20 May 2017

19 May 2017

Slap on the Wrist for Omega's Cooperman

Can one call a $5 million fine significant given that Cooperman is a certified billionaire? Slap on the wrist would be more appropriate. And if no guilt is admitted why pay a fine? Looks like there is a two level justice system and incidents like these will do nothing to restore public confidence in financial regulation or the banking and investment industries.
Leon Cooperman’s Hedge Fund Settles Insider Trading Case

17 May 2017

Vanguard's new UK Online Offering

Afraid this is the way things will go - I  remember the time (more than 45 years ago) when Robeco's international flagship fund charged 0.36%. So maybe that is where the Mutual/Investment Fund Industry is headed to. Who still remembers Bernie Cornfeld's ill-fated IOS? Those were the baby years of investing funds...and the sums have become enormous since the late 1960s. But looking at the way Fiduciaries like Aberdeen Asset Management and Standard Life spread the investor's money around like confetti it does not give the impression that the Industry is ready to face the new reality.
Vanguard launches online investment service in UK

15 May 2017

EU: Free Trade only when Eurocrats like it?

Talk about EU being a bastion of Free Markets is Rubbish! Services - the growing part of advanced economies - are carefully excluded where it suits the Eurocracy. So banning Euro Clearing from being handled in the City of London is a blatant slap in the face of Free Trade. Let's call a spade a spade and not pussyfoot around with these hypocritical ideologues - be they called Merkel, Macron or Juncker!
The City of London After Brexit Isn't Just About Jobs - Bloomberg

11 May 2017

Johnny Depp made $650 million but couldn't pay for his lavish lifestyle

Just another reason for inequality is demonstrated by this: Copyright protection for Movies and Actors? Is it really necessary for the benefit of mankind? not the same as inventing a new medicine, and in the old days even the people behind life-saving medicines did not do it for the money anyway.

Johnny Depp made $650 million but couldn't pay for his lavish lifestyle, ex-manager says

10 May 2017

Regulation: Race to the bottom?

If rules are interpreted so 'flexibly' in the USA it will be interesting to see how 'Europe' reacts (if the sleepy bureaucrats there even notice or care). Apart from the problem that Brexit will soon loom over any regulation in 'Europe', the response could be either to loosen rules/interpretations as well or demand that US entities comply with stricter rules designed in Europe. And what if the UK goes for a laxer regulatory environment? Every bloc will try to help his financial firms or bloc those from the other blocs, interesting times indeed!
Who’s Watching Wall Street? The Feds Turn a Blind Eye to Goldman’s Game | The Fiscal Times

6 May 2017

Swiss National Bank the "Greater Fool?

Amazing focus on biggest Momentum stocks shows lack of imagination in this bastion of Conformity.
"Mystery" Central Bank Buyer Revealed, Goes On Q1 Buying Spree | Zero Hedge

4 May 2017

Risk Parity: Just another name for Portfolio Insurance?

Risk Parity - like Smart Beta or Factor Investing - is old wine in new bottles. A Bull market always needs a rationale to justify the irrational, Greed has overcome Fear. In reality all is backed by a tide of easy money.
Pondering The Real Perils Of Risk Parity Portfolios | Zero Hedge

1 May 2017

Compliance hiring at fever-pitch!

My (pessimistic) prognosis of  'One Compliance Kommissar behind every productive Staffer' is soon (already?) sad reality. Wish the same could be said about politicians and civil servants! Did Ancient Rome not die after suffocationg on legal and bureaucratic overkill?
Deutsche Bank hiring in compliance - Business Insider