March 16, 2018

Michael Lewitt, Third Friday Management, LLC

Chief Investment Officer

Was the SEC Sending Tesla A Message?

The SEC had some harsh words for companies that grossly exagerrate their prospects in its enforcement action against Theranos this week. Those words would seem to apply directly to Tesla and Elon Musk.

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Michael Lewitt, Third Friday Management, LLC

The Credit Strategist: What Just Happened

The sell-off was triggered by rising interest rates. The unwinding of short volatility trades was a second-order effect. What happens next depends on where interest rates go, and they are highly likely to move higher.

Feb 11, 2018

Michael Lewitt, Third Friday Management, LLC

Elon Musk's Phoniest Presentation

Elon Musk made his phoniest presentation ever last night announcing two new vehicles that Tesla has neither the wherewithal nor the resources to produce. Musk is running out of money and excuses. He is going to have to raise capital by the end of ...

Nov 17, 2017

Michael Lewitt, Third Friday Management, LLC

Tesla's Fairy Dust

Tesla's 3Q17 earnings demonstrate that this company's stock has no business trading at $300 per share. I discuss the forces propping up the stock and why investors should exit as soon as possible. Disclosure : I am short Tesla and trade the position ...

Nov 02, 2017

Michael Lewitt, Third Friday Management, LLC

Tesla Interruptus

Tesla's investors are either geniuses or delusional. You decide.

Oct 11, 2017

Michael Lewitt, Third Friday Management, LLC

The Credit Strategist Special Issue: "Vegas 10/1/17"

Another atrocity, another market rally. Our society has no shame and no decency. Yesterday's market rally was a disgrace.

Oct 03, 2017

Michael Lewitt, Third Friday Management, LLC

The Credit Strategist Oct. 2017: "Soul Sickness"

There is something profoundly wrong with a market that ignores tragedies such as the hurricanes that hit Houston, Florida and Puerto Rico, the North Korea nuclear threat, political paralysis and a dangerous accumulation of public and private sector ...

Oct 03, 2017

Michael Lewitt, Third Friday Management, LLC

No More Half Measures: The North Korean Threat

North Korea poses an imminent threat to the United States. Diplomacy and sanctions haven't worked for the last 30 years and won't work now. Investors need to prepare for military action to solve this problem once and for all.

Aug 09, 2017

Michael Lewitt, Third Friday Management, LLC

American Carnage

Don't read this newsletter if you are believe in politically correctness or buy the nonsense you see on CNBC or in the mainstream media. Don't read this newsletter if you don't want to understand what is really going on in America, or why millions ...

Apr 03, 2017

Michael Lewitt, Third Friday Management, LLC

Pop! Goes the Weasel!

Markets are much too complacent about the constitutional crisis that will result from a Hillary Clinton victory on November 8th. If she wins, she will be unable to govern and deal with the debt crisis that threatens the US and global economies.

Nov 02, 2016

Michael Lewitt, Third Friday Management, LLC

Kakistocracy

The Greek word “kakistocracy,” which I learned from Peggy Noonan, describes a state or government run by the most unscrupulous or unsuitable people - in other words, the world we live in today. Corrupt, dishonest and incompetent politicians, ...

Sep 13, 2016

Michael Lewitt, Third Friday Management, LLC

A New Pearl Harbor

Japan's new intervention into global markets will be destabilizing. Investors should be hedging while they are celebrating. Maintain yen short. Buy gold.

Nov 01, 2014

Michael Lewitt, Third Friday Management, LLC

Be Like Lebron! Why Lebron's Contract Is A Model For Bond Investors

Bond investors should follow Lebron James' lead and keep their commitments short in the current overvalued market environment. Credit and interest rate risk are rising. #credit

Jul 25, 2014

Michael Lewitt, Third Friday Management, LLC

The Case for High Yield Bonds

With average yields in the high yield bond market approaching 5%, and bond spreads closing in on their tightest levels in history, it is appropriate to ask whether investors should be retreating from high yield credit. After all, the last time yields ...

Jun 09, 2014

Michael Lewitt, Third Friday Management, LLC

Living on Borrowed Time - slides I presented at the Absolute Return Conference

I spoke this week at the Absolute Return Symposium in New York discussing, amongst other things, how markets and economies are supported by central banks and how systemic leverage is very high in both public and private sectors. We are living in an ...

Mar 21, 2014