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Observers for several months now have noted the considerable widening in spreads in credit-default swaps, a kind of insurance investors take out against a default in bond investments. But that widening in spreads hurts someone, in particular the company that is providing insurance, which is what’s behind the hit to …
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11 February, 2008| Economy | Comments (0) @ 21:21

Sexual Politics Enlighten the Hedge-Fund Trader

Stop what you’re doing and go read Michael Lewis. Here’s a sample:

There comes a time in the life of every successful hedge-fund manager when he realizes that his political opinions are seriously undervalued.

For me, that time has been slower in coming than for most. Even after I bought my first jet I thought of myself, politically, as an ordinary American citizen, not some “thought leader.”
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11 February, 2008| Economy | Comments (0) @ 21:09

Jim Cramer’s Stop Trading

The toy group of Mattel Inc. (MAT), Hasboro Inc. (HAS) and JAKKS Pacific Inc. (JAKK) is “dirt cheap” according to Jim. HAS has been buying back a lot of stock as well and J…
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11 February, 2008| Economy | Comments (0) @ 21:01

AIG’s Arbitrary Write-Down

The news seems to be reasonably clear: according to an 8-K it filed today, AIG has suddenly discovered that the value of its credit default swaps is $4.88 billion lower than it had previously indicated. That’s Bloomberg’s number, and the W…
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11 February, 2008| Economy | Comments (0) @ 20:51

World’s cheapest cars in pictures

By Vipin Agnihotri Want to take a look at world’s cheapest cars. No problem, you have come to a right place. Find below pictures of some of the world’s cheapest cars. Hope you like it. Tata Nano: Nano has been priced at Rs 100,000 or $2,500 ..
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11 February, 2008| Economy | Comments (0) @ 20:44

Internet advertising to explode in India

By Vipin Agnihotri Internet advertising stood at Rs 215 crore last year (a 43 per cent growth over the previous year), but in my opinion it could grow more than ten-fold (to Rs 2,500 crore) by 2011. What’s more, mobile advertising is also going to grow from Rs 40 crore currently to Rs 500 crore by 2011. It is worth mentioning in this regard that for every Internet user there are five mobile phone users in I…
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11 February, 2008| Economy | Comentarios (1) @ 20:42

Gilead on Wall Strip

Today, Julie looks at Gilead (GILD). What I find amazing about this company is that it’s able to maintain 40% net profit margins. That’s crazy. I think if you go any higher, you’re officially in the mafia. …
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11 February, 2008| Economy | Comments (0) @ 20:37

California Debate on Oil Terminals Mimics Broader Infras…

addslashes(California Debate on Oil Terminals Mimics Broader Infrastructure Quandary

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11 February, 2008| Economy | Comments (0) @ 20:09

Is Yahoo Really Undervalued?

So the board of directors at Yahoo, which was trading at a middling $19 a share prior to getting an offer at $31 a share from Microsoft (a 62% premium), saw fit to reject that offer, believing it undervalues the stock.
Shares have nearly 1% on the day to $29.47, suggesting more than a few hope Yahoo gets another offer from someone,…
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11 February, 2008| Economy | Comments (0) @ 20:07

Poole: U.S. Will Avoid Recession

Retiring Fed president says the economy is in good hands….
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11 February, 2008| Economy | Comments (0) @ 20:00

Japan Set to Name New Central Bank Head

But expect more of the same from the BoJ, for several reasons….
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11 February, 2008| Economy | Comments (0) @ 20:00

Does Henry Blodget Have An Enemy On JP Morgan’s Trading Floor?

A last minute change in a software industry group’s meeting has raised questions about whether famed and infamous tech stock analyst and Silicon Alley Insider founder Henry Blodget may have a highly placed enemy among the traders at JP Morgan.
…
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11 February, 2008| Economy | Comments (0) @ 19:36

Can Spouses Who Work Together Give Good Advice?

Two stories in this morning’s WSJ probe how much spouses lean on one another for work advice. The first, by Monica Langley, is an in-depth look at the relationship between Michelle Obama and her husband Barack …
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11 February, 2008| Economy | Comments (0) @ 19:18

Yahoo: T. Rowe Price Likes Microsoft’s Price

According to Bloomberg this morning, T. Rowe Price, one of Yahoo’s largest shareholders, is set to tell Yahoo that it likes the Microsoft offer and wants a deal. With institutional investors accounting for something like 70% of Yahoo’s float, and hedge funds piling in, this won’t take much more to tip into being a done deal.
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11 February, 2008| Economy | Comments (0) @ 19:15

AIG CDS

CDS on American International Group Inc., widened by 35% after saying it overstated the value of a portfolio of super senior swaps.

Not AA

CDS quote via CMA DataVision
E…
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11 February, 2008| Economy | Comments (0) @ 19:13

Dogs and the Environment

(February 11, 2008 10:53 AM, by Arnold Kling) John Whitehead discusses environmental taboos, including plastic bags and not cleaning up after your dog. Actually, I think that where……
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11 February, 2008| Economy | Comments (0) @ 18:53

Do Stock Prices Have Memory?

Felix Salmon recently had a post about a bet between Justin Wolfers and Barry Ritholtz on the stock market and trends. Barry took the pro-trend view while Justin stood for random walks. (For the record, Justin won $20 from Barry.)

There’s an emerging amount of literature on this topic and it’s starting to point toward the trend camp. As strange as this may sound, stock prices seem to have a bit of “memory.” One day’s move has an impact on the next day’s move. It’s not big, but it’s there. If the market followed a random walk, this shouldn’t happen. In my mind, this is another chink in the armor of EMH that can’t be easily dismissed.
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11 February, 2008| Economy | Comments (0) @ 18:44

Reading: India’s IPOs Struggle

Jackie Range, in today’s Wall Street Journal, reports on a decline in optimism in India’s stock market. “Now, IPOs, including what was to have been the second largest in the world this year, are being postponed, investors have turned gloomy and there is little sign of an upturn anytime soon,” he writes…
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11 February, 2008| Economy | Comments (0) @ 18:41

Banking: Words To Live By

A Credit Suisse banker explains how his bank avoided monster losses:

"All of us [banks] are really in the moving, not the storage, business."

Maybe Chuck Prince and Stan O’Neal never got the memo.Related LinksC…
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11 February, 2008| Economy | Comments (0) @ 18:27

Case Closed

You’ve obviously read the story on Bloomberg about the big art robbery in Zurich; paintings by Cezanne, Degas, Monet and Van Gogh worth more than $163 million were stolen. It’s a big deal if you give a shit about obscure art museums in third-rate European cities. Reporters Marc Wolfensberger and Linda Sandler note that three burglars–packing heat and wearing ski masks–lifted Monet’s “Poppies Near Vetheuil,” Degas’ “Count Lepic and his Daughters,” Van Gogh’s “Blossoming Chestnut Branches” and Cezanne’s “Boy in the Red Vest” from the Buehrle Foundation half an hour before closing yesterday afternoon. Scandalous, we thought, and yet, not really enough information to solve the case.
…
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11 February, 2008| Economy | Comments (0) @ 18:13

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