Monthly Archives: June 2012

Sorted Weekly Tweets

Eurozone   Germany Signals Shift on Europe Aid “a common fiscal policy would be irreversible and well coordinated.” $$ Jun 29, 2012 Bermuda on track to comply with EU insurer rules If not, cos reinsured could not take full reserve credit;wud lose biz Jun 26, 2012 How Germany’s euro fight has turned Orwellian […]

Book Review: The Little Book of Hedge Funds

  I have worked for a hedge fund, and I have many friends that work for hedge funds.  I understand hedge funds well. The “Little Book” people at Wiley should indeed have done this book, but with a different author.  Why?  When there are significant areas of controversy around a topic, and you write a […]

On Bond Ladders

I received the following from a reader: My primary motivation for writing to you is this post by Jeff Miller: In my mind, you are the foremost expert blogger when it comes to bonds so I wanted to get your take.  It’s been a long time since my bond class getting my MBA and […]

Do Insurance Stocks Do Better than Average Over the Long-Run?

Why should insurance companies be such a good place to invest?  That’s a great question, and I will try to outline an answer.  Before I do, let me draw a few distinctions: I’m not talking about life companies, they are far more capital encumbered then P&C companies. I am also not talking about title, mortgage, […]

Don’t Blame Money Market Funds

So SEC Chairman Mary Shapiro wants money market funds to use mark-to-market accounting, and publish a daily NAV.  Well, why not impose mark-to-market accounting on banks, and force them to report the fair market value of their surplus every day? Large depositors over the guaranty limit and the repo market might be interested in this […]

Sorted Weekly Tweets

A note to all of the actuaries in the audience, all three of you : an old friend from my GIC days is seeking a multi-talented actuary to work in the stable value business.  Must understand how wraps work, etc.  If interested, drop me a note, and I’ll send you the contact info. On with […]

Redacted Version of the June 2012 FOMC Statement

April 2012 June 2012 Comments Information received since the Federal Open Market Committee met in March suggests that the economy has been expanding moderately. Information received since the Federal Open Market Committee met in April suggests that the economy has been expanding moderately this year. “This year” makes it more of a historical statement, and […]

Interview with Howard Marks

As you might know, I reviewed Howard Marks’ excellent book The Most Important Thing, and its enhanced version, The Most Important Thing Illuminated.  Some PR flacks are more tenacious, and some less so.  Some come to me prior to publication, and some after.  Some represent an amazing author and book, others less so. Even though […]

Best of the Aleph Blog, Part 17

These articles appeared between February and April 2011: On the Percentage of Market Cap held by Domestic Stock ETFs Implications Domestic stock ETFs tend to pick more volatile stocks. Domestic stock ETFs tend to pick stocks held by major institutions. Domestic stock ETFs tend to pick stocks less held by insiders.  (They tend to be […]