Search Results for “we eat dollar” – Page 6

Sorted Weekly Tweets

Posted on 31 August 2012 by David Merkel

Innovations

30 Innovations That Will Change The World http://t.co/D96omMBz Fascinating list; bookmarking it because I don’t have time now $$ Aug 31, 2012
How ‘Oxygen Foam’ Can Save People Who Aren’t Breathing http://t.co/XIlyIHHA Injectable oxygen can keep people alive when lungs hav probs $$ Aug 31, 2012
Laser-Guided Bullets Will Change The Future Of Warfare http://t.co/N3SFpO7Z Changes bullets into mini-guided missiles $$ Aug 31, 2012
This Nanoparticle System May Lead To A Cure For Cancer http://t.co/GwOYpVDt Clever fusion of drugs, polymers, nanoparticles & infrared $$ Aug 31, 2012
Power Felt Feeds Off Your Body Heat To Generate Electricity http://t.co/Ni5R7oKW If cheap enough could power developing world cellphones $$ Aug 31, 2012
A Tiny Microscope That Attaches To A Cell Phone Could Save Lives Around The World http://t.co/hzOJbdmb & it only costs $10! Amazing $$ Aug 31, 2012
5 Ways Researchers Use Microbes To Make Energy http://t.co/SZVM7ucB First 2 seem most promising. Butanol great replacement 4 ethanol $$ Aug 31, 2012
The Amazing Process That Enabled Paralyzed Rats To Run Again http://t.co/1kMOVWLs Several different technologies used in concert $$ Aug 31, 2012
Check Out The Cancer Detection Program That Won Top Prize At Google’s Science Fair http://t.co/JxZiBuLo WIll save life & pain 4 women $$ Aug 31, 2012
See How Scientists Print Skin That Will Help Treat Burn Victims http://t.co/GNTUZSaU Amazing. Again, the cost will determine viability $$ Aug 31, 2012
This Concentrated Solar Cell Could Be Powering Cities ‘Within Years’ http://t.co/bs57lQoC If this gets cheap enough, will change energy $$ Aug 31, 2012
How This Small Machine Turns Human Waste Into Clean Water Vapor http://t.co/F4jeyerr Neat, is it less expensive than current methods? $$ Aug 31, 2012
The Secret To Making Food Packaging You Can Eat http://t.co/rDYiQG2s Talk about your childhood wishes: you can even eat the dishes $$ Aug 31, 2012

Economics

The Riddle of the Resilient Economy Solved?? http://t.co/okKEWBBI I think many people factor future tax burdens & inflation into their views Sep 01, 2012
Bernanke on The Safe Asset Shortage http://t.co/a8HUxlIh When u become a large part of the market,distort price signals, difficult 2 exit $$ Aug 31, 2012
Not if you count in the rise in debt and unfunded liabilities $$ RT @TheStalwart: America is better off than it was four years ago Aug 31, 2012
‘The Economy Stole My Retirement’ http://t.co/xl4C2t7S I’m sorry; no one owns a retirement, it is not an entitlement; work is good $$ Aug 31, 2012
If Interest Rates Go Negative . . . Or, Be Careful What You Wish For http://t.co/Aw8w6nL3 A fundamental boundary u should not break $$ Aug 29, 2012
U.S. Firms Move Abroad http://t.co/IzSQIbLy US has some of the highest corporate tax rates in world, w/too much social engineering $$ Aug 29, 2012
True, Even if QE does nothing $$ RT @BubblesandBusts: @AlephBlog Even admitting this, Fed may be trapped by stock market expectations Aug 29, 2012
Fiscal Crunch Time in the Nation’s Capitals http://t.co/ys63PPFM Long article on sagging GDP amid difficulaties 4 China’s municipalities $$ Aug 29, 2012
Sadly, yes. Add in student loans for debt-slavery. $$ RT @jasonzweigwsj: Are Debtors? Prisons Coming Back? http://t.co/RU4JOuoM #WSJ $$ Aug 29, 2012
The unintended consequences of QE: not what you think http://t.co/K5ewheL7 QE both inflates and deflates doing almost nothing on net $$ Aug 29, 2012
Richard Koo is overrated, as is damage from austerity. $$ http://t.co/C3iqZ9kR Aug 28, 2012
If I had $1 4 every lame QE3 comment, could fund vacation 4 the Fed RT @ReformedBroker: QE3: SHUT UP, YOU HAVE NO IDEA. http://t.co/IXa3LWgJ Aug 27, 2012

Europe

BOE’s Haldane: Tear Down This “Tower Of Basel” To Stop Crises http://t.co/lNi9DcUc International standards are ill-enforced & squishier $$ Aug 31, 2012
France’s Hollande speeds launch of state investment bank http://t.co/pq7wx0Kl Governments involved in lending help create bubbles $$ Sep 01, 2012
Judgment Days Arrive for Euro Crisis http://t.co/rGebFIc9 September will be busy for the Eurozone. Strap in and enjoy the ride. $$ Aug 31, 2012
Spain Unveils New Financial Reforms http://t.co/zTXMukSr Subordinated debt & government absorb losses, as depositors & investors flee $$ Aug 31, 2012
El-Erian: Who Will Determine Greece’s European Future? http://t.co/nt2cbSux The weaker Italy & Spain r the more the EZone protects Greece $$ Aug 31, 2012
Europe banks find a rare funding window in August http://t.co/TiA8mWXq Can hardly think of assets with a worse risk/return ratio $$ Aug 29, 2012
Deposit flight from Spanish banks smashes record in July http://t.co/U6IECe9B Uncertainty leads to safe-haven-seeking $$ Aug 29, 2012
Turks to EU: No, Thanks http://t.co/A8ck9PAu Turkey grows much faster without the Euro; why end a good thing? $$ #ignorethedebtbubble Aug 29, 2012
France Debt ?Significantly Overvalued,? General Re Says http://t.co/jsmNoyIL France is the core EZ country closest to tipping $$ Aug 28, 2012

Politics

Romney Can Take His Dad?s Idea and Cut Mortgage Tax Break http://t.co/fyL75Wfq Grandfather it, a least 4 a while $$ Aug 31, 2012
I don’t believe someone whose views have shifted radically $$ RT @dpinsen: @AlephBlog He’s telling you what he stands for now Aug 31, 2012
Please, Ron would have been far more skeptical here $$ RT @FriendsRonSmith: Mitt’s hitting it out of the park tonight! Aug 31, 2012
Note on last Tweet: I am not voting 4 Romney; I have no idea what he really stands 4, given his past. Will go 3rd party, if I vote 4 prez $$ Aug 31, 2012
How to Beat President Obama http://t.co/xeX1Nx6W “Obama is losing independents, his base is less enthusiastic, the economy stinks” $$ Aug 31, 2012
Time to Get Serious on Medicare http://t.co/lA70rLtf The elephant in the room for both parties: what will you do with Medicare? $$ Aug 31, 2012
Four Years Later, and a Million Miles From Safety http://t.co/8PkUAJe6 We have not solved TBTF, repo funding, margining, and much more $$ Aug 31, 2012
Republicans Vow 2 Transform Obama?s US by Less Govt http://t.co/aKQ6NnbW Even Reagan only held Federal Register 2 no increase; shrink? Wow Aug 31, 2012
Obama Second Term Would Defy Confidence Measure http://t.co/u8q7zWOz Only reason this race is close is the Reps had no strong candidates Aug 31, 2012
Ryan Pledges GOP Rebirth http://t.co/BQUC2BFx Nice thought, but who will have the guts to cut entitlements or defense or reform taxes $$ Aug 31, 2012
Piecemeal reform that gives the financial sector what it wants would be the worst of all worlds. $$ Repeal it all, pu? http://t.co/BIEKHmS7 Aug 30, 2012
It is days like this that I am grateful that I do not own a TV, or I would be tempted to waste time watching the Republican Convention $$ Aug 29, 2012
Paul Ryan?s Intellectual Muse http://t.co/7yaywBOx Hayek was not a “no government” guy as much as a “limited government” guy $$ Aug 28, 2012
Sen. Corker: Bernanke’s Fed Feeds ‘Perverse Addiction’ http://t.co/xm6uk91h Current policy absorbs $$ from savers to finance US deficit Aug 28, 2012
Will they have the courage to use it, didn’t use their power last time RT @The_Analyst: OLA is some progress, no? http://t.co/FSj8m52D $$ Aug 28, 2012
Didn’t fix TBTF or remove bad regulators RT @CFAInstitute: Sheila Bair: 2Yrs After Dodd-Frank, Y Isn?t Anything Fixed? http://t.co/LaH1CZgI Aug 28, 2012
10 things the post office won?t tell you http://t.co/fLu0qjBC Point 8 I have a lot of experience with, but true of many govt buildings Aug 28, 2012
Partisan Finger-Pointing Misses Real Deficit Story http://t.co/mLrTSMkH Not dealing w/real issues until we deal w/entitlements $$ Aug 28, 2012

China

China?s Growing Economic Crisis http://t.co/LTHw4mss The Communist Party is running out of paces to create fake growth $$ Aug 31, 2012
Credit crisis in China?s richest province Zhejiang http://t.co/anbzYY4k “This is pervasive throughout China,” said Chovanec $$ Aug 29, 2012
China?s bad-debt nightmare http://t.co/YVz8mGMX Another aspect of Chinese malinvestment coming due $$ Aug 28, 2012
Latest missive out from Michael Pettis. Very bearish on commodity prices & Chinese GDP growth. rebalancing Chinese economy will be difficult Aug 28, 2012

Other

Start-up savior? Killing convertible debt http://t.co/eVS2LEDB Proposed Alternative: An modified form of convertible preferreds $$ Aug 31, 2012
Quebec Whodunit: 1/4 of Province?s Syrup Reserves Go Missing http://t.co/cTE4hm6A Did not know that Quebec provides 75% of all syrup $$ Aug 31, 2012
Weekly Wrap: Bernanke speaks in Wisconsin http://t.co/ud7Zklz5 An oops from NPR Marketplace. Jackson Hole is in what state? $$ #Wyoming Aug 31, 2012
Hidden Truths about Calories http://t.co/qHhxA0Kw A Food is Not a Food, A Body is Not a Body, A Microbe is Not a Microbe, A Cal is Not a Cal Aug 31, 2012
?Virtually Untreatable? Tuberculosis Threat Rising http://t.co/He85pwV7 Existing drugs proving useless. TB: coming 2 a country near you $$ Aug 31, 2012
Twelve-Year-Old Programmers Help Fuel IPhone Game Frenzy http://t.co/wSks2b4p SImple computer languages let kids make games, learn2code $$ Aug 29, 2012
Quake ‘Swarm’ Hits California Town http://t.co/r4C07l1f This would be pretty nerve-wracking to have almost constant small quakes $$ Aug 28, 2012
When you homeschool you can never tell the next question; just had a 10 minute discussion w/kids 5 & 6 on franchising, good discussion $$ Aug 28, 2012
‘ @ballenmo 5th is 18, 6th is 15 1/2 — came from a visit to Buffalo Wild Wings where 1 kid tried 2 use coupon only good @ company stores $$ Aug 28, 2012
4 those of you who know me, I review a lot of books, & PR flacks send them 2me in a wide # of ways. 1st time I got 1 via $AMZN today $$ Aug 27, 2012
When “biggest X” is going on, where X is university building campaigns, skyscraper, private equity deal &c credit cycle is about2go bust $$ Aug 25, 2012
Active in Cloud, Amazon Reshapes Computing http://t.co/OmFFCGHu $AMZN is like the cable industry of old: grows rapidly, profit in future $$ Aug 28, 2012
This is why I say it will be a while before high end real estate recovers. NJ suffers as finance shrinks $$ http://t.co/o0VOsQgb Aug 28, 2012
Watson gets ready 4 more uses as $IBM works on voice interface, & broadens its knowledge http://t.co/1QIXoyFA & http://t.co/9kY8Rjiz $$ Aug 28, 2012
This is a reason why the definition of income matters more than the rates it gets taxed at. Many rich people legally ? http://t.co/KR7GQKFK Aug 28, 2012

Rest of the World

Asia’s Tide of Cash Hems in Policy Makers http://t.co/X71xRllk Today’s exhibit on effects of loose monetary policy from US, EU, Japan $$ Aug 29, 2012
Poor in India Starve as Politicians Steal $14.5 Billion of Food http://t.co/OoZWUIQY Food aid should bypass governments or don’t give $$ Aug 29, 2012
Brezhnev Bonds Haunt Putin as Investors Hunt $785 Billion http://t.co/3mNVdpXK Don’t tell me nations don’t default on debts $$ Aug 28, 2012
Canada Says ?Anonymous? May Attack Energy Firm Computers http://t.co/ag4AePsp Threats2Canada?s critical infrastructure r real&will persist Aug 28, 2012

Financial Market Dynamics

Oh No ? Another Post About High Frequency Trading? http://t.co/68PTROlW HFT is the solution to fragmentation of venues 4 executing orders $$ Aug 31, 2012
High-yield ETFs Drive One Tenth Of Bond-Trading Volume http://t.co/IQqjOZ7N That’s significant, & will increase HY mkt volatility $$ Aug 31, 2012
How to dodge market touts and traps http://t.co/3Od4CfBZ Chuck Jaffe goes after promoted penny stocks, similar 2 what I have said $$ Aug 31, 2012
At least a few of us knew that $$ RT @EddyElfenbein: “Short-Selling Bans Don?t Work. Period.” Who knew? http://t.co/SZTfWQIs Aug 30, 2012
Pimco?s Ivascyn Beats Gross?s Flagship http://t.co/o17OhNEh Pimco is misunderstood because of the PR they do w/Gross & El-Erian $$ Aug 29, 2012
How to get a jumbo mortgage now http://t.co/KT74aDe4 One of the more optimistic things I’ve seen in residential real estate lately $$ Aug 29, 2012
SEC Commissioners Fault Schapiro Over Money-Market Rule Debate http://t.co/JgP5t3nb Significant tax probs w/float NAV, acctg probs w/capl Aug 29, 2012
Floating NAVs [4 MMFs] could prove taxing http://t.co/vDnF2eKR I remember when I tried to use a ST bond fund 4 checking; messy tax-wise $$ Aug 28, 2012
The Averaging Down Clown http://t.co/ZmPFEnQ0 This is more a question of time horizon and quality; I average down a lot and make $$ Aug 28, 2012
How Young Homeowners Lost Out by Buying http://t.co/maoi8gWT Remember, homes r primarily an expense & not an investment $$ Aug 28, 2012
Hertz Wins Bid to Buy Dollar Thrifty http://t.co/piYuPHI7 Did not know that Enterprise controls 50% of mkt, Hertz DT 26%, Avis 18% $$ Aug 28, 2012
Presidential Life Corporation To Be Acquired By Athene Annuity & Life Assurance Company http://t.co/oSZ3Pgkp This will not end well $$ #FTL Aug 28, 2012
States Review Insurers’ Capital http://t.co/exgPRO0A State regulators may require addl capital 2b held against non-GSE mortgages $$ Aug 28, 2012

Occupy Wall Street

“I don?t have any sympathy for anyone who has any semblance of middle-class life in this country — no sympathy” http://t.co/Kt8m8E0v #OWS Aug 29, 2012
Last tweet shows attitudes of some in #OWS . Can’t fight something w/nothing, though. Organization will always beat disorganization $$ Aug 29, 2012
Examples: Spartan & Roman armies could beat the less organized that had far larger armies. A real political movement organizes, unlike #OWS Aug 29, 2012
“The article sounds like #OWS is reduced to its fringe elements, which will be unpredictable, but?” ? David_Merkel http://t.co/fU6jkYYu $$ Aug 29, 2012
‘ @jmiah_th read the Bloomberg article on #OWS http://t.co/Kt8m8E0v It almost seems like they are falling apart if the article is right $$ Aug 29, 2012

Comments

@carney Reminds me of how AIG collateralized their sec lending w/AAA subprime RMBS, or the guy who tried 2 get a loan out of me by pledging+ Aug 31, 2012
@carney 5x the amount of a microcap stock w/ no earnings & neg net worth. Stock cratered and was worth zero 18 months later $$ Aug 31, 2012
The Central Bank of Sweden Prize RT @jasonzweigwsj: why the Nobel Prize in economics isn’t (exactly) a Nobel http://t.co/JqhAg4i5 #WSJ $$ Aug 31, 2012
+1 $$ RT @TheStalwart: #FF: @diana_olick. If you’re not following her, you have no idea what’s happening in real estate. Aug 31, 2012
@crampell Post hoc propter hoc fallacy — QE inflates assets *and* liabilities; it does nothing on net Aug 31, 2012
@SaraMurray What a cute kid. Aug 31, 2012
RT @maoxian: @niubi The plural of Ordos is Overdos. Aug 31, 2012
@The_Analyst She has always been kind to me. Don’t know what to say, I tend to give everyone room in this complex environment $$ Aug 31, 2012
RT @asymmetricinfo: Goodnight, tweeps. Remember: in 100 years, your great-grandchildren will be struggling to believe that anyone cared. Aug 31, 2012
@The_Analyst Heidi is a friend of mine. Why are you so hostile? Most journalists on finance learn as they go, she is better than most. $$ Aug 31, 2012
‘ @BettyInTheLoop Romney will do best being authentic, whatever that is for him; efforts to remake a candidate into what he is not fail $$ Aug 30, 2012
@JeniecePrimus Thanks for the compliment. I try to be as fair as possible, down to my contracts, and the disclaimer on my blog. Aug 30, 2012
It is a loser $$ RT @ritholtz: Jeb Bush Slams Republican Anti-Immigrant Stance as Losing Recipe http://t.co/CyWrYZiF via @BloombergNews $$ Aug 30, 2012
@17thStCap This time he mentioned that he liked $GM; I’ll continue to hold on to my $HMC, but it made me think. FD: +HMC Aug 29, 2012
@moorehn Now, that, made me laugh — caught me needing a laugh too, thanks. Aug 29, 2012
RT @dakyne: @JamesGRickards Nice rebuttal! The gold standard wasn’t the problem–the problem was the price was set too low during the 20 … Aug 30, 2012
RE: @bloombergview Shows why economists are dumb. Unemployment is high because labor is plentiful globally, & wages f? http://t.co/Oyo8MKjH Aug 30, 2012
“Russian money and influence already extends to Cyprus. Short hop to Greece ?” ? David_Merkel http://t.co/j5csjNuY $$ Aug 30, 2012
“”Economic growth is stabilizing at a slow pace.” Nothing to see here. Move along. $$” ? David_Merkel http://t.co/3Zqe9ARY Aug 30, 2012
@groditi I think post-WWII until Roe v Wade, most politics was quieter, w/noise behind closed doors. History pre-WWII & politics was ugly $$ Aug 29, 2012
@danprimack Right, and look at the DEF 14A forms — to test, pulled up the board of Amerus Group in 2006, since bought out by Aviva Aug 29, 2012
“Toss in some moderate sideshows: Japan, Switzerland, Australia. This era is a mess.” ? David_Merkel http://t.co/WGd2wq0v $$ Aug 29, 2012
@ReutersFlasseur @historysquared @firoozye slow preparation on the off-chance of unwinding the Eurozone $$ Aug 29, 2012
‘ @BergCT When I read that, I thought, “I get the politics of demonizing the 1%, I do not get the politics of demonizing the ~75%.” $$ Aug 29, 2012
RT @KeithMcCullough: “Bernanke has becomes a 21st century Pangloss, hoping for the best and quite unprepared for the worst” @JamesGrickards Aug 29, 2012
RT @KeithMcCullough: “Fed has effectively declared currency war on the world” @JamesGRickards Memo from the front: http://t.co/X71xRllk Aug 29, 2012
@susanweiner Scope out the overall idea of what u want to say, then list ~10 articles that will say that. Write, seek feedback, repeat $$ Aug 29, 2012
@grossdm She has worked there long & hard, and from my dealings with Fidelity, has helped to transform them from being only mutual funds $$ Aug 29, 2012
RT @Convertbond: Priceless RT ?@lemasabachthani: RT @Darlington_Dick: Morocco has eur-denom bond maturing on 10/2020. Trades 170bp tight … Aug 29, 2012
@GuardianJessica Would have phrased it more delicately; when some ppl who r selfish have kids, they expand the spheres of their selfishness Aug 29, 2012
@eddtorial I have Tweetdeck up in front of me, and it all people are talking about. I am reading a good book by David X. Martin on risk $$ Aug 29, 2012
RT @jarstone: @TheStalwart As American’s we have a choice to make in this election. We can end up like the NY Times or the Wall Street J … Aug 28, 2012
Used to work near there $$ RT @GlobeStcom:Philadelphia Stock Exchange building in receivership, @NewmarkKF 2market #CRE http://t.co/nOrn1qgK Aug 28, 2012
RT @The_Analyst: Book Review: “Bailout” by @neilbarofsky, or: Why I’ll Never Work in DC & Why Main Street should blame Govt Not Wall … Aug 28, 2012
I just reviewed: ‘The Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal… via @alephblog $$ http://t.co/1XMjYKr3 Aug 28, 2012
@DavidSchawel Renting offers flexibility. Owning is a commitment w/large fixed costs. Y tie up capital in 1 levered undiversified asset? $$ Aug 28, 2012
NB: Yuan may b overvalued $$RT @saraeisenFX: Yuan forwards trade at biggest discount to onshore rate since March 2009 on growth slowdown Aug 28, 2012
Commented on StockTwits: There is a time and place for renting vs buying — what are your resources, needs, time hor… http://t.co/WVL0UOaD Aug 28, 2012
@jonsticha Just this: Reagan was pragmatic, but did not want to be… w/majorities in Congress he would have been far more transformative $$ Aug 28, 2012
Garbage. If Reagan had had a strong majority in Congress, he would have balanced the budget & done more on social iss? http://t.co/azU1Zx84 Aug 28, 2012
RT @yvessmith: Why Neil Barofsky?s Book ?Bailout? Matters: Matt Stoller is a fellow at the Roosevelt Institute. You can follow … http: … Aug 28, 2012
RT @ampressman: Brought my daughter to the office this morning to impress her with my piles of folders, pens of much ink and assorted tc … Aug 28, 2012
‘David Frink, a spokesman for Dell, said the company?s bonds are a ?more accurate market indicator,? which are ?tradi? http://t.co/fRXkjiEz Aug 27, 2012
@neilbarofsky My review is out; loved your book: http://t.co/j4QtKVFJ $$ Aug 26, 2012
@The_Analyst I try to release them at the same time. Aug 26, 2012
@The_Analyst Sorry, but I feel late to this one as well. Top reviewer at Amazon has 99/109 positive votes, from a poorly written review $$ Aug 26, 2012
@DynamicHedge FRED has come a long way; used it when it was a bulletin board. Now it is a treasure trove free on the Web $$ Aug 25, 2012
@DynamicHedge http://t.co/geIHWOCP 3M LIBOR minus http://t.co/mA2gVMNj 3M T-bill yield Aug 25, 2012
Ripple effects RT @SoberLook: Post: “The crash of the Dutch housing market reminds us of a much older market bubble” http://t.co/1UsSPRYi $$ Aug 25, 2012
Miss your stuff too, when my blog was down 4 a wk, it was tough $$ RT @jennablan: cc: @kenli729 RT @unstructuredfin So sad without my blog Aug 25, 2012

Sorted Weekly Tweets

Posted on 25 August 2012 by David Merkel

Politics

Bernanke Letter Defends Fed Actions http://t.co/COYtCtzg Hope the election brings enough change that we end up w/a fresh Fed Chairman $$ Aug 25, 2012
Private equity tax questions for Mitt Romney http://t.co/hXaAu0sR 1) Carried interest 2) Corporate interest deductions 3)Mgmt fee waivers $$ Aug 24, 2012
Sorry, Henry Blodget, You’re Wrong About Election 2012 http://t.co/5DghXuzI Religious Conservatives r viewed as suckers 2 support the GOP $$ Aug 24, 2012
Obama Supporter Suggests Anti-Mormon Whisper Campaign http://t.co/ism2YbbR Too obvious. Democrats pay Evangelicals to describe Mormonism $$ Aug 24, 2012
The Treasury?s Oversimplified View of Its Mortgage Relief Effort http://t.co/cwm1rrX8 The program did wonderful things… for the banks $$ Aug 23, 2012
Top six myths about Medicare http://t.co/qKYGtsLT Mostly correct but #3 brings lower quality & #6 is wrong, see: http://t.co/WvPr4giZ $$ Aug 23, 2012
White House Worked With Buyout Firm to Save Plant http://t.co/KPKHvZC5 Government help to get deals done begets more of the same $$ Aug 22, 2012
Consider keeping Bernanke, top Romney adviser says http://t.co/3Kp575gA This is rhetoric, if Romney is elected, Hubbard will chair Fed $$ Aug 22, 2012
Is BUBB (breaking up the big banks) now a ?conservative imperative? ? http://t.co/exRI726x I like $BAC so much; there should b 50 of them $$ Aug 21, 2012
Why Democrats think taxes will need to rise by more than 50% http://t.co/VUlfCM6K Entitlements will drive change in America but what change? Aug 21, 2012
How the tea party beat Occupy Wall Street http://t.co/SAUzzNog No contest. The t-party organized politically, & #OWS didn’t $$ Aug 21, 2012
Lanai owner Larry Ellison used tax loopholes for payouts http://t.co/la7HJMh6 The problem isn’t Larry, it’s the politicians’ bad tax code $$ Aug 21, 2012
The Real Conservative Opportunity This November http://t.co/m5nXtCUH Urges Republicans 2 champion banking reform. $$ #nixonwent2china Aug 20, 2012
Effective protest requires wide organization and general respect for the property rights of others, which these three women did not have $$ Aug 20, 2012
Fannie and Freddie: The Walking Dead http://t.co/u0Y4CgAt Fannie & Freddie may be dead, but the US Govt’s role in housing is not dead $$ Aug 19, 2012

Companies

There?s Warren Buffett ? and then there?s the rest of us http://t.co/rgMH0kjX The new paper on Buffett’s investing has gotten attention $$ Aug 24, 2012
Take that Square! eBay still a leader in mobile payments http://t.co/CxHkNQkG Am I wrong, or is most of the value of $EBAY in Paypal? $$ Aug 23, 2012
Yellow Pages’ Last Lifeline: Clinging to Each Other http://t.co/X347LfLD $DEXO $SPMD hit sell button, internet destroys yellow pages $$ Aug 22, 2012
The Beginning of the End of Print: The Lessons of an Amazingly Prescient 1992 WaPo Memo http://t.co/hVa62p0A No one listened 2 Cassandra $$ Aug 22, 2012
Last tweet FD: long $PSX . Frankly I’m surprised that an oil refiner, transporter, marketer would help come up w/an advance on solar $$ Aug 22, 2012
Phillips 66, South China U of Technology, & Solarmer Energy Set a World Record in Solar Power Conversion Efficiency http://t.co/95ND020R $$ Aug 22, 2012
Zynga Spurning Sale Strands Owners @ Worst Web Value http://t.co/zrKw0fjv Remember u r a outside minority investor. Choose mgmts w/care $$ Aug 22, 2012

http://t.co/xW9zcuWY $AMZN does amazing things as nonprofit $$ Aug 21, 2012

Monsanto Genetic ?X-Ray Glasses? Speed Tastier Tomatoes http://t.co/AJQZDJY9 Interesting comment thread, no one defending $MON $$ Aug 21, 2012
Facebook Shares: Still Too Pricey http://t.co/z38X4OsZ The lack of a reliable revenue model makes $FB a buy at prices ~$9-15 $$ Aug 21, 2012
Barnes & Noble Falls After Second Straight Nook Sales Drop http://t.co/nWNxr3Pw $BKS losing to $AMZN . Slow-motion train wreck $$ Aug 21, 2012
Up Against Retail Giant Amazon, BufferBox Aims to Jump-Start Parcel Delivery http://t.co/MhW35CeB Any of these should team up w/USPS $$ Aug 21, 2012
Amazon Wins Race to the Bottom With Radical Pricing on Long-Term Data Storage
Facebook Investors Brace for More Shares Coming to Market http://t.co/GE7usIDt Test of how much insiders truly believe in Facebook $FB $$ Aug 20, 2012
Aetna to Acquire Coventry Health Care http://t.co/sFRdRDv3 The People’s Republic of Maryland loses another large company $$ #BDK #USFG Aug 20, 2012
Stocks: The ‘Lockup’ Effect http://t.co/SG5sZIXL A lesson learned during the dot-com bubble is forgotten & must b re-learned. $$ #lockup Aug 18, 2012

Financial Markets

Stock Market Indicators http://t.co/sf0D3BDY Interesting take from the normally bullish Ed Yardeni $$ Aug 23, 2012
Hedge funds are betting on disaster http://t.co/dDtO6Cd3 Maybe some hedge funds r putting on “big shorts” through CDS, but most avoid vol $$ Aug 23, 2012
‘Insider Trucking’ Drives Strategy at J.P. Morgan Fund http://t.co/JZyRVZ5P This brings “bottoms up” analysis to a much lower bottom $$ Aug 23, 2012
The bond bubble still has room to grow http://t.co/DNM9teW1 High yield bond defaults typically peak 2-3 years after issuance peaks $$ Aug 22, 2012
FDIC files lawsuit tied to failed bank RMBS investments http://t.co/63GYJ7Zn I know many investors that did due diligence & avoided the prob Aug 22, 2012
The Profession’s Faulty Assumptions: A Top Ten List http://t.co/lAeCIRzq A worthy article displaying common errors for financial planners $$ Aug 22, 2012
Wrong: Why hedge funds may not be right for you http://t.co/SdPmZeRN Only global macro benefits from volatility, other HFs like calm $$ Aug 21, 2012
Is Your Credit-Card Company Secretly Screwing You Over? http://t.co/7ptHex0g Excellent advice from @eddyelfenbein . Follow it & prosper $$ Aug 21, 2012
Goodbye, Growth. Hello, Dividends. http://t.co/AO2STJhx Companies pay divs get more efficient w/capital. Doesn’t slow growth much $$ Aug 20, 2012
When Wall Street Watchdogs Hunt Whistle-Blowers http://t.co/YyY6UREt Really a sad article. Try to do the right thing & many fight u $$ Aug 20, 2012
A Flock of Black Swans http://t.co/ClDRJYho Study history & other cultures &u may find possible some things considered impossible by many $$ Aug 20, 2012
Russell To Close All But One Of Its ETFs http://t.co/wjKsHrEp A trend that I think will come to most marginal ETF providers $$ Aug 20, 2012
Calpers Defends Pension Benefits While Risking Losses http://t.co/1nnyYD7t CALPERS relishes its importance, but not its performance $$ Aug 20, 2012
Five Myths about Glass-Steagall http://t.co/hgzzPkgM What’s the other side of the argument here? The Fed was hollowing out G-S b4 GLB $$ Aug 20, 2012
Revisiting Stocks For The Long Run http://t.co/b1Dz4mOk DIfficulty of using & rolling the 30-yr Tsy… it’s a very special bond $$ Aug 20, 2012
Wrong: Six Investment Moves to Make Now http://t.co/kkoarfR8 Reads like this: missed the rally, so take more risk now to make up 4 it $$ Aug 18, 2012

China

China Confronts Mounting Piles of Unsold Goods http://t.co/qXaOoX0h As w/any command & control economy, eventually get gluts & shortages $$ Aug 24, 2012
How China Sees America http://t.co/Cv0d61KI Believe US a revisionist power, seeks2curtail China’s political influence & harm its interests Aug 24, 2012
Caterpillar Cuts China Production as Digger Slump Reaches Mining http://t.co/Rprs0FS2 China’s coming slump has ripple effects $$ $CAT Aug 24, 2012
China Has Become One Big “Stuffed Channel” http://t.co/aAFwHUyj Strategies of promoting exports & forced industrialization have failed $$ Aug 24, 2012
Weak Demand Drags on Chinese Carmakers, Earnings Growth Stalls http://t.co/dvIrhc0D China slowing rapidly, also c http://t.co/po7PVA3a $$ Aug 22, 2012
For China, Too Much Steel Isn’t Enough http://t.co/af9MjbWT Economic growth happens when actions expand options 4 society as a whole $$ Aug 22, 2012
China’s Brewing Pension Crisis http://t.co/pHq4Ijgg Still at $3T, it’s a lot smaller than what the developed nations r facing $$ Aug 22, 2012
China Reluctance on Reserve Cut Signals Inflation Concern http://t.co/WcH0kKkM If inflation starts running in China, the game changes $$ Aug 20, 2012
China?s Yuan Decades From Challenging Dollar http://t.co/J3hmRaID It takes a long time to create deep/transparent capital markets $$ Aug 20, 2012
China Said to Order Action by Banks as Developer Loans Sour http://t.co/EUj63rb3 This is a liquidity crisis, not a solvency crisis, NOT $$ Aug 18, 2012

Money Market Funds

Statement Regarding Money Market Funds by Commissioner Luis A. Aguilar http://t.co/6RNScb0L Well-thought out dissent on MMFs. Good job $$ Aug 24, 2012
Wrong: The lurking dangers in money market funds http://t.co/q2X3gSe8 Another scare piece. MMFs are more stable than banks $$ Aug 23, 2012
Just sent Mary Shapiro my compromise proposal on money market funds. Hope she grabs it and runs with it http://t.co/vuNGATPK $$ Aug 23, 2012
Big Blow for Money-Fund Overhaul http://t.co/jnRnfA97 Yay! No changes for MMFs, which are better managed than banks. $$ Aug 23, 2012

Municipal Bonds

The 5 Biggest Muni Defaults Ever http://t.co/BlqI96wY Instructive. CA & OH tobacco bonds, Jefferson County, AL, American Air & WPPSS $$ Aug 23, 2012
Should Muni Investors Follow Buffett to the Exits? http://t.co/6w7wgnzg Sound advice: B selective, only buy what funds necessity $$ Aug 23, 2012
U.S. muni market riled by Fed report on defaults http://t.co/6XC0OmS8 Corrects many false impressions generated by the NY Fed muni piece $$ Aug 23, 2012
School district debt, representing lgst % of California net par insured (35.5%), is ineligible for Chapter 9 BK http://t.co/TU0uG87h $$ $AGO Aug 22, 2012
Buffett?s Exit From Muni-Bonds Signals Trouble Ahead 4 Local Govts http://t.co/Ay9eG3uj Don’t think so; Buffett still owns lotsa munis $$ Aug 21, 2012
Meredith Whitney?s Muni Prediction Gets No Boost From Fed http://t.co/hVWiQBrx Fed study focused on risky areas, non-rated & IDBs $$ Aug 21, 2012

Other

College Tuition’s 1120% Increase http://t.co/632ueDsX Outstrips even the rising cost medical services $$ Graph: http://t.co/bvYQljFC Aug 24, 2012
The closing of American academia http://t.co/MTQjCPQv Adjunct professors earn little&teach a lot. But getting a PhD in Anthropology: Fail $$ Aug 24, 2012
Lawyer separates variable annuity investor & annuitant, allowing him 2 benefit from the deaths of sick people http://t.co/C2xwCtRc $$ Aug 24, 2012
My Last Post – Arnold Kling http://t.co/YvJPt3RH One of the best hangs up his blogging. It’s the way of the internet, ephemeral $$ Aug 24, 2012
Blind Mice Given Sight After Device Cracks Retinal Code http://t.co/pIaxnTtH Looks like a huge advance $$ #goodnews Aug 23, 2012
Wrong: How algorithms will help us spend, spend, spend http://t.co/of3Bhyll People will start blocking it, like telemarketers $$ #FTL #fail Aug 21, 2012
Hopes for Chestnut Revival Growing http://t.co/Y58WfC9n Efforts to restore the chestnut tree seem to be succeeding $$ Aug 21, 2012
Historians, rather than mathematicians usually make better economic predictions, but that’s not saying much… http://t.co/db7NDOKf Aug 20, 2012

Eurozone

Greek Crisis Evasion to Fore as Merkel Hosts Hollande http://t.co/wlXKlz8h Not sure how this will lead to a long-term solution $$ Aug 23, 2012
Last Man Standing Means Europe Investment Banks Resist Cuts http://t.co/eIauqQj1 Total capacity must fall, the survivors get better biz $$ Aug 22, 2012
Wrong: Spain and Italy Are (Probably) Fine http://t.co/5jiC6zRQ Add in the social welfare obligations & dysfunctional politics $$ Aug 20, 2012
Finnish Euro Doubts Hide Business Plea to Commit to Currency http://t.co/rDbf5isL Euro weak 4 core EZ countries, & 2 strong 4 EZ-fringe $$ Aug 20, 2012

Around the World

First Solar to Build India Farms as Outages Propel Sun Power http://t.co/MJGiIrhj Sunshine is more reliable than India’s electric grid $$ Aug 23, 2012
The ECB: Europe’s Conditional Bank http://t.co/6abGujtg “these ideas fail to take account of a key ECB requirement: conditionality.” $$ Aug 21, 2012
A Tax Revolt in Japan, and a Bond Bubble Too http://t.co/CoL7Ticw Unrealistic view; financial claims exceed Japanese resources $$ Aug 22, 2012
What a Tangled Financial Web Terrorist Networks Weave http://t.co/84eBN6Mc In a networked era, difficult2avoid leaving digital breadcrumbs Aug 22, 2012
“The FSA warned that its [risk] survey results were based on self-assessments by individual [hedge fund] managers” http://t.co/KWb6ktQy $$ Aug 21, 2012

Energy

Think Gas Prices Are Bad Now? http://t.co/l4srlshm Between Iran & refinery outages, gas prices are rising particularly on the coasts $$ Aug 21, 2012
The Exquisite Symmetry of the Natural Gas Revolution http://t.co/QSit1HWT 10 points on how cheap natural gas is an aid 2 the economy $$ Aug 21, 2012
Methanol Wins http://t.co/yYP0Z1Qp Interesting experiment fueling a car w/methanol did not take much effort, cheaper & cleaner $$ Aug 20, 2012

Comments

“None of the things you mentioned are markets. The article above is about manipulating markets, not?” ? David_Merkel http://t.co/OcU9gn4O Aug 25, 2012
Tropical storm Isaac is likely to miss Tampa anyway, storm is consistently moving west of the forecast track of NOAA $$ Aug 24, 2012
Haiti has trouble w/rain & 40 mph winds, much less 60 mph $$ RT @AnnieLowrey: Forget Tampa. Pray for Haiti. http://t.co/eJBxmukv Aug 24, 2012
@PlanMaestro Thanks 4 passing the article along; some of those benefit designs are astounding $$ Aug 24, 2012
@BubblesandBusts I don’t think so Aug 24, 2012
@AnaCapMgmt Very good points. There are others trying to do things his way, but difficult 2 manage an insurance investing conglomerate $$ Aug 24, 2012
@ToddSullivan Yes, and here it is: http://t.co/SqXcFiqI Aug 24, 2012
RE: @bloombergview The only way medical costs will decline is to move to a first-party payer system. When its your ow? http://t.co/Dzjy8j6b Aug 24, 2012
“Impossible to manipulate markets without leaving accounting trial. Conspiracies r bunk.” http://t.co/WaXMpySm http://t.co/TPnCsHiB $$ Aug 24, 2012
RT @fundmyfund: again why is Japan stock market not up 100% of %,they did many QEs and CB can buy equity assets there.Its mostly psychol … Aug 24, 2012
plus ?a change, plus c’est la m?me chose $$ RT @munilass: So Glenn Hubbard has started blogging and Arnold Kling is giving it up. Egads. Aug 24, 2012
@rajivatbarnard Nice piece. Did not know you had written it, because my RSS reader broke 2 months ago & I have not rebuilt it yet $$ Aug 24, 2012
@ShawnMcFarlane My proposal makes MMF holders take losses in bites, and avoids “runs of funds.” U can read it here: http://t.co/vuNGATPK Aug 24, 2012
RT @merrillmatter: @ShawnMcFarlane @alephblog I disagree. They should not be FDIC insured and should be allowed to ‘break buck’ on occasion. Aug 24, 2012
@politicoroger Isaac may hit the gulf coast on FL panhandle or further west. God is not man or woman, but he represents himself as a man Aug 24, 2012
RE: @bloombergview Hasn’t worked so far. Doing the same thing repeatedly and expecting different results $$ http://ww? http://t.co/tIOtLhYh Aug 23, 2012
@nereidadin Yes, no response yet Aug 23, 2012
@foxjust Just sent it off to her. Commented on her article, but Reuters is having issues w/blogs and comments these days Aug 23, 2012
@SallieKrawcheck @Reuters Would you be willing to review my compromise proposal on money market funds? http://t.co/6vrVXVGS Thanks. Aug 23, 2012
@foxjust Been pushing this idea for 3 years, have sent it to the SEC, but I’m a disinterested nobody. Felix Salmon liked it, as have others Aug 23, 2012
@eisingerj Would you be willing to look at my compromise proposal on MMFs, & tell me what you think? http://t.co/vuNGATPK $$ Aug 23, 2012
@foxjust Would you be willing to look at my compromise proposal on MMFs, & tell me what you think? http://t.co/vuNGATPK $$ Aug 23, 2012
@merrillmatter I’ve even heard that Dihydrogen Monoxide is making is way into the water supplies! $$ #help #thereisalwaysenoughtimetopanic Aug 23, 2012
@TFMkts @The_Analyst Good points, seems to be more mkt timing than disaster, though I know of some putting on CDS trades. Pay prem & hope $$ Aug 23, 2012
@munilass Yes, that’s correct, but I could not fit that in. Aug 23, 2012
@TheStalwart Really seems like Romney was on the aggressive side of legal on taxes, but his investments aren’t unusual for a rich guy $$ Aug 23, 2012
@TheStalwart Do I have this right then: a company that Romney invested in was 1 of the lenders through CLOs to American Media Operations? $$ Aug 23, 2012
@BarbarianCap Thanks for the praise. I just try to write about what is most motivating to me on any given night Aug 23, 2012
@moorehn Read some of the comment letters at the SEC, a non-stable public NAV 4 MMFs would cause significant harm to users. $$ Aug 23, 2012
@Dvolatility Yes, I heard, that was a decade or so in the making. Actuaries sometimes joke that we keep GASB around 2 make FASB look good $$ Aug 23, 2012
@Dvolatility does that affect Poway School district’s ability to service their debt? Yes, data quality varies more with munis than corps Aug 22, 2012
@Dvolatility don’t knowhow to bring their thinking up a level of complexity, and say, if CA is in trouble, and San Diego County, then how + Aug 22, 2012
@Dvolatility Just read a few articles on overlapping debt. Interesting; love to learn. I think some investors don’t look at it b/c they + Aug 22, 2012
@Dvolatility Yes, but I am not an expert on it; as investors go, I am a generalist Aug 22, 2012
@Dvolatility What do you mean by overlapping? I just found it interesting that CA schools can’t use BK Ch 9… Aug 22, 2012
RT @TheStalwart: In the old days, the idea that None Of The Above could actually ‘win’ (thus making an office go unfilled) was promoted … Aug 22, 2012
RT @historysquared: The $Fed is like the frustrated driver who keeps pumping gas into a car that won’t start, eventually flooding the en … Aug 22, 2012
@GaelicTorus I might be inclined to the bank debt of $ZNGA or $GRPN. No way $FB goes broke; it has a franchise $$ Aug 22, 2012
@joshuademasi I’m saying that Japanese society has not yet come to grips with its inability to fund future promises, that’s all $$ Aug 22, 2012
Clever and not what I expected $$ RT @AnnieLowrey: “But at least now we know.” http://t.co/mh5Ldk62 Aug 22, 2012
Just finished complex stock screening: 28 candidates, auto parts, airlines, insurers, regional banks, infotech, retail, etc. $$ #bizarre Aug 22, 2012
“At that price, bondholders will scour the Globe 4 external assets of Belize, and place liens on them” $$ David_Merkel http://t.co/rZGmkSgQ Aug 21, 2012
“Maybe they should team up with the US Postal Service. Lotsa locations, and they need $$” ? David_Merkel http://t.co/lKe9ShxQ Aug 21, 2012
@LarryThompson5 Historically, successful political movements do 1 of 2 things: form a 3rd party, or gain influence over1 of the parties $$ Aug 21, 2012
@LarryThompson5 I would agree w/u that #OWS is not Dem-driven. Some tried to use it, couldn’t figure out how, vs repubs co-opting t-party $$ Aug 21, 2012
Catch my comment http://t.co/FHwMSyLX Yes, 4 2 reasons RT @ritholtz: Is Pension-Plan Shift Into Bonds Permanent? http://t.co/OWjdqPjH $$ Aug 21, 2012
@WatersLogan Good, keep it up. 12% of my readers are Canadian. Aug 21, 2012
@TheStalwart Here it is: http://t.co/fBvKxQXq Aug 21, 2012
@TheStalwart I wrote a data-intensive post on the Poway School Distirict, and you didn’t post it to BI, but lesser posts did make it to BI. Aug 21, 2012
@ETFProfessor1 I understand and that is fine. Aug 21, 2012
@e_d_sanders I’m interested in stopping the next crisis; I would like to end interstate branching, and hand regulation back to the states $$ Aug 21, 2012
@milktrader Thanks, nice to know it is not just me. Aug 20, 2012
Anyone else finding Yahoo Finance to be squirrelly now? $$ Aug 20, 2012
@ritholtz I live near Baltimore. B4 my father-in-law died, wud visit in-laws in La Jolla every few years. Wife’s favorite beach near Romney Aug 20, 2012
I know I have walked past it; didn’t know Romney owned it $$ RT @ritholtz: Mitt Romneys water front LaJolla shack http://t.co/ee8AwnEN Aug 20, 2012
@asymmetricinfo Most homeschoolers in Howard County, MD r secular, many r liberal; the schools r not performing well; HS kids get peer time2 Aug 20, 2012
RT @asymmetricinfo: Why worry homeschool kids won’t get socialized? It’s spending most of your time around a mob of your own age that is … Aug 20, 2012
As a class yes, some won’t gain critical mass $$ RT @GaelicTorus: but bond etf doing ok, right? low costs, asset growth – as a class Aug 20, 2012
Too much honesty there $$ RT @RNPJHP: @The_Analyst @AlephBlog RBC Dominion told me they can’t make 5% returns on client’s money! Aug 20, 2012
@wesbury @ 1st Tsy-blogger summit, I encouraged the high-level people there to do that, & what are they considering now — floaters! $$ Aug 20, 2012
@ETFProfessor1 You would probably know better than me. It seems economics of running a bunch small funds is poor. Open to your thoughts $$ Aug 20, 2012
@abnormalreturns I would consider $FB @ around $8, a touch over book value and a PEEG ratio of 50%, mainly b/c revenue model is unclear $$ Aug 20, 2012
@ToddSullivan I knew you were being sarcastic, just wanted to flesh out my thoughts further Aug 20, 2012
@ToddSullivan Of course that’s easier; I use a technique like that to try to deal w/high growth situations that r uncertain $$ Aug 20, 2012
Hard to compete against $AMZN, which doesn’t have an immediate profit motive. $BKS http://t.co/SC5gA1Ps Aug 20, 2012
“Corporate spread tightening is highly correlated w/VIX, another reason $$” ? David_Merkel http://t.co/R9vTpa7s $$ http://t.co/M7X60pC5 Aug 20, 2012
@ToddSullivan I would try this 4 $AAPL — est mkt size @ maturity, time 2 maturity, value of biz then & discount @ 12% 2 get NPV/sh $$ #swag Aug 20, 2012
“Almost no one arrives early to a fad/motif, so investing of this sort is likely to lose.” ? David_Merkel http://t.co/yCJ0K9SY $$ Aug 20, 2012
Much wisdom from Mr. Berra $$ RT @JATranfo: @AlephBlog As Yogi said, “Making predictions is hard, especially about the future.” Aug 20, 2012
“I get surprised by what gets attention when I write. To have two pieces on the top 10 list is?” ? David_Merkel http://t.co/UpaKEY0I $$ Aug 20, 2012
RE: @bloombergview Pray tell, what interest does Putin have in liberalizing? Current system favors his retention of p? http://t.co/RjR8WI0C Aug 20, 2012
@geronimo2003 It means that mortgage bonds will lose net demand, but F&F will still gtee conforming MBS. Pvt sector can absorb supply $$ Aug 20, 2012
+1 Well done $$ RT @AmityShlaes: Lobsters as metaphor for everything, including Obama trade policy: http://t.co/qDn83Fqs Aug 19, 2012
@StockTwits got the ticker wrong. Mosaic is $MOS , Monsanto is $MON . Both in agriculture… $$ Aug 18, 2012
@prchovanec They should listen to Pettis, Walter, & Shih also Aug 18, 2012
@prchovanec If they are listening to you, that is good for all of us. $$ Aug 18, 2012

Sorted Weekly Tweets

Posted on 17 August 2012 by David Merkel

Note: Tomorrow (Saturday) I will be on WBAL Radio at 8:30 AM Eastern with local radio host Jimmy Mathis, talking about the markets.? If you are up, they do stream the broadcast.

Market Dynamics

Six Weeks of Green: Stocks Quietly Creep Higher http://t.co/XYxAfaOj Markets move up at half the speed they go down http://t.co/d09QUp8y $$ Aug 18, 2012
Premiums dominate in HY CEFs & loan participation CE funds, even the investment grade funds r seeing discounts fade. Too hot. $$ #yieldlust Aug 17, 2012
T. Rowe Price Small Cap Fund Veteran Preston Athey to Exit in 2014 http://t.co/Y6BRCnmW One of $TROW ‘s finest takes a less active role $$ Aug 17, 2012
Paulson Steps Up Gold Bet to 44% of Firm?s Equity Assets http://t.co/5ESGLVdl Makes me bearish on gold. Bad mkt could b a forced seller $$ Aug 17, 2012
What should I do with my money now? http://t.co/xqXtnPqb My view is this, if acctg is conservative, buy stocks P/TB < 1.5, P/E < 10 $$ Aug 17, 2012
Usage: That was a real Facebook of an IPO! 2) We really Facebooked the IPO buyers! 3) Avoid this IPO, it’s going 2b a real Facebook! $FB $$ Aug 17, 2012
Facebook puts follow-on on ice http://t.co/d2CMGLvl Avoiding adding insult to injury. Lousy IPOs in the future will be called “Facebooks” $$ Aug 17, 2012
It’s usually a bad sign when locals are selling, and foreigners buying. How do foreigners have more knowledge? $$ http://t.co/mhOHunFj Aug 16, 2012
Man overrides machine to tackle low bond yield risk http://t.co/IDTSByMr Momentum isn’t everything w/bonds, eventually mean reversion. $$ Aug 16, 2012
Whenever you mention CDS spreads, could you do us the favor of citing that spreads bonds are trading at? You are, aft? http://t.co/o3StHaG0 Aug 15, 2012
You Are Now About to Witness the Strength of Street Knowledge http://t.co/jV4bxWc4 Having a revenue model is an aid to stock performance $$ Aug 15, 2012
Even Amid the Current Turmoil, Stocks Still Beat Bonds http://t.co/fqTWnM6g Issuing this opinion: a crowded trade http://t.co/X6KGWp5b $$ Aug 14, 2012
Silver Hoard Near Record as Hedge-Fund Bulls Recoil http://t.co/gQpc19Hz Pressure for prices to fall amid ETF-based hoarding $$ Aug 14, 2012
Junk-Bond Buyers Plot Escape in Debt Gap http://t.co/lEVYDv9f Smart money moving up in liquidity & down in yield. Junk rally continues $$ Aug 14, 2012
A Green Light for Car Loans http://t.co/VqfWA4AK Banks, Finance Firms Boost Auto Lending; Fed Survey Finds Easier Standards $$ #moredebt Aug 14, 2012
Stocks: The ‘Safety’ Dance http://t.co/N9CNg4aO Defensive stock valuations high relative to cyclicals. Graph: http://t.co/Q17aYeiU $$ Aug 13, 2012
As Corporate-Bond Yields Sink, Risks for Investors Rise http://t.co/WeET5vWD Maybe. Debt-deflation has a funny way of persisting $$ Aug 13, 2012

Rest of World

Mexico’s big oil problem http://t.co/e3b6V19s Yrs of abuse &non-investment by PEMEX, milked by the govt, oil production declining fast $$ Aug 18, 2012
Iranian Currency Traders Find a Haven in Afghanistan http://t.co/Bcw8l03A Sorta fitting that Afghans make $$ breaking sanctions on Iran $$ Aug 18, 2012
Rate Cuts on the Cards for Norway and Sweden http://t.co/REReXdiF We need a new Gresham’s Law on Monetary Policy. See in next tweet $$ Aug 17, 2012
Bad monetary policy drives out good monetary policy when large countries inflate, & exporters in small countries complain about losses $$ Aug 17, 2012
You can say that again $$ RT @saraeisenFX: More signs of worsening credit quality in China http://t.co/KLAApyBy Aug 17, 2012
Aramco Says Virus Attacks Network, Oil Output Unaffected http://t.co/o0p8Rb94 What shall we call this? The Cold Techno-War? $$ Aug 16, 2012
The only way out for China: Andy Xie http://t.co/ROaF0C2S Problems only going2get worse as long as government interferes $$ #chinacrash Aug 15, 2012
Beijing Loan Guarantee Firm Teeters on the Edge http://t.co/XtapRo8W A sign of things to come, and how will China deal with the defaults? $$ Aug 15, 2012
China?s money outflow continues in July http://t.co/xpMby8WI The wealthy of China send capital abroad, so that they can survive anything $$ Aug 15, 2012
German Provinces Struggle to Lure Skilled Workers http://t.co/yN61QTaJ Europe can find work, but will have to find it in Germany $$ Aug 14, 2012
Correlation Breakdown as Proxies for Risk Boost Aussie, Kiwi http://t.co/4zQMFGQd Countries w/good $$ policy draw funds, harming exporters Aug 14, 2012
Africa’s pirates have demands – and letterhead, too http://t.co/GKbc4Jcm Not intimidation, merely “making you an offer you can’t refuse” $$ Aug 13, 2012
Mursi Sidelines Egypt?s Top Generals Amid Power Struggle http://t.co/KAOWGQdE Push is coming to shove; Military vs Muslim Brotherhood $$ Aug 13, 2012

US Economy

The case for supply-side tax cuts http://t.co/EYfStM7t Tax increase of 1% of GDP reduces output over the next 3 years by nearly 3% $$ Aug 17, 2012
London Firings Seen Surging as Finance Firms Add NY Jobs http://t.co/D0to5HSo Finance jobs grow where the regulations are lowest $$ Aug 17, 2012
5 years forward, five year inflation: http://t.co/q98ZknDn Seems to top out @ 2.7% recently, 3% longer-term http://t.co/rqFkN26r $$ Aug 16, 2012
Farmland Prices Surge Across the Plains States http://t.co/we6hZAcP Poss causes: hi grain prices & widespread use of crop insurance $$ Aug 16, 2012
The Downside of a Recovery in Housing http://t.co/BfzmDdYr “potential uptick in inflation measures, of which housing is a big component” Aug 16, 2012
Will births come back with the economy? http://t.co/sYqJjBXm Yes, people have more children when they are optimistic about the future $$ Aug 15, 2012
Wrong: What if baby boomers don’t live forever? http://t.co/kRLnHqrA Even if mortality does not improve @ prior rate, makes little $$ diff Aug 15, 2012
Mathematically Possible http://t.co/ziQNoQx4 Correcting the false assumptions of Obama’s tax gurus | Govt in DC is always dishonest $$ Aug 14, 2012
Clarity of communication is not the Fed’s problem. If you have bad policy, it doesn’t matter how you present it. http://t.co/C27MJ2QX Aug 13, 2012

Pensions

Unions protest Democrats at Illinois State Fair http://t.co/uU7twsOK Govt workers learn hard reality. Benefits not protected by ERISA + $$ Aug 18, 2012
Which means underfunded benefits may never b paid at the level promised. Taxes can’t b raised enough to make it work, either. Sorry $$ 🙁 Aug 18, 2012
@mckpartners There r 3 parties not getting blame here aside from the standard ones: 1) accountants that dreamed up lousy funding rules + $$ Aug 18, 2012
@mckpartners 2) Actuaries didn’t pushback on investment assumptions & 3) Union negotiators thot they were smart trading salary 4 pensions $$ Aug 18, 2012
Annals of dubious research, 401(k) loan-default edition http://t.co/LDLsN0f1 401k loan defaults r 2% of what widely-cited study claims $$ Aug 13, 2012

GSE Bailout Change

Fannie?s and Freddie?s Forgettable Friday http://t.co/kvfNkBcI Investment whose value is dependent on unknowable government policy $$ Aug 18, 2012
GSEs expected to unload delinquent loans after Treasury change http://t.co/2g7tiIxI Portolios to shrink through prepays/writeoffs 15%/yr $$ Aug 17, 2012
Anybody have guesses as2what $FNMA $FMCC $FNMAT $FMCCK should be worth? Pfds ~ 2 coupon pmts? Common stock ~ 0? Prob(going-away present)? $$ Aug 17, 2012
Treasury to wind down GSEs faster, only to be replaced with (insert solution here) http://t.co/mAtyKpHs Future of the GSEs in question $$ Aug 17, 2012
Treasury to Amend Terms of Fannie, Freddie Bailout http://t.co/iZcCdXML Cancels 10% div, all profits go2 Tsy. Comm stocks down 20-25% $$ Aug 17, 2012
Fannie, Freddie Pfds Sink As Treasury Amends Bailout Terms http://t.co/3pGEjsrF Down 52-55% today. That was the crunch you heard $$ Aug 17, 2012

Municipal Bonds

Bondholders, insurers challenge San Bernardino bankruptcy http://t.co/WE2vRb6e They allege SB finances are not in a state of emergency $$ Aug 18, 2012
That really stinks, can’t comment there also $$ RT @Tubulus: @munilass I think your head will slam into your desk – http://t.co/8G1e0plE Aug 16, 2012
The Untold Story of Municipal Bond Defaults http://t.co/2UKKOIUA Trivial thots from researchers @ NYFed, my comment: http://t.co/EP5aUq29 $$ Aug 15, 2012
Looking for Higher Yields? Try ‘Junky’ Municipal Bonds http://t.co/qo9DfZKt Safer than corporate junk, but less liquid. Be careful $$ Aug 13, 2012

Other

Apple judge: ?I see risk? and 7 more newsmaker quotes http://t.co/wyBoToT7 Notable quotes in the business world $$ Aug 17, 2012
The Valley of Free Food: How One Firm Caters to California’s High Tech Giants http://t.co/cijDNgdC Companies r armies; travel on stomach $$ Aug 17, 2012
Texas Seeks Seizure of Life Partners http://t.co/MWofrEv2 ‘Bout time. Life settlements should b illegal; no insurable interest $LPHI $$ Aug 17, 2012
More trial, less error: An effort to improve scientific studies http://t.co/i2PLAD5h Why I am skeptical of much biometric research $$ Aug 16, 2012
when $AMGN ‘s scientists tried to replicate 53 prominent studies in basic cancer biology … they were able to confirm the results of only 6 Aug 16, 2012
Mobile pay war: Wal-Mart and others vs. Google http://t.co/Q30PZQGP So much innovation in payment systems; wonder which will win? $$ Aug 15, 2012
Nassim Taleb: Stay Out of the Investment Industry http://t.co/ZyomTwjB Superinvestors of Graham & Doddsville r @ work & still making $$ Aug 15, 2012
Deep ocean lure grows as high-tech drilling pays off http://t.co/P4UP4ZWs The technology for extracting oil grows ever more complex $$ Aug 15, 2012
Buyers Beware: The Goodwill Games http://t.co/eA7XEXjr Check the cash from operations. Should exceed earnings if Goodwill is valid. $$ Aug 14, 2012
CLEAN UP THE BALANCE SHEET: GET RID OF DEFERRED TAXES http://t.co/DTfT8bRg Future income or losses can’t be assured, so not asset or liab $$ Aug 13, 2012

Comments

@BarbarianCap The firm I was with sold $AIG the day it went into the Dow. Close to a “top tick.” $HIG , did not do hearly as well 🙁 $$ Aug 18, 2012
@The_Dumb_Money @pkedrosky is a bright guy. Many got it right, but fads suck people in. Aug 17, 2012
RE: @boingboing Not too surprising. Many corporations pay low taxes b/c of govt incentives. Relationship 2 mgmt pay s? http://t.co/KoChJizm Aug 17, 2012
@Breakingviews The sooner the euro dissolves, the less will be the pain for all involved. It was a mistake from the start. $$ Aug 17, 2012
@pelias01 Many thanks for the many times you have asked people to follow me. I really appreciate it. Aug 17, 2012
@JimPethokoukis I’m reading it now; that’s a fair assessment. Beyond that, it reinforces how hard it is to do anything in DC $$ Aug 16, 2012
RT @PragCapitalist: Pushing up stock prices does not make underlying assets more profitable. The whole premise of the Bernanke Put is f … Aug 16, 2012
@FeeOnlyIndy I try to be fair, I don’t always succeed, and I do have my biases, so take me with a grain of salt, but thanks $$ Aug 16, 2012
@izakaminska Whenever I go to Boston, I always take the Water Taxi from the airport. Lets me off in Downtown –beautiful view of the city $$ Aug 15, 2012
@munilass Glad u said: “The Fed really ought to be embarrassed that it published something like this.” I didn’t say that & should have $$ Aug 15, 2012
@The_Analyst true… too much quantitative talent went to Wall Street, applied the wrong model: physics, rather than right model: ecology $$ Aug 15, 2012
My friend Eric Hovde sadly didn’t win the Wisconsin Republican Senate primary; Eric would’ve shaken up DC. Thompson is business as usual $$ Aug 15, 2012
“Proppants prop open cracks when hydraulic fracturing is done. $$” ? David_Merkel http://t.co/OuqTSMAc Aug 14, 2012
?I wasn’t that impressed w/Inker’s analysis. Does not take into account dollar-weighted returns. $$ http://t.co/C5Gh0pOl Aug 13, 2012
@nancefinance I was pretty nerdy, though not withdrawn, back then. My mom was a self-taught investor. I caught the bug from her. $$ Aug 13, 2012
When I was a teenager, I remember looking through the bond tables, noting that almost all prices were below 100. Today it is the opposite $$ Aug 13, 2012
@japhychron @Peter_Atwater You were more than mostly right, it’s a great book. Only wish it could have been bigger. $$ Aug 12, 2012

Sorted Weekly Tweets

Posted on 30 June 2012 by David Merkel

Eurozone

Germany Signals Shift on Europe Aid http://t.co/AcnaysGz “a common fiscal policy would be irreversible and well coordinated.” $$ Jun 29, 2012
Bermuda on track to comply with EU insurer rules http://t.co/TFdvIr1D If not, cos reinsured could not take full reserve credit;wud lose biz Jun 26, 2012
How Germany?s euro fight has turned Orwellian http://t.co/fjwZFYvb “foreigners shouldn?t overestimate Germany?s financial capacity.” $$ Jun 26, 2012
Hollande Reality Makes French Debt Less Attractive http://t.co/Rroiv8TI Bondholders care about getting repaid. Hollande = higher risk $$ Jun 26, 2012
Germany to Confront United Euro Bloc at Summit http://t.co/vWLyG6ND Time to bring back the D-mark, or, centralize the E-zone into a nation Jun 25, 2012
All the bail-out systems under the sun cannot make the eurozone work http://t.co/apMBQ3FB The loans, at whatever rate, cannot b repaid $$ Jun 25, 2012
Merkel Parries Push for Euro Debt Plan as Growth Outline Agreed http://t.co/JLWa9Ley Merkel repeated ?liabilities & controls go together? Jun 24, 2012
Bundesbank Swipes at Draghi as European Fault Lines Deepen http://t.co/EwRMq9kT Do you want your currency 2b a stable unit of account $$ Jun 24, 2012
Spanish Government in Denial: Banks Need 100B EUR to Recapitalize http://t.co/r1FaA0Lp Eurozone is under stress & estimates capital low $$ Jun 24, 2012

TEXAS SHIFT MAY SHOW WAY OUT OF IMMIGRATION STALEMATE http://t.co/eWN2NYuV Favoring guest-worker programs may break national stalemate $$ Jun 29, 2012
A defense of the tax exemption for municipal bonds (part one) http://t.co/xYV1S4Ft @munilass explains the reasonable nature of the exemption Jun 29, 2012
Congress Would Hate to Lose Its Tax-Code Toys http://t.co/2iifOmcE @cabaum points out that our current policies aren’t working $$ Jun 29, 2012
All municipalities that raise employee benefits without respect for costs deserve bankruptcy: thus Stockon, CA $$ http://t.co/5ZQITDW2 Jun 29, 2012
Pt 2 — individual does not survive, and the fragmentation of the decision makes the interpretation messy; Obama implements asmuch he can $$ Jun 26, 2012
Going to toss out a wild idea on #scotus & PPACA/Obamacare; several concurring opinions get issued overturning aspects of the law, but… $$ Jun 26, 2012
Yield spreads widening, Industrial commodity prices falling. I think those are the main factors. http://t.co/qehXYflS? http://t.co/EKG81LB0 Jun 26, 2012
No such thing as animal spirits, businessmen r cautious w/debt $$ RT @EconTalker: Spending is the consequence of prosperity, not its cause. Jun 26, 2012
Biggest U.S. Banks Curb Loans as Regional Firms Fill Gap http://t.co/kxqgOjwu Lending reduction from bigs is > increase from regionals $$ Jun 26, 2012
Flood Cleanup Continues in Duluth http://t.co/XXNH1oW6 “surge of run-off from the hill made the flood so dramatic.” Duluth flooded? $$ Jun 25, 2012
Stockton, CA Nears Bankruptcy http://t.co/H2GTkjrl Will reduce employee benefit costs; muni bondholders likely be paid $$ 14x Vallejo Jun 25, 2012
States Face Pressure on Pension Shortfalls http://t.co/h1U5PYbE GASB finally gets spine & tells states their pension acctg is liberal $$ Jun 24, 2012

Comments

@RMGSelection They get clones of portfolios that I personally own Jun 29, 2012
@RMGSelection I manage separately managed accounts of stocks and bonds for upper middle class individuals and small institutions Jun 29, 2012
@RMGSelection You’re welcome, but I don’t do Facebook 🙁 Jun 28, 2012
@BubblesandBusts 40% banks; top 10 75%, too much downside risk in a real washout, would rather consider $TEF, $REP, or maybe a CEF… $$ Jun 27, 2012
You’re sounding good, keep it up $$ RT @ReformedBroker: @AlephBlog bob auer from auer growth fund Jun 26, 2012
@ReformedBroker Who was the GARP mgr that you were interviewing late in the 1st hour, and early 2nd hour? Jun 26, 2012
@CLHinkle I don’t know enough about Gina Rainmondo; don’t live there, etc. What little I have seen of her I have mostly liked $$ Jun 26, 2012
“Hard to see how Telefonica $TEF goes bust. 5.4% is a lot of spread… $$” ? David_Merkel http://t.co/P37qVme0 Jun 26, 2012
EJ made its name w/quantitative models of corporate risk; govts aren’t the same $$ RT @fundmyfund: Egan Jones has jumped the shark Jun 26, 2012
RT @TheOneDave: Chemicals ought to come with a U.S. economic warning label. See this Chart of the Day: http://t.co/JgeNLCTI via @Bloombe … Jun 26, 2012
What a chart, but price was lower in April 2000 $$ RT @BarbarianCap: Arch Coal $ACI lifetime low, I think. Jun 26, 2012
RT @historysquared: sustained negative real yields in advanced economies (preceded double digit inflation in the 70s) http://t.co/qAhT1Y6m Jun 26, 2012
Well done! $$ RT @AmyResnick: Well beyond bonds: Digging into reports from muni borrowers : Reynolds Center http://t.co/8VqthumF Jun 26, 2012
Switched back 2 old RT @asymmetricinfo: New Tweetdeck app has broken the ability to follow conversations. Curse you, Tweetdeck developers! Jun 26, 2012
‘ @grossdm Skills that can be used by multiple employers r typically paid for by the employee; company-specific skills by the employer $$ Jun 25, 2012
@moneyscience I didn’t find this compelling; my practical experience in holding multiple auctions says differently http://t.co/eO2OVeHl $$ Jun 25, 2012
@manualofideas I agree, it is hard. But when I was a kid, my friends would say to me, “There r accidents, but Dave, that error took skill.” Jun 25, 2012
@manualofideas there is the risk of continuing to lose money, and no deal emerges… $$ Jun 25, 2012
@saraeisenFX Dissolving the Euro would be the smartest idea, but ideologues insisting on “closer & deeper union” will say otherwise $$ Jun 25, 2012
Diversification: A substitute for knowledge & a poor one $$ RT @EddyElfenbein: The most over-rated investing concept = diversification. Jun 25, 2012
Can also pull into XL http://t.co/iFcz0Hf3 RT @TheStalwart: Wow, you can download all the data on FRED in one big file. http://t.co/yFiymSDu Jun 24, 2012
@manualofideas What I sent to the SEC: http://t.co/vuNGATPK Only 2 pgs long, but offers a simple solution. Let me know what u think Jun 24, 2012
@manualofideas Two pages: http://t.co/vuNGATPK Let me know what you think. I think this is the best proposal so far. Jun 24, 2012

Fraud

New bank theft software hits three continents http://t.co/ImYJHG38 “sophisticated enough to defeat… two-factor authentication” b aware $$ Jun 26, 2012
Greed is an attitude, and it is not good. It is present with people who are addicted to making more. More, more, more? http://t.co/ChDSAB4T Jun 26, 2012
1 Year of Your Life and $100,000: Growing Cost of Medical ID Theft http://t.co/7FUFfmGV Important 2b aware of this new form of ID theft $$ Jun 26, 2012

Market Currents

Do Good Investment Managers Give Away Great Ideas? It?s Entirely Rational According to New Study http://t.co/g00pNfDy @sumzero & Value IC $$ Jun 26, 2012
Tropical Storm http://t.co/J16JmXP7 The same could be said of pricing/trading in the bond market, and few complain about that. $$ Jun 26, 2012
Chesapeake Slumps On Report Of Scheme To Suppress Land Prices http://t.co/HTTKi80j Another cockroach. Y I saw 1 of those yesterday… $$ Jun 25, 2012
Kepos’ quiet touch wins favor among quant funds http://t.co/EG7Dydaj Remains 2b tested. As a quant, how do u avoid crowded trades? $$ Jun 25, 2012

Miscellaneous

In a Shift, Chinese Exporters Cling to Dollars http://t.co/gaEIIW5I As I have sometimes said, it may be that the Yuan is overvalued $$ Jun 29, 2012
Central Banks Commit to Ease as Threat of Lost Decades Rises http://t.co/3h4MPgKn “It?s going 2b very hard for them 2 stimulate demand” $$ Jun 25, 2012
Should Tenure for College Professors Be Abolished? http://t.co/rvk7kena Tenure rewards the past, 2 the possible neglect of the future $$ Jun 25, 2012
Borg Bashes Banks in Sweden Shielding Housing Bubble http://t.co/Z0SISjQC Can a housing bubble be deflated w/o significant fallout? $$ Jun 25, 2012

Sorted Weekly Tweets

Posted on 23 June 201223 June 2012 by David Merkel

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 the tweets:

=-=–=-=-=-=-=-=-=-=-=-=-=-==–=-=-==-=-=-=–==–=-=-=-==–=

Eurozone

May not last long $$ RT @John_Hempton: @AlephBlog Spain imposing on bank junior bonds but prefs in Santander still trading at par! Strange. Jun 23, 2012
Buying Europe Banks Is Easy for Herro as Cheap Stocks Fall http://t.co/gfCOhY8q Key question here is accounting quality; not a buyer $$ Jun 23, 2012
Spain Said to Weigh Imposing Losses on Junior Bank Bondholders http://t.co/cD1hoAVa Fine, but they won’t fund jr debt for 20yrs or so $$ Jun 23, 2012
Spanish Aid Plan Is Flawed, Says IMF http://t.co/9V2FJ0Xc IMF doesn’t like the complexity of the E-Zone, wants it 2 behave like a nation Jun 23, 2012
Debt crisis: Angela Merkel defies Latin Europe and the IMF on bond rescue http://t.co/qTKEAr5O She who pays the $$ calls the tunes Jun 23, 2012
What?s So Special About the Euro Currency Area? http://t.co/oJWyrLAk Currency unions don’t work; must centralize or die $$ Jun 21, 2012
Merkel Balks at Sovereign Debt Purchases to Overcome Crisis http://t.co/UfuN4ae8 Physically, the crisis looks like it is wearing on Angela Jun 21, 2012
Spanish short-term debt costs reach alarm levels http://t.co/Dm8d2bsv Yields high enough that Spain unlikely to grow out of the debt $$ Jun 21, 2012
Cyprus Said to Face Europe Pressure for $13 Billion Aid http://t.co/z0etJBlX Who wants to maintain influence in Cyprus? Russia, E-zone? $$ Jun 20, 2012
‘ @aarontask He might b right. Key Q is how much Germans/Nordics/Dutch view themselves as Europeans 1st rather than Germans/Nordics/Dutch $$ Jun 20, 2012
Greek Leaders Poised to Agree on Three-Way Coalition http://t.co/JvAaPDDj It will be difficult for that coalition 2 hold together $$ Jun 20, 2012
Ma?ana-nomics at Los Cabos http://t.co/GtlAj4lY Weak Europoliticians blame US, when their banking system was overlevered & malregulated $$ Jun 20, 2012
G20 summit: perils of a half-baked rescue for Spain and Italy http://t.co/7E6jPK4W E-zone not ready 2 take strong actions; don’t force it $$ Jun 20, 2012
Is Spain past the point of no return? http://t.co/zCRF7qKo ??I suspect the ECB will have to be the buyer of last resort for Spanish bonds.?? Jun 19, 2012
Saddling Spain With Bank Burden Repeats Irish Error http://t.co/dWgYAUht Protect deposits, not bank bonds, preferreds, or stocks $$ Jun 19, 2012
“Which is why $JPM had the hedge there in the first place $$” http://t.co/o61frAFX Dimon Says ?Firewalls? May Halt Spread of Europe Crisis Jun 19, 2012
Germany set to allow eurozone bailout fund to buy troubled countries’ debt http://t.co/OEFi9UI9 Last refuge of scoundrels:blame speculators Jun 19, 2012
Fran?ois Hollande said meeting btw Ezone & Obama rescheduled4this morning2brief Americans on “mechanisms that allow us to fight speculation” Jun 19, 2012
Spanish Yields at 7% Show Investors Slamming Door http://t.co/JxGxNHDn Spain is slowly passing the “tipping point” into hopelessness. $$ Jun 18, 2012
Where is the relief? RT @jennablan: Where is the relief rally? Jun 18, 2012

FOMC Meeting/Press Conference

Fed Seen Extending Operation Twist and Avoiding Bond Buys http://t.co/qFOSA0rf Fed can’t do nothing, so it does something that is nothing Jun 21, 2012
RT @ezraklein: Hypothesis: Bernanke doesn’t do more because he doesn’t think he can. He says otherwise is because he doesn’t want the ma … Jun 20, 2012
Dr. Bernanke: Couldn?t increased unemployment be structural, after all, there is a lot more competition from labor in emerging markets? Jun 20, 2012
That’s all folks!!! Jun 20, 2012
Dr. Bernanke, Isn?t stagflation a possibility here? I mean, no one expected it in the ?70s either. $$ Jun 20, 2012
Q for Bernanke: If the Fed ever does shrink its balance sheet, what effect will it have on the banks? $$ Jun 20, 2012
Stocks trading off — correlated with future inflation rates; long Treasuries rallying nominal yields falling -> real rates stable-ish $$ Jun 20, 2012
What Bernanke is describing in terms of hedging and risk management has to be done in the insurance industry; actuarial risk analyses Jun 20, 2012
W/MBS rates, those mtges that are underwater don’t benefit, same for Alt-A & Jumbo; low rates don’t help many in residential real estate $$ Jun 20, 2012
Effect of Tsy ylds on corporate yields is stronger 4 AAA-A bonds, moderate 4 BBB bonds, little 4 junk & the effects get weaker w/maturity $$ Jun 20, 2012
That’s the wrap up for the central tendencies and averages of the FOMC’s additional data release. Anyone find those summaries useful? $$ Jun 20, 2012
Changes in Avg Target Federal Funds Rate at Year-End 2012-2014, Longer -0.07%, -0.10%, -0.22%, -0.09% $$ Levels: 0.30%, 0.50%, 1.11%, 4.11% Jun 20, 2012
Average appropriate timing of policy firming moved out 1.6 months to November 2013 $$ Jun 20, 2012
Changes in PCE Inflation central tendency 2012-2014, Longer -0.4)%, -0.07%, -0.12%, 0% $$ Levels: 1.48%, 1.76%, 1.77%, 2.00% Jun 20, 2012
Changes in unemployment central tendency 2012-2014, Longer +0.18%, +0.20%, +0.24%, +0.03% $$ Levels: 8.10%, 7.71%, 7.28%, 5.60% Jun 20, 2012
Changes in real GDP growth central tendency 2012-2014, Longer -0.50%, -0.37%, -0.11%, -0.04% $$ Levels: 2.13%, 2.57%, 3.28%, 2.44% Jun 20, 2012
+1 RT @bondscoop: Steve Liesman is the Fed’s Helen Thomas Jun 20, 2012
Fed wants to see long TIPS up in price relative to long nominal Treasuries. http://t.co/X5Gjt6jI Jun 20, 2012
@TheStalwart #FOMCGuesses OT extended, no QE3, central tendencies move back to where they were in January, shades lang down GDP, CPI, etc $$ Jun 20, 2012
C?mon, Ben, Just Say It; Please, Just Say QE3 http://t.co/ksIKxZ6C Sad that equity guys beg 4 stimulus; think OT extends; no QE3 yet $$ Jun 20, 2012

Rest of the World

Glencore Protests Bolivia’s Move on Mine http://t.co/OcIzatJ5 Bolivia has Venezuela envy; won’t end until Morales is shown 2b a fail. $$ Jun 23, 2012
Children of Mao’s wrath vie for power in China http://t.co/pWzj4Dbq All of the current ruling class survived the Cultural Revolution $$ Jun 22, 2012
Riskier Bets Pitched to Asia’s Rising Rich http://t.co/P6PjFqyR Yield is the oldest scam in the books; Asia’s brokers fleece clients $$ Jun 21, 2012
China warns its rare earth reserves are declining http://t.co/ve2e6PQq I doubt this, but if true -> significant scarcity of rare earths $$ Jun 20, 2012
Britain doomed, apparently http://t.co/WdvPCsxs Countries that don?t reset their systems through default, will experience money decay $$ Jun 20, 2012
Suicides, Arrests Show Trouble at Korean Savings Banks http://t.co/aP1fu6KS Pride drives suicides, rather than confession of wrongdoing $$ Jun 19, 2012
The UN’s Internet Power Grab http://t.co/LE704S74 Never surrender an advantage for no gain; does the Obama administration get that? $$ Jun 18, 2012
The Return of Egypt’s ‘Deep State’ http://t.co/i1IkbmMq Islamists & liberals checkmated by Egyptian Army 4 now. Liberals s/b glad $$ Jun 17, 2012
@dpinsen Agreed, better H/L would have been: “Egyptian Army reveals full control, ends show that played w/democracy 2 smoke out enemies” $$ Jun 17, 2012
Noda Ends Japan Nuclear Freeze, Risking Voter Backlash at Polls http://t.co/Jcoxl91Z He does the right thing, but will the voters agree $$ Jun 17, 2012

Banks

A History of Money Funds http://t.co/KXCpfCDz Let the critics of money market funds apply the same2banks; mark2market accounting. $$ Jun 23, 2012
Bank Investors Dismiss Moody?s Cuts as Years Too Late http://t.co/5cOsGOyG True. Moody’s should’ve done it in 2008; did politics stopthem? Jun 23, 2012
Citigroup Faces $5 Billion on Dollar?s Rise, Peabody Says http://t.co/5HZtJfvx So, on the heels of $JPM, $C has a currency mismatch? $$ Jun 21, 2012
Eminent domain for underwater mortgages could have biggest impact on banks http://t.co/NK9W0PyO Comments at end; disagreement welcomed $$ Jun 20, 2012

Central Banking

Bernanke Acknowledges Tsy Strategy @ Odds W/Fed Policy http://t.co/MqW6qda2 “Thx, Unca Ben 4letting us issue morre 30s” Ben:”Arrrgh!” $$ Jun 23, 2012
The Fed?s second best solution http://t.co/YJhiHbNd “collateral damage will mount, making the next policy steps even more excruciating.” Jun 21, 2012
Fed Born of Morgan?s Bailout Under Scrutiny After Dimon?s Loss http://t.co/7EHPlSvM How significant is it 4 Jamie D 2b on NY Fed board? $$ Jun 19, 2012
Krugman’s Intellectual Waterloo http://t.co/brrRB3CP Suggested possible Fed stimulus: blow housing bubble 2replace tech bubble $$ Jun 17, 2012
Also, the last H/L could have been: “Bernanke?s GDP View Invalidated as Economy Slows” FOMC has been lousy economic forecasters lately $$ Jun 17, 2012
Bernanke?s Inflation View Validated as Commodities Fall http://t.co/pjRKhXWv Median & Trimmed mean CPIs mot falling, better measures $$ Jun 17, 2012

Asset Management

Pimco?s Gross Warns of Risk Assets as Aberdeen Avoids Stocks http://t.co/pcqnMis6 Bill Gross signs on to deflation late & promotes it $$ Jun 23, 2012
Private Equity Has Too Much Money to Spend on Homes http://t.co/VPToSU8I Big buyers need to stay quiet if they want 2 make good returns $$ Jun 22, 2012
Simon Lack responds to AIMA’s hedge fund cheerleading http://t.co/VQq4s1O8 Backfill bias, IRR vs Buy&Hold, high fees, survivor bias $$ Jun 21, 2012
At 40,000 feet, Fidelity’s Danoff ponders Groupons http://t.co/BwOKJR8X Danoff is a survivor; he’s right it’s lonely 2b a stockpicker $$ Jun 21, 2012
Very good point. Wall Street is a 1-note Sam RT @chadstarliper: Has there ever been a time when Wall St didn’t think stocks were “cheap?” $$ Jun 20, 2012
Wall Street says stocks are bargains, but that assumes surging profits http://t.co/0c0iDdK6 Or at least growing sales w/flat profit mgns $$ Jun 20, 2012
America?s $8T corporate debt market faces liquidity drought as banks retreat from the trade http://t.co/rvXwFsjW Shouldn’t b that bad $$ Jun 19, 2012
Equities entail less risk than ?haven? investments http://t.co/u3befAMT Ain’t necessarily true; think of the Great Depression or 1871 $$ Jun 19, 2012
Valuation Matters…. Equity vs Bonds Edition http://t.co/23IikMDJ Earnings ylds v Tsy ylds unstable; Q-ratio, CAPE10, Price/resources bettr Jun 19, 2012
Biggest Stocks Beat S&P 500 Most in 13 Years as Valuations Fall http://t.co/7vLxG6VN Once valuations get so low, they must go up $$ Jun 18, 2012

Companies

DuPont selling Conoco at oil mkt trough $$RT @BarbarianCap: “Delta seals deal to buy Pennsylvania refinery” > hasn’t that been tried before? Jun 23, 2012
DuPont buying Conoco at oil mkt peak $$ RT @BarbarianCap: “Delta seals deal to buy Pennsylvania refinery” > hasn’t that been tried before? Jun 23, 2012
J.C. Penney Falls After Francis Leaves Amid Strategy Flop http://t.co/jfAVGj3V Rare setback 4 Ackman/Pershing on $JCP; retail is tough $$ Jun 20, 2012
Buffett Extends Real-Estate Bet With ResCap Pursuit http://t.co/ZsN6J0Pm Buffett is early, in my opinion, but has the capital to do it $$ Jun 18, 2012

Pensions

US public retiree benefits gap grows to $1.38T http://t.co/7bZ18GRB Gap widened by $120 billion since last year; thx Ben 4 low discnt rates Jun 20, 2012
Joe Nocera Is Wrong About Woonsocket’s Crisis http://t.co/Z3RM9UGO Harder2discharge muni “pension” bonds than renegotiate muni pensions $$ Jun 20, 2012
GM Seen Fueling Pension Deals as Employers Face Shortfall http://t.co/noz9auU0 Hope $MET & $PRU survive; guaranty funds limited in size $$ Jun 19, 2012
Terminal funding of DB pension plans will be a growing phenomenon if corps/states bite bullet and kick in more $$ to fund annuity purchases Jun 19, 2012
Problem to annuitants is companies can go broke; no PBGC coverage of annuities, and state guarantees r usually limited 2 $100,000 total $$ Jun 19, 2012

Media

Love the Leaker, Hate the Leak http://t.co/wiY7RwJU Value of releasing sensitive govt data to the public is in the eye of the beholder $$ Jun 21, 2012
How David Weidner Changed My Life http://t.co/g9LVJIWD @reformedbroker – how getting on @davidweidner ‘s Top 10 list gave him a big boost $$ Jun 19, 2012
+1 won’t watch RT @ReformedBroker: Bloomberg PR pushing their Meredith Whitney interview video hard today. They haven’t gotten the memo yet. Jun 19, 2012
Wrong: 20 rules that can save you from the Doomsday Cycle http://t.co/jLB0s2pL Why does Marketwatch give Paul Farrell space 2 write? $$ Jun 19, 2012
So long, suckers ? I?m leaving Wall Street http://t.co/x1Ju1fmZ David Weidner: Some lessons from 15 years observing the industry $$ Jun 19, 2012

Miscellaneous

Liquidity, Noise, and Signal http://t.co/cV15Mr2z Shorter the time period-> higher ratio noise/signal; leads2bad trades @ turning points $$ Jun 21, 2012
‘ @JATranfo Never criticized ECRI when out of favor; FWIW, I reverse-engineered their main model: industrial commod pxs & credit spreads $$ Jun 21, 2012
Lawmakers Push for Overhaul of IPO Process http://t.co/qhh7tX1V Every “fix” creates its own set of problems. Mania can hit auctions 2 $$ Jun 21, 2012
Yes $$ RT @Fullcarry: A point I have made many times in the past: the drop in yields the past decade is mostly due to a drop in real rates. Jun 20, 2012
Housing Starts in U.S. Fall 4.8% in May on Apartments http://t.co/PhMFwHQL Interesting contrary data; $EQR chart http://t.co/vleXkVAM $$ Jun 19, 2012
Asians Top Immigration Class http://t.co/Sir2IFxQ Certainly noticeable here in Ellicott City; most businesses have signs in Korean $$ Jun 19, 2012
Poorly reasoned: Court-Ordered Care ? A Complication of Pregnancy 2 Avoid http://t.co/DqmhsvkU Mothers w/child in womb uniquely affect child Jun 18, 2012
Please follow @jarrodwilcox, He has taught me many things, and I respect him a great deal #FF Jun 17, 2012
A Jewish-Asian Couple?s Union Leads to a Scholarly Interest in Intermarriage http://t.co/U3jfPkyK Both ethnic groups prize education $$ Jun 17, 2012

Comments

DavidMerkel’s discussion on “The New Yorker’s Newest Writer Is a Big Self-Plagiarist” http://t.co/g1i0YeF4 Writing belongs2those that paid Jun 20, 2012
“High energy particle physics is only a small part of science, and not adequate to measure the?” ? David_Merkel http://t.co/T4BrvWBj Jun 20, 2012
“Please, accidents per passenger mile would be better, rather than: “He also pointed to the fact?” ? David_Merkel http://t.co/Yg6r5N3X Jun 20, 2012
RE: @bloombergview Maybe DC city govt should start a reality TV show, w/prizes 2 the official who commits the most cr? http://t.co/lIXL6eMi Jun 20, 2012
RE: @bloombergview ?How will you deal with deferral of individual taxes on investment from DC plans, unrealized CGs, ? http://t.co/NY0Q3Ia5 Jun 20, 2012
“Cool picture, Ed. Thanks for sharing it.” ? David_Merkel http://t.co/Mg9lx0ij Jun 19, 2012
“Hitting the fiscal cliff won’t happen, and that’s too bad, because we need to discuss long-term imbalances” ? D_Merkel http://t.co/csiaLXlV Jun 19, 2012
“Here is a proposal for how rating agencies could be eliminated: http://t.co/rLrOK4vu…” ? David_Merkel http://t.co/q2mxmhpW Jun 19, 2012
“I trust ratings agencies more than mismanaged governments. Ratings are needed to provide?” ? David_Merkel http://t.co/vOdPJvzv Jun 19, 2012
“If this is representative of what the ruling Greek coalition will do, the government will fail?” ? David_Merkel http://t.co/HEe4GwHt Jun 19, 2012
“Much as we may dislike financial fraud, suggesting that those in the US that mismanaged their banks?” ? David_Merkel http://t.co/fEZQIo0h Jun 19, 2012
‘ @FilmCriticOne You say u want tax reform, but ur willing2let value grow untaxed through deferral? Get real; ability2defer is the issue $$ Jun 16, 2012

Dimon for Fed Secretary

@dlevineMW @moorehn and pay cut. The same rumors were applied to Hank Greenberg $AIG 4 Tsy Secretary user Bush, Sr. Said the same then $$ Jun 19, 2012
Jamie kind2let us live in his world 😉 RT @ReformedBroker He’s hedging the Senate w/the House right now, y’all r just pawns in a bigger game Jun 19, 2012
Why should Jamie accept the demotion? $$ RT @moorehn: This is just Jamie practicing for confirmation hearings as Treasury Secretary, right? Jun 19, 2012

Tax Policy

Tax Panels Turn Focus to Investments http://t.co/sq6AnHdE Best poss is lowering corp tax rates, equalizing all tax rates for individuals Jun 23, 2012
How to Kill the Corporate-Income Tax http://t.co/T5MgnVuD Evens out personal income tax rates by class. Good, but what about deferral? $$ Jun 20, 2012

Sorted Weekly Tweets

Posted on 9 June 2012 by David Merkel

US State Economics

State Politicians and the Public Pension Cookie Jar http://t.co/NLyWlK2X Politicians don’t cut public pensions b/c they pad own pensions $$ Jun 09, 2012
North Las Vegas Crisis Shows Fragility of Nevada Economy http://t.co/sCnrcmRk Moral laxity of Vegas invites elements that lead2trouble $$ Jun 09, 2012
Wrong: What Scott Walker can teach Barack Obama http://t.co/lpO5hETn When Walker campaigned he did not know he would have a majority in +1/2 Jun 06, 2012
both houses of the legislature. He seized the opportunity & did something bold in order to fix Wisconsin’s finances. Result: Survives recall Jun 06, 2012

US Fiscal Policy

U.S. House May Split Up Package of Expired Tax Breaks http://t.co/hXcmb1Ec Good idea; let each tax break stand on its own &b abolished. $$ Jun 09, 2012
True Capitalists Are Pro-Market, Not Pro-Business http://t.co/HVQjkfk2 Get business special interests out of tax code & govt subsidies $$ Jun 08, 2012
Senate Dealmaker Baucus Turns to Rewrite of US Tax Code http://t.co/naa2hePj Baucus is going to try to gore everyone equally, maybe? $$ Jun 08, 2012
RT @TheOneDave: True capitalists are pro-market rather than pro-business, according to Yale’s Stephen Carter: http://t.co/vQQ64YDa via @ … Jun 08, 2012
Americans Cling to Jobs as U.S. Workforce Dynamism Fades http://t.co/acaAmcGm Inverted Mtge, 2 earners, ec uncertainty reduce flexibility $$ Jun 08, 2012
Teachers Unions Have a Popularity Problem http://t.co/QGqzD8Ys Pct of electorate backing rights of teachers 2 collectively bargain falls $$ Jun 05, 2012
Monetary Aid Coming as Wal-Mart Helps Housing http://t.co/pBBoiRH6 Mixed Bag: QE3, Youth unemployment & being near a WalMart boosts home $$ Jun 04, 2012
U.S. Multinationals Lobby to Alter Tax Rules They Sought http://t.co/7maKR41m Would be better to eliminate, & raise taxes on divs & CGs $$ Jun 04, 2012

US Mortgages & Real Estate

Mortgage Rates Hit New Low, 30-Year Drops to 3.67% http://t.co/BLQGkosE Because housing is not recovering, mtge rates continue to fall $$ Jun 08, 2012
FHA Turns to Investors as Losses Continue to Rise http://t.co/c73e01TU US Govt messes up another lending guarantee area. They always do $$ Jun 08, 2012

Asia

Strong Yen Won?t Survive Japan?s Fiscal Cliff http://t.co/e7P6RyFl Shilling argues that Japan will suffer as it ages & sells govt debt $$ Jun 09, 2012
Ikea to Consider India Entry, Plans More China Stores http://t.co/lfrvVgTY Many difficulties setting up biz in overregulated India $$ Jun 08, 2012
Japan Confronts Flight to Quality With Brutal Yen http://t.co/bWj62zo3 Wondering when the “flight to quality” may no longer benefit Japan $$ Jun 07, 2012
China Cuts Interest Rates for First Time Since 2008 http://t.co/7bIbIdUd Unlikely to do much to stimulate, not much demand 4 loans now $$ Jun 07, 2012
Bad News Piles Up for China’s Economy http://t.co/coT0mfgf Repeated cycles of malinvestment are finally hitting tipping point of failure $$ Jun 07, 2012
Keep tight stops RT @mercenaryjack: Contrarian buy signal $USDJPY RT Japan Confronts Flight to Quality With Brutal Yen http://t.co/D98ax8rH Jun 07, 2012
Japan?s Debt Sustains a Deflationary Depression http://t.co/6sUCexpl As Japan ages & shrinks, will be hard 4 it to maintain economy $$ Jun 05, 2012
Bob Fu: The Pastor of China’s Underground Railroad http://t.co/1HXIypo5 Fascinating tale of life in China & influencing China from outside Jun 04, 2012

?Politics

Brown Challenged Over Dodd-Frank http://t.co/UsRpt5tf Scott Brown best chance at election: pro-business moderate; paint Warren extremist $$ Jun 08, 2012
What’s Changed After Wisconsin http://t.co/rTa0vaWi Don’t normally link2 Peggy Noonan, but the last line was quite a stinger. Jun 08, 2012
“Because Bill Clinton loves politics, he hates losers. Maybe he just can’t resist sticking it to them a little, when he gets a chance.” $$ + Jun 08, 2012
Romney Executive Style Forged in Faith He Rarely Mentions http://t.co/SOOSDnwI He has 2b quiet; there is no upside explaining Mormonism $$ Jun 08, 2012
Hollande Gets Crisis-Protection Tips From Business-Friendly Lyon http://t.co/4emjSYXn Interesting piece; Lyon businessmen guide Socialism $$ Jun 08, 2012
Walker Bets on Brats to Heal Wisconsin as Praise Pours In http://t.co/9Kto2qIA Smart move on Walker’s part after a bitter election fight $$ Jun 08, 2012
Chavez Losing Grip on ?Benjamin? as U.S. Dollars Sought http://t.co/YQ9aLNTp Thier’s law in action in Venezuela http://t.co/mNNp2KzJ $$ Jun 08, 2012
Congressman to Bernanke: Take QE3 Off the Table http://t.co/QpQnU0BZ I’m sorry, but the Fed doesn’t listen 2 Congress; they’re above that $$ Jun 07, 2012
Bernanke Cites Risks, but Doesn’t Signal Action http://t.co/Ew9Nc2K8 Bernanke is a dove, but does not like to telegraph views, only leak $$ Jun 07, 2012
French, Greek Unemployment Rise http://t.co/vKfvrwWY Highest jobless rate in France in a decade and a record unemployment rate in Greece $$ Jun 07, 2012
Hollande Deficit Vow Lures Investors to French Debt http://t.co/25CZUhHS I’ll believe it when I c it. What taxes rise & programs cut? $$ Jun 07, 2012
Merkel Allies Signal Progress on Fund to Pool Debts http://t.co/p8UGaOXr Don’t see how this works economically or politically long-term $$ Jun 07, 2012
RE: @bloombergview Bloomberg’s regulation fails one basic test: “I’d like two sodas, please.”? Very dumb, and he went? http://t.co/GphkCClc Jun 07, 2012

?? Student Loans Held by the Federal Government http://t.co/IsW6eywX When the govt enters a lending business, it typically creates a bubble $$ Jun 06, 2012

?? Obama’s Debt Boom http://t.co/OsPykK3q $$ borrowed & misspent produces no growth; same 4 QE which inflates goods and Hi-Qual asset prices $$ Jun 06, 2012

Wisconsin Voters Head to Polls in Recall Election http://t.co/9pNJvCsL <2% of WI voters uncertain. Most divisive election I can recall.. $$ Jun 05, 2012
Recall Stirs Passion in a Purple State http://t.co/2NsLiisy I think Wisconsin would b more civil if it weren’t recall election $$ #civilwar Jun 04, 2012

Energy

Oil Heads for Longest Weekly Losing Streak in 13 Years http://t.co/Gx0wPKr4 After oil bubble popped in 2008, we went down to $50, not now $$ Jun 09, 2012
Oil Tankers Squeezed as Rates Drop to Lowest Since ?97 http://t.co/dXFAzMw4 Could go lower; what will the bondholders do w/the boats? $$ 😀 Jun 05, 2012
Romney Aversion to Wind-Power Aid Alienating Republicans http://t.co/V7yp3lHE Good. End *all* energy subsidies, especially ethanol. $$ Jun 05, 2012

Bond Markets

Investors Bail on Junk Bonds http://t.co/Iwk1URn2 This is still early, & we lack notable defaults necessary to have a full-scale panic $$ Jun 09, 2012
A Safe Haven in ‘Cat’ Bonds http://t.co/MbXh1KLB Every fixed income subclass eventually underwrites crud in a mania; still waiting here $$ Jun 07, 2012
MF Global and the Risks Looming in the Repo Market http://t.co/AD8XXOGh Should have been a red flag to see Corzine change the core biz $$ Jun 07, 2012
The TIPS curve has become inverted http://t.co/DN0ZHsbY CPI inflation expectation falling in near term; may justify some dumb move by Fed $$ Jun 06, 2012
Thought experiment: What if PIMCO Hi Inc $PHK 70% prem2NAV did a rights offering giving each share a tradable right 2 buy a share @ par? $$ Jun 05, 2012
Quirks of High-Yield ETFs http://t.co/voVBkmvr Good article; I will follow up w/a piece comparing time- & $$ -weighted returns of bond ETFs Jun 04, 2012
In all of the bond furor of last week, anyone else notice that the real yield on the on-the-run 20-yr TIPS went negative? I didn’t either $$ Jun 04, 2012

Eurozone

I like to think that I am pretty imaginative, so, wow! $$ RT @betandbetter: @AlephBlog and the reality of France is worst than u CAN imagine Jun 07, 2012
The rise and fall of European banking http://t.co/94t9dzk2 Lenders retreat within own borders to minimize losses in breakup scenario $$ Jun 07, 2012
4 reasons why the euro will survive http://t.co/PcDpsERP Too painful, Votersr risk-averse, euro is innovative?? & ECB can handle troubles $$ Jun 07, 2012
Spanish, French Borrowing Costs Diverge http://t.co/X2XfTUem Spain had to cut the size of its auction to make it succeed $$ Jun 07, 2012
My Self-Esteem a Mess Is Refrain for Spain?s Unemployed http://t.co/sV7l8Gbq When the economy turns down many other problems occur $$ Jun 07, 2012
Germany Grapples With Role in Rescue http://t.co/dvkQXL38 Will the rest of Eurozone embrace the idea of a Federal Europe? Open question. $$ Jun 06, 2012
Maybe the solution is to send unemployed Greek, Portugese, Spanish, Italian & Irish workers to Germany, there is low unemployment there $$ Jun 06, 2012
“It has brought untold suffering to Europe” http://t.co/JDvp91eq Interview w/Felix Zuluaf, translated from German, regarding the Eurozone $$ Jun 05, 2012
@JackHBarnes @japhychron Maybe define a euro as exchangeable into fixed %s of subcurrencies, and let the subcurrencies trade; learn new wgts Jun 05, 2012
RT @JackHBarnes: How hard would it be to relaunch sub currencys at the N.C.B level, but have a quote vs the Euro as a whole? Dynamic int … Jun 05, 2012
Spain Warns Market Access Being Shut http://t.co/tkr6No7s Spain auctions 2-yr, 4-yr & 10-yr bonds on 6/7, which will tell us a lot. $$ Jun 05, 2012
Germany refuses Eurobonds: http://t.co/RLqELufX Germany would accept eurobonds if full fiscal/banking unification http://t.co/qXcrvsXh $$ Jun 04, 2012
Portugal Props Up Three Banks http://t.co/xJOpX1yP The Eurozone must either centralize, or break into smaller compeatible units $$ Jun 04, 2012

Companies

Intel Can?t Break TV?s Bundles http://t.co/4RUtMAPi Difficult 2encourage a la carte pricing for television shows; few incentives FD: + $INTC Jun 08, 2012
Pushing the PRAM: when chips just can’t get any smaller http://t.co/G7Tcd6hg Fascinating technologies 4 future shrinkage of storage & NAND $$ Jun 08, 2012
Could value investors be the reason a stock’s cheap? http://t.co/xAMVjAqx No, cheap stock is y value investors show; we don’t make it cheap Jun 08, 2012
Big Customers Are Taking Longer to Pay http://t.co/7JS1Nov0 Causes everyone to seek longer financing terms; not a good sign $$ Jun 07, 2012
The (very) bullish case for the American auto market http://t.co/ukPi2GUj Premature to forecast a boom here; credit is not that good $$ Jun 05, 2012
JPMorgan Faces $4.2B Trading Loss, ISI Forecasts http://t.co/0FPsl5bR $JPM looks cheap here, but is it safe here? Almost tempted 2 buy $$ Jun 05, 2012
Hedges Gone Awry Set Back Chesapeake http://t.co/Kw7gUpOD How many times does a hedger lose $$ speculating? Usually once, the last time 😉 Jun 04, 2012

Monetary Policy

Rely on BB2provide dovish $$ policy RT @cabaum1 Bernanke says nothing without committing to anything http://t.co/qCV9J5SF via @BloombergView Jun 07, 2012
Why Everyone Still Wants Dollars http://t.co/9QbDkaxl $$ hegemony will stop when neomercantilistic nations stop subsidizing exporters via FX Jun 07, 2012
Pimco?s Home-Loan Wager Seen as Prescient on QE3 Odds http://t.co/gr8BmHOr Key Q: if QE3, what will the Fed buy? Tsys, Agys, Mtges, other $$ Jun 07, 2012
@ampressman Monetary policy has not been run properly since Volcker left. $$ Jun 06, 2012
RE: @bloombergview Where is your proof that QE works? A stupid idea thought up by ivory tower economists. Rubbish. http://t.co/Wgzpx01I Jun 06, 2012
@GaelicTorus Sorry, disagree. Fiat monetary policy is constrained by the total resources/productivity of an economy @ a given price level $$ Jun 06, 2012
Bill Gross: Global monetary system may be fatally flawed http://t.co/Hm2kIEFD System doesn’t work well if savers don’t earn more than CPI $$ Jun 06, 2012

Economics

Behind every model is an analogy; behind every datum is history; marry the 2, you have a story. Math obscures, doesn’t reveal econ truth $$ Jun 07, 2012
Wrong: What If Speed Traders Competed on Price? http://t.co/jZm0dlOs Moves to lower the tick size have always led to more games, not less $$ Jun 07, 2012
Are Economics PhDs Learning the Wrong Thing? http://t.co/oT5oH9eK If more Economics depts taught philosophy & history would help fix Econ $$ Jun 07, 2012

Resources

Gold Bugs Defy Bear-Market Threat With Soros Buying http://t.co/Q3g6xOwS Gold does well when real interest rates fall, & vice-versa $$ Jun 06, 2012
Exhausting the Earth’s Resources? Not So Fast http://t.co/OZlc0GS5 It will b a long time b4 mining asteroids will b economic. $$ Jun 05, 2012
Next Frontier: Mining the Ocean Floor http://t.co/o7DAp8Oi After years of discussing it, it is finally happening, w/Glencore buying ores $$ Jun 05, 2012

Miscellaneous

Wall Street to Muppets: Thanks for the Love http://t.co/d0KLKPYF Blunt opening: “The dumb money is back.” Equity mutual funds get $$ inflows Jun 06, 2012
10 Things Law Schools Won’t Tell You http://t.co/l5NcIHBd Most of it boils down to oversupply, high training costs, low quality, job lies $$ Jun 06, 2012
Bristol Immune Drug Success in Cancer May Spur Industry Race http://t.co/kivy3JgW Promising therapy awakens immune system 2fight cancer $$ Jun 05, 2012
NRA-Backed Law Spells Out When Indianans May Open Fire on Police http://t.co/8v922BB2 Law will likely not last long; few corrupt cops $$ Jun 05, 2012
AIG Chief Sees Retirement Age as High as 80 After Crisis http://t.co/VF0thYCp A bit of a tin ear as he relaxes at his Croatian villa $$ Jun 04, 2012
IPads on a Plane Let Scoot Save Fuel by Shedding TV Tons http://t.co/50POpeO2 Never realized the entertainment system weighed so much $$ Jun 04, 2012
Q: What Is New and Scary? A: The Revised GMAT http://t.co/Z0LR8dq4 Nu requires test-takers2read & sort complex charts & analyze much data $$ Jun 04, 2012
Iran and Israel Can Agree on This: Rita Jahanforuz Totally Rocks http://t.co/83HxNwsx Jewish Star Remakes Persian Oldies; Fans in Tehran $$ Jun 04, 2012
European Project Trips China Builder http://t.co/7jtu1Q5M Long tale of woe in Poland from accepting lowball bid from Chinese construction co Jun 04, 2012
Good time had by all $$ MT @interfluidity: a mexican lunch in ellicott city with @interfluidity makes for a delightful afternoon. Jun 04, 2012

Book Review: The Billion Dollar Mistake

Posted on 29 May 2012 by David Merkel

Note to readers: I appreciate votes at Amazon.com if you like my reviews, and you can vote here.

We learn more from failures than successes.? With failures, it is easy to observe the cause in hindsight and realize that we neglected a key principle in investing.? With successes, the reasons vary, and it is much harder to generalize.

In the book, most of the failures stem from failing to consider implicit or explicit debt on investments.? I am a sympathetic critic here, because most of my own failures in investing stem from the same flaw.

The two exceptions are the Leon Cooperman and the Madoff investors, where the problem was fraud.? Fraud is tough, and there are ways to reduce the odds of being snared by it — I have written about that at my blog.? It is impossible to eliminate.

But there are some defenses, look for free cash flow, and check the normalized operating accruals.? Scams tend to increase accruals, and no have free cash flow.

High levels of debt are always dangerous; best for amateur and most professional investors to avoid the situations.? If you can do this, you will eliminate most large portfolio failures.

Strengths of the Book

The book considers a wide range of investors.? It has Wealthy Dudes, Hedge Fund Managers, Private Equity Managers, Mutual Fund Managers, Corporations, Individual Investors, and CEOs.? The book considers both passive and active investors, and that is a real strength.? The author aimed for generality in investing when he wrote this.? He could have focused on a single area, but he didn’t.

Quibbles

In dealing with Geoff Grant, the author shows that he does not understand asset-backed securities that well.? What happened there was that they did not understand portfolio margining, and that they could be forced to sell under tough conditions, which is a potential asset-liability mismatch.

With respect to Chris Davis and AIG, it is clear that Davis was relying on historical performance which would no longer prospectively be true.? Complexity in accounting is almost always punished.? Ask Mr. Buffett as to why he keeps his reserves conservative.

Who would benefit from this book:?? With the above caveats, I recommend this book.? We learn more from failures than successes; and you could learn a lot from this book.? If you want to, you can buy the book here: The Billion Dollar Mistake: Learning the Art of Investing Through the Missteps of Legendary Investors.

Full disclosure: I asked the PR flack for the book when she asked me to review his latest book, which I am still reading.

If you enter Amazon through my site, and you buy anything, I get a small commission.? This is my main source of blog revenue.? I prefer this to a ?tip jar? because I want you to get something you want, rather than merely giving me a tip.? Book reviews take time, particularly with the reading, which most book reviewers don?t do in full, and I typically do. (When I don?t, I mention that I scanned the book.? Also, I never use the data that the PR flacks send out.)

Most people buying at Amazon do not enter via a referring website.? Thus Amazon builds an extra 1-3% into the prices to all buyers to compensate for the commissions given to the minority that come through referring sites.? Whether you buy at Amazon directly or enter via my site, your prices don?t change.

Sorted Weekly Tweets

Posted on 26 May 201226 May 2012 by David Merkel

Market Dynamics

Go Your Own Way: Correlation Breakdown in the Market http://t.co/3Zwpx3kB @japhychron hints at deterioration in US stocks as USD strengthens May 26, 2012
RE: To me it implies that conservative HY investors are running out of places to put money.? Yellow flag. http://t.co/eUSRq8dY May 25, 2012
Vanguard Closes High-Yield Fund ? ETF Alternatives http://t.co/bMmYUMTC Note: ETFs proposed take more credit risk than Vanguard fund does $$ May 24, 2012
Vanguard’s high yield fund was fairly conservative; they may feel strain in the size of their positions relative to t? http://t.co/lLJFeiYc May 24, 2012
RE: They were called the Americus Trusts, sponsored by the Americus Shareowner Service Corp., and they had Scores and? http://t.co/TPNPkL8T May 23, 2012
Wealthy Americans Turn to Trusts to Shield Assets http://t.co/2rKGuNWb Reasons: taxes, liability, avoid probate. Covetous world $$ May 23, 2012
You can say that again, momentum is addictive $$ RT @credittrader: lol – never learn – especially when momentum feels so good haha May 23, 2012
@credittrader I’m well. Fascinating that $JPM didn’t learn from the correlation crisis in 2005; tranche px/corr relationships shift $$ May 23, 2012
IG CDX diverges from S&P500; JPMorgan advocates mean reversion trade http://t.co/FIsOqhBN Long IG spreads vs HY spreads and equities $$ May 23, 2012
Kroll Sees Supplanting S&P in Rating Commercial Mortgage Bonds http://t.co/IrzfQ6cH Gratuitous trash talk on competitor S&P from Kroll $$ May 22, 2012
Treasuries in Longest Winning Streak Since ?98 on Europe http://t.co/EWJkiN5u Everyone knows that Treasury yields can only fall, right? $$ May 20, 2012

Eurozone

Merkel May Be Persuaded on Euro Debt-Sharing Compromise http://t.co/P3yQaN1K H/L misrepresents Merkel; does not seem likely politically May 25, 2012
Indeed, why not? RT @TimABRussell: ?http://t.co/831diM1O Why not just pick the best person for each position regardless of sex, race, etc? May 25, 2012
If a man will not respect his “wife” by marrying & staying with her, why should you expect him to respect women in mo? http://t.co/83lvXtu1 May 25, 2012
Stock Market Performance Versus Dollar http://t.co/mfrXyqvp Difficult for the US stock market to do well when the $$ is strengthening v Euro May 25, 2012
Slim Family Sees European Crisis as Good Time to Invest http://t.co/XZOgx3xX Buy when there is blood running in the streets $$ #slimchance May 25, 2012
Europe Girds for Greek Exit http://t.co/HMfsVt86 Two problems: Can’t kick Greece out & Greece can only leave Eurozone by leaving EU $$ May 24, 2012
Euro-Zone Economic Contraction Deepens http://t.co/b49VctDj Overindebted Eurozone muddles as politics/bureaucracy strangle growth $$ May 24, 2012
EU Chiefs Clash on Euro Bonds as Crisis Summit Bogs Down http://t.co/S1YnHrbM Fiscal Union requires political union; elephant in room $$ May 24, 2012
The Seeds of the EU?s Crisis Were Sown 60 Years Ago http://t.co/SsWQUvGa Overly ambitious EU goal of “ever closer union” leads 2 crisis $$ May 24, 2012
War-Gaming Greek Euro Exit Shows Hazards in 46-Hour Weekend http://t.co/WD7HSbMI Assumes Greek competence & they care about global mkts $$ May 23, 2012
A Greek Exit Could Make the Euro Area Stronger http://t.co/C7v2mDmM Concludes that a Greek exit would lead the rest 2 pull together $$ May 23, 2012
Campaign for Joint Euro Bonds Builds http://t.co/xXAvSU73 Will the core Eurozone countries give up resources to bail out the fringe? $$ May 23, 2012
Europe?s Prisoner?s Dilemma ? LTRO Needs to Continue for Years http://t.co/NldAsVL2 Until govt debt is gone from finl sector?s bal sht $$ May 23, 2012
Germany to Sell Interest-Free Bonds http://t.co/q7ewNqd2 It is good to be king. People give you their money, & they pay for the honor $$ May 22, 2012

US Politics / Economics

Even with a High Court win, Obamacare won’t work http://t.co/NKhyAe56 Failed ideas @ the states will not add up to a successful Federal plan May 26, 2012
USDA Is a Tough Collector When Mortgages Go Bad http://t.co/ZX24InYJ Definitely has different goals than most of the govt re mortgages May 26, 2012
Report: Negative Equity More Widespread Than Previously Thought http://t.co/UkQBpbGY Adds in value of second liens, 31%+ inverted $$ May 24, 2012
Let Mr. Reid look to his own spending extremism.? As for me, let the tax cuts expire, and automatic cuts happen.? Bet? http://t.co/cabthITQ May 22, 2012
Shale Glut Means $1-a-Gallon Savings at the Pump http://t.co/RHlFbT3L Liquefied Natgas would shave $1/gal over diesel for trucking $$ May 22, 2012

China

New Signs of Global Slowdown http://t.co/2o4kFRkD Weak Reports in U.S., Europe and China Suggest Economies Are Slipping in Sync $$ May 26, 2012
@researchpuzzler Pettis is among the best on China. @ritholtz and John Mauldin are good friends. Trends in China r very negative… $$ May 25, 2012
EM investing: check out the grid http://t.co/dIEGJeJC 3Qs How much electricity do they have? Future development? Probability of success? May 24, 2012
China flash PMIs point to contraction, again http://t.co/DZGf3ZZS The number for May is 48.7, compared to 49.3 in April. 7th decline. $$ May 24, 2012
China, North Korea ties hit rough weather http://t.co/r7TlDbux Kim Jong Un needs lessons showing honor2the Suzerain: Chinese Communist Party May 24, 2012
RE: @SoberLook I’ve heard that Chinese electricity consumption has flatlined.? Another straw in the wind. http://t.co/IqAHJCgo May 21, 2012

Companies

Facebook Investor Spending Month?s Salary Exposes Hype http://t.co/eGhCiHXq Please. Stox r risky. High expectation stox r veryrisky $$ $FB May 24, 2012
General Mills Unveils Restructuring, Job Cuts http://t.co/IUHltbai $GIS Budget-conscious US consumers push back against price increases May 23, 2012
Benihana Agrees to $296 Million Buyout http://t.co/YxJtfun3 Agreed 2b acquired by investment firm Angelo Gordon & Co. for about $296M $$ May 23, 2012
The Miracle on Wellington Street http://t.co/DUbSY81d Fairfax Financial Holdings’ tricky transaction for 6.6% of Odyssey Re -> legal trouble May 21, 2012
Barclays to Sell Entire $6.1 Billion BlackRock Investment http://t.co/notUgeFk Basel III rules make it uneconomic to hold as capital $$ May 21, 2012
Houghton Mifflin Harcourt Publishing Files for Bankruptcy http://t.co/heUuF3gj Bank debt -> New Equity, old Equity -> warrants for 5% $$ May 21, 2012

Financial Sector

JPMorgan Gave Risk Oversight to Museum Head Who Sat on AIG Board http://t.co/INr9ebI5 No banking experts on $JPM ‘s risk ctrl committee May 25, 2012
Goldman to JPMorgan Swap Trades Soar on Risks http://t.co/fvSPysAp A cheap-ish option on systemic risk rising. And not in the eurozone! $$ May 25, 2012
JPMorgan Copper ETF Plan Seen Creating Havoc by Merchant Groups http://t.co/zoJ0BfeM They oppose retail hoarding b/c it hurts them $$ May 24, 2012

Advice Regarding Life

I Wish I Had Known: Don?t Underestimate Compounding In EVERYTHING http://t.co/mIdFf5Dx People overrate their ability to change habits $$ May 26, 2012
Compound Experience, Not Just Interest http://t.co/n6CaWLN0 Early behavior influences later behavior, and the options that will be open 2u May 26, 2012

Berkshire Hathaway

Buffett Says Free News Unsustainable, May Add More Papers http://t.co/medRWMWm Strategy: Buy papers, end free distribution on Internet $$ May 25, 2012
Buffett?s Idiot Challenge Seized by Jain in Premium Hunt http://t.co/89qcKilo Misses how Jain blew it reinsuring life & LTC from Swiss Re May 23, 2012
Don’t get me wrong, Ajit Jain knows more about insurance than me; I’m saying he is not perfect; he does not know all insurance equally $$ May 23, 2012

High Frequency Trading

+1 That would work too RT @merrillmatter: @AlephBlog how about for all orders, one second minimum life May 24, 2012
Mutual Funds Promised Haven From Speedsters http://t.co/iCFFZXsU I proposed this HFT solution @ BaltimoreCFA 2 1 of those interviewed $$ May 24, 2012

Miscellaneous

The sex slavery stuff makes me sad/angry. I have daughters. $$ RT @moiracathleen: Brothels on Wheels http://t.co/COBuwJbS @leafjohnson May 25, 2012
How a bizarre legal case involving a mysterious billionaire could force 1.2M Canadians 2b married, against their will http://t.co/zv7QJBCz May 24, 2012
Veterans Face Ruin Awaiting Benefits as Wounded Swamp VA http://t.co/W0Ydcu3x Long sad tale: wounded vets not getting enuf disability pay May 24, 2012
Gold Boom Spreading Mercury as 15 Mln Miners Exposed http://t.co/f7oBSo26 Long fascinating article about mercury poisoning in Colombia $$ May 24, 2012
Rust-Belt Babushkas Live Alone as Fewer Remain to Marry http://t.co/ASbsIAMg % of US single person households up ~250% since 1940, 8%->27% May 23, 2012
Private Spacecraft Lifts Off Toward Space Station http://t.co/JlGRR2m0 The sustainable space age has begun, w/private $$ flying rockets May 23, 2012
Fitch Downgrades Japan http://t.co/rITu0126 Blasts the govt 4 taking a “leisurely” approach2solving country’s spiraling debt problems $$ May 23, 2012
Is the College Cave Age About to End? http://t.co/ispDBLTX Thinner slices of “deeper” knowledge produce less relevant research & teaching May 21, 2012
Getting America on a Diet That Works http://t.co/vooh1iNN What’s funny2me is how little agreement there is today on what works in diets $$ May 21, 2012
+1 Fatal Risk RT @ToddSullivan: AMAZING book…one of my favorites RT @alephblog: Please follow my friend @BoydRoddy, who is new to Twitter May 21, 2012
Please follow my friend @BoydRoddy, who is new to Twitter. $$ May 21, 2012
Read my review: ‘The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds’ by Maneet Ahuja via @alephblog http://t.co/kJf89aVT May 21, 2012

Sorted Weekly Tweets

Posted on 12 May 2012 by David Merkel

Eurozone

Danske Bank?s Patience With Moody?s Evaporates http://t.co/eGbf3kV5 Questions over willingness of Denmark to provide support in a crisis. May 11, 2012
CIC Stops Buying Europe Government Debt on Crisis Concern http://t.co/dljk9Tau Overblown; China will return to funding the Eurozone $$ May 10, 2012
Greeks May Hold $510 Billion Trump Card in Renegotiation http://t.co/P7U4LSpG Depends on how well Core EZone banks have divested Greece $$ May 10, 2012
Spanish Banks Erode Creditors With ECB Loans http://t.co/HaEx3bgT Better collateral highly encumbered; Unsec debts implicitly subord 2 ECB May 10, 2012
Greece Euro-Exit Debate Goes Public http://t.co/0xOgsa7G Core Eurozone wrestles w/how to kick Greece out, even though they can’t. $$ May 10, 2012
How a Radical Greek Rescue Plan Fell Short http://t.co/Ds0589IG Greece is failing as a culture due2 corruption; no rescue would work $$ May 10, 2012
Denmark?s Banks Endure Writedown Shock Delaying Recovery http://t.co/A2Vdpymn Good sign on Denmark; take pain early -> in good shape $$ May 10, 2012
Greek Election Surprise Rejects ?Barbarism? of Bailout Austerity http://t.co/oX0nt5SF Growth is magic, magic I tell u! Just invoke it! $$ May 08, 2012
Merkozy End Means Franco-German Gulf; Greek Voters Rebel http://t.co/iCd0Cs6l Loss of Sarkozy may not b bad, but Greek paralysis will b $$ May 08, 2012
Francois Hollande has ten weeks to avert a French bond crisis http://t.co/3SEAWJB5 When few adults r in the room the children run wild $$ May 08, 2012
Challenge to Austerity, And Germany, Is Sharpened http://t.co/BWbgQJ85 The odds have risen that Germany will leave the Eurozone $$ May 08, 2012
Obvious but it needs 2b said $$ RT @Hawk100Clemens: Mauldin tells #CFA12 every monetary union in history has failed. May 07, 2012
France faces 40pc house price slump http://t.co/nPuMaVnJ If French banks have trouble now, just wait until the bad mortgage debt hits $$ May 06, 2012

JP Morgan

What Beached the London Whale? Credit Indices http://t.co/JKFxfaMb Crosshedging long credit risk by buying protection on an index? $$ May 11, 2012
J.P. Morgan Trades In Its Crown http://t.co/QUJ6hmoA That goes for firms and CEOs as well: $JPM and Jamie Dimon will not get free passes May 11, 2012
Drew Built 30-Yr JPMorgan Career Embracing Risk http://t.co/uocyyVC1 Lifetime 2build reputation; few years 2destroy it; revealed: 1 day $$ May 11, 2012
And the best way to reduce risk is to lower leverage & raise cash $$ RT @marydchilds: “The best way to hedge something is to get rid of it.” May 11, 2012

Facebook

Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO http://t.co/kL1VQYXU Cuts down on the tax bill; discount prior 2 IPO $$ May 11, 2012
Facebook IPO Said to Get Weaker-Than-Forecast Demand http://t.co/ktK5Bgun $FB faces slowing revenue growth, order books 4 IPO go slack $$ May 11, 2012

Miscellaneous

Google?s Brin Makes Strides in Hunt for Parkinson?s Cure http://t.co/YvL4LUNA He may get it one day; his Mother already has Parkinson’s $$ May 11, 2012
And also for those who call vegetables “veggies?” RT @jasonWSJ: Can we impose a $40 fine on dudes who refer to sandwiches as “sammies”? May 10, 2012
Firefox browser group irked with Microsoft, Windows 8 http://t.co/tBZ9GFuw Only Internet Explorer runs on Windows 8; expect some lawsuits $$ May 10, 2012
Aluminum Buyers in Japan to Pay Record Fee on Supply Drop http://t.co/7AVU1knI Smelting capacity reduced, China buys more, Japan pays up May 10, 2012
@RobTheStreet A lot depends on the definition of marriage, Would you allow people to marry inanimate objects, animals, or multiple parties? May 09, 2012
Brookstone to sell Lilliputian portable power chargers, this year http://t.co/FnSvdfOw Impressive technology if it works. $$ May 08, 2012
Economy Reshapes Wisconsin Recall Vote http://t.co/G0OetHhV My wife and father were forced in2 unions by collectivist brutes. Go Walker! May 08, 2012
Father?s Shadow as Transit Leader Hard to Evade for Shuster http://t.co/0FAZUqd4 Bud Shuster is a jerk, forcing us through Breezewood $$ May 08, 2012
Kellogg?s Kashi Targeted as Web Food Fighting Escalates http://t.co/BNhf5294 We need 2 send a lot of people back 4 science reeducation May 08, 2012

Rest of the World

Sony, Panasonic Fall to 30-Year Lows as TV Losses Mount http://t.co/Euo37RLQ Sold Panasonic after reviewing uneconomic “green” agenda $$ May 11, 2012
Kim Jong Un Bashes ?Pathetic? North Korea Fun Park http://t.co/gb4S9HBc He should know; he lived outside NK, where there is real fun $$ May 10, 2012
Sukhoi SuperJet Disappears During Indonesia Demo Flight http://t.co/0JrxAkAw Another sign of degraded Russian abilities in aerospace $$ May 10, 2012
Bad H/L: Shooting to Kill Pirates Risks Blackwater Moment http://t.co/laW55VEo Correct H/L: Hiring Armed Guards protects cargoes &crews $$ May 10, 2012
Drug-Defying Germs From India Speed Post-Antibiotic Era http://t.co/XGeno5mf Long. Scariest article of the day; wash your hands w/soap $$ May 08, 2012
Israel Pyramid Rules Turn Insurers Into Buyout Targets http://t.co/4tXBqehx Interesting:

Israel is limiting holding company levels to 3 $$ May 10, 2012

UK Pay Protests Oust Aviva Chief http://t.co/WKVdmQGM I remember when they overpaid for Amerus Life in the US; sign of bad management $$ May 10, 2012

Energy

RT @merrillmatter: @AlephBlog Methinks we’ll need to see some epic blowouts in natgas space (ha ha) before supply/demand can come back i … May 10, 2012
Chesapeake Deals Carry $1.4 Billion in Undisclosed Liability http://t.co/UFohsseZ $CHK May b worth a look when things stop getting worse May 10, 2012
When the Exxon way stops working http://t.co/BgN2zLO6 $XOM learns 2b more cooperative w/foreign countries where it wants 2 explore 4 oil $$ May 08, 2012
Argentina Taps Ex-Schlumberger Executive Galuccio to Run YPF http://t.co/j5P1oyoS Possibly a good choice to run the purloined company $$ May 08, 2012

Fixed Income

Still time to make money in Treasury bonds http://t.co/ABl43gzM The depressionary bull case 4 long T-bonds; D. Rosenberg & Lacy Hunt $$ May 10, 2012
Why Emerging Market Corporate Bond ETFs are Hot http://t.co/tWvz0sif High USD yield, but be wary. Laws governing creditor rights vary $$ May 10, 2012
In other words, the 30-year Tsy sold well today b/c some seek Depression insurance & others hedge convexity or immunize long liabilities $$ May 10, 2012
Treasuries Pare Losses as Europe Concern Aids Sale http://t.co/C7jytF08 Investors make sure they get income 4 30-yrs & $$ back when old May 10, 2012
S&P Warns Of $46T Perfect Credit Storm http://t.co/jZTbvy42 If companies have adequate cash flows from operations, this is not an issue. May 10, 2012

Canada

In Canada, Alternate Currency Keeps Traction With Fans http://t.co/ePyXRH1f Paper Money, Issued by Canadian Tire, Is Popular Way 2Pay $$ May 11, 2012
Revisit after their housing bubble pops RT @vgmac: There is a lot of love for Canada’s banking system here at the Chicago Fed conferences $$ May 10, 2012
@vgmac Then again, at the first Treasury/blogger summit I told them they should imitate the Canadian regulators and central bankers. #canada May 10, 2012
Canada Housing Bubble Concern Shown in Insurer Query http://t.co/kGHcqgDE Should the Canadian govt try2exit the mortgage insurance biz? $$ May 10, 2012
CMHC Says Capital Levels “Double” OSFI Requirements http://t.co/R4p5TuBO F&F also had capital far higher than their disaster level $$ May 08, 2012

Cisco Systems

Cisco shares drop on tech spending worries http://t.co/06maBaX4 Global economic weakness feeds into tech firms that sell much abroad $$ May 10, 2012
@ampressman Cramer said something like, “It’s not a growth company if they have to talk about the economy, weather, industry factors, etc.” May 10, 2012
@ampressman $AAPL is a growth company, at least for now, $CSCO was a growth company somewhere in the last 15 years… May 10, 2012

Delta Air Lines

Buy Delta Air Lines: Trainer Refinery Purchase & Improving Financials Will Lift The Stock http://t.co/W7YeEmgb Poorly reasoned thesis $$ May 08, 2012
Remember when $DD bot Conoco? There would b synergies in petrochemicals. $DD bot it at the peak, spit it out at the bottom $$ #limitscope May 08, 2012
$DAL substitutes risk in jet fuel pricing 4 risks in crude oil, gasoline, heating oil prices, & operational risk in a biz it doesn’t know $$ May 08, 2012
@The_Analyst Agreed, though enough capacity has come out of the industry through mergers that they might finally c some pricing power $$ May 08, 2012

US Housing

5 Pitfalls of Home Refinancing http://t.co/ZxGUF3HM Longer maturity, Closing costs, Contract terms, Hidden fees, Appraisals $$ May 10, 2012
Look Who?s Pushing Homeowners Off the Foreclosure Cliff http://t.co/T6CBkUAt Mtge docs exist to protect the lender’s property interest $$ May 08, 2012
RE: @bloombergview Read any mortgage contract; it exists to protect the rights of lenders, including protecting the m? http://t.co/ob9eIcBt May 08, 2012
No Repeating Slowdown Seen by U.S. With Banks to Housing http://t.co/A0LNwrjh While hi % of mtges r underwater, finl stress will remain $$ May 08, 2012
Pimco Housing Bear Kiesel Says It?s Time to Start Buying http://t.co/f3zaBNZA He assumes dark supply will hang on for higher prices. $$ May 06, 2012

US Regulation

Maybe to be perfectly fair, the government releases the data on a website at midnight ET, long before the US markets ? http://t.co/9Zqniljs May 10, 2012
A Jury of Peers for Broker Disputes http://t.co/5Ly14oKJ The playing field may be more even now; odds r still stacked against investors May 10, 2012
Congress Seeks Postal Overhaul While Making It Impossible http://t.co/lvcEBxmw The real danger is after reduction, PS is less relevant $$ May 10, 2012
US Millionaires Told Go Away as Tax Evasion Rule Looms http://t.co/Tx6lr1Bl Fewer foreign banks will accept accts w/US citizens/firms $$ May 10, 2012

Berkshire Hathaway

Biggest Buffett Targets Seen Spanning Deere to Henkel http://t.co/dLbp9pic Muses about what Buffett would buy 2 eclipse BNSF $$ May 08, 2012
+1 RT @Kevin_Holloway: Good read on possibilities of recent $BRK.B purchases among some other gd thoughts by @AlephBlog http://t.co/xkN8SlXu May 08, 2012
Deep in the Insurance Weeds at Berkshire Hathaway http://t.co/GkH9oWBo This helps explain the life reinsurance losses at $BRKB. LTC $$ May 08, 2012
Buffett understands tech. But he searches for revenue streams that can’t easily be obsoleted. $AAPL & $GOOG could be ? http://t.co/VyOnKUTy May 07, 2012

Market Dynamics

World?s Simplest Stock Valuation Measure http://t.co/OvmQTmHs Growth Rate/2 + 8 = PE Ratio; @eddyelfenbein & his conservative PE formula $$ May 10, 2012
Dole Food Breakup Seen Bearing Fruit With 58% Return http://t.co/C4SvaNvw Can $DOLE become a high margin biz, & pay down debt? $$ May 10, 2012

Financial Sector

What about front-running? $$ RT @abnormalreturns: @MebFaber: Nail in the Mutual Fund Coffin (NAV Based ETF Trading) http://t.co/SZ3CbIY3 May 08, 2012
BTW, for those holding dividend funds, back in 1994, stock managers following a yield strategy got crushed. $$ #annushorribilisforbonds May 08, 2012
The Dangers of Dividend Funds http://t.co/5WSdEFwN Dividend funds may b safer than other stock funds, r still stock funds w/real risk $$ May 08, 2012
True 4 many $$ RT @ReformedBroker: ?Daddy, what do you do at your job?? http://t.co/mxrcVyhm May 08, 2012
BofA?s New Black-Belt Data Chief Targets Blinding Gaps http://t.co/P60yhtAk Merger integration didn’t happen in $BAC ‘s IT areas $$ #mess May 08, 2012
Billion-Dollar Traders Quit Wall Street for Hedge Funds http://t.co/2yFJ2JXr Volcker Rule reducing dealer-driven market liquidity $$ May 08, 2012
Flash-Crash Story Looks More Like a Fairy Tale http://t.co/0mBQDGKZ Still a mystery; but4any self-feeding panic, players leaning wrong way May 08, 2012
Almost Half of Finance Graduates Seek New Jobs, PwC Says http://t.co/YUuH9KJl The bubble in financial jobs has popped, decamp 2 other inds May 08, 2012
?Where is Everybody?? http://t.co/7YPOcMUb Little retail participation is bullish; it means that only the relatively smart $$ is playing May 08, 2012
50 Ways to Restore Trust in the Investment Industry http://t.co/VHhllKyp The CFA Institute gathers opinions from members on cleaning up $$ May 08, 2012
RE: @bloombergview Equity is more expensive than other types of bank capital; raising the cost of capital means fewer? http://t.co/qPvVygll May 07, 2012
Heat’s on Triparty Repos http://t.co/7Jk7DrTS Fed Is Pressing Big Players to Reduce Exposures to $1.7 Trillion Market $$ May 06, 2012

Company Specific

How Hewlett-Packard lost its way http://t.co/pA683e3H Very long & ugly article about board & mgmt dysfunction @ $HPQ. FD: +$HPQ 4 me&clients May 08, 2012
A Real Concern For Apple?s Stock: Telecom Carriers Threaten to Kill Subsidies on Phones http://t.co/JlQwSDAq Interesting thesis $$ May 08, 2012
AMR Said to Seek More Overseas Flights as Suitor Circles http://t.co/eUHdHju4 $LCC wins more backing, could allow filing another plan $$ May 08, 2012

Politics

Exodus From Tiburon to Texarkana Is Exaggerated http://t.co/nsyd3QjF Truth is, people & firms r sticky, until they finally get fed up! $$ May 10, 2012
If we do not discipline ourselves, the bond market will discipline us $$ RT @carney: Why the left will keeping winning. http://t.co/kJcfgEt4 May 08, 2012
Too bad, we need a better opponent to Obama $$ RT @BloombergNews: Breaking: Santorum Endorses Former Rival Romney as Republican Nominee May 08, 2012
Don’t Worry (About GDP), Be Happy http://t.co/BaSDMbTM GDP approximates economic growth; more subjective progress measures r ridiculous May 08, 2012
@justinwolfers Last thing we need on the Fed is another neoclassical Ph. D. economist. Let’s try some brainy generalists, value investors $$ May 07, 2012
@GaelicTorus @justinwolfers All I am saying is value investors understand how the economy works better than neoclassical economists do $$ May 07, 2012
Disabled Americans Shrink Size of U.S. Labor Force http://t.co/NX6ZzCjK I still resent former neighbor on SSD, putting Xmas lights on roof May 06, 2012
But are they ending with an accrual basis surplus, not just a cash surplus? That’s the question. http://t.co/uGa7WX14 May 06, 2012

Sorted Recent Tweets

Posted on 14 April 201215 April 2012 by David Merkel

Miscellaneous

“When women stay home and they raise their kids & maintain the household, it is a job. It’s a job of love.” http://t.co/NV1JddlL #wellsaid Apr 13, 2012
@historysquared Have not seen anything definitive on that, but production from fracking decays faster than conventional production. $$ Apr 13, 2012
10 Things I Hate About Tax Day http://t.co/SvezPoPV “There is absolutely no defense for it – none – & yet it persists, year after year.” Apr 11, 2012
@TimABRussell It varies. Most of the books I review are within a year of (re)publication. Some are as old as the 1960s. >95% last 10 yrs $$ Apr 09, 2012
So, you did an article ghostwritten by Robert Berman, Cinium’s CEO? Lovely. He gets around. But what does Smartmo… http://t.co/usg0buic Apr 09, 2012
Voices: Phil Cioppa, On Hiring Advisers http://t.co/zNN92rP4 Most sales positions have high turnover, particularly w/intangible products Apr 11, 2012
McDonald?s Pursuit of Perfect Fries Risks Overpromising http://t.co/DWDuesyG Harder 2 assure consistent quality if $MCD locally sources $$ Apr 09, 2012

China

Agree that America declines, but China also RT @historysquared: Historian warns of sudden collapse of American ?empire? http://t.co/Z4hVtKkk Apr 13, 2012
Shadow Banks on Trial as China?s Rich Sister Faces Death http://t.co/dJfEanEw It is morally wrong to put someone 2 death 4a property crime Apr 11, 2012
Is China slowing down? http://t.co/IJA8jobS From the AEI, very clueless piece: China should raise its exchange rate & lower the central rate Apr 11, 2012
Hong Kong?s Tsang ?Highly Concerned? About Property Price Bubble http://t.co/XHRBLgY5 Devel Nations monetary policy fuels many bubbles $$ Apr 10, 2012
‘Jackie Kennedy of China’ at Center of Political Drama http://t.co/MvIPw1oy The politics of China r dirtier than the US & more secretive Apr 10, 2012
China Inflation Exceeds Forecast http://t.co/Z9hnKj1Y Too little attention paid here; too much confidence in Chinese central bankers $$ Apr 09, 2012
@valuewalk Yes, saw it and the followup bet. I owe a decent amount of my intl economics thinking to Pettis, but not my errors 😉 $$ Apr 09, 2012
The ways China can rebalance http://t.co/2ZtRG4F2 Michael Pettis on the constraints the China faces as it tries 2 rebalance its economy $$ Apr 09, 2012

Newspapers

+1 RT @The_Analyst: I feel like unless its a special situation, everyone who “gets” newspapers would never make a LT investment in them Apr 12, 2012
Buffett “didn’t get tech.” I don’t get newspapers. $$ RT @WSJDealJournal: Warren Buffett Building Newspaper Empire? http://t.co/jDx5goqw Apr 12, 2012
I don’t get the economics of the newspaper biz $$ RT @WSJDealJournal: Warren Buffett Building Newspaper Empire? http://t.co/jDx5goqw Apr 12, 2012

Electronic Bond Markets

BlackRock’s Street Shortcut http://t.co/JO4Wm5sY Would work better 4 stocks than bonds. Most bonds r held a long time & do not trade $$ Apr 12, 2012
If the buyside created their own internal stock exchange, they could reduce the effect of the HFTs on the market & make life harder 4 retail Apr 12, 2012
But an internal bond exchange as proposed by $BLK won’t do that much, institutional transaction costs aren’t that hi 4 commonly traded bonds Apr 12, 2012
When I was a bond mgr 1998-2003, aside from obscure & illiquid bonds my commissions were $1/32nd or $1/64th per $100 — 1-3 basis points $$ Apr 12, 2012
@TFMkts So I would ask you, have comm rates 4 bonds gone up since 2002? My normal trade size back then was $5-20Mil, comms 1-3 bps then $$ Apr 12, 2012
@TFMkts Most bonds don’t trade, though. When I was a bond mgr, I needed guys who could find bonds. Always paid them; never let them cross2me Apr 12, 2012

Delta Airlines

It is usually a bad sign when a company can’t manage its current business well, & it tries to enter a difficult unrelated business. $DAL $$ Apr 11, 2012
Best quote: “Edward Hirs…says he can think of one reason why Delta would try to get into the refining business: ‘because they?re stupid.'” Apr 11, 2012
Why Buying A Refinery Could Be A Disaster For Delta Air Lines (Even With JPMorgan’s Help) http://t.co/MDvs9D26 & http://t.co/gJ0G44Uo $$ Apr 11, 2012

Rest of the World

Qatari Bright Lights Prompt EU?s Hedegaard to Urge Climate Plan http://t.co/0zjAmGit Another reason why multilateralism doesn’t work. $$ Apr 12, 2012
Kenyans Almost Dead on Worst Roads Getting New Highways http://t.co/Szcs1Tcy Next time u r stuck in traffic b thankful u r not in Kenya $$ Apr 11, 2012
These Charts Point to Trouble for Australia http://t.co/F00FtbpW Housing bubble, co-dependent relationship w/China, & large pool of hot $$ Apr 10, 2012
It’s rich 2c Dilma Rousseff criticizing Obama. But Brazil is further down the line in the devel nations game of monetary crack-the-whip $$ Apr 10, 2012
Rousseff Tells Obama Rich Nations? Policies Harm Growth http://t.co/Akm14Ifs Devel nations force emerg nations 2 swallow loose $$ policy Apr 10, 2012
Bank of Canada stressed about housing http://t.co/4kC0JW3D Nothing like a debt financed housing bubble 2 make a central banker flinch $$ Apr 09, 2012

Economics

Good Jobs News: More People Are Quitting http://t.co/1BlIvqOj The job market is more healthy if people are quitting to take other jobs. Apr 12, 2012
Obama?s Fantasy Budget Suggests Tax Hike Surprise http://t.co/03tkRMjZ Obama would likely b more radical in a 2nd term #nothing2lose $$ Apr 11, 2012
Tax Breaks for Wealthy Should Be Cut, Paul Ryan Says http://t.co/QppnNGQz “focus our poverty-eradication policies on treating root causes” Apr 11, 2012
@DavidSchawel I don’t think the paper changes my main point, it will be very difficult for the Fed to remove “stimulus.” Apr 11, 2012
Bernanke Gives College Lecture Series High Marks http://t.co/hu0WNLXq H/L overstates: ?I was very happy with the lectures,? he said. $$ Apr 10, 2012
The Fed sold half its short-term notes via Operation Twist http://t.co/Lag2CYWs Will have no short assets if the pace continues 4 6 mos $$ Apr 10, 2012
Job Gains in US Trail Most-Pessimistic Forecasts http://t.co/ELesokyT People asked me y I was more pessimistic than most, well… $$ Apr 08, 2012

Asset Markets

Does ?Sell in May? Really Work? http://t.co/kBNPaslt Reality is more complex than adages. The rule should be sell September, buy November $$ Apr 12, 2012
Gunning for yield and “quality” leaves little room for error http://t.co/HW90vwkj High quality junk does not offer enough yield 4 risks $$ Apr 12, 2012
High-Yield Bond ETF Breaks March Low http://t.co/lLB2qX19 I sold a lot of my credit-sensitive bond investments today. Market feels weak $$ Apr 11, 2012
@munilass @carney High earned & discount rate assumptions did lower contributions by assuming investment earnings would carry the load $$ + Apr 10, 2012
@munilass @carney & many municipalities substituted benefit increases 4 salary increases, b/c no immed $$ effect; many factors in play here Apr 10, 2012
Flouting Risks, Investors Gorge on Fat Yields of Emerging Market Debt http://t.co/5zZV03Jb Will eventually end badly; Russia 1998 $$ Apr 10, 2012
Retweet after me. I HATE HFT TRADING BOTS 😉 RT @merrillmatter: Repeat after me. I HATE HFT TRADING BOTS $$ Apr 09, 2012
How to Improve the Potential of Less Volatile Stocks http://t.co/90gHiISj Adding a quality screen further improves returns & risk/vol $$ Apr 09, 2012
A Laugh http://t.co/IcFMDnbb @brucekrasting suggests that clearinghouses will concentrate risk rather than dissipating it. $$ #nomagic Apr 08, 2012
The Dividend-Fund Dilemma http://t.co/MYdoxPJh I buy dividend-paying stocks because they generate good cash flows, not for the dividend. Apr 08, 2012

M&A

Much $$ stuck overseas MT @ThemisSal: Just 5 companies, $AAPL, $MSFT, $CSCO, $GOOG and $PFE now hold nearly 25% of all corporate cash, $250B Apr 09, 2012
Yeh, like dat. 2 much $$ chasing 2 little value RT @The_Analyst: @AlephBlog another brilliant cerberus deal like chrysler, gmac? Apr 09, 2012
AT&T to Sell Majority of Yellow Pages Business to Cerberus http://t.co/RIAX6dwb Cigar butt industry; internet changes everything published Apr 09, 2012
Both MT @ktbenner: who’s overpaying now: The Zuck or Steve Feinberg… @Pfro: $T sells Yellow Pages 4 ~$1bn 2 Cerberus http://t.co/IGLXXUrp Apr 09, 2012
$AOL to Sell Patents to $MSFT 4 $1.1B http://t.co/upBaZBRo Too much $$ chases a legal arms race in Infotech Intellectual property #waste Apr 09, 2012
@ReformedBroker I didn’t know Instagram that well, but they don’t seem to have a revenue model. What could $FB do with it? $$ Apr 09, 2012

Insurance

RE: @marketfolly He compares AIG to P&C companies,? but the life companies are a valuation drag here.? Not a fair com? http://t.co/J4aCu4tf Apr 12, 2012
Property insurance rates rising worldwide – Marsh http://t.co/CZOHLGfG When surplus is reduced at (re)insurers, premium rates rise $$ Apr 11, 2012
Statutory Statements under Affiliated party transactions. Regulators would b annoyed if terms indicate transaction that’s not “arm’s-length” Apr 10, 2012
A Costly Toy Subsidized by Others http://t.co/iJea3rTt If Guggenheim is using its insurers 2 fund Dodgers purchase, will show up in + $$ Apr 10, 2012

Eurozone

Spain’s spreads breaking away from other risk indicators http://t.co/SulecZWv “we r in an uncharted territory with respect to this widening” Apr 11, 2012
Has bad implications for EZ sustainability $$ RT @pdacosta: Who’s peripheral now? French economy grinds to a halt http://t.co/VSsZtaWI Apr 10, 2012
Currency disunion http://t.co/ApXlpMXK Why Europe?s leaders should think the unthinkable; EZ can breakup on own terms, or unfavorable terms Apr 09, 2012
Eurozone’s banks cutting dollar businesses http://t.co/wX1kHu8G European banks will never again rely hard on US MMFs to finance their $$ ops Apr 09, 2012
Euro Was Flawed at Birth and Should Break Apart Now http://t.co/ZxPy0vId All the things that I predicted have come true & more. Bye, Euro. Apr 08, 2012

Politics

Wind Power Seen Surging as Custom Barges Cut Set-up Costs http://t.co/XA96RbEj Don’t see how this makes the cost of wind power economic $$ Apr 10, 2012
For Feds, ‘Lying’ Is a Handy Charge http://t.co/2tLcdyKQ Law in the US becomes more arbitrary; crimes can b dreamed up by bureaucrats $$ Apr 10, 2012
Complexity Is Bad for Your Health http://t.co/v9pLQi1V Antonin Scalia & Stephen Breyer agree (!): Obama’s health care law unreadable $$ Apr 09, 2012
High-Speed Rail Takes Californians 4 a Ride http://t.co/fZlC3MQx Rail makes sense in densely populated areas, won’t work in California $$ Apr 09, 2012