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Kyle Bass

Friday, October 30, 2015 5:21:00 AM
Hayman Capital's Kyle Bass discusses China at Sohn San Francisco:

*HAYMAN'S BASS SAYS CHINA 7% GDP GROWTH IS A 'FARCE' *HAYMAN'S BASS SAYS HE'S ASSUMING CHINA CREDIT CYCLE HAS BEGUN *HAYMAN'S BASS: CHINA WILL FACE NPL CYCLE, CREDIT CONTRACTING *HAYMAN'S BASS: ASSUMES 8.5%-10% CHINA LOANS NON-PERFORMING *HAYMAN'S BASS SEES EMERGING ASIA BANKING CRISIS AHEAD Confirming our previous detailed analysis on China's Banking System's Neutron Bomb.

Source: Zerohedge.com

Bass tells Fortune he expects a ‘hard landing’ for China and the global economy, but that it won’t be as bad as the 2007-09 financial crisis. Kyle Bass, head of Dallas-based hedge-fund Hayman Capital Management, rose to prominence in 2007 for being one of the few investors to spot the U.S. financial crisis early, and to profit from it by betting against subprime mortgages. He successfully called Japan’s banking problems (and bold monetary stimulus) a few years later, and now he’s saying China will be next. In an interview with Fortune prior to his appearance at this week’s Ira Sohn investing conference in San Francisco, Bass offered reasons why China’s impending banking crisis, though far bigger than the U.S. crisis in terms of the assets at risk, will have a smaller impact on the global economy. He also explained why the hedge fund business is less forgiving than it has ever been. Edited excerpts of the conversation follow. Fortune: You have said the banking system in China is under-capitalized, and the country could blow through foreign reserves quickly. What does China’s banking system look like? Kyle Bass: It’s not a mono-variable equation. Foreign reserves aren’t China’s only access to capital – they can sell bonds and they can actually print more money. But when you are thinking about their... Read The Full Interview at Fortune: Fortune

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Wednesday, September 16, 2015 12:07:00 AM
Kyle Bass, the founder and manager of Hayman Capital and the man who spotted and shorted successfully the subprime bubble was interviewed today at CNBC. He shared during the “Squawk on the Street” show that he is bearish emerging markets and believes that the Chinese economical issues are just starting and that’s because the banking sector still has more bad debts to reveal and write-off. According to Kyle the loans pass due in 90 days grew by the whooping 167% just for half an year. He thinks that it will take at least 2-3 quarters until the banking sector reaches its NPL peak and thinks that this will force the government to recap its banks. But Kyle shares that it will be at least 2 more years until the emerging market slowdown is over and banking problems are fixed.

Read more: Kyle Bass Bearish on Emerging Markets for at least 2 More Years. Looking to Short Currencies

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Wednesday, May 27, 2015 2:17:00 AM
Kyle Bass Shares His Trading Views

One of the actions that took centre stage in 2015 has been going short on the EUR/USD currency mostly because the ECB is implementing strongly quantitative easing (QE), and the Fed in the US starting to place a grip on its policy with a surge of interest rates lurking around the corner. The greenback has literally been trending higher while the Euro has been losing ground. Also the expectation of the ECB purchasing bonds has seen the price of such securities go higher while the yields have been falling. Kyle Bass disputes the general belief

Kyle Bass, the hedge fund manager from Texas and founder of Hayman Capital Management, gives a fantastic interview to Raoul pal. Showing now on Real Vision Television. In the interview, Kyle Bass responds to a few questions and also reveals the trading ideas that he has for 2015, and also offers investors some advice. According to Bass, he believes that those investors in Europe taking a position to trade the market with QE in mind might be making a mistake and could be caught with a surprise “The market seems to be misjudging the rates in Europe at present, it’s kind of front running Draghi” he noted. He also added that “ Even though in a slow pace, the economies of Europe at present seem to be showing signs of recovery and standing firm; and I’m of the opinion that those investors active in the European market and buying lots of bonds would be left clinging on to the bag.”

For 2015 the European rates are topping his trading ideas “taking a short position regarding bonds and paying European rates” he noted (i.e. he is making a prediction for the EU yields to hike, which it should be fairly said, since this interview was made, that is exactly what has been happening since the start of May)

“We had it all wrong”

When he was asked to talk about the last trade he had gotten wrong and the reason why, Kyle Bass referred to the trade he had made on Japanese interest rates, betting that they were going to increase, he then explained why he had thought so and what really happened.

“We all had the wrong impression” he noted. “That one we definitely had got it wrong, thankfully at least with the currency we had it correctly.” For the past 4 ½ years, he has highly been involved in Japanese trade. The trade consist of two parts – the Japanese rates and the weakness of the Yen. With the weakness of the Yen it seems to confirm itself, but the rates have just not been playing as expected…not yet.

“What I would advise”

Kyle Bass also provide the best advice he had to investors, placing accent on the necessity to have humility and insight, even when it comes to trades that are to be considered as self evident. “The best advice I could provide is that you cannot place forward your self-esteem in such a matter,” he noted. “It implies that if you have some theory you have well researched, thought of, and that are quite convinced about it, and that you are wrong, it is necessary that you admit of having been wrong.

“I’m of the conviction that by showing humility into the matter, you will make savings of a lot of cash.”

Real Vision Television was launched last year by Pal, a former GLG fund manager – the television is provided on-demand subscription and offers a wealth of information regarding investing and economics. Pal launched the TV program because he sought of having true and frank discussions with those who are considered as champions in the industry and that a traditional financial television just does not seem to provide.

http://www.octafinance.com/kyle-bass-shares-his-trading-strategy-and-insights-about-trading/65382/

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Monday, March 30, 2015 2:49:00 AM
What Tomorrow Will Bring According to Kyle Bass.. Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Saturday, February 14, 2015 1:26:00 AM
Kyle Bass Interview was just released by.

The Chain with Kyle Bass from Real Vision Television on Vimeo.

Raoul Pal who not long ago launched his 2-nd project, Real Vision Television, a $400 annually subscription service that will offer interviews with legends in the investment business, has interviewed Kyle Bass. Raoul Pal is the man behind the Global Macro Investor (GMI) a service that costs $40k per year for subscription and is limited to only hedge funds and wealth managers.

Raoul’s new project, Real Vision is an on-demand subscription video service that offers a library of interviews, content on investing, market and economics.

Raoul Pal interviewed the Texan hedge fund manager Kyle Bass and talked with him how he thinks and feels about investing and managing the business. The interview covers how the founder of Hayman Capital, Bass got into the hedge fund industry and how he trades.

Kyle Bass also shared personal feelings such as: “I constantly feel inadequate, which may be what drives me,”

Kyle Bass shared that many people are helping him to navigate the markets and his own negativity. May be that negativity makes him so good at picking investments? Kyle thinks that communication is key.

You can also watch Kyle Bass interview on CNBC where he shared his views on the EUR and Oil markets.

Bass predicted oil prices will be $60 to $70 a barrel in two years. “Right now we’re in a pretty big supply glut,” he said. “Could it trade at $35 today? It absolutely could. We have more than we know what to do with.” He did say he’s still bearish on Japan. Bass made a name for himself in 2007 with a lucrative bet against the subprime mortgage market.

Source: Kyle Bass OctaFinance

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Wednesday, October 22, 2014 1:18:00 PM
GM is Hayman’s largest position. Hayman still owns General Motors

Bass: Fed tapers to zero next week Kyle Bass, Hayman Capital Management, provides his view on central bank policy and the health of the global economy. Hayman discusses his currency outlook also.

   

Kyle Bass predicts more macro volatilityDiscussing the potential blow back from Japan’s debt crisis, with Kyle Bass, Hayman Capital Management.

Kyle Bass warns QE end will shake up markets


Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Friday, September 26, 2014 7:58:00 AM
Bass said recent ECB quantitative easing decision is "going to be difficult to stop" as he sides with Loeb over Ackman in Herbalife dispute

Kyle Bass is taking sides in the William Ackman / Herbalife Ltd. (NYSE:HLF) dispute, thinks Japan is at a “transformative moment” in its government debt crisis and likes one segment in the U.S. banking sector, and it’s not the banks.
Kyle Basson ECB’s quantitative easing program

The recent European Central Bank (ECB) announcement that it is engaging in U.S.-style quantitative easingis a historical benchmark that is providing opportunity. “It’s the beginning of something that is going to be difficult to stop,” Kyle Bass said on a CNBC interview.

“The opportunity right now happens to be in the currency market place,” but the impact will be felt by multinational corporations, he said. The rising U.S. dollar over the past 6 months one consequence, Kyle Bass said, touching on a trade that started in anticipation of the ECB move well before the official announcement.






Kyle Bass’s observations on Japanese government debt crisis

Kyle Bass is known for his keen observations regarding Japan’s government debt crisis, and his thesis is beginning to materialize. “When debt gets to 150 percent of gross domestic product and 25 percent of tax revenue is used on interest payments alone (with very low interest rates), when you get to that point you are already technically insolvent,” he said.

“It’s a bit hyperbolic to say they are headed for a crash, but we believe there are two outcomes,” that will impact the currency and rates. “So far the BoJ has bought all the bonds. They have monetized the fiscal deficit and will monetize the current account deficit. So far that has worked, meaning it held rates low and devalued the currency.” The Japanese currency has gone from 76 yen to the dollar to 108 yen to the dollar as a result. Kyle Bass doesn’t think this is the end, predicting that the yen is headed to 125 to the dollar “fast,” because for the first time the BoJ will run a full current account deficit.

“This is a transformative moment in their debt crisis,” he said.
Kyle Bass says U.S. housing market has rebounded nicely

When considering the U.S. housing market, Bass says it has “rebounded nicely,” as year over year home prices up 5 percent. “It’s not the double digit gains we saw in the last couple of years, but it is just normalized.” Housing should normalize to where median income is, he observed. How’s he playing this opportunity?

Kyle Bass is focused on one sector, and that is the non-bank mortgaging servicing sector. New capital rules for the banks require banks to sell non-performing loans, which should present opportunity.

When CNBC’s Andrew Ross Sorkin asked Bass what he thinks of the banks, he responded that he doesn’t own any banks, noting that capital standards are tougher and “regulations a lot tougher,” he observed.

“I don’t think there is huge opportunity there.”

When asked about Herbalife Ltd. (NYSE:HLF) and William Ackman, in the live broadcast (the recording of these comments was not posted) Kyle Bass said he supported Dan Loeb and Herbalife, noting that when he was invested he sent one of his hedge fund’s employees in to become a distributor and examine the business from the inside. “This is a legitimate business, it is not a Ponzi scheme,” he said, although he is no longer invested in the firm. Bass said he would take Loeb over Ackman any day.

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Thursday, April 24, 2014 9:46:00 AM
Kyle Bass gave a presentation at the CFA SOCIETY DALLAS-FORT WORTH ANNUAL FORECAST DINNER on February 14th. Below readers can find the full video of Kyle Bass speaking as well as the 20 pages, the theme of which was titled, ‘Hayman Global Outlook Pitfalls and Opportunities for 2014 ‘ United States Fed Tapering & Improving Trade Balance 
• On December 18, 2013, the Federal Reserve announced it would ‘taper’ its monthly asset purchases by $10bn to only $75bn a month; subsequently, on January 29, 2014, the Federal Reserve announced it would ‘taper’ another $10bn to $65bn a month. 
• A continuation of the policy would see additional asset purchases cease by end of 2014 and stabilize the size of the Federal Reserve’s balance sheet. 
• The revolution in unconventional oil and gas projects that has emerged via fracking of shale have radically increased the hydrocarbon production occurring within the U.S. Revolution of Hydrocarbons in U.S As U.S. crude oil production has increased dramatically led by the shale oil revolution while U.S. consumption of petroleum and other liquid fuels has reduced off its peak in 2005, U.S. net imports have declined dramatically, a trend likely to continue. Unconventional Hydrocarbons Are Changing U.S. Trade 
• U.S. crude oil production has returned to levels not seen since the late 1980s. 
• It is one of a series of factors that has narrowed the U.S. current account deficit to the lowest point since the late 1990s 
• That period coincided with the largest USD rally since Paul Volcker slayed the inflation dragon in the 1980s. Japan Abenomics & Quantitative Easing Real Yield Divergence – U.S. vs. Japan 
• Japanese CPI has picked up while nominal yields remain close to all time lows forcing Japanese real yields into negative territory, part of the Bank of Japan’s attempt to force a reallocation of capital from JGBs further out on the risk curve. 
• At the same time, US inflation remains anchored while growth and the Federal Reserve’s tapering of its QE program has led to nominal yields creeping upwards; this has created a long term rising trend of US real yields. 
• The real yield differential has a strong correlation to the value of USD/Yen over time 
• Hayman expects the current divergence to continue and to force further Yen weakening.
<iframe class="scribd_iframe_embed" data-aspect-ratio="1.33234859675037" data-auto-height="false" frameborder="0" height="600" id="doc_15748" scrolling="no" src="//www.scribd.com/embeds/219781025/content?start_page=1&view_mode=scroll&access_key=key-242h6olaztgaa1e7joba&show_recommendations=true" width="100%"> <iframe class="scribd_iframe_embed" data-aspect-ratio="undefined" data-auto-height="false" frameborder="0" height="600" id="doc_58105" scrolling="no" src="//www.scribd.com/embeds/219781025/content?start_page=1&view_mode=scroll&show_recommendations=true" width="100%">Full presentation video and PDF below Presentation provided by: http://www.valuewalk.com/2014/04/kyle-bass-hayman-global-outlook-pitfalls-opportunities-2014/

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Tuesday, April 15, 2014 3:12:00 PM


Hayman Capital's Kyle Bass believes Wall Street's recent declines in the biotech and social media sector, which spread to global stock markets last week, shows cracks in the Japanese economy. The Japanese Nikkei saw a huge drop last Friday, but the country's benchmark 10-year government bonds did not see yields change as investors fled stocks. Bass, one of the biggest critics of the Japanese economy, has made a big bet on Japan's economy devolving into a debt crisis. During an interview on CNBC's "Squawk on the Street" on Tuesday, the hedge fund manager said questions remain whether Japan will lose control of interest rates or whether the yen can serve as an "escape valve." Bass sees inflation quickly surpassing Japaneses bond yields, he said. "The interesting thing in this selloff in the marketplace and in tech ... and this huge selloff in Japanese equities, is that the Japanese bond market hasn't gone anywhere," Bass said. "Yields haven't collapsed, which is fascinating. So their bonds are acting pretty terribly in the environment of their equity market. So we'll see what happens."

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
Monday, April 7, 2014 12:31:00 PM


Bass, founder of Hayman Capital and owner of a big position in GM, said he believes the automaker's stock could trade in the high $40s or even touch $50 a share in 12 to 18 months, more than $15 higher than current prices. Bass told "Squawk on the Street" that GM is one of the cheapest stocks in the market. He also said the government could find itself liable for claims related to faulty ignitions because it took over the company when GM filed for bankruptcy in 2009. His bullish stance on GM came as a vehicle safety group attributed 303 deaths to faulty air bags in GM vehicles. "When I look at this, this was not a bankruptcy," Bass said. "It was a government takeover of GM. It may very well be that the government is liable for the claims that the government is looking into. A lot of these claims were discharged in bankruptcy and the government ran the company for a while. I find it kind of silly." During his interview with CNBC, Bass also explained why his hedge fund increased its stake in nonbank mortgage servicer Nationstar Mortgage Holdings, a company under scrutiny from New York state banking regulators. Earlier this month, New York State Financial Services Superintendent Benjamin Lawsky demanded information from Nationstar about its portfolio and practices as his office looks at whether smaller, nonbank servicers can handle large numbers of mortgages.



Bass added that nonbank servicers such as Nationstar don't generate large numbers of complaints compared to the number of delinquent mortgages they handle. "The banks are almost three times worse at doing this and yet the regulatory inquiry is in the nonbank sector?" Bass said. "Ben Lawsky should focus on who the worst players are and not who the best are."

Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.
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