• The Pips are Squeaking

    5 monthes ago - By Aleph Blog

    Photo Credit: sid ================= This should be a short post. I just want to note the degree of stress that many emerging market countries are under. The Fed raises rates, and something blows up. That is often the class of debt that has grown the most in the bull phase of the cycle, or, the one that has financed with short-term debt. This is the “ volatility machine ” that Michael Pettis wrote so well about. The Brazilian stocks I own have been falling. A little lower, and I will make them double-weight positions. Five times earnings for utilities that cannot be done without? Wave the...
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