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Jonathan Liss

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  • Are Pharmaceuticals Set For A Run? [View article]
    Can you please send a screencap to contact-editorial @ . The charts/graphs look fine on my end here. Also, please include which browser you're using as well as OS. Thanks!
    Mar 13 06:57 PM | Likes Like |Link to Comment
  • Emerging Market Bonds Not Worth The Risk; Watch The Spreads [View article]
    Why pull the data from a 3rd party and not the issuer directly?
    Mar 12 05:00 AM | Likes Like |Link to Comment
  • The Emerging Market Bond Trade Is Getting Very Crowded [View article]
    Nice piece Larry. Couple of crucial points you failed to address though imho. You don't discuss the underlying fundamentals of EM sovereign debt at all except to point out that those issuing it are in a seemingly much better monetary and fiscal position than the developed world. With U.S. Treasury yields at all-time lows and European sovereign debt's highly uncertain future due to the situation in the EU, where do you expect investors will turn? Also, the risk/reward of EMB has been much better than HYG so this asset class seems like a reasonable alternative to corporate high yield debt as well. So beyond corporate investment grade U.S. debt, EM debt may actually offer the best risk/reward on a forward basis for investors interested in having real diversification in their bond portfolios - and not owning a single, albeit seemingly 'safe' asset class.

    The points you raise about this market being overcrowded are fair enough - they're a perfectly reasonable reminder why not to overweight this asset class. However, ignoring it completely seems like an uncompensated, idiosyncratic risk to me.
    Mar 8 08:59 AM | 4 Likes Like |Link to Comment
  • Setting Up The Big Gold Short [View article]
    I don;'t disagree - anyone who claims any asset class can't fall 50 or 60% in a fairly short period is being willfully ignorant. That was my gripe. Saying $1300 gold is 'impossible'. That's a very dangerous attitude to have.
    Mar 1 02:16 AM | 1 Like Like |Link to Comment
  • The ETF version of Pimco's Total Return Fund (TRXT) will cost just 0.55% - 35 basis points lower than its nearly $250B mutual fund counterpart [PTTAX]. Some are taking the release of specific expense data as a sign TRXT's launch is imminent.  [View news story]
    Yep - one of the biggest ETF launches in as long as I can remember!
    Mar 1 02:12 AM | Likes Like |Link to Comment
  • Setting Up The Big Gold Short [View article]
    How did gold do from 1980 through 2003 guys? Just saying... For all those that think gold can't drop 65% or 70% over a prolonged period, history is not your friend. Not saying it will drop in the near future but saying it's not possible is simply not prudent.
    Feb 29 03:35 PM | 5 Likes Like |Link to Comment
  • Setting Up The Big Gold Short [View article]
    This is a crucial and often overlooked point - thanks for making it Destin!
    Feb 29 03:33 PM | 4 Likes Like |Link to Comment
  • Emerging Market Bonds Not Worth The Risk; Watch The Spreads [View article]
    Lol, fair enough. Nice responses
    Feb 23 10:41 AM | Likes Like |Link to Comment
  • Emerging Market Bonds Not Worth The Risk; Watch The Spreads [View article]
    Sorry Larry, I have to say Gogu's arguments are more compelling here. All the risks you mention are a two-way street as he notes. The best way to diversify is to hold as many non-correlated asset classes as possible. Otherwise you are forced to make market calls. I assume the market is more or less able to sort pricing out and that the chances of successfully uncovering mispricing across an entire asset class are as likely to be wrong as right (your basic EMH stuff). Therefore, I prefer to remain asset class agnostic, perhaps just readjusting my target allocations as my risk profile changes. Short of acquiring a crystal ball, I am leaving my position in ELD at roughly 4%. I hold corporates (inv. grade and junk), Treasuries and TIPS too via ETFs and munis via both ETFs and a specific CEF which makes sense. Everything else is just 'noise'
    Feb 23 08:45 AM | 1 Like Like |Link to Comment
  • iShares Plans To Add High Yield ETFs, Global X Files For 'Super Income' Funds [View article]
    It's not structured as a 'Grantor Trust' and doesn't seem like it will own futures so there's no reason it should issue a k-1
    Feb 21 04:48 AM | Likes Like |Link to Comment
  • James Kostohryz Positions For 2012: 100% Cash The Only Way To Play This Market [View article]
    Gold was down 70% from 1981 to 2004 - while price inflation averaged 4% a year. So if you think gold is some sort of panacea you're mistaken. Gold can be the right play in the right circumstances. but to go all in with it is no 'smarter' than going all in with any asset class. As always, diversification reigns supreme.
    Feb 17 05:17 AM | 2 Likes Like |Link to Comment
  • The Problem With Almost Every ETF Investment [View article]
    Did you actually short the fund yourself? Just curious
    Feb 16 02:50 PM | 1 Like Like |Link to Comment
  • Less Is More: Why I Prefer Low Yield Stocks [View article]
    There was no Philip Morris at year-end 2007 - it was part of Altria until March of 2008 when it was spun off into its own stock. I believe the chart of Altria is adjusted for the spin off or some other event - I distinctly remember shares in the $70-$80 range at that time. The numbers in that chart are for 12/31/2007.

    Before calling out others for their lack of fact checking, please make sure you are reading correctly.
    Feb 10 07:47 AM | 9 Likes Like |Link to Comment
  • Vanguard's Forex-Hedged Foreign Bond ETFs [View article]
    These will make a nice addition to Vanguard's current line-up. I see them racking up assets in short order.
    Feb 9 05:12 PM | Likes Like |Link to Comment
  • A Deeper Look At ETF Liquidity: The Case Of PHO Vs. FIW [View article]
    For those interested, I spoke with Mark last year about ISE's indexing philosophy which should give some insight into why FIW has performed as well as it has vs. the competition:
    Feb 9 08:35 AM | Likes Like |Link to Comment