In London things a pretty ugly from what I've heard...
Some Hedge Funds are going down, and also some PE's and small IM firms really getting hard times.
Yesterday I went to a presentation of a Economist
from Calyon (Group Credit Agricole) and he is VERY VERY pessimistic, he said that we may see 4Q of recession in USA. I'd be skeptical, but last year in may I saw the same guy's presentation and he called the scenario we are all seeing right now, I can send his name through a PM.
I'm really bearish (and so is my bank) and we keep buying Treasuries on dips (I'm an Fixed Income and Credit Trader
). This year so far has been really good for us, but it's sad because it's good because the market is a mess and we've been pessimistic. The problem is that the volatility is SO HIGH that even with small exposures the return (or the damage) is VERY HIGH.
Nick_sun sent me an article with changes at the HSMP program in UK, let me find it and I post it later if he doesn't.
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