Escolar Documentos
Profissional Documentos
Cultura Documentos
SECTIONAL REPORT
4/11/2016
YIELD Change In Trend May Be About Concerns With Credit & Cash Flows ....................................................................................... 95
YIELD Expect 1.00% Yield on 10Y UST ................................................................................................................................................. 96
YIELD Primary Dealer: Investment Grade Net Positions ....................................................................................................................... 96
YIELD Primary Dealers: Junk Bond Net Positions ................................................................................................................................. 97
YIELD 10Y EU Country Government Bond Yields ................................................................................................................................. 98
YIELD UST Note Yields Fall the Most Since 2009 after the Fed Goes On Hold ................................................................................... 98
YIELD German & US 10Y Bonds Fall Dramatically In Yield Trend is Now Down ............................................................................... 98
CURRENCIES ............................................................................................................................................................................................. 100
NEW-CURRENCIES USDJPY Correlation to S&P 500 ....................................................................................................................... 100
CURRENCIES Retreating USD Index .................................................................................................................................................. 101
CURRENCIES Stunning is the collapse in the USDJPY since Kuroda unleashed NIRP .................................................................... 101
CURRENCIES Energy Currencies versus USD and Oil Price ............................................................................................................. 102
CURRENCIES EURUSD continues to weaken as Draghi reinforces the ECB's dovish stance .......................................................... 102
CURRENCIES Strong USD a Driver of Falling Commodities, Falling Energy and EM Problems ....................................................... 103
CURRENCIES It is Still About the Japanese Carry Trade But Concerns Growing ........................................................................... 104
CURRENCIES Everyone Is Probably Wrong About the US Dollar ...................................................................................................... 104
COMMODITIES ........................................................................................................................................................................................... 108
COMMODITIES YTD Commodity Result Comparisons ....................................................................................................................... 108
COMMODITIES WTI- Log Scale of Price and Percentage Change..................................................................................................... 108
COMMODITIES Real Oil and Average Oil Price Since 1861 ............................................................................................................... 108
COMMODITIES Copper Falls To Fresh 6 Years Low After $GS Says Metal "Poised To Move Even Lower" .................................... 110
COMMODITIES Algos Locked into WTI Crude & Alternatively the USDJPY ...................................................................................... 111
COMMODITIES Why commodities are dying the death of 1,000 cuts ................................................................................................. 111
COMMODITIES The Weak Trend In EM currencies and Commodities Isnt Abating .......................................................................... 112
COMMODITIES How Saudi Arabia Sets the Global (Currency) Markets ............................................................................................ 113
INFLATION .................................................................................................................................................................................................. 117
INFLATION Probability of March Fed Rate Hike = Zero = Weak Inflation ........................................................................................... 117
INFLATION March Rate Hike Odds Falling Rapidly ............................................................................................................................. 118
INFLATION Expected Inflation- One Year and Three Years Ahead .................................................................................................... 118
INFLATION Inflation Expectations & Relative Performance................................................................................................................. 118
INFLATION US CPI 1958 2015 Annual Percentage Change ........................................................................................................ 120
INFLATION The Rise of Deflation ......................................................................................................................................................... 121
INFLATION World Inflation Falls To 59-Month Low ..................................................................................................................... 121
PRECIOUS METALS ................................................................................................................................................................................... 123
PRECIOUS METALS HARD ASSETS - Classic Ending Diagonal in Gold .......................................................................................... 123
PRECIOUS METALS HARD ASSETS - Gold;Silver Ratio Long Term ............................................................................................. 124
PRECIOUS METALS HARD ASSETS - Gold;Silver Ratio Intermediate Term Term-1 .................................................................... 124
PRECIOUS METALS HARD ASSETS - Gold;Silver Ratio Intermediate Term Term-2 .................................................................... 125
PRECIOUS METALS Gold Breaking Out Deutsche Bank Driven? ................................................................................................... 125
PRECIOUS METALS Gold Breaks Out At Exactly Year Beginning? ................................................................................................... 125
PRECIOUS METALS Barrels of Oil per Ounce of Gold ....................................................................................................................... 126
PRECIOUS METALS Gold-Oil Ratio .................................................................................................................................................... 126
PRECIOUS METALS Gold Breakout Percentage Move Comparable to 2008 Financial Crisis .......................................................... 128
PRECIOUS METALS Long Term Perspective of YB Gold Breakout ................................................................................................... 128
PRECIOUS METALS Gold demand in Asia hit by weak local currencies; Indian prices at discount .................................................. 129
PRECIOUS METALS Gold Tracked US Debt Until Recently Will Likely Re-Establish Long Term Pattern .................................. 130
RISK: Risk-On versus Risk-Off .............................................................................................................................................................................. 131
CHARTS OF NOTE ......................................................................................................................................................................................... 132
NEW-RISK 2016 Y-o-Y Flows By BoAML Client Type ............................................................................................................................. 132
NEW-RISK BoAML Client Type Net Buys 4WMA v S&P 500 2008-Present ...................................................................................... 132
NEW-RISK BoAML Client Type Cumulative Flows Since January 2008-Present ................................................................................. 133
NEW-RISK USDJPY Correlation to S&P 500 ............................................................................................................................................ 133
NEW-RISK Breadth Has Turned Counter Rally Stalling ........................................................................................................................ 134
NEW-RISK Wall Street's recent rise is stretched relative to the real U.S. economy ................................................................................ 135
NEW-RISK Diverging gap between stocks and corporate-profit expectation ........................................................................................... 135
NEW-RISK historic correlation between stock and bond prices is now very distorted ............................................................................. 135
RISK Nasdaq risk is dramatically higher than S&P risk ........................................................................................................................... 136
RISK Draghis ECB Announcement Triggers Bull Reversal To Evercore ................................................................................................ 138
RISK High Probability US Recession in 2016 .......................................................................................................................................... 139
RISK Price-to-Sales Presently Second Highest to the Dotcom Bubble Collapse .................................................................................... 139
RISK Industrial Production Is Rolling Over ............................................................................................................................................... 140
RISK NYSE Margin Debt at Record Levels .............................................................................................................................................. 141
RISK Margin Debt to GDP Higher then 2000 and 2007 ........................................................................................................................... 142
RISK Margin Debt to GDP and 3-Year Stock Returns ............................................................................................................................. 143
RISK Margin Debt to GDP and 3-Year Stock Returns ............................................................................................................................. 144
RISK Investors Sell Dividend Funds, MLPs, REITs and High Yield......................................................................................................... 145
RISK Bull to Bear Ratio Unprecedented Optimism ............................................................................................................................... 146
RISK Turmoil in High Yield Bonds ............................................................................................................................................................ 147
RISK New Global Risk US Growth European Financial Conditions ................................................................................................... 148
RISK Leveraged Loans and HY Corporate Bond Yields Warn of Possible SPX of 1100 ........................................................................ 148
RISK Global Financial Risk ....................................................................................................................................................................... 149
RISK US Financials Stocks versus Credit ............................................................................................................................................. 149
RISK Something Is Seriously Wrong Somewhere in Deutsche Bank 5Y Sub CDS ............................................................................. 150
RISK Something Is Seriously Wrong Somewhere in Deutsche Bank Lehman Comparison ................................................................ 150
RISK Something Is Seriously Wrong Somewhere in Deutsche Bank Ending Diagonal Goes Lower .................................................. 151
RISK Small Cap Stocks versus HY Bond Spread .................................................................................................................................... 151
RISK Net Cash Companies Scarce EBITDA Cash Flow ................................................................................................................... 152
RISK Falling Animal Spirits - Sinking CEO Confidence ........................................................................................................................... 152
RISK Bull-Bear Ratio Collapses ............................................................................................................................................................... 153
RISK SPX Percent off 2009 High ............................................................................................................................................................. 154
RISK SPX Price-Earnings-PE Ratio ......................................................................................................................................................... 154
RISK Stock market more Over-valued than prior to Previous Crashes! .................................................................................................. 155
RISK Coppock Signaling Problems Ahead ............................................................................................................................................... 155
RISK Junk Bond Movements Have Been Dependable Warning Indicators Since Dotcom Bubble Burst ............................................... 156
RISK Corporate Profits and Wages Diverge ............................................................................................................................................ 156
RISK Russell 1000 Equal Weight: Cap-Weight Ratio ........................................................................................................................... 157
RISK Long Term Monthly Reversal Signal ............................................................................................................................................... 157
RISK Markets Historically Fail after Three months of Falling Margin Debt We Have 2 Months ........................................................... 158
RISK Margin Debt Channel is Pretty Clear High Odds of Troubles Ahead........................................................................................... 158
RISK Goldman Joins the Chorus Warning on Bond Market Liquidity ...................................................................................................... 159
RISK So Goes Retail So Goes the US Economy .................................................................................................................................. 159
RISK Consumer Discretionary Sending Signals....................................................................................................................................... 160
RISK Net EBITDA 2x Highest since 2006 % of companies with net cash Lowest since 2006 ................................................................ 162
RISK US Corporate Net Debt Has Exploded & Now Massively Exceeds EBITDA .................................................................................. 162
RISK CBOE Skew Index ........................................................................................................................................................................... 163
RISK Gap Between Uncertainties Priced in the Debt & Equity Markets .................................................................................................. 163
RISK Beware of EPS manipulation........................................................................................................................................................... 164
RISK Total NYSE Short Interest & Monthly Change ................................................................................................................................ 165
RISK Contrasting Post October Market Drawdowns 1973s Slow Pain versus 1987 Crash............................................................... 165
RISK Historical Post-Crash Price Actions 1950 to 2015 ....................................................................................................................... 166
RISK Historical Post-Crash Price Pattern Has Taken an Average of 27 days to Double Bottom ........................................................... 166
RISK Credit Fleeing IG,HY & EM ............................................................................................................................................................. 167
RISK Credit Fleeing IG,HY & EM ............................................................................................................................................................. 167
RISK Margin Debt in NYSE Accounts versus S&P 500 ........................................................................................................................... 168
RISK Credit Risk Increasing ..................................................................................................................................................................... 169
RISK TED Spread Increasing ................................................................................................................................................................... 169
RISK VIX Pricing in Credit Problems ........................................................................................................................................................ 170
RISK Credit Always Leads Markets Its the Life Blood! ...................................................................................................................... 170
RISK The Pattern is Clear QE the Market Driver .................................................................................................................................. 171
RISK Internal deterioration in the market is more consistent with the development of more major bull market peaks ........................ 172
RISK A huge gap has opened up between reality and perceptions ......................................................................................................... 173
RISK Economic Surprise Index lower highs, lower lows and a reluctant bounce ................................................................................. 174
TECHNO-FUNDAMENTALS ................................................................................................................................................................................. 175
CHARTS OF NOTE ......................................................................................................................................................................................... 175
NEW-CHARTS A Major Rounded Top Pattern ........................................................................................................................................ 175
NEW-CHARTS Nov 1994-March 2000 Internet Bubble Comparison to March 2009-Current ................................................................. 175
NEW-CHARTS Is This Rally About Keeping Averages in the Green as We Enter IRA/RSP Tax Deposit Time? .................................. 176
NEW-CHARTS An Established Downward Trend Channel Since High in June 2015............................................................................. 176
NEW-CHARTS Divergence in DJ Industrial Average and Transportation Average ................................................................................ 177
NEW-CHARTS SPX has returned into the area of congestion that contained it prior to the January sell-off ......................................... 178
NEW-CHARTS Analogy: DJIA, 1961 1962 ........................................................................................................................................... 179
NEW-CHARTS Current Counter Rally Comparison to 2000 Tech Bubble Collapse ............................................................................... 179
NEW-CHARTS Current Counter Rally Comparison to 2007 Financial Crisis .......................................................................................... 180
CHARTS Cumulative Flows by BoAML Client - January 2008-Present .................................................................................................. 180
CHARTS 2016 YTD Flows by BoAML Client Type .................................................................................................................................. 181
CHARTS Upside Break of 2010 => 2085, Downside Break => 1963-1931 and 1902-1891 ................................................................... 182
CHARTS 4 Week MA of Total Net Buys by BoAML Client - January 2008-Present .............................................................................. 183
CHARTS BoAML Corporate Clients 4 Wk Average Buybacks Y-o-Y % Change .................................................................................... 184
CHARTS S&P 500 versus Forward EPS .................................................................................................................................................. 185
CHARTS Clear Signs Of A Market Trying To Roll-Over Against Corporate Buybacks Mysterious Buying ............................................ 185
CHARTS Classic Ending Diagonal In Gold .............................................................................................................................................. 187
CHARTS Value Line Geometric Composite Short Term A 38.2% Retracement ............................................................................... 187
CHARTS Value Line Geometric Composite Long Term A 38.2% Retracement with 23.6% Bounce ............................................... 188
CHARTS MSCI World Index 7.5 Year Cycle ......................................................................................................................................... 189
CHARTS World Equity Markets Have Now Lost Over $16.8 Trillion ....................................................................................................... 189
CHARTS Global Bear Markets ................................................................................................................................................................. 190
CHARTS Possible Head & Shoulders in Play with a Target of 1600 ....................................................................................................... 191
CHARTS Possible Small Degree Head & Shoulders in Play with a Target of 1725 ................................................................................ 191
CHARTS Possible Corrective A-B-C Near Completion .......................................................................................................................... 192
CHARTS Cumulative Flows By Client Type January 2008-Present ..................................................................................................... 192
CHARTS Total World Index Fund versus Long Term Fund ..................................................................................................................... 193
CHARTS Global DOW Drops To Next Support Level .............................................................................................................................. 193
CHARTS VIM remains negative across the board since mid-Nov. .......................................................................................................... 194
CHARTS A falling VIGOR shows net distribution ..................................................................................................................................... 195
CHARTS The RRG reflects a defensive or risk off market....................................................................................................................... 196
CHARTS The average stock in the developed world is off 23% from its 1-year high .............................................................................. 197
CHARTS The average stock in the developed world is down 8% over the past year ............................................................................. 197
CHARTS 52% of all developed world stocks are in a bear market over the past 200-days .................................................................... 198
CHARTS The average energy company is down an astounding 40% of its 1-year high. ........................................................................ 198
CHARTS The average stock in DM Americas is down 14%in the last year ............................................................................................ 199
CHARTS International and Emerging Market Divergence ....................................................................................................................... 199
CHARTS US versus World Stocks ........................................................................................................................................................... 200
CHARTS S&P 500 With and Without FOMC Meeting Dates ................................................................................................................... 201
CHARTS The Median Stock In The World Is Flat YTD ............................................................................................................................ 202
CHARTS 70% of EM Stocks are Still Down More Than 20% from 200-Day Highs ................................................................................. 202
CHARTS Year End Overhead Resistance to Santa Claus Rally ............................................................................................................. 203
CHARTS Professionals Are Leaving the Party Early ............................................................................................................................... 203
CHARTS NYSE Advance-Decline Line versus S&P ................................................................................................................................ 204
CHARTS A month-long bearish divergence for the US 15 most active advance-decline line ................................................................. 205
CHARTS A-D line preceded or coincided with big breakdowns for the S&P 500 in 2000 and 2007 ....................................................... 205
CHARTS A major bearish divergence for global A-D line in US Dollars .................................................................................................. 206
CHARTS Be Alert to Oversold Pull Back Before Seasonal YE Strength ................................................................................................. 207
CHARTS Leading Indicators Support View The Current Weakness May Turn into a Buying Opportunity ............................................. 208
CHARTS Problem in US Retail Developing ............................................................................................................................................. 209
CHARTS Gold Reacted to Chinese Devaluation ..................................................................................................................................... 210
CHARTS The DOW Theory & DOW Transports ...................................................................................................................................... 211
CHARTS October- A Month for the History Books ................................................................................................................................... 212
CHARTS The Smart Money Has Never Been This Long the Long Bond ................................................................................................ 213
CHARTS Real S&P 500 Index Cycles with Recessions .......................................................................................................................... 214
CHARTS Quarterly Overbought Cycles ................................................................................................................................................... 214
CHARTS Monetary Velocity Declines as Excess Leverage Weights on Consumption ........................................................................... 214
CHARTS The Real Value of Cash ............................................................................................................................................................ 215
CHARTS Consumer Sentiment versus S&P 500 ..................................................................................................................................... 215
CHARTS Hedgers Net Long Record of S&P 500 Futures ....................................................................................................................... 216
CHARTS Fed Balance Sheet Changes versus S&P 500 ......................................................................................................................... 217
CHARTS S&P Futures versus Relative Volumes ..................................................................................................................................... 217
CHARTS Japanese Buying Foreign Stocks ............................................................................................................................................. 218
CHARTS Monetary Initiatives versus S&P 500 ........................................................................................................................................ 219
CHARTS Bull Trend Line Support ............................................................................................................................................................ 219
CHARTS DOW Industrial 200 WMA Boundary Condition & Trend Direction Change Indicator.............................................................. 220
CHARTS DOW Industrial 200 WMA Boundary Condition & Trend Direction Change Trigger ................................................................ 220
CHARTS Global 150 Equity Index Bounces off Lower Support Channel ................................................................................................ 221
CHARTS Global 150 Equity Index Potential Key Support Levels ......................................................................................................... 221
CHARTS The Rout May Have Just Began According to Some ............................................................................................................... 222
CHARTS The VIX Termination Algo ......................................................................................................................................................... 222
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CASSANDRA: Ron Paul Portfolio, 'Craziest' we've ever seen? ..................................................................................................................... 691
CASSANDRA: John Mauldin Goes Negative .................................................................................................................................................. 692
CASSANDRA: Hayman Capital Dramatically Reduces Risk .......................................................................................................................... 700
CASSANDRA: Byron Wien Warns "Oblivious Markets" Of 20% Correction ................................................................................................... 701
CASSANDRA: Harry Dent Warns Stocks to Sink More than 60% by End of 2014 ........................................................................................ 701
CASSANDRA: Stanley Druckenmiller: "When You Get This Kind Of Rigging, It Will End Badly".................................................................. 702
CASSANDRA: Mohamed El-Erian: "Prices Are Artificially High - Its Time to Take Profits" .......................................................................... 703
CASSANDRA: Felix Zulauf: World Headed Toward 1987 Style Market Collapse .......................................................................................... 704
CASSANDRA: Doug Kass: 'I'm Getting The Summer Of 1987 Feeling' In The Market Right Now ............................................................... 704
CORRELATION & COMPLACENCY A PROBLEM .............................................................................................................................................. 706
EVENT RISK A PROBLEM .................................................................................................................................................................................... 709
Q2 EARNINGS & THE R WORD .............................................................................................................................................................. 709
POLITICAL-ECONOMIC TENSIONS .......................................................................................................................................................... 709
CENTRAL BANK POLICY MISCUES.......................................................................................................................................................... 709
ASIAN ECONOMIC SLOWDOWN SPILLAGE ............................................................................................................................................ 709
PETRO$ CRISIS BREWING IN BRIICS...................................................................................................................................................... 709
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BUYBACKS Why Stocks Are Sliding: For The First Time Since 2009 Spending On Buybacks Surpasses Free Cash Flow ................ 948
BUYBACKS When Buybacks Fail... ......................................................................................................................................................... 952
BUYBACKS "Risky Business": Companies Are Now Funding Share Buybacks By Selling Bonds To Other Companies ...................... 953
BUYBACKS 94% of total S&P in 2015 will go back to shareholders, as dividends and buybacks ......................................................... 956
BUYBACKS CEO Pay Boosted from Giving Shareholders Cash ............................................................................................................ 957
BUYBACKS Investor-CEO Feedback Loop ............................................................................................................................................. 958
BUYBACKS Buybacks Account for Substantial Share of Corporate Profits ............................................................................................ 959
BUYBACKS Quarterly History of Buyback Announcments ...................................................................................................................... 959
BUYBACKS Buybacks as a Percentage of Total Cash Use at the Highest Level Since 2007................................................................ 960
BUYBACKS Weekly Buybacks and Rolling 3 Month Sum ....................................................................................................................... 960
BUYBACKS What Sustained Buybacks Look Like To Rating Agencies IBM Example ........................................................................ 961
BUYBACKS Dollar Volume of Share Buybacks and Dividends at Record Levels ................................................................................... 961
BUYBACKS Buybacks & Dividends Hurdle $900B in 2014 ..................................................................................................................... 961
BUYBACKS The Growth of Stock Buybacks............................................................................................................................................ 962
BUYBACKS Buybacks & Dividends as a Percentage of Operating Earnings ......................................................................................... 963
BUYBACKS Executive Compensation Structure...................................................................................................................................... 963
BUYBACKS During 2014 virtually 100% of S&P 500s reported profits of $1T were disgorged as shareholder distributions ................ 964
BUYBACKS 2015 US Equity Flows Forecast ........................................................................................................................................... 964
BUYBACKS Announced Gross Share Buybacks ..................................................................................................................................... 965
BUYBACKS Global IPO /Secondary Offerings versus Announced Gross Share Buybacks ................................................................... 965
BUYBACKS Actual Net Share Buybacks ................................................................................................................................................. 966
BUYBACKS US IPOs-Actual Buybacks and LBO .................................................................................................................................... 966
BUYBACKS Cash to Stockholders Exceeds 90% of Profits .................................................................................................................... 967
BUYBACKS Stock Repurchases Surge 30% in Q3 ................................................................................................................................. 967
BUYBACKS Stock Repurchases 2nd Highest on Record at $145B.......................................................................................................... 967
BUYBACKS 2914 YTD Stock Repurchases By Corporation 20 Corporations Over $4B ..................................................................... 968
BUYBACKS Operating EPS With / Without Buybacks ............................................................................................................................. 968
BUYBACKS Sales & Revenue Doesnt Support Reported EPS Due to Buyback Distortion ................................................................... 969
BUYBACKS S&P 500 Buyback Index versus S&P 500 ........................................................................................................................... 970
BUYBACKS The New S&P 500 Buyback Index TR ................................................................................................................................. 970
BUYBACKS The New S&P 500 Buyback Index Since Start of QE ......................................................................................................... 971
BUYBACKS IBM Total Debt to Equity (to Fund Buybacks) ..................................................................................................................... 971
BUYBACKS IBM Debt Issuance v Buybacks ........................................................................................................................................... 972
BUYBACKS Global FDI into Finance versus Productive Assets ............................................................................................................. 973
BUYBACKS Total Corporate Debt 35% Higher than 2008 Peak Used for Buybacks .......................................................................... 973
BUYBACKS Buyback Bonanza ................................................................................................................................................................ 974
BUYBACKS Buybacks Have Made a 1% Earnings Growth Distortion to Median S&P 500 Company ................................................... 974
BUYBACKS Top 10 Buyback Companies ................................................................................................................................................ 975
BUYBACKS Intel Buybacks ...................................................................................................................................................................... 975
BUYBACKS Shares Outstanding Back at 2000 Level ............................................................................................................................. 976
BUYBACKS Largest Volumes of Buybacks by US Listed Corporation in Last Year ............................................................................... 976
BUYBACKS Corporations Are No Longer Investing But Rather Financial Engineering Stock Prices ..................................................... 977
BUYBACKS Q2 Drop-Off Closer to Normal .......................................................................................................................................... 978
BUYBACKS Borrowing to Buy back Shares ............................................................................................................................................. 978
BUYBACKS Cyclical Nature of Buybacks Evident ................................................................................................................................... 978
BUYBACKS Major Q2 Repurchases ........................................................................................................................................................ 979
BUYBACKS Major Q1 Repurchases ........................................................................................................................................................ 979
BUYBACKS Quarterly Repurchase & Buyback Yield ............................................................................................................................... 980
BUYBACKS US Corporate Cash versus Buybacks .................................................................................................................................. 981
BUYBACKS Net Debt/EBITDA of American Non-Financial Corporations ............................................................................................... 981
BUYBACKS Stock Buybacks To Grind To A Halt Following Massive Credit Fund Outflows, "Bond Carnage" ....................................... 982
BUYBACKS"The End Of The Road" - Debt-Funded Buyback Boosts Are Finite ..................................................................................... 984
BUYBACKS Why There Is No Growth: The Entire S&P 500 Free Cash Flow Is Going Back To Shareholders ...................................... 987
BUYBACKS Do Share Buybacks Create Value? (Spoiler Alert: No) ........................................................................................................ 988
BUYBACKS Surprise! CEOs Are Getting Rich by Buying Back Stock ..................................................................................................... 990
BUYBACKSThe End of Buybacks? Goldman Warns Political Pressure On Share Repurchases Is Rising ............................................ 995
BUYBACKSCorporate Buybacks: Connecting the Dots to the F-Word .................................................................................................... 997
BUYBACKS Capex Recovery Is Worst In History, BoAML Says ............................................................................................................ 1002
BUYBACKS Stock Buybacks Move to the "Terminal" Next Stage .......................................................................................................... 1005
BUYBACKSOne Heckuva Bull Market .................................................................................................................................................... 1007
BUYBACKS - The US Equity Bubble Depends On Corporate Buybacks; Here's the Proof ..................................................................... 1008
BUYBACKS - Why Markets Are Manic - The Fed Is Addicted To the "Easy Button" ............................................................................... 1012
BUYBACKS - When $140 Billion In Buybacks Isn't Enough... .................................................................................................................. 1014
BUYBACKS - "Obsessive" Buybacks Could Be Big Mistake, "Serious" People Tell Unserious People .................................................. 1014
BUYBACKS - Q3 Buybacks Surging, These Are The Top 20 Repurchasers Of Their Own Stock .......................................................... 1018
BUYBACKS - Accounting Magic ................................................................................................................................................................ 1020
BUYBACKS - The largest source of overall US equity demand in recent years....................................................................................... 1022
BUYBACKS - Has Boosted Median Earnings Growth by 100 bps for S&P 500 ....................................................................................... 1025
BUYBACKS - Companies Spend Almost All Profits On Buybacks ........................................................................................................... 1030
BUYBACKS - Buyback At Biggest Pace Since 2007 ................................................................................................................................ 1035
BUYBACKS - Buyback Party Slowing ....................................................................................................................................................... 1037
BUYBACKS - Buyback Party Slowing ....................................................................................................................................................... 1042
THE $2T TAX RUSE Its a Free Ride for US Corporations ....................................................................................................................... 1047
UNPRECEDENTED BUYBACKS LEVELS ............................................................................................................................................... 1047
A FREE TAX RIDE..................................................................................................................................................................................... 1049
GENERIC TAX EXAMPLE ......................................................................................................................................................................... 1049
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