Hedge Fund Legend Julian Robertson Warns Of A "Complete Explosion" Unless Fed Contains "Boiling, Bubble" Market - By Tyler Durden (7/4/15) PDF Print E-mail
Tyler Durden   
Tuesday, 07 April 2015 12:00

Zero Hedge

Legendary hedge fund manager Julian Robertson, who has been conspicuously absent from CNBC in recent months, spoke with Fox Business' Maria Bartiromo about his take on markets. He was hardly bullish, which may explain his absence from the cadre of CNBC bubble cheerleaders.

Robertson (in addition to some generic comments on the weather impacting the jobs numbers: apparently the weather only impacted the warmer March, not the freezing January and February) said that "the thing that worries me the most are the twin bubbles that are developing, certainly the Federal Reserve, the people that run their Treasury operations, are trying to create a bubble in bonds and they are doing it."

The other implied bubble of course is that of stocks, because with no upside left in bonds, capital appreciation starved investors have no choice but to go into stocks which as of today just hit 21x on a forward GAAP PE multiple surpassing even David Tepper's 20x bogey.

Asked how the bubble will end, Robertson notes that "nobody knows when bubbles are gonna burst. As a child when you are blowing a bubble you don't know when it's gonna burst and that's part of the fun of the "bubble" bubbles, but this is more serious and I am very worried about it"



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A Good Deal, A Long Time Coming - By Scott Ritter (7/4/15) PDF Print E-mail
Scott Ritter   
Tuesday, 07 April 2015 07:29

Huffington Post

The deal recently concluded between Iran and the so-called "P-5 plus 1" nations (the United States, Great Britain, France, Russia, China and Germany) is designed to prevent Iran from being able to rapidly acquire fissile material in quantities suitable for use in a nuclear weapon. According to President Obama, the agreement is a "good deal" that "shuts down Iran's path to a bomb." The devil is in the details, of course, which won't be finalized until June 30, but at first blush the deal emerging out of Switzerland accomplishes that which it was intended to. Critics maintain that Iran will be able to readily defeat restrictions imposed by the deal in order to realize its nuclear aspirations. The key to any agreement will lie in the verification measures implemented to ensure compliance. But the fact remains that the technical framework put in place by this deal severely constrains Iran's ability to enrich uranium which, while falling short of an outright ban on enrichment (something Iran would never agree to), more than meets the goals and objectives set by the United States and the other nations involved in the negotiations.

The main worry among those fixated on Iran's nuclear program is the so-called "breakout" time needed by Iran to convert a permitted "peaceful" nuclear enrichment program into one capable of producing sufficient fissile material for use in a nuclear weapon. According to Iran's critics, the 19,000 centrifuges operated by Iran today give Tehran a "breakout" window of 2-3 months. Under the terms of the deal just recently finalized, Iran would reduce its holdings of operational centrifuges to 6,104, of which only 5,060 could be used for enrichment (the remaining would be used for research and development purposes.) The remaining 12,000-plus centrifuges would be placed in storage monitored by the International Atomic Energy Agency (IAEA), charged with overseeing Iran's nuclear programs, and used as replacements as needed. More importantly, Iran will be limited to using first-generation IR-1 centrifuges, which are inefficient in terms of their enrichment capability, further retarding any potential Iranian nuclear "breakout" scenario. Likewise, the amount of low enriched uranium Iran would be able to keep on hand has been capped at 300 kilograms, a meaningless figure when it comes to producing fissile material for a bomb.



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Hamilton’s Principle, And Obama’s Suicidal Opposition - By Paul Gallagher - EIR (6/4/15) PDF Print E-mail
Paul Gallagher   
Monday, 06 April 2015 08:07

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“The Mother Of All Bubbles” In Stocks And Bonds: Bank CEO - By testosteronepit (3/4/15) PDF Print E-mail
testosteronepit   
Friday, 03 April 2015 07:21

via Zero Hedge

The first quarter was hot across the Eurozone. The euro has gotten purposefully crushed by the ECB’s currency war. QE, first promised then implemented, became all the rage. And stocks surged: the Stoxx Europe 600 was up 16%; Italy’s FTSE MIB index up 22%; and Germany’s DAX also up 22%, the sharpest quarterly gain since Q2 2003. Since January 2012, in a little over three years, the DAX has nearly doubled. Only Greece couldn’t get it together.

And bonds have soared to ludicrous levels, with yields turning negative on €2.2 trillion in Eurozone government debt, according to Societe Generale. German government debt is now sporting negative yields up to a 7.5-year maturity, while 10-year yield – at 0.14% as I’m writing this – is on its way to negative as well.

So on March 31, Hans-Jörg Vetter, CEO of Landesbank Baden-Württemberg in Germany, spoke at the bank’s annual press conference – and fired a warning shot across the bow of investors.

Publicly owned LBBW, a full-service and commercial bank, serves as the central bank for the savings banks in the states of Baden-Württemberg, Rhineland-Palatinate, und Saxony. With €266 billion in assets and over 11,000 employees, it is the largest such Landesbank in Germany. And it too was dutifully bailed out by taxpayers during the financial crisis.



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It’s Just A Question Of Whose Capital Will Be Destroyed - By Wolf Richter (3/4/15) PDF Print E-mail
Wolf Richter   
Friday, 03 April 2015 07:20

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