Offshore
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The Kobeissi Letter
BREAKING: Foreign investors pulled ~$5 billion out of US corporate bond funds over the last 2 weeks, the most since April 2020.
As a result, the 4-week moving average jumped to ~$1.2 billion, the highest since the 2020 pandemic.
During this time, the high-yield corporate bond ETF, $HYG, and the investment-grade corporate bond ETF, $LQD, have fallen by -1.2% and -0.9%, respectively.
Meanwhile, high-yield corporate bond spreads have risen 1.5 percentage points over the last 2 months, to 4.16%, near the highest in 2 years.
However, foreign investors still own ~$4.4 trillion, or 27%, of the total US corporate bond market, according to BofA.
Will foreigners continue dumping US assets?
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BREAKING: Foreign investors pulled ~$5 billion out of US corporate bond funds over the last 2 weeks, the most since April 2020.
As a result, the 4-week moving average jumped to ~$1.2 billion, the highest since the 2020 pandemic.
During this time, the high-yield corporate bond ETF, $HYG, and the investment-grade corporate bond ETF, $LQD, have fallen by -1.2% and -0.9%, respectively.
Meanwhile, high-yield corporate bond spreads have risen 1.5 percentage points over the last 2 months, to 4.16%, near the highest in 2 years.
However, foreign investors still own ~$4.4 trillion, or 27%, of the total US corporate bond market, according to BofA.
Will foreigners continue dumping US assets?
tweet
Offshore
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The Kobeissi Letter
BREAKING: US stock market indices extend gains to over +2% on the day. https://t.co/Sai8EQeJyA
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BREAKING: US stock market indices extend gains to over +2% on the day. https://t.co/Sai8EQeJyA
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Offshore
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Quiver Quantitative
Nancy Pelosi has made $2.5M in the stock market today, per our estimates.
Track live on Quiver: https://t.co/e3SG9sdDN6
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Nancy Pelosi has made $2.5M in the stock market today, per our estimates.
Track live on Quiver: https://t.co/e3SG9sdDN6
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Offshore
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Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: 1/11 $EFX has been going through a silent business transformation
Equifax’s earnings potential is set to soar with an estimated EPS CAGR of >18% from 2025-2027
Here’s why $EFX is a stock you should have on your watchlist 🧵 https://t.co/RiFtVlzOf6
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RT @DimitryNakhla: 1/11 $EFX has been going through a silent business transformation
Equifax’s earnings potential is set to soar with an estimated EPS CAGR of >18% from 2025-2027
Here’s why $EFX is a stock you should have on your watchlist 🧵 https://t.co/RiFtVlzOf6
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Hidden Value Gems
Nice episode by @ShaneAParrish on Henry Singleton, a very detailed and structured story of his life and business approach.
I particularly liked the 12 lessons:
1⃣ Outcome over Ego.
2⃣ Ignore the institutional imperative.
3⃣The courage to be disliked.
4⃣ Maximum flexibility. “I reserve the right to change my position when the facts change.”
5⃣ Changed his mind when the facts changed.
6⃣ Riches in niches. He bought specialty outfits that sold “by the ounce, not the ton,” locking in pricing power where giants ignored the space.
7⃣ Singleton stripped away complexity to focus on the essential. Whether it was cash returns or per-share value, he identified the metric that truly mattered and optimized for it relentlessly, ignoring traditional status symbols and vanity metrics.
8⃣Think in terms of opportunity cost. He compared all options against each other.
9⃣ Contrast. The MIT mathematician and chess prodigy brought uncommon analytical depth to markets where most decisions were made by conventional thinking.
🔟 Accountability with autonomy.
1⃣1⃣Win by Not Losing. Success often comes from avoiding mistakes rather than making brilliant moves.
1⃣2⃣Gradually, Then Suddenly. Decade‑long moves that looked boring quarter‑to‑quarter exploded in value later—and patient holders captured the upside.
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Nice episode by @ShaneAParrish on Henry Singleton, a very detailed and structured story of his life and business approach.
I particularly liked the 12 lessons:
1⃣ Outcome over Ego.
2⃣ Ignore the institutional imperative.
3⃣The courage to be disliked.
4⃣ Maximum flexibility. “I reserve the right to change my position when the facts change.”
5⃣ Changed his mind when the facts changed.
6⃣ Riches in niches. He bought specialty outfits that sold “by the ounce, not the ton,” locking in pricing power where giants ignored the space.
7⃣ Singleton stripped away complexity to focus on the essential. Whether it was cash returns or per-share value, he identified the metric that truly mattered and optimized for it relentlessly, ignoring traditional status symbols and vanity metrics.
8⃣Think in terms of opportunity cost. He compared all options against each other.
9⃣ Contrast. The MIT mathematician and chess prodigy brought uncommon analytical depth to markets where most decisions were made by conventional thinking.
🔟 Accountability with autonomy.
1⃣1⃣Win by Not Losing. Success often comes from avoiding mistakes rather than making brilliant moves.
1⃣2⃣Gradually, Then Suddenly. Decade‑long moves that looked boring quarter‑to‑quarter exploded in value later—and patient holders captured the upside.
tweet