Posts from Friday May 17 2013

Alphachat: Lee Buchheit edition, featuring Lee Buchheit

In this installment of Alphaville’s traditionally, if not actually, infrequent podcast Robin, Joseph and Cleary Gottlieb lawyer and sovereign debt maven Lee Buchheit discuss Cyprus, capital controls, a new sovereign debt restructuring mechanism and the best place to hang out if you are a restructuring lawyer. Read more

“This is Lake Wobegone upside-down”

The quote is from Gerard Minack, Morgan Stanley’s celebrated equity strategist, based in Australia.

He retired from the bank on Friday and his final thoughts are in the usual place.

A taste…

Investing is an unusual profession: perhaps the only one where amateurs have a good shot at beating the pros. However, evidence suggests that amateurs don’t: flow data indicate that retail often buys high and sells low.

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A boutique bear-hug?

A slightly confusing statement on Friday out of Morgans Hotel, the group founded by Ian Schrager, who is credited with creating the whole concept of a boutique bed-for-the-night…

NEW YORK, May 17, 2013 /PRNewswire/ — Morgans Hotel Group Co. (MHGC) (“MHG” or the “Company”) today provided clarification regarding statements made in a filing submitted by The Yucaipa Companies (“Yucaipa”).

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Re-setting ENRC (updated)

On Markets Live on Friday we offered some speculation on the level ENRC’s controlling shareholders might table to take the business private.

Once we’d zapped a few arbs amongst the ML Rabble, and got over an associated sulk, we offered a price: 340p Read more

The persistent supply-side constraints in US housing

Every now and then, we take a look at why the US housing comeback continues at a pace that has disappointed those of us who believed (and still hope) that a rebound in household formation will produce a self-sustaining acceleration in the broader recovery.

After the release on Thursday of disappointing housing starts but encouraging building permit numbers for April, we’ll do so again now. Start with this helpful chart from Capital Economics: Read more

The US collateral shortage lives on

Scott E.D. Skyrm, repo specialist and author of an upcoming book on MF Global, presented an interesting repo chart on his blog this week:

As the chart shows, so-called GC repo rates are once again trading below the Fed Funds rate. Read more

Markets Live: Friday, 17th May, 2013

Live markets commentary from FT.com 

Bird, plane, Abe

One for the mantelpiece, Mr Abe:

(Click through the pic for the Economist article) Read more

The (early) Lunch Wrap

Bove vs Bloomberg, on JPMorgan || QEnd Game || EBA delays bank stress tests || Qatar bankrolls Syrian revolt || Dell profits below expectations || US farmland prices see double-digit rise || World’s largest container shipping company downgrades view on global trade || Tony Hayward appointed chairman of Glencore Xstrata || Citigroup FX traders move away from Bloomberg Messenger || Saudi princes deny laundering claim || S&P cuts Berkshire Hathaway || Yahoo spared potential $2.7bn in legal damages || Market update Read more

Wanna know what the oligarchs will table for ENRC?

Then join Markets Live at 11am on Friday. Here.

New to ML? Read on…

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Further reading

Elsewhere on Friday,

- The sadomonetarists of Basel.

- A case for regulatory forbearance toward banks.

- Abenomics and the supply of safe assetsRead more

The 6am Cut London

Asian stocks mixed || Osborne’s budget cuts in trouble || Dell earnings miss || Singapore Airlines reports loss || Europe bank stress tests delayed but tougher || Bolland’s M&S bonus under threat again || BoE queries IMF calculations on easing loss || BP Gulf could see late surge of compensation claims || Tett on phony QE peace || Gold bears feeling good Read more