-A peak into how Spanish banks have managed to avoid NPLs even as the economy is in the shitter. The secret…refinance loans that will never get repaid at lower rates.
-The second piece excerpts from Ray Dalio at Bridgewater Associates. Basically, he thinks the Fed has created another bubble in financial assets and QE is losing steam in terms of its effect.
-Next is a piece that looks at how Blackstone and Goldman (among others) are looking to buy single family homes in Spain. Their strategy resembles what they did in the U.S., where they became the market and caused prices to rise. But, at a certain point, that strategy runs out of steam and the market stops going up when they stop buying.
-The final installment is John Hussman’s weekly note. He points out the same things that he always does – this market is overvalued, overbought and overbullish. And while it may stay that way for a while longer, it would be foolish to think that it can go on forever.
