Tag Archive: newsletter

Credit Suisse MD Dies In Freak Accident After Slipping Through Chairlift And Being Suffocated By His Own Jacket

2020-02-22

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2020-02-22

Almost exactly 10 years ago, we detailed the tragic death of Gerard Reilly in a skiing accident - the point man on Repo 105, the point person for E&Y's "investigation" into the Matthew Lee whistleblower campaign, Lehman's Level 2 and Level 3 asset valuation, the brain behind the idea to spin off Lehman's commercial real estate business, Lehman's Archstone investment, and likely so much more.

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Covid-19: Global Retrenchment Will Obliterate Sales, Profits and Yes, Big Tech

2020-02-22

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2020-02-22

If you think global demand will rebound as global debt and confidence implode, you better not be making consequential decisions based on Euphorestra-addled magical thinking. Even before the Covid-19 pandemic, the global economy was slowing for two reasons: 1) everybody who can afford it already has it and 2) overcapacity. One word captures the end-of-the-cycle stagnation: saturation.

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Gold is the 7th sense of financial markets

2020-02-22

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2020-02-22

Claudio Grass (CG): Looking at the interest rate policy of the last years, it would seem that central banks are backed into a corner. They cannot hike borrowing costs without risking a domino effect, as both government and corporate debt have reached record highs, encouraged by the central banks’ own NIRP and ZIRP policies. In your view, is there a “safe” way out of this vicious circle?

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FX Daily, February 21: Covid-19 Contagion Outside China Keeps Investors on the Defensive

2020-02-21

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2020-02-21

Overview:  The spread of Covid-19 outside of China and early signs of the economic consequences again emerged to weigh on investor sentiment.  Poor Japanese and Australian preliminary February PMI reports and some trade indications from South Korea saw most Asia Pacific equities sell-off.  China was an exception.  The small gain (0.3%), lifted the Shanghai Composite 4.2% on the week.

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Kauf von Gladstone Commercial – Mit Immobilien Geld verdienen (REIT) ??

2020-02-21

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2020-02-21

Ich nutze einen kleinen Rücksetzer, um die Position von Gladstone Commercial weiter auszubauen. Insgesamt verdopple ich meine Anteile von 250 auf 500 Stück. Hier geht’s übrigens zum letzten Aktien Kauf Alphabet. Kauf von Gladstone CommercialDas Investment von 250 Gladstone Commercial Aktien hat mich 5‘463.99 USD gekostet.

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The labels that show how much more international retailers charge Swiss

2020-02-21

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2020-02-21

To simplify labelling, many international retailers put recommended retail prices (RRP) for multiple nations on the same label, like the one below. The Swiss retail price premium laid bare.Labels such as these show how much more Swiss customers are being charged compared to customers in other countries.

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DM Equity Allocation Model For Q1 2020

2020-02-21

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2020-02-21

Developed equity markets remain near the highs despite mounting concerns about the impact of the coronavirus. MSCI World made a new all-time high last week near 2435 and is up 2.5% YTD. Our 1-rated grouping (outperformers) for Q1 2020 consists of Ireland, Israel, New Zealand, Spain, and Switzerland.

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Dollar Firm as Risk-Off Sentiment Picks Up Again

2020-02-21

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2020-02-21

Negative news on the coronavirus has kept risk appetite subdued across the board; the dollar rally continues. During the North American session, we will get some more clues to the state of the US economy; FOMC minutes were largely as expected. UK January retail sales came in firm; ECB releases the account of its January 23 meeting.

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Is Free Market Economics Too “Ideological”?

2020-02-21

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2020-02-21

Free market economics is often ignorantly dismissed for being "ideological" rather than scientific. It probably sounds smart to the economically illiterate, but it is decidedly not. It doesn't mean nearly what most people assume it does. The word "free" in free market economics is not used as a normative value judgment but indicates an economy that is unaffected by exogenous (from the outside) factors.

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USD/CHF New York Price Analysis: Dollar eases from session highs, trades below 0.9830 vs. Swiss franc

2020-02-20

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2020-02-20

USD/CHF daily chart
USD/CHF prints another 2020 high and retraces down in the New York session. Bears are challenging the 0.9830 level. After hitting yet again a new 2020 high, USD/CHF is easing from session highs. The spot is trading below the 200-day simple moving averages suggesting an overall bearish momentum in the long term.

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New Swiss aid budget proposes more funds but for fewer countries

2020-02-20

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2020-02-20

The Swiss government wants to set aside CHF11.25 billion ($11.43 billion) in development aid for the 2021-2024 period. The governing Federal Council adopted its Strategy for International Cooperation on Wednesday after opening it up for public consultation. It will still have to be approved by parliament.

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Why It’s so Hard to Escape America’s “Anti-Poverty” Programs

2020-02-20

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2020-02-20

Sustaining Progress Against Poverty, 1960-2017
One of the most common debates that has occurred in the United States for the past six decades is the discussion of the poverty rate. As the narrative goes, the US has an unusually high poverty rate compared to equivalent nations in the OECD (Organisation for Economic Co-operation and Development).

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FX Daily, February 20: Covid-19 Hits Yen and Korean Won

2020-02-20

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2020-02-20

The increase of Covid-19 cases in South Korea and Japan, coupled with China's changing reverting back to its previous methodology of calculation, dropping clinically-diagnosed cases have again weakened risk appetites and sent the dollar broadly higher. Fears of a Japanese recession are sapping the yen's role as a safe haven, and this helps explain why Japanese equities did react as positively to the weaker yen than is often the case.

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Swiss Trade Balance Q4 2019: Secondary sector shows positive growth rates again

2020-02-20

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2020-02-20

Switzerland Trade Balance, January 2020
20.02.2020 - Secondary sector production rose by 1.3% in 4th quarter 2019 in comparison with the same quarter a year earlier. Turnover rose by 0.3%. This rise has continued without interruption since the 1st quarter 2017 but was slightly weaker in the reporting quarter. This is shown by provisional results from the Federal Statistical Office (FSO).

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Tax on legal weed repealed

2020-02-20

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2020-02-20

The Swiss Federal Court has ruled that cannabis – the legal, low-THC version – should not be subject to the tobacco tax. Responding to the complaints of three cannabis production companies, the court found that there was no legal basis for a 25% tobacco tax on the sales price of cannabis. The tax will be dropped immediately.

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Weekly View – Merkel under pressure

2020-02-19

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2020-02-19

Euro-area growth has hit a slow patch. Following promising signs of having turned a corner, economic data released last week revealed that Q4 growth in the euro area reached its slowest pace since the European debt crisis. German growth was flat for Q4, in line with expectations. As far as Germany’s outlook goes, dark clouds have taken the form of an uncertain political environment and China’s recent weakness.

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Car emissions rising due to imported guzzlers, says report 

2020-02-19

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2020-02-19

New cars imported into Switzerland have not been respecting the prescribed norms on CO2 emissions, with emission levels actually rising in 2017 and 2018, says a report published on Tuesday. Nearly half of importers failed to meet compulsory targets in 2018, according to the Federal Office of the Environment’s report for parliament. 

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The World Is Awash in Oil, False Assurances, Magical Thinking and Complacency as Global Demand Careens Toward a Cliff

2020-02-19

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2020-02-19

The Rising Wedge Model of Breakdown
This collapse of price will manifest in all sorts of markets that are based on debt-funded purchases of desires rather than a warily prudent priority on needs. Since markets are supposed to discover the price of excesses and scarcities, it's a mystery why everything that is in oversupply is still grossly overpriced as global demand slides off a cliff: oil, semiconductors, Uber rides, AirBNB listings and many other risk-on / global growth stories...

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Gold is the 7th sense of financial markets

2020-02-19

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2020-02-19

Gold Price Performance: percent Annual Change
As we embark on this new decade, there are plenty of good reasons to be optimistic about gold’s prospects. The global economy and the financial system are already stretched to a breaking point and demand for precious metals is heating up. This, of course, is plain for all to see, even as mainstream investors and analysts still refuse to face facts and prefer to focus on naïve hopes of an eternal expansion.

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