It is the 20th of August 2017

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"The Dreaded Phase 4": What Happens When Credit Spreads Finally Rise

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With investors, traders, analysts and pundits focused on the chaos in the White House, and the daily barrage of escalating geopolitical and social news, whether terrorist attacks in Europe or clashes in inner America, the market is finally starting to notice as Friday's last hour sell-off demonstrated. And yet, according to one of the best minds on Wall Street today, Citi's Matt King, what traders should be far more concerned about, is not who is in the Oval Office or how bombastic the war of words between the US and North Korea may be on any given day, but rather what central banks are preparing to unleash in the coming months. To underscore this, two weeks ago, King made a stark warning when he summarized that we are now more reliant on central banks banks holding markets together than ever before:

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Carmageddon: Deep Subprime Auto Delinquencies Spike To 10-Year Highs

If you're still on the fence about whether the auto market in this country is anything but a massive bubble being propped up by extremely loose credit underwriting standards, then we think Equifax has just provided some definitive evidence that just might push you over the edge. 

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Shocking Admission From Global Head Of Strategy: "Our Clients Have Given Up On Valuation As A Metric"

For all the recent concerns about an "imminent" nuclear war with North Korea (not happening, according to the head of the CIA), which prompted a stunned reaction from Morgan Stanley which earlier today observed the "70% rise in the VIX index over three days, 2% drop in global equities, and more than a few holidays disrupted", leading it to conclude "Well, That Escalated Quickly", the market continues to ignore the real risk: the upcoming central bank balance sheet taper which will have a dire and drastic impact on markets according to Citi's global head of credit product strategy, Matt King:

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"The World's Most Feared Investor" Lashes Out At Safe Spaces

Several days after Paul Singer released his much anticipated letter to investors (key excerpts here), the founder of Elliott Management was profiled on Bloomberg as the "most feared activist investor in the world—by hedge fund rivals, companies and even countries", and for good reason. Singer’s Elliott Management, which manages $34 billion of assets, has not only rarely been out of the headlines the past 18 months - in the process targeting the world’s biggest mining company, taking on Warren Buffett, ousting CEOs on both sides of the Atlantic and setting off a chain of events that led to the impeachment of South Korea’s president - but as shown in the table at the bottom, has generated unprecedented and consistent returns, putting the rest of the activist sector to shame.

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"Canada Is In Serious Trouble" Again, And This Time It's For Real

Some time ago, Deutsche Bank's chief international economist, Torsten Slok, presented several charts which showed that "Canada is in serious trouble" mostly as a result of its overreliance on its frothy, bubbly housing sector, but also due to the fact that unlike the US, the average household had failed to reduce its debt load in time.

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