Posted on Fri 12 September 2014

Emerging markets were viewed as a fashion craze of the previous cycle, but unwearable in a rising rate environment. China? "You must be crazy", we were told. Utility stocks? They'll strongly underperform. Loss on most was the fact that 10-year yields had surged over 80% higher in only a few short months, eclipsing theentiretyof influence on long-term yields of the previous rate tightening cycle (~70%) and roughly doubling the effects of the surprise tightenings by the Fed from 1994 through February of 1995. Not surprisingly, it was a great time to buy long-term Treasuries, gold and precious metals miners, emerging market and Chinese equities and utilities. http://www.marketanthropology.com/2014/09/tepper-calls-audible.html

who told them they were bigger than me in the first place when they start. The part about the British fighting for their lives which is good to see being utter rubbish of course I can only warn them especially the Americans that I do what I do because I want to do it: I mean they pay no attention whatsoever to the fact that what annoys me the most about their women is the story of the British that look like home and love and care and kids so they can enjoy their deviance and get involved with my personal life when they want to have babies and so when I am a Christian that makes it many times worse, then the threats and the abuses and the peddling of me will follow until I see them as all paper website and office and art deco and shit and then get to peddling that as well. I have warned them in another way before i.e. they do say when I give away these facts about me people will take it up and do ...

Emerging markets were viewed as a fashion craze of the previous cycle, but unwearable in a rising rate environment. China? "You must be crazy", we were told. Utility stocks? They'll strongly underperform. Loss on most was the fact that 10-year yields had surged over 80% higher in only a few short months, eclipsing theentiretyof influence on long-term yields of the previous rate tightening cycle (~70%) and roughly doubling the effects of the surprise tightenings by the Fed from 1994 through February of 1995. Not surprisingly, it was a great time to buy long-term Treasuries, gold and precious metals miners, emerging market and Chinese equities and utilities. http://www.marketanthropology.com/2014/09/tepper-calls-audible.html

who told them they were bigger than me in the first place when they start. The part about the British fighting for their lives which is good to see being utter rubbish of course I can only warn them especially the Americans that I do what I do because I want to do it: I mean they pay no attention whatsoever to the fact that what annoys me the most about their women is the story of the British that look like home and love and care and kids so they can enjoy their deviance and get involved with my personal life when they want to have babies and so when I am a Christian that makes it many times worse, then the threats and the abuses and the peddling of me will follow until I see them as all paper website and office and art deco and shit and then get to peddling that as well. I have warned them in another way before i.e. they do say when I give away these facts about me people will take it up and do it for me and I will lose everything, I say when these absurd idiots have my Royal Estate then it will mean people are not born gay into this world anymore. The cheap quick easy far reaching insults are ever so easy for them and more so to wreck finances and create equality with which to choose self improvements from, it does tend to beat the imagination I have to confess. I understand it is said Westminster tells the Scottish people lies about how Oil there is running out and I simply cannot understand why that is peddled all the time by Scottish Independence movements either it is not the only lie Westminster tells to keep everybody happy and keep the Union intact; even Church Hill told his own as well, he set out the idea that patriotism was a bad thing and set off to enforce it and he was of the same social persuasion in fundamentalism as the Beat eaters at the Tower of London for example so, we ended up believing it and rode it to the very end and it nearly destroyed the Country so that Thatcher came through to save the day which is actually the Scots ended up hating the Tories. That said however I am in no way suggesting he was wrong technically but I am saying that patriotism can be good as long as you do not allow somebody steal your own when that happens is the point where you have questions that you must answer and the serious and social ones are whether he or she feels it is better if they deploy yours and not their own or he or she feels that what they are about to do is so bad it is better that you take the fall for it and yet there is the question of whom exactly you expect should take care of the problem anyway. It comes right down to the nature of the dispute with Nationalist and separatists most of the time i.e. if you have 100% and are running a company with it, they will understand that if you have 60% of that money you will still be able to run that business and provide security for it, so they are never satisfied with a condition where their involvement and the endless stupidities from media to Politics that they use to buy themselves time on you while the damage they are doing takes effect leaves you with that much and they do these things as measured from whether or not they have a desire to do them as a result of which there is no discretion involved and when they clash with somebody that is far stronger than they are like I am then they have to pull so much of their resources to bring him down and when they are done begin to seek social and Political conditions that will ensure that jeopardy never ever happens again and hence we are off on a race against time to prevent Scotland from becoming independent. I dont think these matters are unusual, I mean from my point of view is has always rather been as simple as for example their behaviour towards food i.e. http://www.tunnellightbooks.com/global-market-equities-admin/british-arch-prince-s-royal-estate-and-literary-empire-at-international-community

Emerging Market Equities, Dollar Debt Still Attractive? - Emerging [link] Markets Daily - Barrons.com

Line marked average shows the average performance in 15 major financial crises since 1973, as identified by the IMF in the April 2009 edition of its World Economic Outlook, Index set so quarter of onset = 100. For the recent U.S. crisis, the quarter of onset is 2007Q3. ~~~ It probably will come as a big surprise to most people that employment is actually doing better and the stock market is doing worse than the typical post credit crisis recovery. So say Philippa Dunne and Doug Henwood of the Liscio Report. They have been updating a chart that found its origins in an IMF report featuring a study of major banking crises done by academics Carmine Reinhart and Ken Rogoff . The nearby chart, four major economic indicators Employment CPI, interest rates, and stocks compare this recovery versus the average of 15 prior financial crises. Much of the anecdotal criticisms of this recovery have been that employment has been lagging while the stock market has run too far. http://www.ritholtz.com/blog/2014/09/employment-better-equities-worse-than-average-post-crisis-recovery/

Recommendation #1: add to dollar-denominated sovereign debt allocations, with caveats: We recently added to our EM dollar-denominated sovereign debt allocation for moderate/aggressive investors, reflecting a better-than-expected economic and financial environment. Recommendation #2: reforms can improve equity valuations. We are getting more positive on emerging market equities despite the run-up over the last seven months [with] lower long-term interest rates in developed markets. Lower global bond yields can help the carry trade in emerging markets to continue for longer, supporting property prices, emerging market bond markets, and boosting the monetary base. Countries, including China, India, and Korea, have started pushing structural reforms to improve productivity. Some of these policy changes are focused at reforming the state-owned enterprises [with] market-oriented pricing and flexible labor policies, [and by] rationalizing capex, reducing corruption, promoting management accountability and incentives, and privatization. http://blogs.barrons.com/emergingmarketsdaily/2014/09/11/emerging-market-equities-dollar-debt-still-attractive/

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