Blog

Disclosure: Our firm is short AGO. Why The Fed can’t bailout the US Muni bond market (i.e. why cities, counties and states are not like Greece and Puerto Rico.) Fragmentation The Muni bond market is terribly fragmented. You have hundreds of large...Read more

Many years ago, I had a meeting with a rep from Altegris Investments. ( Altegris Investments is one of the foremost authorities on Managed Futures strategies and other kinds of alternative investments.) In the meeting, he proposed a thought...Read more

Ten years ago today, the Dow Jones Industrial Index fell several hundred points in a matter of minutes and a few stocks like Accenture traded below $1 for a split second. It took a while but eventually, the US Justice Department unveiled the culprit...Read more

This past month, the near-dated WTIC contract (CL) went negative, which I assume is a first for any commodity contract. The May CL contract didn't just go negative but it went very negative. Now, this is not suppose to happen but at the height of...Read more

I stopped to fill up my car at an HEB in San Antonio and, while I was paying $1.99 for gas, I saw the following and thought I must have just traveled back to 1998. A pay telephone. At a gas station. I hadn’t seen one of those in years. And it...Read more

Not many people, including myself, expected the upset last night. One guy did. And he seems to always get these things right some how. I have followed several elections in both the US and Europe and everytime he takes the opposite view of the polls...Read more

We all know Wall Street desperately wanted Hillary to be President and tried using scare tactics saying the market would plunge 10+% in the event of a Trump victory. And futures are down, but no where near the 10% they promised. The thinly veiled...Read more

After how many years, I have no idea, natural gas is finally trading in backwardation. This means the price of contracts expiring far into the future are actually trading at a discount to the spot price (or at least contracts expiring in the near...Read more