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Sorted Weekly Tweets

Market Impact

  • Old-School Stock Picker Weitz Struggles With Index Craze stks.co/gYnx Weitz has a really good long term track record, good guy $$
  • High-Yield Companies Cash In on Dividend Deals stks.co/cXCJ W/the rise in interest rates, junk corporations move 2 refinance $$
  • IRS Reconsiders What Qualifies for REIT Status stks.co/jYiU There should b1 tax law for all things like corporations in the US $$
  • New Revenue Recognition Rules Arriving Soon stks.co/rFvA I’m afraid the new rules will b less clear than current GAAP rules $$
  • How the Robots Lost: High-Frequency Trading’s Rise & Fall stks.co/gYk9 Every investment strategy has a capacity limit, even HFT $$
  • Sam Zell says sell stks.co/rFr3 1 month old; he also thinks that efforts by corporations 2 manage single family homes will fail $$
  • Banks will take hit on mortgage refi buststks.co/pFwq This may true 4 whole industry, but some banks will profit via MSRs, ALM $$
  • FASB’s Seidman: Americans Prefer Rules to Principles stks.co/pFpb We should stick w/GAAP & ditch IFRS convergence. We know GAAP $$
  • IFRS Makes Progress Around the Worldstks.co/tFir Incomparable Financial Reporting Standards r less converged than many realize $$
  • 401(k)s Are Doing Great Except For A Few stks.co/eX9U Fine,except 401(k) users don’t put enough away 2 care 4 their retirements $$
  • Why Low Volatility Is Losing Its Alphastks.co/cX0J Any strategy can be overfished. Monoculture rarely leads to good results $$
  • “Any strategy can be overfished. Monoculture is a recipe for disaster. How many analogies do I…” — David_Merkeldisq.us/8dev71 $$
  • Money-market fix is a flawed compromise stks.co/dWtx My proposal was cleaner and far better: stks.co/dWty$$
  • Bet on CDOs Returns to Wall Streetstks.co/bWy4 Synthetic CDOs take the field again, just in time to fleece anxious yield hogs $$
  • Bruce Berkowitz Places Bet on Fannie, Freddie stks.co/jYCL A lot of this rides on political future of F&F, w/Berkowitz unsure $$
  • Don’t Sell Your Soul for Yield, Pimco’s Simon Says stks.co/qFRi He retires @ 52 2pursue philanthrophy & fun; bond risks high $$
  • Rise in US Bond Yields Jolts High-Dividend Stocks stks.co/qFIa If they r used as bond substitutes, will trade more like bonds $$
  • Brokerage firms debate value of Certified Financial Planner title stks.co/dWU1Interesting 2c firms asking CFPs to decertify $$
  • The 100% Stock Solution stks.co/sEyrOnly the stoutest souls should try this; best time to start is after a meltdown, if u can $$
  • The Intelligent Investor: How Funky Is Your 401(k)? by @jasonzweigwsjstks.co/dWKf Unusual bond funds not recommended 4 novices $$
  • Why Hedge Funds Aren’t Worth the Money stks.co/iXxM Double-alpha & leverage r great in theory; in practice they don’t work well $$
  • ‘ @Matthew_C_Klein @felixsalmon But I disagree: blogs.reuters.com/felix-salmon/2… Cov-lite loans r a sign of general credit degradation $$
  • Interesting argument by @felixsalmonthat cov-lite bonds are good because they give borrowers greater flexibility:blogs.reuters.com/felix-salmon/2…

 

US Politics

  • The NSA Doppelganger stks.co/jYiY Govt has been collecting records on every phone call made in the US ever since Patriot Act $$
  • Will New Health Insurance Be Too Expensive 4 America’s Lowest-Paid?stks.co/rFvF Law of unintended consequences teaches $$ lessons
  • Trading Dollar Bill for Coin Big Savings, No Small Change stks.co/iYrY This could makes sense if we eliminate the penny as well $$
  • Fed Hurdle of 4 Straight 200,000 Payrolls Sets Bernanke View stks.co/iYrW I don’t think the Fed has a coherent policy response $$
  • An Insider’s Guide to Obama’s Summit With China’s Xi stks.co/sFp7 Makes me think that nothing much will come out of this summit $$
  • Start Your Engines: NatGas Revs for Transportation stks.co/hYwm This is more complex than it looks b/c liquification low temps $$
  • Obama’s Civil-Liberties Record Questioned stks.co/qFu9 Obama is not a change agent; he is merely Bush-plus & we r the losers $$
  • US declassifies phone program details after uproar stks.co/hYwd Terrorism is an unlikely threat – doesn’t justify the snooping $$
  • Alan Greenspan’s Epic Incompetence: Another Shoe Drops stks.co/jYXF This piece provided the link 4 the last tweet $$#greenspan
  • How Elite Economic Hucksters Drive America’s Biggest Fraud Epidemicsstks.co/eXA3 Of course fraud should b a crime, it’s theft $$
  • NSA seizes phone records of Verizon customers stks.co/jYXC Shouldn’t a warrant b required 4 such indiscriminate investigation? $$
  • Jefferson County, AL, Reaches Bankruptcy Deal stks.co/gYbR $JPMloses most, then taxpayers. “gross incompetence, waste, graft” $$
  • Debt Deal in Alabama Will Cost JPMorgan stks.co/aX7U Sewer rates rise. Everyone loses except the speculators who bot debt cheap $$
  • Warplanes to Tankers Delayed by Contested US Contracts stks.co/gYUYLosers contesting contracts is now normal & slows things $$
  • FHA Losses Could Hit $115 Billion in Extreme Scenario stks.co/gYLJ 4 political reasons, FHA guaranteed lousy loans, losses come $$
  • Jefferson County Paves Way for Bankruptcy Exit stks.co/cWky The biggest losers r taxpayers, but then they elected the schmoes $$
  • Mistake: $AIG$PRU$GE Named Systemically Important by Panelstks.co/jYCN Focus should b: financing long assets w/short loans $$
  • The Real Scandal at the IRS stks.co/sFMf“…larger threat of abusive behavior by a fearsomely powerful government agency.” $$
  • ObamaCare Bait and Switchstks.co/jYCG Obamacare was never meant 2 make healthcare affordable 2all, only 2 those w/o insurance $$
  • It really annoys me, because the key of financial safety is asset/liability mgmt & all of new regulations do not tighten this up $$
  • Risk that the Feds should care about is the toxic mix of illiquid assets funded by liquid liabilities; long liability structures r safe $$
  • Feds close to picking ‘risky’ non-banksstks.co/iY88 Really looks like the Feds r going2goof again & call non-risky firms risky $$
  • Overstated: Risk-Averse Culture Infects US Workers, Entrepreneursstks.co/eWev Generally moderate risk-taking leads2best result $$
  • Little Cause for Inflation Worriesstks.co/jXms Far better 2 use median or trimmed mean CPI, than the more doctored core PCE $$

 

Europe

  • France demands emergency EU summit over China’s wine tax threat stks.co/dX8ATrade wars have 2 start somewhere, however small $$
  • Moody’s Casts Doubt Over Nordic Havens Amid Housing Risksstks.co/bXCh Rest of world adopts bad monetary policy of US, EZ&Japan $$
  • Central Banks Put More Scandinavian Currencies in Reserve stks.co/jY4tEnables the Nordic countries to import asset inflation $$
  • Swiss Seen Passing US Bank-Tax Law to Avoid Worse Fate stks.co/qFJY Most compromises r better than seeing many banks die $$

 

Companies & Industries

  • Tyson CEO Says Smithfield Deal Could Aid Pork Exports stks.co/iYnc Many Chinese might like 2 buy high quality American food $$
  • $COST CEO Craig Jelinek Leads the Cheapest, Happiest Company in the World stks.co/gYk1 Investing in workers vs cheap workers $$
  • Wells Fargo Will Benefit From Interest-Rate Increase, Sloan Says stks.co/eX42Could just b brave words, few give up income $$
  • Fannie Shares Seen as Worthless Surging in Disconnect stks.co/dWtw The politics of the situation r in flux; no margin of safety $$
  • Goldman Wants You to Forget About Too Big to Fail stks.co/gYUx There is a subsidy to the big banks, not as large as some think $$
  • Like Berkshire, Markel thrives on buy&hold stks.co/rFbN Thomas Gayner, like Buffett is a compounder w/underwriting float $$ $MKL
  • Alcoa Junk Downgrade Is Rare Trauma for Dow Stocks stks.co/iYYW Time2 modernize & create News Corp Indexstks.co/gYUZ $$
  • Whale of a Trade Revealed at Biggest US Bank With Best Control stks.co/iYYVLong but definitive article on $JPM credit trade $$
  • Scor to Buy Generali Reinsurance Unit for $750 Million stks.co/tFMQ How do u say “Scottish Re” in French? “Scor” $RGA$$ #spitspit
  • Apple Saves $724 Million With Well-Timed Sale stks.co/qFCo 20-20 hindsight, but $AAPL timed their debt sale well $$
  • Kinder Morgan Cancels $2 Billion Pipeline Plan stks.co/iY7O Sending crude via rail costs same & does not require LT contract $$

 

Asia

  • Hedge Funds in Japan Ride Small-Cap Rally on Abenomics Boost stks.co/eX41Be wary here, because there is no clear macro path $$
  • The Wonk With the Ear of Chinese President Xi Jinping stks.co/qFfh A modernizer who wants the Communist Party 2 keep control $$
  • Topix Profits Percentage Increase Tripling World Even in $400 Billion Wipeout stks.co/qFUz Wait. Weak yen also has bad effects $$
  • Poultry-Plant Fire in China Kills Dozensstks.co/jXzF Sad, but it is common 4 firms that hire low wage workers 2 cut corners $$
  • Muddy Waters to Jupiter Seek Profit as Risk Rises stks.co/eWeV Convoluted financial systems can’t handle as much debt b4 crisis $$
  • Heard on the Street: Let Me Not See Old Age in China stks.co/qFCr Elderly poor who live away from the coasts suffer in China $$

 

Other

  • Co-hosts of radio show ‘The Pursuit of Happiness’ commit suicide togetherstks.co/sFhK Happiness pursued as its own end fails $$
  • Harvard Humanities Fall From Favor Among College Students stks.co/rFgfThere is no one more unrealistic than a humanities prof $$
  • To Catch a Thief: Banks Try Using Big Data stks.co/jYPf The banks try 2 detect correlated behavior among fraudsters & succeed $$
  • How Retirees Pay Zero Taxesstks.co/eX3v If you r older & have little wage income there r often ways 2 reduce your taxes $$
  • Bermuda With Ireland Targets of Tax Vigilantes, Minister Says stks.co/hYTPThey were really surprised when NATO blockaded them $$
  • Marriage Advice: Sharing a Hobby Is Good for Your Relationship stks.co/tFMwOur hobby is raising kids, will have2find a new one $$
  • Meredith Whitney’s “Great Migration”stks.co/fYHh Disliked by genuine muni experts @catelong &Joe Mysakstks.co/gYGr $$
  • Government 2 Hold Back Growth for Years stks.co/qFJ0 Balancing the budget may have far less drag than most suppose, lowers risk $$
  • Vatican says Pope Francis got it wrong, atheists do go to hell stks.co/iY8I Adults @ Vatican correct Pope’s wishful thinking $$
  • Wrong: Smartest Decision Ever Made by Bill Gates, Warren Buffett stks.co/rFAj If u raise your children right, they can handle $$
  • Behind the ‘Internet of Things’ Is Android—and It’s Everywhere stks.co/tF9hAmazing how 1can change the world on lo profit mgns $$

 

Finance

  • Has BIS Found the Solution to Too Big to Fail? stks.co/fYcY Has issues, but much better than what was done in 2008. Worth a try $$
  • The rise of the real collateral ‘mining’ business stks.co/bX4T Overproduction of commodities feeds the shadow banking system $$
  • What is the opposite of helicopter money? stks.co/eX43 Negative interest rates suck liquidity, as people seek stores of value $$
  • World Chasing U.S. Yield With 25% Deal Jump: Real Estate stks.co/hYUF Enough inventory 2 pick from & seems 2b recovering $$
  • A World Awash in Credit with Much Work to Do stks.co/gYHW Increasingly hard to find safe yield; EM still seems promising,but… $$
  • i’d like to see: zip code level correlation between house price growth from 2011 to 2013 against absentee purchase share during same period.
  • Hedge Funds Boost Gold Bull Bets Most in Two Months stks.co/jY4r Makes me a little edgy for gold prices $$
  • Mortgage Investors Get Blindsidedstks.co/pFMV Bonds Backed by Subprime Loans Had $1B Previously Undisclosed Losses $$ #surprise
  • Emerging-Market FX Gets Ugly. Very Ugly. stks.co/qF1e Yeah, I feel it, just look at the chart in $EDD of which I am long $$

 

FWIW

  • My week on twitter: 51 retweets received, 58 new followers, 34 mentions. Via:20ft.net/p

 






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David Merkel is an investment professional, and like every investment professional, he makes mistakes. David encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at RealMoney, Wall Street All-Stars, or anywhere else David may write is an invitation to buy or sell any particular security; at most, David is handing out educated guesses as to what the markets may do. David is fond of saying, "The markets always find a new way to make a fool out of you," and so he encourages caution in investing. Risk control wins the game in the long run, not bold moves. Even the best strategies of the past fail, sometimes spectacularly, when you least expect it. David is not immune to that, so please understand that any past success of his will be probably be followed by failures.


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