Savita Subramanian’s Equity & Quant Strategy group at BAML looks at the earnings outlook trend for the S&P 500. On a monthly basis, the trend in downward revisions is the worst they’ve seen since March of 2009. In January, the three-month earnings estimate revision ratio (ERR) fell for the fifth consecutive month to 0.49 from…

The way banking worked at the turn of the last century was like this:

I wrote up some rules for surviving

An incredibly telling story at Reuters about Morgan Stanley’s hedge fund conference in Palm Beach this past week, where enthusiasm and confidence seem to have fallen to an all-time low. And the weird thing is, this was supposed to be the environment in which the hedge fund industry shines – shorts working as well as longs,…

Shots fired the other day

The third annual Inside ETFs conference got underway yesterday, but most attendees didn’t get into town until today. Now we’re in full swing. I’ve been talking to people from the fund sponsor side as well as the market-making and plumbing people who facilitate millions of ETF trades each month. Here are the topics on everyone’s…