Recent Sorted Tweets

Finance Business


  • Breaking Ranks: Former Broker Turns Bomb Thrower @reformedbroker interview previews his book: $$ Feb 24, 2012
  • Why CLO managers continue to struggle Low issuance, warehousing is tough, need more subordination, fewer senior buyers Feb 24, 2012
  • My Favorite Quote from Baupost’s 2011 Annual Letter DIstressed bond mgrs get itchy in bull phase & buy new junk @ par Feb 24, 2012
  • SEC IFRS Plan Endorsement IFRS is not worth giving up comparability or sovereignty for. Project is a total loser. $$ Feb 24, 2012
  • Very cool, congrats RT @Finovate: @AlphaClone to offer Alternative Alpha ETF from U.S. Bancorp Feb 23, 2012
  • SEC May Ticket Speeding Traders Worthy of an experiment like the kind they did to study the “uptick rule” $$ Feb 23, 2012
  • AQR’s Aaron Brown on Red-Blooded Risk When I was a bond mgr, could sense some aspects of risk listening 2 broker’s tone Feb 23, 2012
  • The Volcker Rule is not going to bring your house back Prop trading was not a leading cause of the financial crisis. $$ Feb 23, 2012
  • Pimco Said to Quit Mortgage Bond Group Feels wrong parties (their clients) r paying 4 bad servicing,instead of banks Feb 23, 2012
  •  If you want, I can dig up an old research piece on analyst coverage — there are basically 3 factors that explain 70… Feb 21, 2012
  • Stressed VAR is still a “protractor in the jungle” Risk management sh/not b done w/central measures but stress tests $$ Feb 21, 2012
  • How One Company Teaches Employees the ABCs of Finance More companies should do this, they would b more profitable. $$ Feb 18, 2012
  • Gross Fund at 66% Premium Shows Pimco Allure in Quest for Yield Yield illusion distracts many investors. Avoid it. $$ Feb 17, 2012
  • Read:Which three of DOL’s new 401(k) rules represent the biggest land mines for financial advisors and plan sponsors? Feb 15, 2012
  • The 400% Man Wish I could meet some of his disappointed investors who came to kick the tires and were disappointed. Feb 15, 2012
  • Contra:Foot-Dragging on IFRS Decision Could Strip SEC of Power The US could lose representation on IASB. Good, drop out Feb 14, 2012
  • Notes from iGlobal’s Global Distressed Investing Summit: Part 2 Leveraged loan market seems to be in decent shape $$ Feb 14, 2012
  • Pimco: $25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks Gives MBS buyers a reason 2 sue originators $$ Feb 13, 2012
  • Missing at MF: $1.6 Billion Included for the 1st time is roughly $700 million in client money residing in the UK $$ Feb 13, 2012
  • Stockbrokers: A Guide to Private Placement Due Diligence Illiquid investments are ways to cheat average people. $$ Feb 11, 2012
  • Why illiquid? Can’t recover the commission otherwise.  Can deceive people that their investment is worth more than it… Feb 11, 2012


Market Strategy


  • Jim Stack was right, and he’s still bullish Basically a forward P/E plus momentum argument, & lack of sharp falls $$ Feb 24, 2012
  • S&P 500 Gets 9% Cheaper on Record Profits Makes a P/E argument; profit mrgns will eventually revert, may take a while Feb 23, 2012
  • The dangers of dividend-paying stocks Hint: they are stocks. No maturity date, no certain cash flow, low BK priority $$ Feb 23, 2012
  • Falkenblog: Low Vol Commodity Timing Strategy Low volatility seems to work in a large number of areas, this is one $$ Feb 23, 2012
  • Retro Investing—Look Back to Get Ahead The 50s, w/post-WWII financial repression, recurs as a current investing meme $$ Feb 22, 2012
  • The Intelligent Investor: Are Index Funds Messing Up the Markets? May also be traders following each other $$ Feb 21, 2012
  • If history is any indication, high dividend stock outperformance should continue Uses 40s & 50s as analogy $$ Feb 20, 2012
  • Breakout or consolidation? Many market seem to be at inflection points. Which way will they go? Wildcards: EZone, China Feb 20, 2012
  • RE: @alea_ Interesting analysis.  I would be wary of teasing too much out of the cluster analysis of sector correlati… Feb 18, 2012
  • MORGAN STANLEY: January Exhibited This Tell-Tale Sign Of A Market Top When everything rises at once, look out! $$ Feb 18, 2012
  • Apple Stock May Not Be as Cheap as It Looks Earnings quality has declined, and so has the PE multiple $$ Feb 18, 2012
  • @ampressman Common summary stat 4 acctg quality 4 $AAPL Net Operating Accruals / Assets, has been deteriorating 4 last 7 years + Feb 18, 2012
  • @ampressman $AAPL acctg used to be very conservative, now modestly liberal by that statistic. It’s a bad direction, not a bad position, yet Feb 18, 2012
  • Should the Rich Invest Like Colleges? Better question: what are your goals? Do you have an infinite horizon? $$ Feb 18, 2012
  • High Yield Bonds as Equity Indicator | The Reformed Broker Meet my friends & former colleagues Ed Meigs & Sean Slein $$ Feb 17, 2012
  • When Earnings Slow, Focus on Big Cap, Quality High quality is the place to be at present, credit cycle shifting some $$ Feb 16, 2012
  • A Lesser Known Indicator Cash enters market through IPOs, employee grants, & exits through cash buyouts, buybacks $$ Feb 16, 2012
  • Parabolas have 2 end somewhere $$ RT @ReformedBroker: $AAPL sold off because people were getting impatient with how slowly it was moving up. Feb 15, 2012
  • FPA Capital’s Bryan Beats Peers Embracing Oil Volatility A clever focus on absolute retruns, w/a long horizon $$ Feb 15, 2012
  • Paulson Gives Activism a Go Not as easy as it looks w/ $HIG. Acctg may not fairly capture variable liabilities $$ Feb 15, 2012
  • RE: @SoberLook DB hedges its bets.  Average years rarely happen in high yield, they are either good or bad. Feb 14, 2012
  • THE 1987 MYTH…. “Illusion of stability within disequilibrium” Very well said, in one short phrase. $$ Feb 14, 2012
  • America Inc. Faces Margin Stall US companies have begun to see rising costs eat into the bottom line. Finally. $$ Feb 13, 2012
  • Hulbert: Insiders Selling at Heavy Pace Just another straw blowing in the wind, but insiders usually have good sense $$ Feb 10, 2012




  • Greek PSI outcomes tree: credit event probability at 93% Clever grraphic shows high likelihood of Gk CDS triggering. $$ Feb 23, 2012
  • The market is now pricing in Greek sovereign CDS trigger Upfront prices for Greek CDS moving up $$ Feb 22, 2012
  • Despite Pact, Unease Lingers for Greece “Many Problems Remain Even Under Best-Case Scenarios” Shrink, shrink… $$ Feb 22, 2012
  • Greek Rescue Is Not the End of the Story Won’t save Greece on its own & there r other fringe nations 2 deal with $$ Feb 20, 2012
  • ECB Greek Plan May Hurt Bondholders While Triggering Debt Swaps ECB may get better treaqtment than private holders $$ Feb 20, 2012
  • So, what would your plan for Greece be? Play the game, and let Keynes sneer @ u as u attempt 2 solve the impossible $$ Feb 18, 2012
  • Greek Economy Shrinking Rapidly And it may shrink more rapidly depending on what the rest of Europe does $$ Feb 14, 2012




  • ECB’s Mario Draghi magic corrupts bond markets Banks become dependent on ECB, bank bondholders more subordinated $$ Feb 24, 2012
  • European Banks May Tap ECB for $629 Billion Cash “There is a ‘lose-lose’ air around the ECB’s auction next week,” $$ Feb 24, 2012
  • The Eurozone should be prepared for a new government in France And that govt will be more hostile to current actions $$ Feb 22, 2012
  • Spain Sinks Deeper Into Periphery on Debt Rise As debts grow higher, the probability of escape gets lower. $$ Feb 22, 2012
  • Iron Lady Merkel Bucks German Street on Greek Aid Strategy working 4 now, but what if colleagues lose their seats? $$ Feb 20, 2012
  • Moody’s Cuts European Sovereigns Spain, Italy, Portugal, Slovakia, Slovenia & Malta all cut. France & UK -> neg outlook Feb 15, 2012
  • Unlisted in euroland Didn’t catch this in Jan. Private bonds can offered 2 ECB as collateral; helps French banks $$ Feb 13, 2012


The Well-off Fringe Nations


  • Icelandic Anger Brings Debt Forgiveness If the debt problem is not severe, austerity. If it is severe (Iceland) default Feb 22, 2012
  • Nordic Currencies Stung in Crisis Much of the world, looking for a store of value, drive fringe currencies up $$ Feb 21, 2012
  • Canada housing market: poised 4 ‘severe correction,’ George Athanassakos says Canada is used to the boom/bust cycle $$ Feb 21, 2012
  • @joshuademasi You’re right, but most of the fringe currencies are facing the same dilemma; who to favor, consumers vs exporters, etc… $$ Feb 21, 2012
  • Israel Safest as Investors Discount War Threat Well-capitalized banks & balanced economy w/much high tech $$ #warrisk Feb 20, 2012
  • A hedge fund bets big on a Canadian mega quarry Property rights r tough here. What if an existing farmer tried this? $$ Feb 18, 2012
  • Australia’s Gillard Urged to Increase Mortgage Purchases A mistake, far better to let the market fail. $$ Feb 17, 2012
  • You’re right, reminds me of an old piece I wrote: Thanks $$ RT @joshuademasi: The 5 stages of USD grieving ! Feb 15, 2012
  • Norway’s Rate Policy Dilemma Pits Household Debt Against Krone ‘Headache’ Cut rates, asset bubble grows, Krone weakens Feb 15, 2012





  • Plan B for China’s Wealthy: Moving to the U.S., Europe Wealthy Chinese know their govt, thus the need for flight $$ Feb 22, 2012
  • China’s FDI and Trade Outlook Horrible Says Commerce Spokesperson Hard 4 Comm Party 2command domestic consumption up $$ Feb 18, 2012
  • ‘Mother of all bubbles’ will pop China stocks: GMO Low prob: China successfully navigating soft landing out of a bubble Feb 18, 2012
  • China’s excess exports turn negative Key Q: how will China grow its economy by stimulating domestic consumption? $$ #uh Feb 18, 2012
  • Too many bearish on China, but I’m bearish also.  What to do? Seek out China bulls.  If their arguments sound dumb, d… Feb 17, 2012
  • The Silent Victims of the U.S.-China Currency War Smaller nations get caught in crossfire of competitive devaluation $$ Feb 17, 2012
  • China’s Military Spending to Double by 2015 I think it take some losses before DC takes this seriously. $$ Feb 17, 2012
  • China’s Tenuous Hold on Peace Tibet is restive, China blames its problems on the economic mismanagement of foreigners Feb 14, 2012
  • Glimpses of a Chinese Town Under Lockdown some reporters managed to get there to document the heavy security presence Feb 14, 2012
  • Liu Mingkang Outlines the Reforms China needs to Undertake Will the communist party willingly reduce its power in China Feb 13, 2012




  • Japanese Equities Herald Return to Inflation If Japan bond market breaks, ructions will be felt the world over. $$ Feb 23, 2012
  • Energy imports will pressure Japan’s trade deficit But, Japan has a current account surplus from its net foreign assets Feb 23, 2012
  • Japan Suggests No Quick G-20 Deal on IMF Funding non-European members of the IMF waiting on the Europeans to act $$ Feb 22, 2012
  • Tokyo Small-Caps Set for Longest Win Streak Unnoticed but true, look @ this CEF: FD: long $JOF Feb 22, 2012
  • Yen Slumps After Japan Expands Bond Buying Competitive currency devaluations driving Forex $$ #beggarthyneighbor Feb 15, 2012




  • Japan Refiners Said to Stall on Iran Deals Life is harder on those that need Iranian oil, like India, China, Japan $$ Feb 21, 2012
  • Iran Says It Loaded Locally Made Fuel to Nuke Not sure I believe this, but if it’s true, the Israelis will know ;) $$ Feb 15, 2012
  • Iran presses ahead with dollar attack Unlikely to work, but it’s all they can do w/oil transport shut down $$ Feb 14, 2012
  • Letter Writers Break Iranian Taboo They are so desperate that they write the Ayatollah and criticize conditions. $$ Feb 14, 2012
  • Iran Sanctions Tighten as Shippers Stop Loading Risk goes up, shipping insurance premiums rise, shipping stops $$ Feb 13, 2012


Rest of the World


  • Record Redemptions Loom Amid Akbank $1.3 Billion Loan Talks Never knew Turkish firms financed w/so much Short debt $$ Feb 18, 2012
  • Chavez Missing $10 Billion a Month by Curbing State Oil Investment PDVSA falls behind Pemex? How low can you go? $$ Feb 15, 2012
  • Chávez Opposition Faces Hard Election Chavez controls media & oil wealth; tough for Capriles, but he can still win. Feb 14, 2012
  • Gunfights in Saudi Arabia Show Spread of Tensions Shia in Saudi Arabia fight the govt. Biggest split in Mideast $$ Feb 14, 2012
  • The Real Reasons the Rich Are Moving Cash to the Caymans Litigation risk, and US political risk; diversify yr govts Feb 13, 2012


Federal Reserve / Monetary Policy / Fiscal Policy


  • Those believing the Fed is on hold for the next 3 years will be in for a rude awakening FF futures & TIPS betray mkt $$ Feb 24, 2012
  • Exported Inflation to Return Home, but When and in What Form The Fed will find it hard to shrink its balance sheet $$ Feb 24, 2012
  • Healthcare expenses will overwhelm the US federal budget Suspect a deal will b driven 2 reduce benefits somehow $$ Feb 23, 2012
  • “Fiat Money and Collective Corruption” Hard money would help, the bigger problem is light regulation of banks/credit $$ Feb 23, 2012
  • Fed Writes Sweeping Rules From Behind Closed Doors Q: Why? 2 avoid bank influence, or 2 hide bank influence? $$ Feb 21, 2012
  • The Race To Debase In All Its Glory Balance sheets of major central banks expand rapidly $$ #racetothebottom Feb 21, 2012
  • Wealthy Enriched by Double-Dipping U.S. Plan Long article describing unethical use of SBA $$ . #eliminatetheSBA Feb 21, 2012
  • Over-regulated America The home of laissez-faire is being suffocated by excessive and badly written regulation $$ Feb 18, 2012
  • Geithner: GOP Walked Away From Tax Overhaul – Bloomberg Articles like this indicate another stalemate in the making $$ Feb 17, 2012
  • Potomac Divide Shows Foreclosures Thru Courts Slow Home-Price Recovery MD has slow foreclosures, housing mkt lags VA Feb 16, 2012
  • Sober Look: Regulate it all, ask questions later New regulations reduce the liquidity of the corporate bond market $$ Feb 16, 2012
  • FHA is almost broke. What will DC do when it goes critical? RT @HousingWire: FHA defaults up for ninth straight month Feb 15, 2012
  • Pentagon May Oust Troops Involuntarily to Meet Reductions in Budget Plan Tough time 2b let go if you r a veteran $$ Feb 14, 2012
  • What a surprise! $$ RT @pdacosta: Bernanke’s big housing speech makes no mention of the Fed’s regulatory laxity in run-up to the crisis. Feb 10, 2012




  • Contra: Should Mortgage Rates Even Be Lower? Mortgages do not price off of Tsys, but swaps and bank bond yields $$ Feb 22, 2012
  • Wall Street Crowds Into Trader Joe’s CMBS mkt getting heated; loans linked 2 retail rose to 45% 4 bonds sold in 2011 Feb 22, 2012
  •  Have a lot of friends who have lost a lot of money waiting for $TLT to break. FD: long TLT Feb 21, 2012
  • A $360 trillion confidence trick I have argued that LIBOR should be based off of binding offers to borrow/lend $$ Feb 14, 2012
  • W/TIPS NY Fed concentrates on the long on-the-run & nearby, w/nominals opposite. Makes implied inflation look higher $$ Feb 10, 2012



Muni Bonds


  • Stockton, CA, to Weigh First Steps Toward Bankruptcy Start of negotiations to reduce emplyee pensions & healthcare $$ Feb 24, 2012
  • Good piece, thx RT @munilass: Evaluating Chapter 9 Bankruptcy for City of Detroit: Reality Check or Turnaround Option? Feb 21, 2012
  • Yes. $$ RT @BarbarianCap: @munilass isn’t this the muni book that @AlephBlog reviewed very favorably a few days ago? Feb 20, 2012




  • New Rules Wreak Havoc forRetirement-Plan Sponsors I would expect rules to be modified, else headaches 4 DC plans $$ Feb 24, 2012
  • @BarbarianCap Looking at the RFP, that is one of the few things *not* under consideration, pity too, because it is more important. #DumbOCPP Feb 23, 2012
  • @BarbarianCap The audit is a test of methods and data, not assumptions. That’s actually pretty normal unless you an assumptions outlier $$ Feb 23, 2012
  • @BarbarianCap I’ve said it many times b4, if life insurers have 2b conservative in accounting, DB plans s/b more so, but they r less so $$ Feb 23, 2012
  • @BarbarianCap Some cases, deals will be driven to reduce benefits, depends on state/muni laws, Ch 9 allowable; not protected by ERISA/PBGC Feb 23, 2012




  • The Capabilities Premium in M&A Long piece that explains why some mergers work; they aid organic growth & r small $$ Feb 22, 2012
  • Elemental to Raise $1.7 Billion Next Year to Mine Potash Potash pricing has been volatile lately, cross-currents $$ Feb 22, 2012
  • Gamestop to J.C. Penney Shut Facebook Stores: Retail $FB may have a more difficult time w/retail than some expect $$ Feb 20, 2012
  • Hewlett-Packard’s Message: We’ve Been Here All Along Note: long $HPQ . HPQ definitely sounds more certain now. $$ Feb 16, 2012
  • Icahn Pushing CVR’s Sale Means $1 Billion Gain for Shareholders What refiner wants more capacity now & fertilizer? $$ Feb 16, 2012
  • Hedge Funds Switch Positions, While Paulson Switches Investing Style Issue w/ $HIG is value of Variable product biz $$ Feb 15, 2012




  • The Control Revolution And Its Discontents There is a “sweet spot” for market efficiency, too much & things get chaotic Feb 24, 2012
  • The Decline In Inventory Right Now is NOT a Good Sign Fall in seller confidence & decline in new distressed inventory Feb 23, 2012
  • Spring Lambing in UK Turns Deadly as New Virus Kills Young Infects pregnant sheep, cows and goats, 5% infection rate Feb 22, 2012
  • Midwest Farmland Prices Update for the Year 2011 Good discussion after a good article; things r getting a little bubbly Feb 22, 2012
  • Finding Treasures Among Insurer’s Wreckage Never bot Atl Mutual’s Surplus Notes, but historical curiosities, wow $$ Feb 18, 2012
  • @StockTwits Insurance is boring, but antiquities at the oldest companies are fascinating. Wonder what Nationwide did w/Provident Mutuals? $$ Feb 18, 2012
  • @StockTwits I would hold meetings every now and then in Provident Mutual’s underused antiquities room; would start good conversations $$ Feb 18, 2012
  • Why Is Violent Crime Declining in US Cities? & Smarter law enforcement makes DC safer. Wow! $$ Feb 18, 2012
  • Thanks, liked it. RT @onwrdnupwrd: you will like this one from this weeks economist Feb 18, 2012
  • Interracial Marriages in US Reach a Record Interesting that it is more prevalent with college educated people. $$ Feb 18, 2012
  • Harvard Mapping My DNA Turns Scary Journalist learns hard things about his DNA. Would he be better off not knowing? $$ Feb 18, 2012
  • Groupthink: The brainstorming myth People do better solving problems on their own, and sharing ideas w/the group $$ Feb 18, 2012
  • Fear, Submission, and Authoritarianism; a Disturbing Trend Negative social mood leads to loss of liberties $$ Feb 16, 2012
  • Santorum’s Electability Pitch Undermined by 2006 Senate Re-Election Loss – Bloomberg Shouldn’t be an issue, here’s why: Feb 15, 2012
  • As the late Bob Casey said, “You can’t lose if you are a pro-life Democrat.” This is true, and it is why Santorum lost to his son. $$ Feb 15, 2012
  • Cracking the Long-Jump Code Fascinating science applied; the key seems 2b2 jump higher, not just longer $$ Feb 15, 2012
  • The Best Foods for Thought, Literally Perhaps the Mediterranean diet can aid brain function, or a lowcal diet $$ Feb 14, 2012
  • Contra: Almost Half the Price of Oil is Speculative Premium It should be impossible to so overprice such a large mkt $$ Feb 14, 2012
  • The Hunt Brothers thought they could corner a much smaller silver market, and were not able to do it.  The oil compan… Feb 14, 2012
  • So, What’s Your Algorithm? Being able 2 crunch large amounts of data can lead to more objective decisions $$ #ornot Feb 13, 2012

1 Comment

  • dan1529 says:

    Just want to tell you one man’s opinion: that this format of grouped and sorted tweets is exceptional–a really useful and efficient resource. I’m finding that it’s a great way to make sure I don’t miss anything major in the markets at the end of each week. Keep it going David!

    Dan @ Casual Kitchen