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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

Canada Financials / Thematic (Sector/Industry)

*Staring Into The Abyss: Although the market has rebounded since March, we were very close to looking into the abyss with the S&amp;P 500 closing in on 2000 (or lower). The problems with market structure remain in place, despite the wall of liquidity thrown at markets by central bankers across the globe – posing an existential crisis;*Tail Wagging The Dog: The remote tail risk for single sector/security/levered ETFs/ETNs has been known for some time now following the VIX blowup in 2018  - but the USO ETF blow-up was even more spectacular given the multiplier impact on the global economy.  An even bigger problem resides in broader market ETFs as there is no restriction on liquidity and the resulting order imbalances could result in the inability of ETFs to provide the required physical exposure to underlying securities; and  *Regulatory Screws Too Tighten: Unfortunately, significantly more financial sector regulation is coming to address the existential threats of massive liquidity.

*Staring Into The Abyss: Although the market has rebounded since March, we were very close to looking into the abyss with the S&amp;P 500 closing in on 2000 (or lower). The problems with market structure remain in place, despite the wall of liquidity thrown at markets by central bankers across the globe – posing an existential crisis;*Tail Wagging The Dog: The remote tail risk for single sector/security/levered ETFs/ETNs has been known for some time now following the VIX blowup in 2018  - but the USO ETF blow-up was even more spectacular given the multiplier impact on the global economy.  An even bigger problem resides in broader market ETFs as there is no restriction on liquidity and the resulting order imbalances could result in the inability of ETFs to provide the required physical exposure to underlying securities; and  *Regulatory Screws Too Tighten: Unfortunately, significantly more financial sector regulation is coming to address the existential threats of massive liquidity.

Sumitomo Mitsui Financial Group (8316 JP)

Mitsubishi UFJ Financial (MUFG) (8306 JP)

Providing Crack To An Addict Is Not A Sustainable Global Strategy