The IPO market in China is en fuego. Both Citic Bank and China Molybdenum skyrocketed on their listings this week. This is a reminder of how much liquidity is out there. While I have been bearish it is clear the liquidity rules, until it doesn't I suppose.
Here is a link about platinum ETFs. It seems like there are some real supply issues with this. I wonder if the DB model of using futures makes more sense but of course some folks do not want a futures based product they want the real thing held in a vault. Our firm is looking into starting a rhodium ETF (joke joke).
My wife is still mad at me for watching the debate last night, not because of the politics espoused but because they are all so slippery. Am I wrong or is John Edwards utterly repugnant? I did get a kick out of the old timer from Alaska I have to say. "I was the swing vote on the Panama Canal!"
The GDP report crapped out badly, eh? Had I been asked I would have said a shade light (this would have been wrong in terms of magnitude) guessing that it would not be taken badly by stocks unless the inflation measure was bad. The inflation component was bad AND the headline print was bad, yikes.
Wikinvest Wire
14 comments:
The IBKR(Interactive Brokers) IPO next week should catch fire also.
I wasn't that surprised by the GDP report but inflation...
Edwards would be a complete disaster for this country. Richardson was the only rational person on the stage imo.
These "debates" are worthless unless you decide who you'll vote for by the way they look or talk. This isn't a true debate - nobody is there to challenge the statements these clowns make.
When the subject came to healthcare, Williams asked "which taxes will you raise?". He got the usual lefty answers -people that make over $200k + companies will be required to cover their employees and pay into a fund to cover the uninsured.
Great, so let's see the math on that? Has any talking head in the MSM ever looked into the camera and told the American people that when you raise taxes or put mandates on companies you end up with higher prices, lower wages, and fewer jobs???
Do Democrats really believe companies are bottomless pits of money?
did you see the Robin Williams movie where he runs for president?
"Well first I'd like to thank my family, all my supporters..."
There was a fair bit of that las....times up.
Roger, an off-topic tidbit. I am being swamped with annual reports and proxy statements from the OIH ETF. Is this what I can expect from any ETF? I can't find any reason why OIH would be unusual.
In the past I've been a good soldier and replied (mostly abstain) because I know that some companies have rules about a quorum. But this situation is completely out of hand.
not to split hairs but it is the only way to answer the question.
HOLDRs are not ETFs. They are a different kind of trust. You can request that OIH break up your shares by sending you each of the underlying holdings.
Regular ETFs are different and so you do not get proxy stuff from stocks held in ETFs.
Tom noted: When the subject came to healthcare, Williams asked "which taxes will you raise?". He got the usual lefty answers -people that make over $200k + companies will be required to cover their employees and pay into a fund to cover the uninsured.
Translation: Anyone making more than $1,000 a year and all companies with more than 2 employees will be taxed back to the Stone Age.
Roger.
Have you heard of the new kryponite ETF; -SM?
Roger, I hate to confess it but I also watched the debate last night. As a retiree who lives off of dividends and captial gains, the Democrats scare the hell out of me. Their idea of equitable income redistribution is to have all of us standing in long lines waiting for a handout. Richardson is the only Democrat who seems to have a whit of common sense but that isn't saying much.
"Politicians are the lowest form of life on earth. Liberal Democrats are the lowest form of politician." - Gen. George Patton (1942)
Idiots to the left. Whimps to the right.
if the dems win and if they do raise taxes (or let the cap gain/div expire) I'd expect stocks to take hit and then resume normal behavior.
Sorry I don't understand the kryptonite ETF joke.
RIP, the notion of the poor having more seems wonderful to me but I am not aware of any way to make that work in a capitalistic economy. I think the dems may have already lost based on what we heard in the debate which says more about their party than the repubs who have really fouled things up, IMO.
For those who don't know (and I concede you probably don't care) I am a libertarian, I honestly find the politicians running both parties to be vile, fortunately history says they don't get half of what they talk about accomplished.
Have to disagree Roger, the Republicans, or more significantly the money that backs them, need someone to blame for the consequences of the egregious errors and astonishing greed expressed over the past six years so support will be withdrawn (or redirected) and, io ipso, a Democrat will win in 2008; the differences in fund raising are already showing up with leading Democrats firmly ahead w/ Clinton and Obama in the clear lead.
As to Libertarianism, Ayn Rand had some fairly strong opinions regarding those who called themselves such (http://tinyurl.com/5hqll) and, while I never thought of her as entirely sane, I have to confess that most of what I've seen called by that name might better be described as American anarchism (leave me alone or I'll shoot you) or proto-fascism (government bad, corporations good). Because it's such an incoherent mess I've never identified myself as libertarian even though, in fact, that is closest to the position I hold in the formal philosophical and political sense; e.g., http://tinyurl.com/2a2be5
In the meantime I continue to do well with my short positions in select home builders and mortgage lenders but fairly lousy in my larger, strategic positions which could best be described as over-hedged and under-beta'd; oh well, can't have it all.
If one wishes to parse an "incoherent mess", last night's Democratic candidates, each leaving a huge carbon footprint as they flew in and out of South Carolina on private jets, should be shoveled into biofuel plants that can render even the worst carcass into usefuel diesal fuel additives. That is their worth.
They let the assault weapons ban lapse and weakened background checks... people got murdered with them assault weapons... nobody cared.
The others may in the future let a temporary tax cut lapse and everybody freaks out.
Hi Roger,
Thank you for a good post. I am a registered Republican, but really am a Libertarian. Both parties are a mess. Edwards would be a disaster for this country and he would be the last person that I would want as President with his class warfare. The people with money are the ones who invest and keep this economy going. Richardson is the only Dem who makes any sense, but I doubt he will win the primary. I have a lot of liberal friends and all they can talk about is how great Edwards and Obama are. Anybody who takes from the so called rich and promises National Healthcare is ok with them.
For the record I am also a Libertarian, but unfortunately I'm forced to hold my nose and vote for Republicans to prevent a Democrat from winning.
What's sad about this country is most of the political debate is about issues other than role of government or fiscal policy; Iraq, gay marriage, right to die, immigration, etc.
I lay most of the blame at feet of our education system and the media for brainwashing American into believing psuedo-socialism works.
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