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Author Archives: Felix
IPO Datapoints of the Day
Michelle Leder notes that eight different
companies filed
to go public in just one day yesterday, including giants Och-Ziff Capital
and Netsuite.
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Posted in stocks
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Ralph Cioffi’s Failed Liquidity Arbitrage
Veryan Allen has a neat riposte to anybody who claims that
the meltdown at Bear Stearns’ credit funds shows how dangerous hedge funds can
be: the Bear Stearns funds weren’t
hedge funds!
Continue reading
Posted in bonds and loans, hedge funds
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Why Boards Shouldn’t Be Stuffed With CEOs
Adam Piore has an interesting look
at corporate boards today. Two factoids jumped out at me:
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Posted in governance
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Why Bear Stearns Won’t Be Sold
The Bear Stearns rumors are back. "Bear
Stearns Could Become Takeover Target," we’re breathlessly told, although
if you read all the way to the final four words of the article, you do find
out at the end that, for now at least, "Bear isn’t for sale."
Glad that’s cleared up.
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Posted in banking
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The Wal-Mart MoneyCard: A Rip-Off
Ron
Galloway reckons that Wal-Mart’s new
debit card "is simply a deposit account by another name" and that
Wal-Mart has thereby managed to become a bank via the back door, as it were.
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Posted in personal finance
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When Mortgage Derivatives Get Included in CDOs
Antony Currie of Breaking Views, who’s been following the
mortgage mess very closely, emails me with some color about the degree to which
derivatives – credit default swaps, or CDSs – are a part of the
CDOs that everybody seems to be so worried about these days.
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Posted in bonds and loans, derivatives, housing
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Speculating on the IMF Succession
The favorite at the moment would seem to be Mervyn King, of the Bank of England – a strong central banker and someone I can’t see generating any real opposition.
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Posted in IMF, technocrats
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More on CDOs and Derivatives
There are a lot of CDOs which have a lot of exposure to the CDS market. There are also a lot of CDOs which have a lot of exposure to the subprime market. I just don’t think they’re the same CDOs.
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Posted in bonds and loans, derivatives
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How the Bell Canada Deal Got Done
It seems that the
biggest buyout in history came as a result of an auction run idiosyncratically
by the target company, in conditions of no little secrecy and mystery.
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Posted in M&A
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The Moral Case Against Murdoch
Commenter dissent has a heartfelt
and powerful rebuttal to my sanguine view of Rupert Murdoch
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Posted in Media, publishing
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CDOs: Factchecking Krugman
Paul Krugman has a reasonably good overview
of the mess in the CDO market today (free version here).
But he goes much too far when he tries to impress upon us how big the problem
is.
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Posted in bonds and loans
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Subprime Mess: It’s Not Derivatives’ Fault
Let’s not start blaming illiquid derivatives for Bear Stearns’ problems. Right now, illiquid derivatives are the least of anybody’s problems.
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Posted in bonds and loans, derivatives, housing
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iPhone
I got one, thanks largely to a wonderful birthday cheque from my grandmother. And it really is a thing of beauty. And I’m not going to repeat what everybody else has said. But I will say that the email functionality … Continue reading
Posted in Not economics
2 Comments
Why Murdoch Can Make Money On His Dow Jones Investment
It’s a bit embarrassing, but true, that the 76-year-old Murdoch has a longer time horizon than a public company which will almost certainly exist in some form for many generations yet.
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Posted in Media, publishing
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Bloomberg Plays Gotcha with S&P
Bloomberg’s Mark Pittman isn’t hedging his bets in a story
headlined "S&P,
Moody’s Mask $200 Billion of Subprime Bond Risk":
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Posted in bonds and loans
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Diary of a Defenestration
June 27: "Bear
Stearns’ Asset Management Chief Takes Charge in Fund Crisis"
is the headline as Rich Marin rides to the rescue of his company’s
embattled hedge funds.
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Posted in banking, defenestrations
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Why Margin Calls Need Not Destroy the CDO Market
The
Epicurean Dealmaker explains why I’m a bit too sanguine about the prospects
for the CDO market: it all comes down to margin calls.
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Posted in bonds and loans
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What Jimmy Cayne Eats For Breakfast
Red wine for breakfast.
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Posted in banking
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Bear’s Funds’ Problems: Not All That Big
The more we learn about what happened at Bear Stearns, the more overblown all the worries seem to have been.
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Posted in banking, hedge funds
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iPhone to Support Wifi Calling
Apple and AT&T are OK with wi-fi based calling, which will be a godsend to people who travel or call a lot internationally.
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Posted in technology
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Exblogmunication
I was “exblogmunicated” by Instapundit Glenn Reynolds in 2006, when he linked to me without linking to me. Now he’s done it again, but if anything even more egregiously. If I’m on some kind of blacklist, I want to know!
Posted in Not economics
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Harvard-Yale Competition
Do Harvard and Yale compete for the best students? Greg Mankiw
certainly thinks
so:
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Posted in economics
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Alternatives to Globalization
There are major downsides to globalization, but it increasingly seems as though fighting it is worse than futile: it’s actually counterproductive.
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Blank-Check Companies: Good Value?
Megan
Barnett wonders what a conservative value investor is doing in high-risk
investments with no real assets:
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Posted in stocks
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IMF’s Rodrigo de Rato Unexpectedly Resigns
This one came out of left field. As if there wasn’t enough turnover at the
top of the World Bank, now the head of the International Monetary Fund, Rodrigo
de Rato, has announced that he, too, is going to resign his job: his
last day will be in October, after the annual meeting concludes on October 21.
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Posted in IMF
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