If anyone was considering redeeming from the fund, just slow down and think things through; you don’t want to wake up in the morning and realize you’ve made the biggest mistake of your life, walking away from all this [gestures to warehouse full of fleece apparel]. Read more »
Does that help explain the difference between this CNBC article about investors who are mad that there’s too much trading in the financial markets, and this Bloomberg article about investors who are mad that there’s too little trading in the financial markets? Compare these stats:
While companies raise about $250 billion a year in equity financing through IPOs and additional equity offerings, [Vanguard founder Jack] Bogle said there’s $33 trillion worth of trading going on, “which is [bad].”
With these stats:
Average volumes of bonds changing hands each day this year represent 0.29 percent of the market’s face value, according to data compiled by Bloomberg and Trace, the Financial Industry Regulatory Authority’s bond-price reporting system. That’s down from 0.32 percent in 2011 and 0.5 in 2005. …
An average of $16.93 billion of investment-grade and high- yield bonds traded every day this year as the value of outstanding corporate bonds rose to $5.72 trillion, according to Finra and Bank of America Merrill Lynch index data. … Dollar-denominated corporate bond issuance of $1.4 trillion this year is up from $1.13 billion in 2011 and surpassed the previous record of $1.24 billion in 2009, Bloomberg data show.
So … probably not, right? Just different markets. Bond volumes are famously drying up due to impending Volcker bans on prop trading, increased agita about allocating capital to trading books at banks, etc., while stock volumes are famously zoomsploding due to high frequency trading and evil speculators who are only in the financial markets to make money, the jerks.1
Every fall, previously in the basement of 85 Broad and more recently at 200 West, Goldman Sachs names a class of new partners. Blindfolded and naked, they pledge their devotion to the firm. To commemorate the event, and for the practical purpose of tagging them so their status at the firm can be quickly verified with one quick drop of trou, these newly-made partners have their nether regions dipped in a vat of gold, which harden while Lloyd Blankfein gives a speech about how to carry oneself differently once they reach the upper echelons of GS (literally, as those things will drag if you’re not careful). At the stroke of midnight, as a baby seal barks in the corner, they are inducted into the Brotherhood of the Sach. And while one is more than welcome to benefit, monetarily, from this new position, being a member of the Brotherhood is less about sharing in its huge ass profits than it is making sure the partnership stays long and strong. Some people, apparently, did not read that portion of the fine print. Read more »