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Value
I grew up in this business in the early 90s at what was then Merrill Lynch. My decade of legal work in and around the industry didn’t prepare me for big-time Wall Street trading. I’d ride the train...
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Is it News?
On a day with a big data announcement, like today, one might expect that the various news outlets might generally agree on what’s moving the markets. Not so much. According to CNBC (please overlook the...
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A Cautionary Tale for our Times
It’s rarely a good thing when one’s local school district and its finances – in this case the district which has graduated my three children, which employs my wonderful wife as a teacher and which...
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A Chart is Worth a Thousand Words
Source: Political Calculations Per PC, the current national debt burden per U.S. household is roughly $131,113. Over the last four years, that’s up by $49,129 per U.S. household from the $81,984 per...
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My Top Posts for 2012
The following dozen Above the Market posts were read, quoted and linked the most during 2012 and are listed below in order of popularity. I think they provide a pretty good cross-section of this site...
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FOBOR or FUBAR?
In a no-yield world, many perceive themselves as ”forced buyers of risk” (FOBOR). By way of example, the Financial Times reported the following note from BofA Merrill Lynch: In a world of zero rates,...
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The End of the Bond Limbo Party (“How low can you go?”)
We should always be skeptical when someone claims that “this time is different” in the markets. New paradigms come around, of course, but not nearly as often as claimed. You’re much safer betting on...
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Overrated
I was a Duke student before Coach K came on board. Duke basketball was a big deal on campus then, but its aura was very different. We weren’t remotely a juggernaut or a national name. In fact, within...
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