The WSJ of yesterday & today has a number of buyouts announced: BX to buy Hilton for huge premium; Apollo made a higher bid for Huntsman. So the call for the death of buyouts was premature.
Two hedge funds stop redemptions - they were investors in mortgage securities.
US office rents are soaring. The WSJ article blames the "new type" of buyer - private equity - vs. public REITs. Uh ... isn't private equity the traditional real estate owner? Besides, if the market had enough excess capacity, lessees would move. Perhaps this is just catching up after years of stagnant rents. That's how markets work.
KKR files for an IPO. I guess the BX poor performance isn't a barrier. BX was just overpriced.
A junk bond deal gets pulled: the borrower insisted in PIK terms. Sheesh. I'm glad the lenders wised up and did a "Nancy Reagan" - "Just Say No" to that crap.
WSJ had an article about Islamic home financing. What a bunch of crap! They describe the structure. It's just a lease financing wrapped over a convertible mortgage. Du'h ... a fig leaf. I bet the fees are a lot more than a normal mortgage. So "usury" is avoided while ripping off the borrower in fees. Sheesh.
Most organized religions have some kind of nonsense - I wonder if those are a sort of power game exerted by the leaders? Eating meat on Friday was a sin for years for Catholics. Then, mirabile dictu, is was OK except in Lent. Du'h, was it wrong before or were the leaders wrong or just playing a power game?
I remember Jewish friends in college ordering a "big burger, hold the bun" during Passover, I think. The guy behind the counter laughed & understood why. Oh well.
Amish [protestants] will ride in a car but not drive it. I overheard one saying once that their Mennonite cousins could drive. It seemed a bit humorous even to them. Some Protestant denominations will drink wine for communion; others use grape juice. Some forbid alcohol - gasp! Du'h ... didn't Jesus drink wine per the gospels? Didn't he turn water into wine per the gospels? So what's wrong with wine? Uh .. what part of the gospels do they believe - just the parts some guy centuries later decided was right?
There. I've made sport of every major western religious group. Bunkerman believes in equality ;-)
What people do for religion - jumping through hoops just to get the nod or wave from some cleric/priest/rabbi/minister depending on the religion - always amazes me.
Glad I'm a lapsed WASP ;-)
I have many religious beliefs and greatly respect religion and the religion of people. But not the stuff some guy wrote down on papyrus or parchment centuries ago telling me how to live in details - those are mostly just superstitions or the leader's power symbols, in my humble opinion. Retaining that nonsense just makes the faith look stupid, in my humble opinion.
More pollution stories from China. They have a real problem there. I wonder if the government can handle it. Lots of the pollution probably comes from well-connected firms.
The S&P cash chart looks similar to the bottoming pattern of late February and early March. I still have my long S&P futures trade on.
PS: Sheesh. More shorting infatuation. Now more short International ETFs. I wonder how are those people shorting QQQQ via QID last fall feel now, getting infatuated with that one. This is nuts. Doesn't anyone look at a weekly index chart anymore?
Du'h ... I guess not when doing only virtual trades. ;-)
Du'h, the trend is ... UP!
Why short? Buy dips!