Markets closed higher after melting up from the opening bell. The DOW closed up 218 points, the Spooze up 1.6% and the Nasdaq up 1.9%. WTI crude unable to pierce the 39 barrier and slipped to settle at the mid 38's. GS is calling for crude to be sharply lower and some investors are calling this market disinformation. Gold also slipped from 1284 this morning to 1250.
NEW YORK (Reuters) - Many bond investors who benefited from the recent rally in battered energy debt prices are maintaining or seeking to add to their holdings, viewing the rally as the start of a longer-lasting uptrend rather than a blip.
NEW YORK (Reuters) - Oil rose up to 2 percent on Friday, with U.S. crude gaining for a fourth straight week, after the world's energy watchdog said the market may have hit bottom, although Goldman Sachs said the 50 percent rally in under two months was "premature."
OKLAHOMA CITY (Reuters) - The night before Aubrey McClendon died, the oil-and-gas pioneer was expected at a private dinner here with potential business partners. Among them: Vicente Fox, the former president of Mexico.
When we last looked at the $2.9 billion Horseman Capital, we reported that not only has the fund which many have called the "most bearish in the world" generated tremendous returns almost every single year since inception (except for a 25% drop in 2009 after returning 31% during the cataclysmic 2008), but more notably, it has achieved that return while been net short - and quite bearish on - stocks ever since 2012.
In that period it has consistently generated low double-digit returns, a feat virtually none of its competitors have managed to replicate. Its performance has put it in the top percentile of all hedge funds in recent years.
Furthermore, in a year most other hedge funds would love to forget, the fund "crushed it", with a 20.45% return for 2015 and 5.6% in the tumultuous month of December.
Today, we received Horseman's latest February numbers and the fund's outperformance has continued: in a very volatile month, in which many hedge funds were stopped out in both directions, Horseman returned a respectable 1.5%, after 8% the month before, and with a 9.6% YTD tally, it remains in the 99%+ percentile of returns for the year.
Outperforming the market is hardly new to Horseman: it has been doing so for four years in a row, and not surprisingly, 2015 was its best year since 2008. 2016 is starting off just as good as the prior year.
The S&P 500 and Dow industrials close at their highest level of the year Friday, while all three main indexes recorded weekly gains for a fourth straight week in a rally largely fueled by a rebound in oil prices.
Treasury prices tumbled Friday, pushing yields higher for the fourth straight week "the longest streak of rising yields since May 2013 "as a rally in riskier assets, including equities and oil, led investors to sell haven assets.
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