yes they do and did. Gave us all a bad name because they took the money and ran. Cowards all of 'em. Said it before and say it again
born here….die here.
The Last Time This Divergence Emerged, Was Just Before The 2008 Crash
We discussed the collapse in the VIX earlier, when we pointed out that at least according to the world's largest bond manager, this artificial market calm foreshadows another surge in volatility just around the corner, which is also why Pimco's CIO had one recommendation: start selling now.
However, while Pimco may be accused of merely talking their book, there is another empirical indicator which suggests that a violent market reversal may be imminent.
According to Wells Fargo’s recession model, which similarly to JPMorgan's and Goldman's uses various market signals such as the 3M10Y treasury spread and various economic inputs, the chances of a recession in the US over the next 12 months spiked in December and hit 40% in January (while high, this is still well below JPMorgan's 60% odds of a recession in the next coming year).
However, as Wells Fargo's in house derivative strategist Pravit Chintawongvanich observes, this surge in the probability of a recession is at odds with the implied one-year equity volatility which as discussed earlier, is now trending below its 2018 average.
What is the CBOE Volatility Index (VIX)?
Created by the Chicago Board Options Exchange (CBOE), the Volatility Index, or VIX, is a real-time market index that represents the market's expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of market risk and investors' sentiments. It is also known by other names like "Fear Gauge" or "Fear Index." Investors, research analysts and portfolio managers look to VIX values as a way to measure market risk, fear and stress before they take investment decisions.
What is the CBOE Volatility Index (VIX)?
Created by the Chicago Board Options Exchange (CBOE), the Volatility Index, or VIX, is a real-time market index that represents the market's expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of market risk and investors' sentiments. It is also known by other names like "Fear Gauge" or "Fear Index." Investors, research analysts and portfolio managers look to VIX values as a way to measure market risk, fear and stress before they take investment decisions.
https://www.zerohedge.com/news/2019-02-21/last-time-divergence-emerged-was-just-2008-crash
this is not nothing.
Zillow shares slide as Rich Barton returns as CEO
hares of Zillow Group Inc. Z, +9.02% fell in Thursday's extended session after the real-estate marketplace announced a new chief executive and posted quarterly results. Zillow said Rich Barton, who co-founded the company in 2005, has been named as CEO, a position he held until 2010 while co-founder Lloyd Frink will serve as executive chairman. Barton also founded Expedia Group Inc. EXPE, -0.38% in 1994 and co-founded Glassdoor in 2007. The company also reported its fourth-quarter loss widened to $97.7 million from a loss of $77.2 million a year ago. Revenue grew 29% to $365.3 million. Zillow did not provide earnings per share data in its quarterly financial report. In the current quarter, the company expects to post revenue of $417 million to $443 million, above the average forecast of $405 million. Zillow shares dropped more than 2% after hours.
Zillow Group, Inc. (Z)
38.20 +3.16 (9.02)
After hours: 6:11PM EST
https://www.marketwatch.com/story/zillow-shares-slide-as-rich-barton-returns-as-ceo-2019-02-21
_____
Heavy owner of NFLX in the early day's sits on board too
Founded Expedia as well
Glassdoor
Mr. Richard N. Barton, also known as Rich, is Venture Partner of Benchmark Capital since February 2005. Mr. Barton joined Benchmark on February 11, 2005 and he focuses on the consumer market and more specifically on Internet services. He has been Executive Chairman of Zillow Group Inc since September 2010. He Co-Founded Trover, Inc in October 2010. He serves as an Advisor of TripHub, Inc. He is a Co-Founder of King of the Web. He co-founded Glassdoor.com in 2007. He co-founded Zillow Group, Inc. in 2005 and served as its Chief Executive Officer from December 2004 to September 14, 2010 and also served as its Chairman. He founded Expedia, Inc., in 1994. In 1999, he led the spin-off of Expedia from Microsoft Corporation. Mr. Barton served as Expedia’s President, Chief Executive Officer and Director from 1999 to 2003. Prior to this, he worked at Microsoft Corporation from 1991 to 1994 in various product management roles involving Windows 95, Windows 3.1, MS-DOS 6 and MS-DOS 5 operating systems. He was a Strategy Consultant at Alliance Consulting Group. He served as an Advisor of Decide Inc. He is the Non-Executive Chairman of the Board at Glassdoor.com (alternate name Glassdoor, Inc.) since January 2008, Trover and TravelPost since March 2010. He has been Director of Avvo, Inc. since June 2006, Liberty Interactive Corporation since December 13, 2016 and Zillow Group, Inc. since December 2004. He has been an Independent Director of Netflix, Inc. since May 2002. He is a Director of Qurate Retail, Inc. since December 2016. He serves as a Director of Hark, Inc., Atom Entertainment, Inc., RealSelf, Inc., Year Up Inc., and Common Sense Media, Inc. He served as a Director of Interactive Network Inc., Atom Corp., and Ticketmaster Entertainment, LLC from December 2001 to August 2002. He served as a Director of IAC/InterActiveCorp from February 2003 to February 3, 2005 and Golden Nugget, Inc., since January 2004. In 2014, he was named a Presidential Ambassador for Global Entrepreneurship by President Obama. He holds a B.S. in General engineering and Industrial Economics from Stanford University.
https://www.bloomberg.com/research/stocks/people/person.asp?personId=238677&privcapId=20523038
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