Thursday, 29 January 2015

Charts today - bonds, Greece, VIX, oil, Apple, Facebook, Chinese tourists & Keynes

A few charts of interest today...

The rise of negative yields in Eurozone government bonds...

...and I think it is fair to say that the average investor prefers to hold no yielding government bonds rather than (say) Greek banks:

Well, volatility is back to an important level...

(h/t @MarkBrant1KM)

Did you see the poor oil inventory news?  Well, supply/demand does not look great as shown by this cost-curve analysis: 

More from the oil companies over the next few days as they publish earnings (selective contrarian buys in my opinion).  Apple beat expectations on Tuesday evening and its market cap is now getting close to the one in Spain: 

Meanwhile Facebook results were perceived to be a bit weak versus expectations despite the rise of mobile interaction.  More on these numbers later: 

A couple of final points.  Interesting here that Chinese tourism arrivals are not romping.  Due to pollution?

And this excellent piece by Ben Carlson highlighted that even a great stock picker like Keynes showed a lot of volatility in his investment career (although ended up well ahead of his nominal benchmark).  Really interesting read here

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