Sorted Weekly Tweets



  • Wrong: A Hawkish Signal Bernanke Didn’t Send No, Fed misunderstood the markets, & what their “transparency” said $$
  • Slow-minded: Fed Presidents Say Dodd-Frank Failed to Dispel Too-Big-to-Fail No, duh. U r only realizing this now? $$
  • Wrong: Pension funds may see the silver lining on the interest rate cloud As interest rates rise, assets go down $$
  • Wrong: The Last Mystery of the Financial Crisis Shallow analysis that does not take account of regulatory needs $$
  • Wrong: Long Live Synthetic CDOs – Bloomberg Levering up risky debts exacerbates the credit cycle; should b ended $$


Market Dynamics


  • Traders Trapped in Scandinavia Discover No Easy Sell Low-liquidity currencies, big moves when all rush 2the exit $$
  • Why ‘average’ returns aren’t good enough Arithmetic avgs r less accurate than geometric averages & more $$
  • Royal Bank of Canada Gains by Putting the Brakes on Traders Over the long haul they will prosper vs HFT $$
  • Billionaire Ron Baron: The Dow’s A Double He’s delusional, and does not get how stretched prices are vs book/sales $$
  • Holding bonds today is a disaster in the making I think the economy will b weaker than Fed expects, could c rally $$
  • Closed-End Funds Bite Back Leverage Juiced Returns When Rates Were Moored; Now It Is Magnifying Losses $$ #BlameDaFed
  • Apollo Fueled by $9.6 Billion Profit on Debt Beats Peers Strength of investing across capital structure evident $$
  • State Street Temporarily Stops Cash Redemptions For Muni-Bond ETFs Dealers can’t presently swap ETF shares 4 cash $$
  • Billionaire Fisher Says U.S. Still in Middle of Stock Rally He is stuck in a mindset of a low debt world $$
  • Housing Seen Shrugging Off Loan Rate Rise as Banks Loosen Easier financing returns, tho Tsy yield rise undoes more $$
  • Treasury Yields Surge Most Since 2003 as Fed Previews Tapering When cheap forward financing ends, prices go south $$




  • Gold-Price Decline Uncovers Mining Companies’ Debt Woes Debt in cyclical industries is always a problem in a bust $$
  • Gold Drops to 34-Month Low as Precious Metals Slide on Fed View All risk assets have been hit since Fed meeting $$
  • Gold Bear Market Hits Hardest in South Africa Mines Mines r high cost per ton, no surprise they r affected early $$
  • Bottom Falling Out of Copper Prices When Dr. Copper speaks, we can sense the pulse of the economy, getting weaker $$
  • Gold Miner Writedowns at $17 Billion After Newcrest Beginning of a process reconciling dud mining assets $$


Monetary Policy


  • Risk of 1937 relapse as Fed gives up fight against deflation Deflation is inevitable given present policy $$
  • 2 Fed Presidents Emphasize Stimulus 2Persist After QE Taper & Fisher & Kocherlakota obfusc8 $$
  • BIS fears fresh bank crisis from global bond spike Banks r mismatched long; will have trouble in run on liquidity $$




  • Credit Warnings Offer World a Peek Into China’s Secretive Banks & more extreme: Bad future $$
  • China breaks silence on cash crunch Nation’s lenders approach crisis point as part of crackdown on shadow finance $$
  • China’s alarming credit crunch This could have been exacerbated by a reversal of a popular yen-yuan carry trade $$
  • China Loses Control of Its Frankenstein Economy Things r likely 2b shaky in China’s short-tern lending markets $$
  • Financial reform cannot wait But the Party, is it ready to give more freedom to its people & transparency 2 banks $$




  • How BP Got Screwed on Gulf Oil Spill Claims Free $$ brings out the worst in people | FD: +$BP
  • Frack Music Attracts Halliburton to Submarine Spy Tool “The hills r alive, w/the sounds of fracking…” $$
  • In Moving US Oil, ‘Flexible’ Rail Bests Pipelines Railroad tank cars:low fixed, high variable costs, more flexible $$
  • New Pipelines to Bring Landlocked Oil to Texas-Coast Refineries Pipelines: high fixed cost, low variable cost $$




  • Berkshire’s Tracy Britt In, Lynn Swann Out at Heinz’s Board Whiz Kid gets 1st board seat $BRK.A M&A | FD:+ $BRK.B $$
  • Regulators put chill on US private-equity insurance deals Those who might undo the conservatism should not buy $$
  • $HIG to Sell Unit to Berkshire I do not get how $BRK.B benefits from this; its worse than the $CI transaction $$
  • 7 Annuity Mistakes to Avoid Illiquity, wrong payout type or guarantees, switching, w/d 2much, taking buyback, etc. $$
  • Misjudged Annuity Guarantees May Cost Life Insurers Billions Why I don’t invest life insurers w/much variable biz $$




  • Working Poor Losing Obamacare as States Resist Medicaid A rare case where states avoid Federal $$ | avoiding a trap
  • Four Reasons Non-GAAP Metrics Are Exploding Non-GAAP measures r an attempt to make acctg reflect free cash flows $$
  • Another shameful day for Europe as EMU creditor states betray South Germany crams down on Greece & euro-fringe $$
  • Holder Says US Seeking More Disclosure on Surveillance U can disclose it now; U r a bigger threat than terrorism $$
  • Sorry, but Do You Speak English? Not surprising; cultural differences drive differences in English dialects $$


Full disclosure: long BP, BRK/B