Premium Stock
Article :
September 2007
Mexico’s most celebrated spirit has come a long way since that
trip to Tijuana that you don’t remember.
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Mix Masters
Article :
Oct/Nov 2006
When is a home bar actually a home bar, and not just a bunch of bottles of booze? When it's stocked with these six essential mixing ingredients.
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Clear Winners
Article :
April/May 2007
These new super-premium vodkas may be, by definition, odorless and flavorless — but they still manage to taste exceptional
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Smoke Bombs
Article :
June/July 2007
Open the windows and stay low to the ground when pouring this inferno of smoky scotches.
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One Sip Beyond
Article :
Feb/March 2007
White rums are fine — for mixing a mojito. But for a more refined experience, put a few of these delicious dark rums in your snifter and sip
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Bubble Market
Article :
December 2006/January 2007
This time of year, we all down the bubbly -- but only the discerning quaff Têtes de Cuvée
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Splendid Blendeds
Article :
August/September 2006
Behold the greatest non-single malts of the whiskey world.
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Liquid Ice
Article :
June/July 2006
Don't get all hot and bothered this summer -- chill the hell out with these premium gins.
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Sherry on Top
Article :
April/May 2006
Think this unheralded wine is merely Granny’s little helper? Time to think again.
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Beer Madness
Article :
February/March 2006
Nothing pairs better with hoops than hops. To honor the NCAA tourney, we put these extreme brews to an Elite Eight taste test.
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A Dozen Roses
Article :
December 2005/January 2006
Why would your true love want a partridge and a freakin' pear tree? Ply her with 12 of these pink bubblies instead.
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Snifter Supreme
Article :
October/November 2005
Cognac has been embraced by the kings of bling, but who better to pick premium stocks than traders? Our panel of Wall Streeters names the best of the blends.
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White Magic
Article :
August/September 2005
These high-end vodkas are leading the rush to the bar.
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Cognacs of the Carribbean
Article :
June/July 2005
At the highest end of the rum spectrum are dark "brandy-style" sippers that easily rival the best of the Old World
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Liquid Fiesta
Article :
April/May 2005
Ice? Limes? Salt? Three ways to tolerate bad tequila - and three enemies of the finest versions, which demand to be sipped and savored all by themselves
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Liquid Market
Article :
February/March 2005
Some $70 million of the world's best, most hard-to-find wines come to auction in New York every year -- and those with trading chops have a shot at cornering the market
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Bubble Market
Article :
December 2004/January 2005
Not all sparking wines are created equal. Our panel of traders testS the world's best champagnes in search of the toast with the most
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Blended Heaven
Article :
October/November 2004
Single-malts are great, but top-of-the-line blended whiskies can hang right up there with them. Our panel of traders test-drives a grand’s worth
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Chewing Over Short-Selling Rules
Article :
November 2008
How regulators can’t be trusted to do much of anything, especially when it comes to activities that begin with the word “short” and end with the word “selling.” A treatise from those who know better.
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You’ve Got To Be Kidding Us...
Article :
November 2008
Only the Federal Reserve could possibly come up with a program (in this case, one that backs not only banks, but also the $1 trillion asset-backed commercial paper market) boasting an acronym like ABCPMMMFLF. Just a tip, fellas: acronyms were invented to make references easier – not entirely inconceivable. Now, for how deep-pocketed players are finding ways to take advantage.
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We Can Work it Out
Posting :
Rich Blake
:
11/13/2008
While a cavalcade of billion-dollar hedge fund earners (George Soros, John Paulson, Ken Griffin) marched up to Capitol Hill Thursday to get a grilling from Henry Waxman's House Oversight Committee, there was a hearing simultaneously taking place on the Senate side.
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And That’s Just An Aperitif…
Article :
November 2008
What was the real deal with hedge funds’ performances in October? In addition to the average year-to-date decline building to 15.5% (not a typo) we are now hearing that some hedge fund luminaries like Peter Thiel, Jeffrey Gendell, John Burbank III – even Nobel-prize winner Myron Scholes – ran into tight spots. Their stories.
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The Tip Sheet
Article :
November/December 2008
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Pure Plays
Article :
November/December 2008
These organic vintages are redefining the notion of sustainable growth.
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Is Capitalism Alive in China?
Posting :
Mark Whistler
:
11/06/2008
Read on for a completely different perspective on how the global financial crisis is affecting China. You might be surprised.
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WEB EXCLUSIVE: How To Lead In Unprecedented Times
Article :
November 2008
In a market racked by writedowns, bailouts, layoffs and no shortage of negativity, three top minds in restructuring share their thoughts on how to persevere.
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Emerging Markets: Don’t Diss ‘Em ‘Til You’ve Tried ‘Em
Article :
November 2008
It has long been known that local currency debt is one of the best hedges against structural dollar weakness. And while the dollar may still be coming off its flight-to-quality high amid the much-crowed-about greenback liquidity shortage, the end appears to be nigh. Are you ready? Read this, and you will be.
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Screw The Models
Article :
November 2008
Of course, by this, we could only mean financial models. Frankly, we thought the wizardry of our advanced market tools was supposed to protect us humans from, well, ourselves. And while we’re glad to say it turns out we were right in that rather humble assumption, it doesn’t seem we properly anticipated the equipment being superior to the operator. (Ahem, the operators, in this case, being us.) The take-away from some of the world’s brightest minds on why the very departments designed to minimize risk fouled up.
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Random Rumor No. 12,987
Article :
November 2008
This headline should make it abundantly clear that we cannot say we know for sure whether this tip about a certain French bank deciding not to trade with a certain major hedge fund is true (in fact, we suggest you read all the accompanying “peanut gallery” comments that debate it). But we do know where there’s smoke there is often fire and this, at the least, is a very good impression of smoke.
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The Trading Week: November 2 - 7
Posting :
All Things Forex
:
10/31/2008
The U.S. Non-Farm Payrolls and three interest rate announcements from the Reserve Bank of Australia, Bank of England, and the European Central Bank will kick-start the trading month ahead.
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Distress Signals
Article :
November/December 2008
How dire is the situation facing the financial system and the larger economy? A roundtable of distressed-securities experts share their outlook.
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Threat Assessment 2009
Article :
November/December 2008
A veteran risk manager takes the long view on the troubled financial markets. And it's not all bad -- really.
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In the Money
Article :
November/December 2008
Nauseating volatility, short-sale bans, all-out panic -- what a time
to be running an options exchange. Talking shop, and shocks,
with BOX vice chairman William Easley.
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Greenspeak
Article :
November/December 2008
With efforts to reduce CO2 emissions gaining momentum, Evolution's Andrew Ertel exhales some carbon-credit expertise.
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The Tip Sheet
Article :
November/December 2008
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The Quiet Man
Article :
November/December 2008
As he handles orders on behalf of funds in need of a stealth execution, Bill Byrne's handiwork goes unnoticed -- just the way he likes it.
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Out Of Frying Pan, Into Fire – And Back Again?
Article :
October 2008
As if the market wasn’t tough enough these days, hedge funds were estimated to have lost over $35 BILLION on short-selling maneuvers as Porsche scooped up a mess of Volkswagen shares that sent the latter’s stock rallying so high, it briefly became the world’s most expensive company. Wow, sometimes when you are wrong, you are really wrong. However, some hedgies may get a break as Porsche tries to rectify matters.
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Hot News, Gossip and Industry Dish
Article :
November/December 2008
All the latest news, gossip and industry dish: Henry Paulson on zero shut-eye, the Goldman "shameful-pleasure" trade, mustaches for charity and more.
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Under Citadel’s Spell
Article :
October 2008
As the market collapsed like a misbegotten soufflé, Citadel’s top dog, Kenneth Griffin, made his move. Amid Wall Street’s wilding, he got on the horn and summoned his investors for a surprise conference call. And they came in droves. But will they heed his remarks?
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Bernanke: Going For Zero?
Article :
October 2008
Less than three weeks after the Fed’s hasty interest-rate slashing was utterly subterfuged by the caving-in of financial markets, is Benny & the Biz actually gunning for another round?
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Citic’s Identity Crisis
Article :
October 2008
Perhaps you already knew that Hong Kong’s Citic Pacific is a metals conglomerate with A$1.6bn of Aussie dollar capital expenditure through 2010, not including operating expenses. But did you know it’s also got foreign exchange contracts leveraged up the wazoo for A$9.4bn? What is this – a metals company or a hedge fund?
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Dollar Doldrums? Fine, OK, Whatever
Article :
October 2008
As governments such as Germany, the Netherlands and Sweden intercede to further prop up a listing global financial system (even as the U.K.’s public finances are exposed today as utterly shambolic), signs of nascent stability are edging the yen and the dollar back down. A peek at the latest prognosis for currency markets.
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Making The Most Of The Credit Crunch
Article :
October 2008
Everyone has a different idea for making this the best global credit crunch ever. The U.S. is expanding the powers of the Federal Deposit Insurance Corporation and U.K. banks are clamoring for the reinstatement of dividends as U.K. Prime Minister Gordon Brown calls for a flashy, splashy “early warning” system of multicoloured lights (exaggerating only slightly, here) to alert us the next time a crisis is about to strike. The Bank of Japan is offering unlimited money to banks (not traders, unfortunately), the Reserve Bank of India is launching a 14-day repo auction to boost liquidity, Hong Kong is guaranteeing all bank deposits until the end of 2010, Indonesia is cutting banks’ forex reserve requirements and even Pakistan is getting in on the act. Of course, with all this effort being expended, the markets must still be on the rebound. Right? Well...It’s like this...
> read more
Manic Depressive Market
Posting :
Larry Levin
:
10/14/2008
The major stock indexes each gained more than 11% today after the Federal Reserve confirmed that central banks would offer banks unlimited amounts of money and Europe said it would guarantee bank loans. According to the central banks, there is no longer a need to fear anything. They have declared all loans are good. They are backstopping all loans everywhere with unlimited amounts of money. Well, all loans that matter anyhow -- not yours of course, unless you have a direct line to the Fed or your Senator. With this news and more, the depressive mood of last week turned manic today.
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Why Bail A Few, When You Can Bail Them All?
Article :
October 2008
Stocks in Europe and Asia are again charging higher on news that the U.S will be taking “drastic” action to shore up the global banking system today – apparently, in the belief that so far it has not been drastic enough. (Or, in any case, swift enough.) So, which banks are jostling to the front of the breadline for a handout? Pretty much all of them. But will disbursing billions finally kill this pernicious cancer? Stephen Schwarzman, CEO of Blackstone, seems to think so.
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Bringing Out The Big (Dumb) Guns
Article :
October 2008
At last, a stock rebound! We’re not sure if this is natural, but for now we’re not asking questions and just basking in the sweet, sweet glow of an MSCI World Index moving in a direction we never thought we’d see it move again. Meanwhile, the U.S. Fed is banding together with the Bank of England, the European Central Bank and the Swiss Central Bank to effect the following, thereby solving the problem of money being too cheap and accessible for too long by creating a situation in which money is...er, too cheap and accessible.
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The Biggest Losers
Article :
October 2008
Over the past year, credit-market calamity hath wrought unholy havoc on market participants of all sizes and pedigrees. Here's a look at some of those who got majorly crushed.
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Happy Birthday
Posting :
Larry Levin
:
10/10/2008
One year ago today, the Dow closed at its all time high -- happy birthday. This birthday party, however, is not very pleasurable. The closing high one year ago was 14,164. Today's close was 8,579 -- a loss of 40%. Estimates of the losses for those who employ the Buy & Hold investment strategy are currently $7.5 Trillion. There will surely be an oversold rally at some point, but this won't be over for quite a while.
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To The Victor
Article :
October 2008
Transcending markets, styles, cycles and instruments, Victor Sperandeo has earned a reputation as a trader's trader.
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Global Liquidity
Posting :
Larry Levin
:
10/09/2008
Central banks across the globe poured liquidity into the marketplace today with its coordinated rate cuts. Across the world, however, banks are already drowning in liquidity. Cash is not the problem -- trust and fear is.
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Premium Bonds
Article :
October 2008
The new breed of tequilas are high-yield investments.
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Beat Of The Street: Once More Unto The Breach
Article :
October 2008
Richard Fuld helped Lehman steer clear of a black hole in 1998. As Fuld faces scrutiny from Capitol Hill, here’s a glimpse of more hopeful times.
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Did Fed Ease Rates On The Sly?
Article :
October 2008
Just a few reasons why some market observers believe the U.S. Federal Reserve may have whittled down borrowing costs over the past 24 hours in what economists are branding a "stealth easing."
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Lehman Makes Its Case
Article :
October 2008
As Bank of America shows its tender underbelly in the form of a profit and dividend cut and Citigroup and Wells Fargo cool their heels in the fight over Wachovia in an uneasy, two-day truce, a new theatre of battle is opening up over Lehman Brothers CEO Dick Fuld. Should he be taken to the tool shed over allowing the bank to pay more than $23 million to three top executives on the cusp of the firm’s implosion?
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Lehman Slams JPMorgan In Court
Article :
October 2008
In another legal tussle coming to the fore, the creditors committee of Lehman Brothers charge that JPMorgan played an instrumental role in the bank’s downfall. How these two banks are rather unlike Bank of America today, which just announced a landmark legal settlement.
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The Sky Isn't Falling?
Posting :
Larry Levin
:
10/01/2008
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Fine-Tuning Paulson’s Plan
Article :
September 2008
And, again, no, we do not mean John Paulson, the hedge fund superstar; we mean Hank, Goldman’s Washington plant, if you believe the inane conspiracy theorists. (Note: There are only two Paulsons you need to keep track of, so please try and keep up.) With the bailout plan cut wide open on the operating table and Congress and the White House rightfully fearing we may be losing the patient, here’s the best we’ve got on whether executive pay caps, independent oversight and equity stakes in banks for taxpayers will be in – or out – of the final draft. Hey, it may be a cruddy economic plan, but it’s OUR cruddy economic plan.
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Hedge Funds Might Sue
Article :
September 2008
Don’t government regulators know that short sellers add liquidity to the market? Will this really fix the problem? While industry trade groups have been opposed to some of the SEC's recent actions, such as the Coalition of Private Investment Companies and the Managed Funds Association, say they currently have no plans to sue the SEC.
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Rearranging Deck Chairs On The Titanic?
Article :
September 2008
Knowing that he’s gotten your attention with the regular Sunday hijinks, fire-eating and dancing bears, why should Paulson stop now? Plus, you know he couldn’t get off the Goldman clock if he tried. Still, this weekend’s goings-on were much weirder than the usual run-of-the mill bank bailouts/freakouts/sellouts/whatever that we’re getting used to. Seems Bernanke’s Fed has waved its magic wand and turned both Goldman Sachs (speaking of) and Morgan Stanley into traditional bank holding companies. Which, from what we can tell, greatly limits their roles and ushers in a crush of regulation. But, here’s the kicker: they are ALL RIGHT with this. Which is to say these banks, as we know them, will cease to exist. Read on to find out what, if anything, will be left.
> read more
Credit Crisis Enters Critical Phase; Central Banks Freak
Article :
September 2008
The U.S. Federal Reserve, the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada and the Swiss National Bank, et all, practically air-dropped hundreds of billions of dollars, spreading them all over the face of the earth, in a desperate attempt to maintain liquidity yesterday. Where did they get these dollars from? Warren Buffett, of course. Meanwhile, president Bush took drastic measures: he canceled a trip – no, really – to focus on masterminding a fresh economic plan. Always wanted to buy that favorite bank or insurance company? Go for it. If you act now, they will probably throw in Wachovia or Washington Mutual. And, heck, let’s not lie about it. THEY will pay YOU to take Wach or WaMu. And (obviously we don’t need to say this) either way they are probably available in some kind of twofer. So what are you waiting for? More on the latest maneuvers being employed in this serious new phase of the credit crunch.
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Russia: Doing Only Slightly Better Than The Rest Of Us
Article :
September 2008
Russian markets ceased to trade for a second day after emergency funding from the government failed to halt the largest stock kerfuffle since the country's debt default and currency devaluation a decade ago. What now?
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Otmar Speaks
Article :
September 2008
(And with a name like Otmar, how can you not listen?) Otmar Issing, the European Central Bank’s former chief economist, says that unlike during economic crises of recent past, the current one threatens to shake confidence in the world's financial system in a way that could go “on and on,” making it one of the most “dangerous” in history. And who does he blame? Three guesses and the first two don’t count.
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Fed Extends Definition Of ‘Collateral’
Article :
September 2008
In addition to stocks, they now will be accepting, in exchange for loans to securities firms, such sundry miscellany as empty oil drums, paint cans, septic tanks, liquorice bootlaces, hubcaps and Popsicle sticks.
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The Trading Week: August 31 - September 5
Posting :
All Things Forex
:
08/29/2008
The U.S. Non-Farm Payrolls and four Interest Rate announcements from major central banks will kick-start the trading month ahead.
> read more
The Clock Is Ticking
Posting :
Larry Levin
:
08/21/2008
More bad news hit the tape today regarding Fannie Mae (FNM) and Freddie Mac (FRE).
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The Tip Sheet
Article :
September 2008
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Spanish Revolution
Article :
September 2008
The vineyards of Priorat are home to some of the strongest comers in the wine markets.
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Quoth Of Noth: Long Or Short Capital
Article :
August 2008
Need we really say more?
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