Michael Burry has just updated his portfolio, up to June 30. Nearly 51.05% of it is in S&P500, $SPY, puts and 42.54% in $QQQ puts (in notional value in his portfolio, they are worth much less of his total portfolio). He has about $1.6 billion in puts notionally (not their absolute value). He liquidated his
All of a sudden, the short-volatility trade is back on Wall Street as billions of dollars pour into options-selling ETFs like never before. With this year’s stock rally defying recession warnings and aggressive Federal Reserve tightening, investors have been paying up for defensive strategies that offer income along the way. That’s endowed an exotic corner
You can also read the St. Louis Fed’s white paper here.
US bank stocks declined after Moody’s Investors Service lowered its ratings for 10 small and midsize lenders and said it may downgrade major firms including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp. Higher funding costs, potential regulatory capital weaknesses and rising risks tied to commercial real estate
Congratulations, of a perverse sort, to President Biden and his Congressional comrades. The latest budget figures show that they are breaking peacetime, non-crisis records for spending and deficits. And there’s no respite in sight. The Beltway brethren racked up a deficit of $1.62 trillion for the first 10 months of the fiscal year, according to