But first: The top newsletters recommend "Buy the fucking bear market"
"No blind man with his head up his own ass saw that coming"
"Do I have enough Facebook?"
The FTSE All World Index -20%:
How much is $29 trillion? It's a fuck ton of money...
"Leverage at companies worldwide swells to highest in 12 years"
"Strains are emerging in just about every corner of the global credit market. Credit-rating downgrades account for the biggest chunk of ratings actions since 2009; corporate leverage is at a 12-year high; and perhaps most worrisome, growing numbers of companies -- one third globally -- are failing to generate high enough returns on investments to cover their cost of funding"
"Debt at global companies rated by Standard & Poor’s reached three times earnings before interest, tax, depreciation and amortization in 2015, the highest in data going back to 2003"
"Much of the cheap credit accumulated by companies was spent on a $3.8 trillion M&A binge, and to fund share buybacks and dividend payments"
LTM: Last twelve months
But this is the worst news of all for dopium junkies:
"But, who's managing the short squeeze desk, this month?"