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SFO Magazine

This is a compendium of Howard L. Simons' SFO Magazine articles from September 2004 through the end of the magazine's life in August 2011.

  1. "Stock Market Spreads: Narrower Decisions, Wider Horizons," September 2004, on pairs trading, alpha, and index spreads;
  2. "Step On A Crack," October 2004, on energy crack spread trading;
  3. "Currency Traders Need To Get Cross," November 2004, on currency cross-rate trading;
  4. "Market Magical Mystery Tour," December 2004, on yield curve trading;
  5. "Old McDonald Had A Spread," January 2005, on grain market spreads;
  6. "One Foot Firmly On The Ocean," May 2005, on the role of ocean freight rates in financial markets;
  7. "The Myth of 'Commodities'," July 2005, on the construction of commodity indices;
  8. "Long-Only Commodity Indices Fall Short," August 2005, on the impact of commodity indexation;
  9. "Economic Soft Patches Meet Commodity Hard Assets," September 2005, on base metals as market indicators;
  10. "Tracking Macro Factors Impact On Stocks," October 2005, on a model to assess sectoral impact of macroeconomic factors;
  11. "Did The Federal Reserve Save Us From OPEC?," November 2005, on how monetary policy mitigated the damage from higher oil prices;
  12. "Stocks Float On A Sea Of Bonds," December 2005, on the importance of corporate bond default costs;
  13. "A Lethargic Look At Energy," January 2006, on the 2006 energy markets;
  14. "Precious Times For Gold," February 2006, on the divergence of gold from its traditional indicators;
  15. "The Blue Flame Of Death," March 2006, on the volatile natural gas market;
  16. "Welcome The Flat Yield Curve," April 2006, on bond returns and the yield curve;
  17. "The Yield Curve And Financial Stocks," May 2006, on the impact of the yield curve on financial groups;
  18. "Games With Commodity-Linked Equities," June 2006, on the relationship between commodities and commodity-linked equities;
  19. "Declaring Independence From Inflation Misconceptions," July 2006, on macroeconomic indicators of inflation;
  20. "Financial Markets' Inflation Signals," August 2006, on financial market indicators of inflation;
  21. "Gold And Oil Go Together Like Oil And Water," September 2006, on why the two commodities should not be treated similarly;
  22. "Convertible Bonds: Stock, Bond, Both Or Neither?," October 2006, on hybrid trading patterns in convertibles;
  23. "Betting On Volatility," November 2006, on VIX futures and options;
  24. "Refining Margins To Stay Strong," December 2006, on refining margins;
  25. "Oil Industry Spreads: Where Technicals Meet Fundamentals," January 2007, on use of oil industry spreads as a forecasting tool;
  26. "Stability And Breakout In The Euro," February 2007, on market-derived indicators for trading the euro;
  27. "Discretion Is The Better Part of Policy," March 2007, on using the LIBOR curve to assess Federal Reserve policy;
  28. "More Fun With Commodity-Linked Equities," April 2007, on the impact of commodity indexation on commodity-linked equities;
  29. "The Illusion Of TIPS Protection," May 2007, on the inability of TIPS to provide actual inflation protection;
  30. "What Really Pushes Stock Prices," June 2007, on weighted impact of various market factors;
  31. "Corporations Are Not Capital Processors," July 2007, on the economic value-added link to stock prices;
  32. "Corporates Have Curves, Too," August 2007, on the interpretation of corporate yield curves;
  33. "Follow The Money With REITs," September 2007, on REITs as inflation and stock market indicators;
  34. "MEW And You," November 2007, on home equity financing;
  35. "Not Your Father's Utility Stocks," December 2007, on the performance of utility stocks;
  36. "Two Cheers For Productivity," January 2008, on economic impact of productivity;
  37. "Lead, China And Toys," February 2008, a satirical look at the issue of lead-contaminated toys;
  38. "China Will Not Be Exporting Inflation," March 2008, on the impact of a rising yuan;
  39. "Food Price Inflation Bites," April 2008, on rising food price inflation;
  40. "A Simple Bet On The Fed," May 2008, on binary options on the federal funds rate;
  41. "Is There Green In Green?," June 2008, on environmental investing;
  42. "Soybeans, Corn And Food Price Inflation," July 2008, on distortions resulting from the volatile soybean-corn spread;
  43. "When Stocks And Bonds Disconnect," August 2008, on relative value considerations between stocks and bonds;
  44. "We Are Becoming Japan Now," September 2008, on parallels between the U.S. and Japan;
  45. "Eurodollars And Macro Turning Points," October 2008, on interpreting the forward curve of Eurodollars;
  46. "A Saving Grace," November 2008, on the implications of rising savings rates;
  47. "Positive Attitude, Negative Yields," December 2008, on negative real interest rates;
  48. "The Great Unwind Spreads Into 2009," January 2009, on the macroeconomic fallout of the credit crunch;
  49. "Thinking About Stocks In Interest Rate Terms," February 2009, on pricing single stock futures;
  50. "The Sweet Taste Of Success," March 2009, on the links between sugar and energy markets;
  51. "Taking A WACC At Corporations," April 2009, on the weighted average cost of capital;
  52. "Fuel In Canada's Fields," May 2009, on canola's role in the biodiesel market;
  53. "Pushing The Limit On Government Finances," June 2009, on the implications of rising sovereign credit risk;
  54. "Trading The Russell Index Spreads," July 2009, on the Russell 1000 - Russell 2000 index spread;
  55. "A Baleful Look At Cotton," August 2009, on factors affecting the cotton market
  56. "A Short Above Zero," September 2009, on going short Eurodollars at low yields;
  57. "The Wealth Shock And Confidence," October 2009, on how the wealth shock affects different age cohorts;
  58. "Utilities Shocked By Carbon Cap," November 2009, on the effects of cap-and-trade on the electric utility industry;
  59. "Policy Shocks And Financial Shocks," December 2009, on the effects of government intervention in the financial sector;
  60. "The Capital Kindness Of Strangers," January 2010, on foreign direct investment;
  61. "Can You Create A Corporate Bond Bubble?" February 2010, on the influence of corporate bond ETFs;
  62. "Integrated Oil Companies And Crude Oil Prices" March 2010, on whether these firms are a play on crude oil;
  63. "Crude Oil & Natural Gas: The Spread That Isn't" April 2010, on the phantom spread between the two markets;
  64. "No One Respects A Quantitative Easer" May 2010, on the underperformance of countries whose central banks eased quantitatively;
  65. "Aluminum, Markets And Global Growth" June 2010, on the linkages between Chinese aluminum demand, prices and equity valuations;
  66. "When Instability Is Stable" July 2010, on the long-running expectations for higher short-term interest rates;
  67. "Do Analysts Add Value?" August 2010, on the ability of fundamental analysts to forecast even given forward-looking information;
  68. "Coal Goes On Steel Wheels Tour" September 2010, on the equity market impact of coal prices;
  69. "Lumber Does Grow On Trees" October 2010, on the links between lumber's forward curve, interest rates and housing;
  70. "The Yield Curve And Inflation Expectations" November 2010, on the links between TIPS breakevens and the shape of the yield curve;
  71. "Platinum And The Gold Rush" December 2010, on the platinum market and gold-platinum spreads;
  72. "Treasury Bond Risk And Return" January 2011, on net carry returns by maturity in the Treasury market;
  73. "Europe Could Not Fool Mother Nature" February 2011, on long-term interest rate differentials in the Eurozone;
  74. "Are Those Rates Real?" March 2011, on the implications of the real/inflation expectations mix in interest rates;
  75. "Sovereign Credit Risk And Inflation" May 2011, on the links between expected inflation and Treasury CDS levels; and
  76. "Remembrance Of High Inflation Past" August 2011, on market performance during the late-1970s/early 1980s inflation
  • Home
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