"It’s one thing to expect a V-Shaped recovery because you’re looking at a bunch of U.S. Equity charts until companies have to report their earnings reality.
It’s entirely another thing if it’s a global recovery."
via @KeithMcCullough t.co/XIP9kJg4st
— Hedgeye (@Hedgeye) June 4, 2020
twitter.com/QTRResearch/status/1268610142926508034
Small-caps have continued to climb, but “zombies” (EBIT/int exp < 1) have been leading Russell 2000 index higher, while ex-zombies have lagged considerably … opposite picture for their larger brethren (S&P 500)
[Past performance is no guarantee of future results] pic.twitter.com/DNrLao1JWN— Liz Ann Sonders (@LizAnnSonders) June 4, 2020
Fundamentals. Definitely fundamentals. pic.twitter.com/MEsVPtLyvF
— Not Jim Cramer (@Not_Jim_Cramer) June 4, 2020
The enormous flow of money into risky credit vehicles – at a time when the underlying fundamentals of risky credit vehicles are about as bad as we've seen in modern history – continues. Good times. $HYG $JNK t.co/wVAYFCrc9U
— Mike Larson (@RealMikeLarson) June 4, 2020
Duh, $8.5T domestically and $13T globally of central bank liquidity will do that.
No. Other. Reason. Needed. t.co/YaI0EvhKEB
— Samantha LaDuc (@SamanthaLaDuc) June 4, 2020
I was wondering when @HoweGeneration generational turning was going to kick in. Right on schedule – and not a minute too soon. Bless their courage and decency. No more "get out of jail free" cards for thug cops @Hedgeye @HedgeyeDDale @KeithMcCullough pic.twitter.com/UN4WDF53LS
— Ken McCarthy (@KenMcCarthy) June 4, 2020
Hertz, which declared bankruptcy a couple weeks ago, is up 75% today (HT: @Provingwork)
Not that weird when you think about it. With shares so depressed, just a slight change in the estimated residual value left over for equity holders can massively change its value. pic.twitter.com/pnOUOSFzZ1
— Joe Weisenthal (@TheStalwart) June 4, 2020
ANALYSIS: In spite of today's historic market collapse, there remains ample liquidity pic.twitter.com/J4AmWDGlyu
— Rudy Havenstein, nominally. (@RudyHavenstein) June 4, 2020