Wednesday, April 8, 2015


Part 1 of Phil DeMuth's Daily Journal Annual Meeting notes [H/T Will] (LINK)

Switzerland becomes first to sell 10-year debt at negative yield (LINK)
Switzerland has become the first country to sell benchmark 10-year sovereign debt at a negative yield, as the implications of the European Central Bank’s bond buying programme continue to ripple across markets. 
With a yield of minus 0.055 per cent, investors are in effect paying to lend SFr232.51m (€222.4m) to the Swiss government until 2025.
Spain Joins Negative Yield Club (LINK)
Spain has joined the sub-zero debt club, just. 
The Spanish Treasury on Tuesday issued short-term debt yielding a shade under 0%. The €725 million ($796 million) in six-month Spanish debt delivers an average yield to investors of -0.002%. Buyers were still keen, placing bids worth five times that amount, according to the Treasury.
Kyle Bass's New Tack: Dispute the Patent, Short the Stock (LINK)

Chris Mayer: Notes on Deflation From Tokyo (LINK)

The Absolute Return Letter, April 2015: The 'Perfect Storm' (LINK)

Andrew Smithers: Risks and dangers in the aftermath of QE (LINK)

Oliver Sacks' autobiography, On the Move, will officially be published on April 28th (LINK)

How Tiger Killed Tiger (LINK)

Book of the day [H/T @Sanjay__Bakshi]: Structures: Or Why Things Don't Fall Down [This was also a book recommended by Elon Musk, HERE.]