China Solar Stock Implosion A Reminder To Look Under ETF’s Hood @Sven said Something is very fishy with Hanergy.
Hanergy not the only funny money valuation on the various Chinese Exchanges.
"Hanergy and Goldin Financial Hldgs both...surged more than sixfold in the past 12 months. Across the border in Shenzhen, there are 103 stocks that rallied that much in a year, compared with only four in the former British colony. Among the 1,721 stocks on the Shenzhen Composite Index,only four have declined this year.
“Hanergy and Goldin are a good reminder for investors in China,” Ronald Wan, chief executive at Partners Capital International Ltd. said in Hong Kong. “They have a close similarity with many stocks in Shenzhen which have rallied based on speculation rather than fundamentals.”
The 103 stocks in the Shenzhen
500 percent club trade at an average 37
5 times reported earnings, while their average market capitalization has risen to $3.
5 billion, according to data compiled by Bloomberg. Many of them recently sold shares for the first time."
http://www.bloomberg.com/news/articles/2015-05-22/hanergy-goldin-s-wild-rides-are-nothing-next-to-shenzhen-stocks
Andrew Foster interviewed by Morningstar from
a video interview yesterday with Jason Stipp: "The
5-star fund is off to a great start, and Andrew is on our fund analyst short list of managers to watch." A bit more discussion of China but otherwise Andrew covers much of the same ground that we covered in the conference call.
For what interest it holds,
David
More Gundlach
China Solar Stock Implosion A Reminder To Look Under ETF’s Hood
China Solar Stock Implosion A Reminder To Look Under ETF’s Hood
Ukraine Debt Situation Nears Tipping Point + Update Ukraine raised the pressure on creditors to accept a writedown on their holdings on Tuesday when it passed a bill enabling the government to halt payments if it can’t reach agreement with bondholders by its June 1
5 target.
Knife-catchers Noteholders
BTG Pactual Europe LLP, Franklin Advisers Inc., TCW Investment Management Company and T. Rowe Price Associates, Inc. formed a committee awhile back and submitted the outline of a proposed consensual restructuring last month, followed by a detailed proposal on May 9th. Still waiting at the negotiating table for Ukraine to show up.
http://ftalphaville.ft.com/2015/05/18/2129699/and-then-there-were-four-ukraine-bonds-edition/Russia (pre-crisis $3B noteholder) calls the BS what it is and may take a different route. The Russian bond is governed by English law and any disputes related to it would be settled in an English court, according the bond prospectus. The bond has a covenant allowing the holder to demand its money back if Ukraine’s public debt tops 60 percent of economic output, which the IMF said took place last year.
http://www.bloomberg.com/news/articles/2015-05-20/russia-will-take-ukraine-to-court-if-june-coupon-payment-missedExperts agree that Tuesday's vote meant a technical default for the country and would impede Ukraine’s ability to raise private investment from the EU and the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), a European source told TASS on Wednesday. Failure to cut a deal risks future tranches of a $17.
5 billion International Monetary Fund loan that Ukraine needs.
http://www.zerohedge.com/news/2015-05-20/putin-pans-ukraines-debt-moratorium-de-facto-default-threatens-court
More Gundlach More Gundlach
DoubleLine Capital founder said managers with wide latitude are taking too much risk
By Trevor Hunnicutt | May 20, 201
5 - 1:2
5 pm EST InvestmentNews
EXPENSIVE SHORT
"At the heart of Mr. Gundlach's concerns are the use by managers of a potentially expensive short on Treasuries, the cost of which weighs on returns.
The trade is used to achieve negative duration and benefit from rising rates, and is often coupled with low-credit junk bonds of the same maturity as the shorted Treasuries. (Duration measures the potential sensitivity of a bond's price to rate increases.)
Mr. Gundlach described that trade as an “unacceptably high commitment to credit risk” that's “long credit risk and short safety.”
“Investors are probably encouraged to believe that the funds will always go up, and I think that's poor communication on the part of the sponsors,” said Mr. Gundlach."
http://www.investmentnews.com/article/20150520/FREE/150529994?template=printart
A Mortality Rate of 22.7%
A Mortality Rate of 22.7% This is simply a factoid post, in the interest of "keeping it current."
http://investwithanedge.com/500-etf-closuresA grand total of 2,207 ETFs and ETNs have been listed on US exchanges. 1,929 have been ETFs and 278 have been ETNs.
500 closures consist of 430 ETFs and 70 ETNs. So far, ETF survivability has been 77.7% and ETN survivability comes in at 74.8%. Of the 1,712 products still remaining and listed for trading today, a full 31
5 are on the May ETF Deathwatch list. [There were 113 starts in the past 6 months, not included in the deathwatch stats]
Is $1 Million Enough to Cover the Average American's Expenses in Retirement? "For reasons that escape me, you assume that I should be conversant with happenings in San Francisco. Why?"
Pretty straightforward: In response to my observation that "I'll leave the engineering to the designers of our new Bay Bridge section" you INITIATED a commentary which strongly suggested that you were conversant with our current engineering fiasco. Remember that? It was only a few hours ago, after all.
Mostly Just Gas. Of course you're not repentant; your self-biased double-standard allows you that luxury. By the way, in contradiction to your speculation regarding "psyches" I kinda like my "Zebra stripes", and honestly don't consider you to be any sort of credible threat.
