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Friday, September 28, 2012

Tuesday, September 25, 2012

Robert Rodriguez of First Pacific Advisors on CNBC

Robert Rodriguez of First Pacific Advisors was on CNBC today. He is fairly bearish and thinks the current Fed policy will have a number of unintended consequences that will drive the market down. He doesn't see a 3+% real GDP number and thinks the market is headed for trouble going forward.

Friday, September 21, 2012

Ray Dalio on CNBC

Ray Dalio of Bridgewater Associates was recently on CNBC discussing his view on the markets. In this video he talks about his views on QE3 and what it means for the market. He thinks QE is the new easing of interest rates. He also thinks the USD will decline in the near-term, this by extension is bullish for gold and U.S. exports. He thinks there is a short-squeeze in the USD. In this video he talks about his biggest worry being another leg down in the economies causing social disruption. He also discusses his bullish case for gold and even asserts that Buffett has it all wrong on his distate for the metal. Ray Dalio thinks people are too reactive. His view is the economy and nearly all events are fairly repetitive and that current events can be analogized with historical events therefore proper trading strategies can be devised. In his video he shares his predictions for Europe. He thinks there will be a managed depression in Southern Europe. He thinks there will be a deleveraging and destruction of debt. He thinks he Euro is likely to stay together all though in later years its more risky. He thinks the Euro is controlled by southern Europeans due to the vote of members and it will likely stay that way. He thinks a breakup would result in the northern Europeans leaving. CNBC also reports some of Bridgewater's numbers YTD and their annualized numbers which are pretty amazing to say the least. In this final video Ray Dalio talks about his concerns on the Chinese economy. Mohamed El-erian then shares PIMCO's view on China and how they will be able to navigate their slowdown (which they view as less than 6% growth).

Jim Grant on CNBC

Jim Grant was recently on CNBC talking about the Fed's continued distortion of the market and how this is skewing the debt markets (especially high yield). Not surprisingly he talks about his like for gold but he also (shockingly) talks about his bullish positioning on GM. Enjoy.

Thursday, September 20, 2012

Jim Chanos on CNBC

Today Jim Chanos was on CNBC discussing a range of things - the economy, financials, China, healthcare stocks, etc. In the first video he discusses why he is short China. We have highlighted this in the past but its nice to hear an update on their position. About 20% of their global short fund is concentrated on China. He said that non-performing loans have tripled from 2011 using Chinese accounting. He then goes in to how there is numerous issues with Chinese companies and their accounting. At the root of the thesis is the fact taht China is going through a credit boom. In the next video he talks about covering his shorts on a number of his healthcare bets. He goes into his frustration with the current healthcare system and why he was short it at the time. In this next clip he talks about why he is short Hewlett-Packard and some other financials. He thinks the PC game will continue to remain under pressure for the forseeable future. They are long Microsoft and Oracle against their HP short. He also talks about being long the deleveraging of the credit "python". He thinks the U.S. is coming out of it and they are long Citi and JP Morgan. They are short Spanish banks and Chinese banks as a hedge. Overall he thinks the market has gotten pretty expensive rather quickly. In this final clip he discusses his interest in remaining short the financials.

Wednesday, September 19, 2012

Jeff Gundlach on CNBC

Jeff Gundlach was on CNBC today. He talks about how he thinks 10 year treasury has peaked and how he thinks it will drop in yield from here. He goes on to say that China is at multi-year lows and he thinks its interesting at this point. He also thinks Apple is nearing the point of overvaluation due to the oversaturation of interest. He thinks its a good pair trade with buying Spanish stocks or LNG and shorting Apple.

Part 1:
Part 2:

Friday, September 14, 2012

Ray Dalio at Council on Foreign Relations

Ray Dalio of Bridgewater Associates recently gave a speech at the Council on Foreign Relations discussing how he views the economic machine and how he invests accordingly.

Its long but interesting and worth watching.

Enjoy:

Thursday, September 13, 2012

Latest Memo from Howard Marks - On Uncertain Ground

Howard Marks of Oaktree Capital is out with his latest letter to investors. In the letter he says the world seems more uncertain now that at anytime in his life. Not sure how to take this but net-net stay nimble.

Enjoy.

On Uncertain Ground

Tuesday, September 11, 2012

DoubleLine Capital & Jeff Gundlach's latest presentation

Below please find the latest and greatest out of Jeff Gundlach and DoubleLine Capital. In the presentation there are lots of interesting charts and stats on what basically is a miserable state of the federal economy.

Enjoy.


Gundlach Mirror Mirror

Leon Cooperman on CNBC discussing Apple, etc.

Leon Cooperman was recently on CNBC and discussed his opinion on the market, economy, and some of his favorite stocks.

In this video he talks about Apple and why he maintains a position in it. Basically his thesis is Apple is growing faster than the market and yet hasa discount to a market multiple so its attractive.
In this video he talks about his positioning overall on the market. Basically he thinks the market is fairly valued and wouldn't be a big buyer at this level. He thinks Q3 will be the first down YoY quarter since June 2009 and that coupled with the tax issues makes for a rough next couple months. In this video he talks about how he feels U.S. bonds are in a bubble. He thinks they are a mispriced asset class but is not short them because of the activities of the Fed make it unprofitable - so he is in equities.