Steven J Cohen CFA Newsletter Q4 2022

Economy & Capital Markets: The US Federal Reserve Bank identifies 0.5% as the long run REAL interest rate. This implies that production (or tax revenue) expansion needed to payback a loan and interest is also expected to be 0.5%. Given the exponential technological advances and still positive demographic growth, there must be many areas where …

FTX

We have been a customer of FTX since june 2022, we chose FTX because it had the greatest liquidity in FUTURES crypto currency. We transferred from Binance due to increased UK regulatory burden on customers to trade crypto derivatives. Although it was still possible to trade on margin on the Binance exchange the increased workflow …

Steven J Cohen CFA Newsletter Q3 2022

Economy & Capital Markets: The US Federal Reserve Bank identifies 0.5% as the long run REAL interest rate. This implies that production (or tax revenue) expansion needed to payback a loan and interest is also expected to be 0.5%. Given the exponential technological advances and still positive demographic growth, there must be many areas where …

Steven J Cohen CFA Newsletter Q2 2022

Economy & Capital Markets: On June 15h the effect Federal Funds Rate was raised to an average of 1 5/8ths %, with its projection for the year-end raised to 3.4%. US 10 year bond yields are now hovering around 3% after the bond price had fallen 17% from its highs, whilst the S&P 500 has …

Steven J Cohen CFA Newsletter Q1 2022

Economy & Capital Markets: On March 16th the Fed raised: the effect Federal Funds Rate to an average of 3/8th %, with a projection for the year-end of 1.9% and, 2.8% by end 2023. The long end of the bond market sold off in response. On 24th February, Russia launched an large-scale invasion of Ukraine, …

Steven J Cohen CFA Newsletter Q4 2021

Economy & Capital Markets: On December 15th the Fed indicated that: Treasury and mortgage bond purchases are to end in mid-March 2022, and its benchmark interest rate will rise to 0.9% by the end of 2022 and then onto 1.6% by the end of 2023. Both the stock market and treasury yields maintained their range. …