Monday, April 11, 2011

Reads: Bill Gross, Chris Wood, Soros, Hussman, Dalio, SPX Valuation, USD, Canada, Real Estate, MCDX

High powered link fest for 4/11/2011

CLSA's Chris Wood on a U.S. sovereign debt crisis - Business Insider

Bill Gross Is Now Short US Debt, Hikes Cash To $73 Billion, An All Time Record - Zero Hedge

What Is Low Volume Telling Us? - Barron's

The Post-Crash: Wall Street Won - New York Magazine

JPMorgan Accused of Breaking Its Duty to Clients - New York Times at Yahoo Finance

Charles Plosser and the 50% Contraction in the Fed's Balance Sheet by John Hussman. Investors Intelligence Bull/Bear Sentiment, the Federal Reserve's balance sheet is leveraged 50/1, equities ("overvalued, overbought, overbullish, rising yields" syndrome"), bonds, silver and gold. -

Is the Market Overvalued? (Yale's Robert Shiller vs. BofA Merrill Lynch strategist, David Bianco) - Wall Street Journal (h/t valuewalk)

Chart of MCDX 5Y (credit risk in muni bond market) tightened since January - Markit

US State and Local Government Finances: from Recession to Austerity (pdf) - BNP Paribas (h/t Dutch Book)

Signs point to a severe housing correction in Canada - The Globe and Mail. It looks at price/income, price/rents, etc. Would U.S. banks take a hit?

"So much for the ‘conservative’ Canadian consumer: Another look at Canada’s credit bubble" (mortgage debt/GDP, household debt/GDP) - Financial Insights (3/30/2011)

Side note, read: CMHC (Canada Mortgage and Housing Corporation) - Canada's Breaking Point - americaCanada (June 2009). Mortgage securitization in Canada (MBS) is insured by the CMHC (the Government).

Tata chief warns of India unrest over $39b Telecoms corruption scandal - Financial Times

Facing Default, Publisher Lee Enterprises Sells 'Junk' to Foil Distressed Investors - Wall Street Journal

Best Currency Forecasters See Dollar Weakness as QE2 End Looms - Bloomberg

U.S. Treasuries 'Ponzi scheme': ex-PBOC official - MarketWatch (h/t Zero Hedge)

China Inflation ‘Somewhat Out of Control,’ George Soros Says - Bloomberg (Bretton Woods Conference)

Soros Warns Moral Hazard ‘Looms Larger’ as Volcker Says Big Banks Can Fail - Bloomberg (Bretton Woods Conference)

Soros Says ECB Rate Increase ‘Inappropriate’ in Debt Crisis - Bloomberg (4/8/2011)

The Grind Higher… (Citi's earnings-to-equity market correlation, discounting mechanism) - PragCap

Fed's Yellen: Too soon to exit QE2 - Calculated Risk (h/t Gregor)

Retail REIT profits may slip on store bankruptcies - BusinessWeek

U.S. Regional Mall Vacancies Climb to Highest in a Decade - BusinessWeek

Bill Ackman's Pershing Square Capital hedges General Growth (GGP) by shorting Simon Property - BusinessWeek

Empty homes dot Oakland County’s upscale suburbs - Detroit News on Yahoo

Dear Google: You Can't Threaten People into Being Social (25% of bonuses - GigaOM via BusinessWeek (Google could make social smarter; they need to link up with Twitter)

Gas prices in 'firing range' of all-time high - CNN, Chicago-area drivers coping with pain at the pump (ABC7News)

"The billion-dollar aphorisms of Ray Dalio (Bridgewater Associates), who built the world’s biggest hedge fund by running it like a cult" - New York Magazine

"Lynn Tilton is one of the wealthiest financiers on Wall Street. She’s also on a spiritual journey to save America’s manufacturing base. But she’s having trouble getting the respect she believes she deserves." New York Magazine

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