Monthly Archives: June 2008

How I Evaluate Investment Managers

This post will probably be too brief, but here goes.  The most important aspect of analysis is trying to gauge any sort of sustainable competitive advantage.  Qualitatively, do they really have something special going that other are unlikely to imitate?  Second, do they fit their paradigm?  If they are growth investors, do they use momentum?  […]

Rethinking Comparable Worth

“Comparable Worth” was a faddish idea for economic leftists that flowered (thankfully it was brief) in the 1990s.  The idea was that you could measure occupations on a technical basis, measuring education, effort, responsibility, and other aspects of the job, and figure out what occupations should be compensated similarly. That’s a pretty difficult problem to […]

Downgrades Come Easy, Upgrades Come Hard, Upgrades to AAA? — Forget It.

We’re not quite to the endgame yet, but the jig is up for MBIA and Ambac, after the downgrades from Moody’s at the holding companies to Baa2 and A3 respectively.  Wait, why I am I mentioning the holding companies?  Isn’t it the operating subsidiaries that matter? Well, yes, for sales and regulatory purposes, but the […]

Ten Notes on Residential Housing

I’m waiting for the day when I can write upbeat stuff about housing…  when I can buy homebuilder and mortgage stocks and crow about my gains.  I hope I live two more years.   (Many thanks to Calculated Risk for their excellent coverage of residential housing.) 1) The first thing to note is that residential […]