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
1,72
1 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 375 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
China Solar Stock Implosion A Reminder To Look Under ETF’s Hood
More Gundlach
More Gundlach 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.
@TSP_Transfer Thanks for the post. I would have missed it.
1. "same
maturity as..." ? I wonder if JG was misquoted; surely he would have meant duration, right?
2. obviously, mentioning specific names would have been impolite, but do you know to what funds he could be referring? Yes, I'm in one of the unconstrained bond funds that is shorting (SUBYX) and the expense of the short is ex-ing out the monthly dvd (most but not all of the time). But they are not coupling it with junk--- most of the rest of the portfolio is diversified in short-duration, safer stuff. Anyone know of an unconstrained that is loading the rest of the boat with junk?
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
15 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
A Mortality Rate of 22.7% Ah, yes, that's exactly what happened. Remember that his post was the "anchor" for that thread (being the original post in that thread) and I would guess that you can't remove that first post and retain any answers to it. Or something. It's been a rough day over on the "Is $1 Million Enough" thread. No wonder you don't like to engage in verbal challenges. I need a gin and tonic.
OJ
Is $1 Million Enough to Cover the Average American's Expenses in Retirement? Hi Old Joe,
To refresh your memory, your initial post that was time stamped 12:14 PM only contained three words: "Mostly Just Gas". It was that silly, childish acronym that I referred to with my "shameful" characterization. Your memory is highly selective.
Best Wishes.
More Gundlach More Gundlach
DoubleLine Capital founder said managers with wide latitude are taking too much risk
By Trevor Hunnicutt | May 20, 20
15 -
1:25 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
