Friday links: terrific timing

“So yes, Berkshire might be looking cheap — but other stocks are looking cheaper, and always remember that Berkshire, like any insurance company, is very highly leveraged, with contingent liabilities many times higher than its asset base.”  (Market Movers…
Original Source: http://feeds.feedburner.com/abnormalreturns

  21 Noviembre, 2008| Economy | Comments (0) @ 10:27

Berkshire Hathaway’s Peculiar Volatility Numbers

I just got off the phone with someone who’s been making good money shorting Berkshire Hathaway stock in the past few weeks; he pointed out to me something very peculiar in Berkshire’s public statements.
First, look at the 10-Q for the second quarter, ended June 30. Have a look at page 24, where the company talks about its equity put options:
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Original Source: www.portfolio.com

  21 Noviembre, 2008| Economy | Comments (0) @ 10:19

Valuing Homes ex-Foreclosures

Here’s a little bit of pushback on the indices showing how terribly elevated home prices are, and why they likely have more to fall.
The WSJ Numbers Guy column, written by Carl Bialik, looks at various indices — Case Shiller, OFHEO FHFA, etc. As the charts at bottom reveal, they all show a boom, elevated prices and a rollover.
“The one point of widespread agreement in the real-estate industry is that there is no single accurate index of home prices. They are all over the map, cover different sets of homes and may exclude parts of the country or be unduly influenced by the mix of homes sold in a given month.
…
Original Source: feedproxy.google.com

  21 Noviembre, 2008| Economy | Comments (0) @ 10:15

They Just Don’t Get Citi!

They Just Don’t Get Citi!

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Original Source: feeds.thestreet.com

  21 Noviembre, 2008| Economy | Comments (0) @ 10:03

Stocks With a Cash Cushion

With earnings estimates imploding, companies trading for close to their cash value look like a smart bet.
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Original Source: feedproxy.google.com

  21 Noviembre, 2008| Economy | Comments (0) @ 10:00

Sen. Grassley: Looking Forward to Reviewing Geithner

Sen. Chuck Grassley issued the comment below about the report that Timothy Geithner will be named Treasury Secretary by President-elect Barack Obama:
“As the Ranking Member of the Senate committee that must approve this nomination, I look forward to reviewing the nominee’s background and having a dialogue with him about the Trouble Asset Relief Program, tax policy, expanding America’s access to foreign markets, and bringing the country?s fiscal house in order. The Treasury Secretary has enormous powers in ordinary times and even greater powers in these troubled times, so the Finance Committee owes the American people all due care and diligence in considering this nomination. The relationship between the Treasury Department and the Finance Committee is also important because of the fiscal policy roles played by both, and the responsibility needs to be taken seriously.”
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Original Source: feeds.wsjonline.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:56

More thanks

Thank you so much for printing up the long essays. Mises’s Profit and Loss, Hulsmann’s Deflation and Liberty, and many more.

But I would like to thank you particularly for making one essay available, Boetie’s Politics of Obedience. I didn’t know this book existed until I saw it on the Mises store. I’ve re-read my hard copy 2-3 times in the past month, I’ve got the audio version (free for download) on my iPod, and I’ve forwarded the free digital copy to all my friends and family, and I have the printed copy in my bag at all times.
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Original Source: blog.mises.org

  21 Noviembre, 2008| Economy | Comments (0) @ 9:53

3 Stocks I Saw on TV

3 Stocks I Saw on TV

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Original Source: feeds.thestreet.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:42

China Watch: Only Mostly Dead

China Watch: Only Mostly Dead

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Original Source: feeds.thestreet.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:33

LatAm Market Review: Global Fears Derail Stocks

Equities followed world markets downward….
Original Source: http://feeds.feedburner.com/DismalcomAnalysisLatino

  21 Noviembre, 2008| Economy | Comments (0) @ 9:30

Dangerous Extrapolation

Much of what we read in investing includes reaching back in history to a few instances of something and then suggesting that "today is like that."  We have often pointed out the danger of such reasoning.As a test, we heard a bit of trivia which seems to be correct.  There is a fundamental "setup" that has occurred six times over 70 years.  This "setup" has had a 100% success rate.  It covers all of the potential instances, and therefore does not …
Original Source: http://feeds.feedburner.com/typepad

  21 Noviembre, 2008| Economy | Comments (0) @ 9:27

Will Geithner at Treasury Keep Fighting For the Fed?

Earlier this year, deep into a worsening credit crisis, Treasury Secretary Henry Paulson and his team offered up a sweeping blueprint to overhaul the nation’s financial system. It proposed removing some of the Federal Reserve’s key authorities while making the central bank a sort of supercop over financial markets.

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Original Source: feeds.wsjonline.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:18

Citigroup (C) Finally Gets It Right By Considering Auction Block

/img>At last Citigroup (C) has decided to do something to save itself beyond having town hall meetings and firing tens of thousand of people.

Shares of the big bank fell to a low of $3.57. In the summer of 2007, that stock traded about $52.
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Original Source: www.247wallst.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:05

Do We Need to Cancel ALL CDS Contracts?

Last night, I gave a presentation to the New York Chapter of the Risk Management Association regarding the US banking sector and the long-term issues facing same.  You can read a copy of my slides by clicking here.

As part of the presentation (Page 17-21), I argued that until we rid the markets of CDS, there will be no restoring investor confidence in financials. Here is how I presented the situation to about 200 finance and risk professionals in the auditorium of JPM last night.  Of note, nobody in the audience argued with me.
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Original Source: feedproxy.google.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:00

Tracking the $700 Billion Bailout

Via the NYT:
Dozens of banks and a handful of insurers have applied for funds from the Treasury Department as part of the $700 billion Troubled Asset Relief Program. The Treasury has transferred capital to 30 of these companies and to A.I.G. More are expected to announce their participation in the coming weeks.
Bailout by Bank
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Original Source: feedproxy.google.com

  21 Noviembre, 2008| Economy | Comments (0) @ 9:00

Who Will Take Over Citi?

As John Carney notes today, Citigroup’s market capitalization is $21 billion; that of Goldman Sachs is $20 billion. Can anyone say "merger of equals"? Nothing’s unthinkable in this market, not even the idea that you can tie two rocks together and hope that they float. R…
Original Source: www.portfolio.com

  21 Noviembre, 2008| Economy | Comments (0) @ 8:49

3 Stocks I Saw on TV

3 Stocks I Saw on TV

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Original Source: feeds.thestreet.com

  21 Noviembre, 2008| Economy | Comments (0) @ 8:47

Four Bears

I must have received 5 dozen emails with this chart in it.
Yes, its pretty cool; No, I cannot say what it means going forward.
>

>
Kudos to d…
Original Source: feedproxy.google.com

  21 Noviembre, 2008| Economy | Comments (0) @ 8:30

Market Wrap: Treasury Pick Sends Equities Higher

However, indices closed lower for the week….
Original Source: http://feeds.feedburner.com/DismalcomAnalysisAmericas

  21 Noviembre, 2008| Economy | Comments (0) @ 8:30

The trade question

Approaching a protectionist Rubicon

WE BRIEFLY mentioned Matthew Slaughter's Wall Street Journal column yesterday, in which he argues that aid for American automakers might set off a protectionist free-for-all. Today, Bloomberg weighs in:A U.S.-triggered spate of global carmaker-bailout proposals may spark trade disputes over whether the Americans are unfairly trying to subsidize their industry or just making up for state aid foreign rivals already enjoy. As the U.S. considers a lifeline for its automakers, officials in Europe, Canada and Asia are considering their own aid packages — even as the European Union threatens to lodge a complaint against any U.S. bailout to protect manufacturers from Renault SA in France to Fiat SpA in Italy. China also may complain, though the government is considering helping…
Original Source: feedproxy.google.com

  21 Noviembre, 2008| Economy | Comments (0) @ 8:29

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