Massive divergence due to elections just caused the spread between Brazilian stocks and emerging markets index to reach its highest level in history! Wonder which one is going the wrong direction…
Global stocks to US Treasuries ratio has now broken down
Another one of those eerie resemblances to previous market tops. Global stocks to US Treasuries ratio has now broken down after reaching just 51bps of its record level at tech bubble peak.
German 10-year Bunds yield 122 bps lower than Fed fund rates
I am amazed German 10-year Bunds yield 122 bps lower than Fed fund rates at a time when the ECB bond buying spree is set to end shortly. That’s the largest negative spread since 1989! Coincidentally, the same yield disparity preceded the last 3 recessions!!!
This is the level of insanity credit markets have reached:
This is the level of insanity credit markets have reached: Would you ever buy a 30-year bond that yields less than the LIBOR overnight rate? 10 countries offer this great deal. What we have is a massive yield curve inversion globally.
Interesting breakdown in oil today
Interesting breakdown in oil today. If it’s going to follow EM currencies as it has historically, there is a lot more downside.
Crescat Hedge Funds Off to a Roaring Start in October
As September ended, so did the third quarter with diverging global financial markets: US stock indices marched to new highs while global stocks ex-US headed sharply downward. Emerging market currencies also faltered.
Crescat Global Macro Analyst, Tavi Costa Highlighted in Bloomberg Markets Article
Longest bull market ever. Two trillion-dollar companies. Now you can add strongest rally ever during a tightening cycle to the list of milestones for U.S. stocks.
Crescat July Estimates
China equity and yuan shorts worked well for Crescat’s hedge funds in July although US equity shorts and the gold longs held back the performance. We expect US equity shorts and gold longs to be changing soon in our favor.
Crescat Hedge Funds Highlighted in Bloomberg Brief
Both Crescat Hedge Funds were highlighted among the top performing Funds in the June Bloomberg Hedge Fund Brief.
Crescat Profits from Yuan Devaluation in June
In our last quarterly letter, we showed five macro imbalances that were setting the Chinese yuan up for a substantial and imminent devaluation. Since then, our yuan devaluation theme has indeed started to play out again, like what began in 2015.
Crescat Strategies Offer Opportunity to Capitalize on Coming Downturn
We strongly believe that the global macro investment cycle is turning down right now and that it is a critical time to take investment action if you are not already prepared.
Crescat May Update – Strong Performance Across All Strategies
Crescat’s hedge funds and long-only strategy performed well in May as cracks began to show in global financial markets.
Global Macro Fund Ranked #1 in Macro Category for February by BarclayHedge
Crescat Global Macro Fund was ranked #1 in the Macro category for February 2018 performance.
Crescat February Performance Featured in Bloomberg Hedge Fund Brief
Crescat Global Macro and Long/Short hedge funds were featured among top hedge fund performers for February in the Bloomberg Hedge Fund Brief.
February Mid-month update: Crescat Global Macro up 11.7% Since Market Top
All Crescat strategies have outperformed the market significantly during the recent decline.
Crescat Quoted in Bloomberg Markets Magazine
Kevin Smith expressed Crescat’s outlook on China in a recent Bloomberg Markets Magazine.
Kevin Smith Appears on Bloomberg TV
Crescat’s Chief Investment Officer Kevin Smith discusses his outlook on China’s Currency and Credit issues.
Happy Holidays from Crescat Capital – Includes New Charts
Investors today are the most net long and the most bullish they have ever been. These set-ups happen but a few times in a hedge fund manager’s career.
It’s 1929 – What Would Joe Kennedy Do?
As we showed in our recent quarterly letter, there are numerous parallels in the market today to 1929 and other historic market peaks. It is times like now, that the financial success story of Joseph P. Kennedy should be particularly inspiring.
Crescat Capital Quarterly Letter Investor Letter Q3 2017
In our most recent quarterly letter, we show the overvaluation of US large cap stocks across six comprehensive dimensions.
Kevin Smith to Speak at World Wealth Creation Conference
Crescat’s Chief Investment Officer Kevin Smith will speak at the World Wealth Creation Conference in Singapore on November 28, 2017. Watch the conference promotional video.
Kevin Smith Interviewed on Bloomberg TV
Crescat’s Chief Investment Officer Kevin Smith discusses his outlook on China’s Currency and Credit issues.
Crescat Featured in Bloomberg
Crescat’s China Currency & Credit Bubble thesis was featured in Bloomberg, including quotes from CIO Kevin Smith.
Crescat Q1 2017 Investor Letter
By keeping interest rates on the world reserve currency too low for too long, the Federal Reserve has created speculative asset bubbles in far-reaching areas of the globe.
Crescat Large Cap Awarded 5-stars by Morningstar
Crescat Large Cap Composite earned a 5-Star Overall Morningstar Rating™ as of 3/31/17. See Morningstar Disclosures.
Crescat Q1 2017 Conference Call
Kevin Smith and the Investment Team outline our Q4 2016 attribution and 2017 outlook.
Bloomberg Story Highlights Crescat
Kevin Smith was interviewed on Crescat’s recent positioning and outlook.
Kevin Smith Featured on CNBC
Crescat’s Kevin Smith was recently featured on CNBC’s Halftime Report, where he discussed our views on China
Crescat Capital Featured in Barron’s
Crescat’s Chief Investment Officer Kevin C. Smith was featured in Barron’s for a hedge fund profile. In the article, Kevin discusses our recent success with our China Currency and Credit Bubble Theme, as well as the origins of the firm and our proven investment process.