property

Shellacking the retail investor I am glad WeWork is in the headlines these days, since I told you in May that I see it going to zero eventually. Now, I've been sanguine about a so-called bubble in these unicorns for a number of years. And…

Back in May, I wrote a post I titled "2019 may be the best time to IPO". The gist of the post was that unicorns were seeing the best market conditions imaginable for conducting an initial public offering. But, the window for loss-making…

The emerging markets crisis is real now More and more people are talking about the spillover of Fed policy into emerging markets as the crisis there gathers pace. I know the Fed Chairman Powell has said that EM is not his concern.…

Recently I have indicated I see a lot of problems in asset markets despite the economic acceleration in Europe, Japan, and the US. Commercial real estate is a problem that I want to highlight briefly since I believe it will be a locus of…

Hiking rates now after a monster commercial real estate cycle has already developed is akin to closing the stable doors after the horse has already bolted. But this may be a concern of the Fed. Let’s see what the Spring 2017 OCC Risk…

On Sunday, macro strategist Lawrence McDonald made three tweets about corporate real estate I think merit highlighting. They show a corporate real estate market that has been white hot during this particular business cycle. And that means…

Because growth will consistently underperform expectations as China rebalances, many members of the Chinese policymaking elite, and their effective allies among the shrinking but still large contingent of China-bulls, will increasingly…

The banks are slowly admitting losses, but Bloomberg's summary is of a slow recognition. Even so, writedowns have left the banks stranded: unable to make loans. Up until now, it appears, the banks and the government were able to carry the…

According to recent media reports, the Indian Prime Minister Manmohan Singh is about to announce the appointment of University of Chicago professor and former International Monetary Fund Chief Economist Raghuram Rajan as India's chief…

The Spanish banking system is insolvent and the Spanish government simply does not have the wherewithal to clean it up. This is the problem in Spain that has come to a head, particularly now after the rescue of Bankia, Spain's fourth…