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March 11, 2016, Vol. 34, No. 05
A debt bell tinkles
A certain deep-subprime auto-loan securitization has run into trouble just four months after it came into the world. Casting about for someone or something to blame, we blame “liquidity.”
Borrow to plow
What looks like a tax-and commodity-price-induced bubble in tractors, combines, harvesters etc. is visibly deflating – visibly, so far, except to the stock market. The latest from Machinery Pete.
Chinese exceptionalism
On the topic of shareholder rights, America is an exceptional country. So is China.
For the un-meek
If something can’t go on forever, it won’t. Now under way is a bullish speculation on a bearish set of circumstances. Anticipating the joyous relief imparted by the lifting of bankruptcy fears.
Trade closed
The market having performed its revaluation, we lift our fatwa.
Not quite parity
Risk parity was the subject of a great debate that was scheduled to be held the day after Grant’s went to press. Herewith the text of your editor’s opening remarks.
Valeant's fine print
Reading the lines—and between the lines—of you-know-who’s debt covenants.
19 yuge basis points
It used to be said that 5% would pull money from the moon. One small fraction of 1% is pulling billions from banks. Monetary conditions have tightened, but not in the old familiar way.
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