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- Pushing Yield Means Risky Debt
- David Merkel submits: As bond investors go, I tend to focus on what can go wrong more than most, so when I looked at the cover of Barron’s today, I said, “Oh, no. Pushing yield now?” It’s no secret that most safe investment grade debt does...
- External links 2009-12-07
- To Control Bubbles, the Fed Needs to First Control Itself
- David Merkel submits: I’ve written before about the Fed’s de facto triple mandate: Low goods-price inflation.Low labor unemployment.Protect the financial system in a crisis. Number 3 is the implicit obligation of the Fed, for several reasons: by David Merkel
- External links 2009-07-12
- Systemic Risk Is Unmanageable
- David Merkel submits: Often when we talk about the Fed, we talk about a dual mandate — low inflation, and low labor unemployment. But as I suggested at RealMoney many times, there is a hidden third mandate: protect the integrity of the banking system. Often, ...
- External links 2009-06-22
- Eight Notes on the U.S. Government's Effects on the Economy
- David Merkel submits: 1) I have said it before, but what are the limits of the US Government borrowing money? Aside from God, everything has a limit. I appreciate finem respice as she says: Of course, the next bubble (and perhaps the...
- External links 2009-05-31
- Big Moves: Wednesday's Phase Change
- David Merkel submits: Longtime readers know that my investing interests are broad. I almost decided to name this blog, “The Investment Omnivore,” but took the name of the investment fund that I deeply considered creating in the 90s, and used that. So, when notable things happen,...
- External links 2009-05-28
- Old National: Why Government Should Be Creating Markets Instead of Pricing Warrants
- David Merkel submits: No, this isn’t another discussion of SFAS 157, though there are some similarities. There has been a bit of a brouhaha over repayment of TARP options. Isn’t the government getting shortchanged? Maybe. Maybe not. This one is tough to answer,...
- External links 2009-05-25
- 12 Notes on the Economic Scene
- David Merkel submits: 1) I may as well start out with some predictions. I’m not an expert on this, but Chapter 9 of the bankruptcy code applies to municipalities, but not states. Given the problems with state & municipal pensions, we will probably see chapter 9 modified over...
- External links 2009-05-20
- 20 Notes on Current Risk in the Markets
- David Merkel submits: 1) A modest proposal: The government announces that they will refinance all debtors. Not only that, but they will buy out existing debt at par, and allow people and firms to finance all obligations at the same rate that the government does for whatever...
- External links 2009-08-14
- Nine Notes on Residential Real Estate
- David Merkel submits: I don’t really have one unified article type when I write here. Sometimes I have a really strong conviction about something, and then it flows. At other times, I gather data, do an analysis, and come up with a way of motivating it. ...
- External links 2009-08-17
- Buffett and the Forever Fund
- David Merkel submits: Imagine for a moment that you were approached by a very wealthy foundation, and they asked you to invest their money. They offer a low asset-based fee, but the assets are so large that it looks like a dream to you. Then they tell...
- External links 2009-11-13
- U.S. Dollar: Time for Deeds, Not Words
- David Merkel submits: From Bloomberg, I quote our Treasury Secretary: “I believe deeply that it’s very important to the United States, to the economic health of the United States, that we maintain a strong dollar,” Geithner told reporters in Tokyo today. by David Merkel
- External links 2009-11-12
- Opportunities in Dual Share Classes
- David Merkel submits: My research sometimes takes me into the nooks and crannies of finance. I know it is wonky, but I actually enjoy tearing into complex prospectuses in order get a sense of where value is. One of my current projects is on large companies...
- External links 2009-10-13
- In Defense of the Rating Agencies, Once Again
- David Merkel submits: I guess I am a glutton for punishment, but I am going to take the opposite side of the argument from what most have been saying of late regarding the rating agencies. Those who want historical context can read my earlier three pieces: ...
- External links 2009-09-22
- QUEASY ? QUantitative Easing Aids Speculators Yields
- David Merkel submits: Okay, I am going out on a limb here, so please understand that what I am saying is a bit of an experiment. When quantitative easing was originally done in Japan, it was after: a credit-fueled expansion that pushed the stock and real estate...
- External links 2009-09-16
- Animal Spirits Are Eating the Green Shoots
- David Merkel submits: I have never liked Keynes' concept of “animal spirits.” (I reread that piece, and though it is long, I think it is worth another read. I try not to say that about my own stuff too often.) Businessmen are generally rational, and take opportunities...
- External links 2009-09-02
- Analyzing the Nasdaq Streak
- David Merkel submits: When I saw this piece from Barry, and this piece from Jason Goepfert on the eight-week Nasdaq streak, and read some of the questions, I said, “Hey, maybe I can help.” After struggling with what defines a week (close of business for the week, Friday,...
- External links 2009-05-06
- Are Most of Our Financing Problems Solved?
- David Merkel submits: Coming out of a recession, and even more so if it is debt deflation, the key question to ask is whether most of the financing problems are solved. It is not yet true in residential real estate, and is far from true with commercial real...
- External links 2009-05-05
- Let's Have Inflation
- David Merkel submits: Required reading: a word from my favorite deflationists — bond investors that have beaten all others handily, at Hoisington Investment Management. They agree with my view that most of the actions taken by our government are useless or even counterproductive. They cite Kindleberger, Schumpeter, Minsky and...
- External links 2009-01-19
- Positioning a Portfolio for a Lousy Economic Environment
- David Merkel submits: Many people have asked me what to do in this market environment, and I have sat and thought about it. My own personal portfolio is around 60% equities, 15% my home, and 25% cash. I think probabilistically. I don’t focus on just one scenario. I...
- External links 2008-12-18
- Listening to the President-Elect
- David Merkel submits: I voted for a third-party candidate for President this year. Aside from voting for Bob Casey, Sr. for governor back when I lived in Pennsylvania, that is unusual for someone who has generally voted Republican. Though I am generally a libertarian on economics and...
- External links 2008-12-03
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