It is the 20th of August 2017

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Gold Surges To 6-Week Highs As Stocks Get De-FANGed, Trannies Worst Day Since Brexit

No fundamental catalyst for today's tech wreck (just as there wasn't last time), but many people noted the coincdental timing of JPM's Kolanovic note on Vol fragilities coincided with the start of the pain...

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Gold Surges To 6-Week Highs As Stocks Get De-FANGed, Trannies Worst Day Since Brexit

No fundamental catalyst for today's tech wreck (just as there wasn't last time), but many people noted the coincdental timing of JPM's Kolanovic note on Vol fragilities coincided with the start of the pain...

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"We May Be Very Close To The Turning Point": Selloff Blamed On This Note From JPM's Marko Kolanovic

While nobody knows what catalyzed for the sharp selloff over the last hour, with Citi blaming it on Acrophobia, or fear of heights, saying  that "US equities opened at record highs, key levels were being approached in fixed income while USD enjoyed a bid across the board... However since then, it looks like markets have gotten a small case of cold feet", Bloomberg had a different idea, when it observed that stocks erased gains around 12:30 p.m. as S&P 500 fell 0.5% over 60 minutes to low of 2,469.51. It notes that the "weakness occurred as traders circulated a note by JPMorgan quant strategist Marko Kolanovic that cautioned investors on the risks of record-low volatility in the equity market."

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Howard Marks Sounds The Alarm On ETFs And Passive Investing, Again

Back in March 2015, Howard Marks was among the first to sound the alarm on the encroaching danger posed by both ETFs in particular, and passive investing in general, when he memorably asked (rhetorically, for now), "what would happen, for example, if a large number of holders decided to sell a high yield bond ETF all at once?" and answered his own question:

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