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- GE: Not-So-Good Things Come to Light
- David Merkel submits: When is a stock safe enough to buy when it becomes difficult for corporations to find financing? We can answer the question two ways: 1) Why should we buy stocks when the financial markets are choking? Better to sit on cash. 2) We can’t tell when...
- External links 2008-11-19
- Why Feds Shouldn't Regulate Insurance, Nor Own Insurers
- David Merkel submits: Insurance is complex by nature. Anytime one brings in a third party to be a protector/guarantor against adverse events, it creates some weird dynamics. Now, a few of the states, including the best of them, New York, have been regulating insurance for a long time. But...
- External links 2008-11-13
- Defining a Depression
- David Merkel submits: Before I try to explain what a Depression is, let me explain what a bubble is. A bubble is a self-reinforcing boom in the price of an asset class, typically caused by cheap financing, with the term of liabilities usually shorter than the lifespan of the...
- External links 2008-11-12
- Dear Fed: What Do You Have to Hide?
- David Merkel submits: Bloomberg sues the Fed for refusing to disclose what sort of collateral they are lending against. I come at this from having worked in insurance for two decades. Insurers have to disclose every asset that they own in their Statutory filings. When I looked at a...
- External links 2008-11-08
- Solvency and Liquidity: Non-Identical Twins, Redux
- David Merkel submits: Another post deserving a brief update: Nonidentical Twins: Solvency and Liquidity. The accounting rules have changed on mark-to-market accounting, but it won’t help financials at all, because now the accounting will be distrusted. Even Goldman Sachs GS, who covertly runs our government, believes...
- External links 2009-04-06
- Replace the Car or Repair it?
- David Merkel submits: It is a tough practical decision — when do you replace a car versus repairing it? There isn’t an easy answer, but the intelligent way to approach it is to estimate the present value of the cost of continually repairing the old car versus the...
- External links 2009-04-06
- Bubble Also Caused by Neomercantlists
- David Merkel submits: When I wrote for RealMoney, one of my continuing themes was that the Federal Reserve was less relevant because neomercantilistic nations like China and perhaps OPEC nations had reasons for promoting exports to the US that were less than economic. As such they would buy US...
- External links 2008-10-22
Additional Resources
- National Atlantic Holdings Q4 2007 Earnings Call Transcript
- Question-and-Answer SessionOperator Thank you, sir. Today’s question-and-answer session will be conducted electronically. Operator Instructions. We’ll go first to David Merkel of Finacorp Securities. David Merkel - Finacorp Securities Hi, Hello. James V. Gorman Good morning, David. David Merkel - Finacorp Securities Very good. I wanted to ask a little...
- Earnings calls 2008-03-17
- Financial Bloggers: The Conscience of Wall Street?
- David Merkel submits: Many CFAs blog, though it is a tiny fraction of the total pool of CFAs. Many of them contribute to Seeking Alpha. Granted, if you look at lists of the most popular investment weblogs, few of the writers are CFAs. Why? Well, having basic knowledge about...
- External links 2008-08-21
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