This thought from Henderson Global Investors reflects the Sentiment of the Day'Equity markets had gone up a lot and almost uninterruptedly since last June and some markets had perhaps become a little expensive, creating the right climate for a fall.'Yes operating earnings look great, arguably never better. Nonetheless, valuations are more than a 'little expensive' and there is no 'perhaps' about it. John Hussman of Hussman Funds explores this idea, along the the Yen Carry Trade and OPM (Other People's Money) in Rapunzel Gets a Trim
BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Moody's Investors Service on Thursday placed Ambac Financial Inc (ABK), which insures more than $500 billion in bonds, on review for a possible ratings cut, an event that could trigger similar downgrades on billions of dollars of debt. A cut could mean the ratings on the bonds it insured -- which amount to $556 billion in value -- would also be lowered, forcing the owners of those bonds to mark down the value of their portfolios. Moody's announcement came after Ambac, hard hit by the turmoil in credit markets, said it was recording a $3.5 billion write-down, equivalent to nearly two-thirds of its net worth, and plans to raise $1 billion in new capital to maintain its ratings. MBIA Inc (MBI), the world's biggest bond insurer, sold $1 billion of surplus notes last week to shore up capital and preserve its crucial triple-A rating. 'The markets are...
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