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Author Archives: Felix
Chart of the Day: Fed Funds
Who says that the Fed hasn’t cut the Fed funds rate between meetings?
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Posted in charts, fiscal and monetary policy
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Goldman’s Hedge-Fund Sweetener Revealed
We bloggers like to speculate, and on Monday I hazarded
a guess that the don’t-call-it-a-rescue injection of liquidity into Goldman
Sachs’s Global Equity Opportunities hedge fund would reward investors with lower
fees than would normally be available to them.
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Posted in hedge funds
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Stocks: The Long View
David Leonhardt looks
at p/e ratios today – but not the p/e ratios we know and love, where
the denominator is this year’s (or last year’s, or next year’s) earnings.
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Posted in stocks
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They’re Both Green, As Well
The new issue of Portfolio
is now online!
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Posted in development
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When Cheap Bonds Look Attractive
Henny Sender gets a
little bit ahead of herself in the WSJ today, although she does pick up
on something important: that as the price of debt falls, it’s starting to become
more attractive, on a relative-value basis, than equity.
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Posted in bonds and loans
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Keeping Dow Movements in Perspective
Kudos to the NYT and WSJ this morning, in the wake of another 200-point drop in the Dow yesterday.
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Posted in stocks
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The $5,000 iPhone Bill
The bill is $5,086.66. For one month’s phone usage.
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Posted in technology
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Private Equity: The Bankruptcies Begin
Just how smart is Stephen Feinberg, the principal of Cerberus
Capital? Portfolio’s Daniel Roth tells
us:
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Posted in private equity
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How Tight Are Mortgage Underwriting Standards, Really?
The WSJ’s Jonathan Karp wants to tell us "How
the Mortgage Bar Keeps Moving Higher", in the words of his headline.
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Posted in housing
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Tuesday Links Yearn for Liquidity
Sometimes a blogger finds himself with a vast number of tabs open in his web browser, some of which are getting decidedly stale.
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Posted in remainders
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Cramer’s Meltdown Spills Into Print
There’s a school of thought that Jim Cramer just plays a screaming
nutcase on
TV, that in reality he’s actually quite smart and knows his onions.
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One Question for David Viniar
What, exactly, was it that saw a 25 standard deviation move?
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Posted in banking, hedge funds
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New York City Gets Federal Congestion Pricing Funds
Great news today: despite the city missing the application deadline, the federal
government has awarded
New York City $354 million for its congestion pricing plan.
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Posted in cities
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Dissecting Hedge Funds
Blessed with the genius of hindsight, Veryan Allen has decreed
that "the recent stat arb problems were almost inevitable".
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Posted in hedge funds
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Revisiting Green Dimes
Last month I wrote about junk-mail reduction company Green
Dimes, calling
it a VC-backed for-profit philanthropy. I met with the CEO, Pankaj
Shah, on Saturday, and he was hesitant to go that far: his company
was "socially responsible," he said, but he wouldn’t necessarily call
it a philanthropy.
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Posted in climate change
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The Travails of Johnson & Johnson
If there was one corner of the debt market immune from present credit woes, one would imagine it to be the market in unsecured, “natural” AAA-rated securities.
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Posted in bonds and loans
2 Comments
Why a Goldman Sachs Hedge Fund Investment Might Look Attractive
Commenter tinbox has an
interesting take on the news that Goldman Sachs is injecting liquidity into
its own hedge funds:
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Posted in hedge funds
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Chart of the Day: West African Trucking Obstacles
Charles Kenny points me to a study
of the obstacles to trucking on West African roads, which includes this wonderful
chart.
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Posted in development
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Counterparty Risk in the CDS Market
Yves Smith is worried
about counterparty risk in the credit default swap (CDS) market.
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Posted in derivatives
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Floating Art for Rich Rubes
Are you worth a few million bucks? Do you live near the ocean in a large and
ostentatious house with a lot of walls? Do you not know much about art but you
know what you like? Then welcome aboard the Grande Luxe!
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Posted in art
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Mortgages go Messianic
It seems that Patrick Flood, the former CEO of
Christian mortgage lender HomeBanc, has a fully fledged Messianic
Complex.
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Posted in housing
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Conflicts of Interest at the Ratings Agencies
The problems come when a ratings agency, after having worked closely with an issuer for a long time, gets lazy about asking tough questions.
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Posted in bonds and loans
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AQR Also Hopes To Put More Money Into Quant Funds
Bess Levin of Dealbreaker has
the letter
that AQR principal Cliff Asness sent to investors worried about losses in his
quant-based hedge funds.
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Posted in hedge funds
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Mark-to-Market vs Mark-to-Model in the Insurance Industry
When insurance companies have been in their business for decades or longer, while the open market in such things is very young, does it really make sense for insurance companies to use market valuations rather than their in-house models?
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Posted in insurance
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Nice Work If You Can Get It
Half a mil a year to answer phone calls.
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Posted in private equity
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