Macro

“…if their 3% 30-Year Bonds move to a 5% yield, they’ll be showing a 30% loss in principal…If long bond rates move from 3% to 7%, (assuming a 3% coupon, 30-year bond) they’ve lost half their savings.” from Things That Make You Go Hmmm via Zero Hedge.

“By our analysis, the U.S. economy is presently entering a recession. Not next year; not later this year; but now.”  If so, expect volatility and the Big PrintHussman

“Italy must guarantee 22pc of the bail-out funds (for Spain).”  That’ll work out well.  Ambrose Evans-Pritchard at the Telegraph.

Where the World’s Millionaires Live, particularly interesting since I met a number of wonderful Singaporean young adults yesterday:  Ritholtz.