Monthly Archives: July 2008

What are the Limits? Are there Limits?!

From 1995 to about 2004, I would imagine Federal Reserve Governors sitting around over dinner the night before the FOMC meeting, and because the mainstream view of monetarism hadn’t been discredited yet, and saying something to the effect of: “What would it take to create inflation? How fast could we move up the monetary aggregates […]

Covering Covered Bonds

Here’s a not-so-quick note on covered bonds.  What is a covered bond?  It is a form of secured lending, where a bank borrows money and offers a security as collateral.  That security remains on the bank’s books, but in a default the covered bondholder could claim the security in lieu of payment from the bank’s […]

Credit Quality Cancer

With trends, I often try to answer the question, “Has the goat reached the end of the snake yet?”  (I got that phrase from a Canadian Investment Actuary with a quirky sense of humor.)  Another more common metaphor would be “What inning of the baseball game are we in?”  I’ll stick with the goat for […]

The Fundamentals of Market Bottoms, Part 1

A large-ish number of people have asked me to write this piece.  For those with access to RealMoney, I did an article called The Fundamentals of Market Tops.  For those without access, Barry Ritholtz put a large portion of it at his blog.  (I was honored .) When I wrote the piece, some people who […]

You Can Sue, But You Won’t Win

Now, I’ve never been a great fan of the financial guarantee insurers, or the rating agencies.  Consider my post dealing with then over at RealMoney, Snarls in Insurance Investigation, Part 2.  In it, three-plus years ago, I suggested that Eliot Spitzer should investigate the relations between the rating agencies and the financial guarantors. Now the […]

Asking for Help

This post is a little different, so bear with me for a moment.  I’m in the midst of taking my value investing and turning into a product that will enable me (and the firm I work for) to manage separate accounts. I figure a few of my readers may manage firms that manage separate accounts.  […]

Ten Notes and Comments on the Current Market Fracas

1) How to control your emotions when the market is nuts?  Develop a checklist, or at least a strategy that makes you re-evaluate the fundamentals, rather than buying/selling indiscriminately. 2) What, one standard for revenue recognition?  Impossible! Great!  Revenue recognition is probably the most important issue in accounting, and whatever comes out of this will […]