22 months after Brexit all the "geniuses" are shocked that the U.K. economy is fine. It's what I said at the time.

Before and immediately following the Brexit vote back in 2016, I said that the U.K. economy would not be harmed and that the pound would recoup all of its losses if selling were to happen.

In contrast, all of the "geniuses" i.e. the economists, market pundits, hedge fund idiots and especially, the entirety of the business and financial media, said the opposite. They were all wrong. I was right.

Here are some videos I made at the time.

"Brexit and the British pound."

"British pound will recoup all post-Brexit losses"

"I told you: Whatever the initial reaction to Brexit was it would be wrong."

"Buy signal. Jim Rogers says Brexit will create worst bear market."

MMT understanding. Market savvy. Mental Game.

Another hedge fund a*hole gets exposed as a cheater. Leon Cooperman.

Remember Leon Cooperman? I wrote about that arrogant asshole in a blog post right here, last year. He was whining and saying things like, he didn't want people "crapping" all over what he does for a living, as if he were saving lives or something.

Well, I guess Cooperman's  defensive tone was a reflex brought on by a guilty conscience. I say that because today we find out that he Feds are charging him with insider trading.

So here's another of these big, important, hedge fund losers. Big shots, right? They all cheat. None of them can make money legitimately.

Hedge fund a-hole, Eddie Lampert continuing his destruction of iconic American brand, Sears.

This hedge fund moron, Eddie Lampert, like so many others, systematically destroyed an iconic American brand, Sears. Now he's looking to dump some of its prized and most recognized brands and assets: Kenmore Appliances and Craftsman Tools.

Lampert is psycho Ayn Rand follower. It's said that his management style for Sears, where he is CEO, is to pit the company's operating units against each another. This is how he felt the business would benefit. Not by cooperation. Not by combining talents and strengths, but rather, by canabalizing each others' businesses and profits.

Can you imagine if the military was run this way? Army against Navy. Marines against the Air Force?

Sad, but it's just another example of sick, entitled, clueless gambler with lots of money allowed to run amok and leave destruction everywhere he goes. Like they all do.

Dumb AF hedge funds reeling. Tudor lays of 15% of staff amid losses and general cluelessness.

Paul Tudor Jones, the billionaire founder of Tudor investment Corp cut 15% of his staff amid losses and redemptions. You could see this coming a mile away.

The hedge fund industry is reeling because these guys are complete morons. They got everything wrong from predicting hyperinflation from monetary operations to debt crises that never materialised to warnings about skyrocketing interest rates to endless recession calls and market crashes, and promises of soaring gold prices and on and on.

All because they don’t understand sovereign money systems. All because endlessly conflated currency issues and currency users. All because they were too “serious” to pay attention to MMT.

Now they’re dying. Good. A total bunch of unjustifiably rich jerks.

Tudor Jones, Soros, Druckenmiller, Chanos, Kyle Bass, Schiff, Gundlach, Gross, Dalio, Ackman, Einhorn...I’m sure I am leaving out many, but those are some of the big names. Totally clueless. They don’t understand MMT and if by chance they've heard of it I am sure they scoffed at it. Losers.

Let ‘em laugh. I am talking their money.

This is the approach that allowed me to call everything right. My students and followers, many novices, running circles around these hedge fund clowns. In currencies, bonds, commodities, stocks, gold, economic forecasters.

The pretenders are exposed for the fools they are. Their money will be gone soon unless they buy some more politicians that will allow them to cheat and commit fraud and insider trading so that they can protect their fortunes.

In the meantime me and my team will be taking nice chunks of their money away. Honestly. Legally. Without cheating.

Knowledge is power and combined with the right information that's killer.

Dogma, ideology, arrogance, ignorance, stubbornness,  blindness...all applied to these idiots. Good bye to the whole lot of them. Ignorant parasites. They suck.

Wilbur Ross. Another emperor with no clothes.

Oh, I cannot tell you how much fun this is. How much it warms my heart. It's beyond words.

I'm talking about how great it is to see these Wall Street charlatans exposed for what they are...losers and frauds.

Here's the latest "titan" who we discover is, in reality, an emperor with no clothes 

Wilbur Ross.

Yes, Ross is a billionaire and that's WAY more than I got, but now we get a pretty good sense of how he "earned" it: most likely rigged deals and lots and lots of fees on the billions he manages.

But take a look at the stock of Ross's company (his hedge fund) if you really want to see how  he's doing, 

Wilbur Ross Holding Company (WLRHU) did shit in the last two years. 

Since it has been publicly traded the stock has done nothing. Ross made an "impressive, 5.0%, TOTAL, it looks like, in two years. Wow. Whoop Dee Fucking Doo. And that with 2% annual management fees and 20% of the profits. 

Obviously, then, he made no profits. It was probably ALL management fees. That's right, 2% for doing nothing.

Now in order to save his company he is telling clients he is not going to take his 20% incentive fee. Ha!! That's no skin off his nose because by the looks of this chart he never made any profits!

I'm not surprised. This "genius" was all over these hedge fund "clown" gatherings like SALT and Ira Sohn pontificating about nothing. He spiel was the same inane crap all the other morons were saying at these things: that the "Fed was out of ammunition" or, there was going to be "hyperinflation because of all the central bank money printing," or, "China was a debt bubble." (Or Japan was a debt bubble. Take you pick.)

These morons are absolutely clueless. Thankfully, some of the smarter pension funds are pulling their money out--for good.

We've seen it with Gross, Bass, Ackman, Einhorn and now Ross. Actually, it's all of them. They're a bunch of brainless sheep all running around like kings, spouting the same, idiotic bullshit.

Here's some advice I'd give these guys: If I were them I'd NEVER go public because that gives the rest of us a glimpse at just how big of fucking losers they are.  

Wilbur Ross. Hahahaaha!!

I have yet to see a hedge fund operator who knows anything about economics or the monetary system

This should be no surprise. I have been documenting how clueless these guys are for a long time here on this blog.

Whether it's Kyle Bass or David Einhorn or Bill Ackman or John Paulson or even Bill Gross or any of them, they don't know what the fuck they are talking about.

They got everything wrong: monetary operations, inflation, the dollar, interest rates, commodities, "stimulus," etc.

On the other hand, I (we) got everything right because of our understanding of flows and MMT.

(Which begs the question: why am I not managing $15 billion? Go ahead and ask, it's a good question. Probably because I suck at marketing myself.)

Anyway, you can do better than them. Start by signing up for a 30-day free trial to my weekly report, MMT Trader. Take the money from these loser hedgies.

NYC largest pension dumps hedge funds because they suck.

Way to go NYC Public Employees' Pension Fund.

They're dumping the hedge funds. This follows CALPERS and some other large, public pension funds.

Can you blame them? These pension fund managers suck.

How many times here have I highlighted their ignorant calls on the market and on the economy? How about their totally out-of-paradigm understanding of fiscal policy? Monetary policy? Trade policy? Sectoral balances?

They suck, but they're all billionaires. They "brilliance" if you want to call it that, is getting people to give them money to manage and siphoning off huge fees for themselves.

They are parasites with inordinate amounts of wealth and influence.

Euthanize!!!!

Valeant...another disaster for Bill Ackman. What's with this guy? What's with all these guys?

Valeant shares are getting pummeled today. Hedge fund guy, Bill Ackman, was long a boatload. He's getting creamed.

That comes after his disaster with shorting Herbalife. That was a disaster even despite teh fact that he tried to get the government to intervene on his behalf and start an investigation into the company. (Sleaze.)

Then we find out he recently shorted the Chinese yuan because he thought there was going to be a "debt crisis" in China. Like, China would run out of yuan. The other idiot that did that was Kyle Bass, who keeps losing money in one fictitious debt crisis after another. (Remember the Japan debt crisis he predicted?)

What's wrong with these guys? Ackman, Bass, Einhorn, Gross...they all suck. They all do the same, wrong thing. They're all fucking clueless.

I should be managing billions. Maybe I suck at marketing. Yeah, I do.

"Investing" Paul Singer style

Paul Singer...scum

Here's how American hedge fund scum like Paul Singer, "invest."

Make bad bets where you've basically lost all your money then get the U.S. courts and your paid representatives in government to bail you out.

As for Argentina, WTF is wrong with you? You get out of a mess in such a costly, but completely avoidable fashion and then you turn right around and start creating a new mess for yourselves???

WTF???

ARGENTINA...STOP FUCKING BORROWING IN OTHER PEOPLE'S MONEY!!!

You're a major food producer.
You're an energy producer.
You used to be one of the world's great industrial powers.

STOP THE FUCKING INSANITY!!

(Will someone put me in charge? Please? I would have cut Singer's nuts off.)

Marco Rubio gets backing from blood sucking financial predator Paul Singer

We know who Marco Rubio is going to be working for if he is elected president. You can forget about all his bullshit rhetoric about empowering people and helping them to succeed. This water sucking slick talker is going to be handing over even more to the billionaires and plutocrats that he so transparently adores.

Check out his newest financial backer: Paul Singer. Singer is nothing more than a disgusting billionaire hedge fund parasite. His claim to fame? Making terrible, losing investments in Argentinian bonds, then getting the U.S. courts (he's a lawyer) to grant him mafia-style kneecap-busting "collection" power, which Argentina has courageously resisted.

This scum is also going after Puerto Rico now, demanding that the Commonwealth close schools and hospitals to make good on its debt. (So he can get whole on another losing position.)

This guy, Singer, is a blood sucking poster boy for why we should euthanize the entire class of these financial predators. They are a cancer on society

Unless you are in the 1%, Hillary Clinton is NOT on your side.

Despite all her left leaning talk, Hillary Clinton's true loyalties reside with large corporations, Wall Street firms and billionaires.

In other words, if you are not in the 1% SHE IS NOT ON YOUR SIDE.

Why are some of the biggest hedge fund operators backing her?

Why is she raising money from Goldman Sachs, Morgan Stanley, Merrill Lynch, Bank of America and other Wall Street firms?

When her husband was president here's what he did:

• Ended welfare for needy families (mostly children) and gave it away to big business
• Ended Glass-Steagall, which allowed banks to speculate with taxpayer money
• Ran budget surpluses, which drained the savings of the private sector
• Enacted mandatory federal sentencing for minor drug crimes, causing the prison population to skyrocket
• Oversaw the destruction of millions of high paying jobs when he pushed for the NAFTA

And more...

So if you are a Democrat or, a working person and you think Hillary is coming to help you, you are going to be very, very, disappointed.

Plus...she's a total, neocon war hawk.

Here's who NY Times cares about: "Panic Among Hedge Fund Investors in Greece"

WTF???

The NY Times writes this story on how the poor, privileged, entitled, hedge fund morons (who are totally inept as investors and need taxpayer support) are in a panic over their bad investments in Greece.

I guess we should feel sorry for them.

NOTHING about how the most vulnerable in Greece will be destroyed. How their life savings will be wiped out, no, FUCKING STOLEN, by these miserable financial criminals.

NOTHING ABOUT THIS BY THE NY TIMES.

All the news that's fit to print?

More like, All the news that the elites would like to read about.

Charter schools...another neoliberal scam

Charter schools are another neoliberal scam. These "pseudo-public," for-profit schools show far worse performance than public schools when evaluated on an "apples-to-apples" basis. (Hint: charter schools can select students whereas public schools must accept all kids in that zone.)

It's the same, neoliberal profit scam that businesses use, that is, pay workers (teachers) less, make them do more, funnel more of the income to the top, fraudulently gin up the performance statistics (like the widely used accounting control frauds used by banks and Wall Street) and strip money and resources (equipment, physical space) from public schools (privatizations).

No wonder Wall Streeters here in Manhattan love to send their kids to these schools. It's a private school on the public dime. Carl Icahn and other big hedge fund guys back NY Governor Andrew Cuomo with big $$$ to keep expanding these schools and sucking the NYC public school system dry.

What a fucking scam.

New York's charter school defenders downplay teacher inexperience amid strong performance. http://t.co/H8S0YYVcm8 pic.twitter.com/DMMPAZBrNm
— New York Daily News (@NYDailyNews) March 18, 2015

Whiny hedge fund idiot, Bill Ackman, buys the government's help to bail him out of his Herbalife short

Bill Ackman, the whining, crybaby hedge fund manager who has been disastrously selling short shares of Herbalife for two years, bleeding money in the process, has finally found someone to help his losing cause: the U.S. government.

That's right, he basically paid off the government to launch an inquiry into whether or not Herbalife is a pyramid scheme. The Federal Trade Commission has just launched an investigation on the behest of a group funded by Ackman.

We have all kinds of problems here in the U.S. folks: unemployment, income inequality, homelessness, maimed veterans, an education system that sucks, rotting infrastructure, monopolistic companies, plus much more. But no...the government feels it's more important to  get involved to protect the short position of one fucking idiot hedge fund manager.

The U.S. has become so corrupt it's almost impossible to describe at this point. Corrupt and rogue. A sham government and a nation that is rewriting the book when it comes to hypocrisy. (Sec of State Kerry: "You can't just invade a country on false pretense." LOL!!!!)

Remember that brilliant TV exchange between Carl Icahn and Ackman on CNBC a couple of years ago? It was all about Herbalife back then as well. I love the part where Icahn said that he used to beat up whiny little kids like Ackman in the schoolyard when he was growing up in Queens. I don't know about you, but I would pay handsomely to see him do it again. 

The existence of all these hedge funds is a symptom of a sick nation, a sick society and totally corrupt government. It is a glaring sign that we have our priorities soooo out of whack that it is not even funny. 

Guys like Ackman are parasites of the worst kind. This guy can't trade to save his life. He's a fucking sorry investor if you ask me. He also got his ass burned on JC Penney and I think he bought gold on the whole, "Fed is printing money," false inflation meme, just like all the other idiots. In short, what the fuck is he doing managing any money in the first place? And who invested with this guy? Whoever it was I'd like to see them go up in smoke, too.

Sorry for the editorializing here, but I guess you can tell I'm mad as hell.

Zero Hedge — Soros Best In 2013, Tops Dalio With Massive $40 Billion Lifetime Gain

Size matters, it would seem, in the world of elite hedge fund managers. George Soros' Quantum Fund had its 2nd-best year on record, adding $5.5bn (22%) to the pound-breaking billionaire's horde and has now shifted above Ray Dalio's Bridgewater fund as the most successful hedge fund of all time. As The FT reports, since inception in 1973, Quantum has generated almost $40bn. Four other funds including Tepper's Appaloosa, Mandel's Lone Pine, and Klarman's Baupost also made more than $4 bn for their investors. Since they were set up, the top 20 hedge funds have made 43 per cent of all the money made by investors in more than 7,000 hedge funds.

Zero Hedge
Soros Best In 2013, Tops Dalio With Massive $40 Billion Lifetime Gain
Submitted by Tyler Durden

The "Japan is going to have a debt crisis" man, Kyle Bass, now taking a position in JC Penney

Bill Ackman is out, after his disastrous foray into JC Penney (and before that, Herbalife) where he took major losses and contributed nothing of value or fresh perspective to the embattled retailer.

So now a new group of clueless hedge fund morons comes in, this time headed by none other than "Japan is going to experience a debt collapse," Kyle Bass. Bass has been putting on quite the dummy show in the past ten months telling everyone who would listen (mostly CNBC) that Japan won't be able to find enough "external funding" to pay its debts (which are in yen and which, last time I checked, are created solely by the Japanese government).

I guess Bass has now decided to focus his Einstein-like intellect on the retail sector and, seriously, that ought to be fun to watch.

I'm wondering if Bass might decide to take some cues from a fellow "genius" hedge funder, Eddie Lampert, you know, the Libertarian, Ayn Rand espousing, CEO of Sears Holdings (Sears, K-Mart), the American retailing icon that he has been phenomenally successful in destroying?

Line 'em up, folks. Whether we're talking about Bass or Lampert or Ackman or Paulson or Cohen or even Jamie Dimon and Goldman, this is what American capitalism has devolved into. A bunch of privileged, whiny, egotistical, arrogant, sociopathic jerks playing casino games with vast amounts of chips who leave a path of destruction in their wake everyhwhere they go that the rest of America has to swim through.

Venimus. Vidimus. Et nos ipsi sagittarii in pede.

Commentary by Roger Erickson

Do YOU see any public purpose in this?

Hedge Funds Tripled Their Bets Against Treasuries Over The Past Week

Hedge Funds Are Just Casinos That Play With The Electorate's Fiat Currency Supply? "Fiat Accompli?"

Do these people - or our electorate - ever step back and examine the net outcome of what they're working on?

Divide and conquer ... what? Our distributed discourse, and hence ourselves? We've achieved cessation of thought. Fiat Accompli indeed. What was the reason for this campaign, Caesar?

Les Leopold — Making a Million Bucks an Hour: How Hedge Funds Get Away With Siphoning Off America's Wealth

The following is an excerpt from Les Leopold's new book, How to Make a Million Dollars an Hour: Why Hedge Funds Get Away with Siphoning Off America's Wealth (Wiley Books, 2013)

What Bill Black has done for banking, Les Leopold does for hedge funds, showing how they create a criminogenic environment. This is a fascinating account of Jim Cramer's confessional and its implications.

And it makes one think what happens when crossing banks with hedge funds is permitted.

Good read.

AlterNet
Making a Million Bucks an Hour: How Hedge Funds Get Away With Siphoning Off America's Wealth
Les Leopold

Jon Matonis — First Bitcoin Hedge Fund Launches From Malta

You knew it was coming.

Forbes
First Bitcoin Hedge Fund Launches From Malta
Jon Matonis
(h/t Ramanan)

Review of The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True By Simon Lack

Read it at The Financial Times
Exposing the false promise of big money wins
By Dan McCrum

Published by Wiley
(h/t Clonal)

Publisher's Description

The dismal truth about hedge funds and how investors can get a greater share of the profits


Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good.


Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance.


• The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck
• Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s


Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top.