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Investors in triple-leveraged oil ETFs:
Banking regulators trying to calibrate leverage ratios in real-time to allow banks to extend credit and refuel the economy without burning the whole place down:
Capitalism after coronavirus:
How banks feel about mark-to-market accounting rules before March 2020, and after.
Looks like my niche is financial market reporting through the medium of Tiger King memes.
Investors who were overweight cash:
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Tracy Alloway
@tracyalloway
Here's a thread of some older Odd Lots episodes @TheStalwart and I have made that are worth listening to right now.

Clearly we're in unprecedented times for markets, finance, the economy and society, but there are some consistent themes that start to emerge --->
First, the world is terrible right now. So listen to Arthur Demarest, an anthropologist who’s often been compared to India Jones, talk about why civilizations collapse (Yes, I think about this one a lot):

podcasts.apple.com/us/podcast/55-…
The recent market crash is certain to wind up in history books. Here’s @ScottNations walking us through what all the great market crashes in history have in common (he'll have to add a new chapter to his book!)

podcasts.apple.com/us/podcast/thi…
Read 11 tweets
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Tracy Alloway
@tracyalloway
JPMorgan estimates there were around 300 investment-grade portfolio trades in the first half of 2019, about 40% higher than the number of such trades in the *whole* of 2018. (Portfolio trades in high-yield were roughly stable at 160).
As a reminder, portfolio trades are when investors/dealers agree to exchange a basket of bonds in one transaction. Unsurprisingly, this is growing in tandem with corporate bond ETFs.
MarketAxess talked about this in earnings call last week: "We will also be launching a portfolio trading solution to respond to both the recent growth in portfolio trading across the fixed income market and the growth of fixed income ETFs."
Read 8 tweets
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Tracy Alloway
@tracyalloway
Let's talk about earnings quality and credit. 43% of syndicated loan deals featured Ebitda addbacks in the first half of this year. That's a record proportion, according to BAML. If you strip those addbacks out, Ebitda/Interest coverage levels on loans are the lowest since 2005.
(Let me tell you about my pet theory that Valeant's aggressive use of addbacks and debt financing to engineer artificial growth in a sluggish economic environment is actually representative of the entire market.)
(Ok here goes). First a recap. I think most people remember Valeant as the Canadian pharma company that expanded really rapidly by borrowing billions to fund mergers and acquisitions. Share prices soared and then began tanking in late 2015 as a number of issues came to light.
Read 15 tweets

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