from the agriculture space for the past few months, and on Thursday you found out why. More than 90% of the street was positioned for a bullish report, expecting that the last summer?s blistering drought and ongoing dryness in South American would lead to inevitable shortages. Instead, the US
Demographics as Destiny
If demographics is destiny, then America?s future looks bleak. I have long been a fan of demographic investing which creates opportunities for traders to execute on what I call ?intergenerational arbitrage?.? When the numbers of the middle aged are falling, risk markets plunge. Front run this data by two years, and you have a great
January 18, 2012 - Quote of the Day
I think this year you?re going to have six years? worth of movement in the commodities markets,? said Mark Fisher of hedge fund MBF Clearing Corp.
Another Nail in the Euro Coffin
The only surprise in the downgrade of nine European sovereign borrowers was that it took so long. It is a classic case of locking the barn door after the horses have bolted. The only unknown is how many more downgrades remain. The marketplace is already valuing this paper at CCC levels, with ten year yields
Natural Gas Goes Down in Flames
I received a scratchy and barely audible call from my buddy out in the Barnet natural gas fields just outside of Fort Worth, Texas the other day. With the price for CH4 decisively breaking through $3/MBTU yesterday, traders were now resigned to seeing a new ten year low in the near future, possibly as low
January 17, 2012 - Quote of the Day
?My heart sank when I heard the corn number. I literally felt sick to my stomach. I just knew that most of the market was looking for a big rally in corn and had positioned themselves that way,? said Scott Shellady, a trader at ICAP US Derivatives.
Riding the Rails on the Transcontinental
Chicago?s Union Station is one of those places that is permanently jammed. Commuters rushing to catch trains run into bottlenecks at every turn. Today, they were fleeing a freezing rain outside that left the city?s skies a leaden overcast. The entire station smelled of wet wool. Only the Great Hall, which was setting up for
Testimonial
Thank you for a terrific year.? I have been managing assets for 27 years and I find your writings and work truly insightful.? I wish I had met you in 1984 (started at Merrill Lynch and then spent the bulk of my career at Bear Stearns) and let you help me shape my thoughts for
January 13, 2012 - Quote of the Day
?Our medical technology has completely outstripped our ability to pay for it,? said Boris Schlossberg, a foreign currency strategist at BK Forex Advisors.