Bill’s commentary:
“My money is on a Big BANG!”
Almost five years ago I wrote a blog post titled, “BANG: Why The Gold Miners Could Soon Make FANG Look Tame.” A reader recently reached out to ask if I would post an update so here it is. The chart below plots two custom indexes: FANG (META, AMZN, NFLX, GOOG) versus BANG (GOLD, AEM, NEM). Clearly, there has been some back and forth between the two with the BANG stocks taking the lead and holding it over the past year or so. Frankly, I’m surprised they haven’t done better but more on that in a bit. As for the FANG stocks, it’s pretty remarkable to see them generate essentially zero return as a group since mid-2018, even after their strong run-up to start the year.
Bill’s commentary:
“Seymour Hersh is well known for doing his homework before publishing. This is so, so bad on many levels!”
The U.S. Navy’s Diving and Salvage Center can be found in a location as obscure as its name—down what was once a country lane in rural Panama City, a now-booming resort city in the southwestern panhandle of Florida, 70 miles south of the Alabama border. The center’s complex is as nondescript as its location—a drab concrete post-World War II structure that has the look of a vocational high school on the west side of Chicago. A coin-operated laundromat and a dance school are across what is now a four-lane road.
Bill’s commentary:
“I wonder what their derivatives book looks like? …and who their counter parties are?”
Back in late 2022, when Credit Suisse stock cratered to never before seen levels after a series of dismal earnings reports and regulatory “missteps” sparked a staggering bank run, amounting to some $88 billion forcing the bank to seek emergency liquidity from the Fed via SNB swap lines, and which also led to a historic corporate restructuring which included the de facto closure of the bank’s investment bank coupled with mass layoffs and bonus cuts, many thought that would be as bad as it gets as the (rapidly changing) management had finally thrown out the kitchen sink.
Boy, were they wrong.
Bills’ commentary:
“It is far easier to fool someone than to convince them they have been fooled?”
BillHolter.com 