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Apollo out with a presentation on why the yield curve is steepening.

WR Berkley Q4 Call.pdf Take a look at excerpt from WR Berkely's Q4 transcript. Company President Mr. Berkley's comments regarding the relationship between the "manufacturer" (insurance companies) and the "distributor" (brokers) are a shot across the bow of broker community when taken word for word. Mr. Berkley rolls his alarming comments back slightly with "we are very committed to our partners". Also later during Q&A in call, Mr. Berkley talks about a specific product (Berkley Embedded) where customer will have a point of sale product. WR Berkley is not a little pup insurance company. I am going to take some time to digest these comments. Not going to speculate what spooked markets for brokers, but Mr. Berkley's comments are definitely "fightin' words".

OTC FFH is not an ADR and there are differences. ADRs are NOT the underlying stock. Just a trust that holds the stock that issues securities against it. 5-digit Tickers ending in F are just the foreign shares traded over the counter. You can't be forced liquidated without realizing it on those securities