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fullissue
11 30 2018 WOWS FULL ISSUE
An Alternative Way To View Or Print The Entire Current Issue As A Single Document
11/30/18
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
 

listeningin
Celebrating "Merger Masters"
A Peek Inside My Book Exploring the Art of Deal Investing: But It!
11/30/18 3:13 AM
If you love investing and you love human psychology, risk arbitrage is an amazing business.” — Jamie Dinan, York Capital 
 “One, have passion for the business. Two, you’ve got to be extremely intellectually curious to find out everything you can about all sorts of businesses — but you also need to be imaginative, in identifying risks. Finally, you can’t take anything at face value.” — Clint Carlson, Carlson Capital 
“This job is not about rocket science. It’s about hustle, hard work, diligence — and no ego. [More]
 
guestperspectives
Lots To Chew On
What Chairman Powell’s “A Long Way From Neutral” Meant
11/30/18 8:00 AM
By Dave Rosenberg
So on October 3rd, the Fed Chairman said we were “a long way from neutral.”

And indeed we are.

Yesterday, the junky monkeys that populate the stock market thought they heard something different. [More]

 
Ragin Contagion
The Festering Mess In Non-Bank Mortgage Finance
11/30/18 7:00 AM
By R Christopher Whalen
Reading the financial press over long holidays is essential. In the days immediately before or after a holiday, there are inevitably important news items that will be missed. [More]

 
The Nuthatch
Upside Down Bird Should Be Official Critter Of Short Sellers
11/30/18 6:00 AM
By Bob Hoye
Short-sellers are often scorned, particularly in a down market. However, such selling is always followed by buying, so short operators provide liquidity that otherwise would not be there. [More]

 
chartsightings
Eventful Weeks
A Critical Look At Past Tops And What Oil, Bonds Are Saying
11/30/18 9:01 AM
By Andrew Addison
Here is a weekly “closing” chart that illustrates the character of the 1987 stock market top. The SPX soared 80% in two years and formed a “Pop and Drop” Top in August 1987. [More]

 
TGIF!!!!!!!!
This Was One Seriously Nerve Wracking Week
11/30/18 8:01 AM
By Blaze Tankersley
“The public deals in the past. I deal in the future.” – Seth Glickenhaus

I must have heard that line a thousand times as he watched me trade. [More]

 
Absolute Wipeout, So Far
Volatility, Dollar Only Champs, It Seems, In A Brutal 2018
11/30/18 7:01 AM
By Barry Ritholtz
A brutal global market in 2018 has just one champion. Most assets are in the red after a year of turmoil. [More]

 
deepdive
Not Good
4th National Climate Assessment: Impacts, Risks, Costs To Adapt
11/30/18 8:00 AM
By The US Global Change Research Program
These Summary Findings represent a high-level synthesis of the material in the underlying report. [More]
 
Routinely Exceptional
Private Equity Still Defies Expectations But Competition Growing
11/30/18 7:00 AM
By McKinsey & Company
To produce this report, we have developed new analyses drawn from our long-running research on private markets, based on the industry’s leading sources of data. [More]
 
PE Valuation Metrics
How About Basing Indices on Actual Secondary Market Trades?
11/30/18 5:00 AM
By Brian Boyer, Taylor D Nadauld, Keith P Vorkink, and Michael S Weisbach
Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund’s final distribution. [More]
 
acuteobservations
Acute Observations, November 30, 2018
Perceptive Commentary from November 10-30, 2018
11/30/18 8:00 AM
Donald Trump
“They’re making a mistake because I have a gut and my gut tells me more sometimes than anybody else’s brain can ever tell me.”
All The Trump Quotes on Powell as Attacks on Fed Intensify
As quoted by Christopher Condon
Bloomberg
November 28, 2018

A barrel of West Texas Intermediate for January delivery was trading at $51.08 by 5:45 a.m. Eastern Time as the commodity halted the decline that saw a 7.7 percent slump on Friday. With Saudi Arabia pumping as much as 11.2 million barrels a day, President Donald Trump calling the price drop “so great” and concerns about a supply glut rising, time will tell whether this morning’s move is a pause in the crude-price plunge — or a new floor. [More]

 
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