Our financial system is crumbling this week.

[Freed Roger]

http://www.cnbc.com/2016/05/24/sports-a ... -sale.html

Sports Authority to be completely done for. The one by me used to really piss me off, how unorganized and poorly managed it was. You'd think in a place that huge - I could get [expletive] I need for my kid to play soccer softball - but they came up empty more times than not on sizes and overall availability.

Another white elephant (except for Halloween costume season) in our burb (along with the Office Max)
The big box retail model seems to be failing and could be terrible for municipalities that went all-in with it. I wonder what's next to fail? - a Pet supply store, Hardware store?

[fanforever]

http://www.cnbc.com/2016/05/24/sports-a ... -sale.html

Sports Authority to be completely done for. The one by me used to really piss me off, how unorganized and poorly managed it was. You'd think in a place that huge - I could get [expletive] I need for my kid to play soccer softball - but they came up empty more times than not on sizes and overall availability.

Another white elephant (except for Halloween costume season) in our burb (along with the Office Max)
The big box retail model seems to be failing and could be terrible for municipalities that went all-in with it. I wonder what's next to fail? - a Pet supply store, Hardware store?

Sports Authority Field at Mile High, previously known as Invesco Field at Mile High, and commonly known as Mile High or Mile High Stadium, is an American football stadium in Denver, Colorado. The field is named after a sponsor and the stadium is named Mile High. The stadium's primary tenant is the Denver Broncos of the National Football League (NFL). The stadium opened in 2001 to replace Mile High Stadium. The stadium was largely paid for by taxpayers in the Denver metropolitan area and the property is owned by a special taxing district.[6][7] More controversially, Invesco paid $120 million for the original naming rights, before Sports Authority secured the naming rights on August 16, 2011

[MrSaigon]

Interesting how there's always some reason for oil prices to go way up right before a holiday. This time it's the fires in Canada.

[pioneer98]

How hedge-fund geniuses got beaten by monkeys — again

The average hedge fund has produced a worse investment performance in the first half of this year than a portfolio consisting of a savings account at your local bank and a random collection of stocks picked by a blindfolded monkey.

Stop me if you’ve heard this one before.

According to the benchmark HFRX Global Hedge Fund Index, tracked by Hedge Fund Research Inc., the average hedge fund has earned its investors just 2.4% so far this year net of fees.

By contrast, the average stock in the MSCI World index of the developed countries’ equity markets is up 7.7%.

[Michael]

How hedge-fund geniuses got beaten by monkeys — again

The average hedge fund has produced a worse investment performance in the first half of this year than a portfolio consisting of a savings account at your local bank and a random collection of stocks picked by a blindfolded monkey.

Stop me if you’ve heard this one before.

According to the benchmark HFRX Global Hedge Fund Index, tracked by Hedge Fund Research Inc., the average hedge fund has earned its investors just 2.4% so far this year net of fees.

By contrast, the average stock in the MSCI World index of the developed countries’ equity markets is up 7.7%.

I'm reminded of this Planet Money podcast where they discuss the following:

In 2006, Warren Buffett posed a challenge. He bet that the smartest hedge fund managers out there couldn't beat the world's simplest, most brainless investment. In this show, we tell you who's winning.

You can guess who wins.


Hedge fund performance always looks great because often their numbers don't include fees. Additionally, if a fund performs badly they just rename it and hit the reset button on their numbers.

[AWvsCBsteeeerike3]

Did I read on here or somewhere else that past performance of funds was virtually worthless in predicting future performance... I think it was here, but it makes total sense.

[Freed Roger]

Big tech based companies like apple, google, amazon etc are getting hit today. all down 2-3%. What's happening?

[Leroy]

Russians.

We're [expletive].

[Socnorb11]

Blodget: And how big a crash could we be looking at?

Rogers: It’s going to be the worst in your lifetime.

Blodget: I’ve had some pretty big ones in my lifetime.

Rogers: It’s going to be the biggest in my lifetime and I’m older than you. No, it’s going to be serious stuff. We’ve had financial problems in America -- let’s use America -- every four to seven years, since the beginning of the republic. Well, it’s been over eight since the last one. This is the longest or second longest in recorded history, so it’s coming. And the next time it comes -- you know, in 2008, we had a problem because of debt. Henry, the debt now -- that debt is nothing compared to what’s happening now. In 2008, the Chinese had a lot of money saved for a rainy day. It started raining. They started spending the money. Now, even the Chinese have debt and the debt is much higher. The federal reserves, the central bank in America, the balance sheet is up over five times, since 2008. It’s going to be the worst in your lifetime, my lifetime too. Be worried.

Blodget: I am worried.

Rogers: Good. Good.

Blodget: Can anybody rescue us?

Rogers: They will try. What’s going to happen is they’re going to raise interest rates some more. Then when things start going really bad, people are going to call and say, ‘You must save me. It’s Western civilization. It’s going to collapse.’ And the Fed, who is made up of bureaucrats and politicians, will say, ‘Well, we better do something.’ And they’ll try but it won’t work. It’ll cause some rallies but it won’t work this time.

http://www.msn.com/en-us/money/markets/ ... li=BBnbfcL

[IMADreamer]

Well that's cool. I wasn't enjoying not worrying about money anyway. Might as well wipe out what I've got. lol <---nervous laugh.