Blackthorn Quarterly Letter Q2 2013

Posted on Friday, July 12th, 2013

The air goes out of the balloon much faster than it went in.  -Howard Marks Last quarter we talked about the madness of crowds and the fantastic gains put in for the market to start the year. If one were to extrapolate those gains to an annualized basis one could see that the pace of… read more.

Bond Vigilantes Back

Posted on Friday, July 5th, 2013

I hope that you all enjoyed your 4th of July celebrations and BBQ’s. While we were barbequing in our back yards and parks officials across the pond were busy promising more easy money. That got European markets hearts all aflutter and up about 2.5 -3 % across the board. The reason that European officials chose… read more.

Manic Depression

Posted on Friday, June 28th, 2013

Market cannot seem to get over its Manic Depressive behavior. Volatility is still the rule of the day. The Dow Industrials were down about 140 points after the opening this morning only to retrace all of its losses before 11am. The Federal Reserve purchased about $5 billion worth of securities this morning from 10am until… read more.