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Martin Lowy

 
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  • Would You Prefer Banks Riskier Or More Highly Leveraged? A False Dichotomy
    Thu, Sep. 25 C, GS, JPM 8 Comments

    Summary

    • Banks say that if they have less leverage (more equity capital), they will have to take more risk in order to earn returns demanded by stockholders.
    • Correspondingly, they say if they have more leverage (more equity capital), they can invest in safer assets and strategies that will result in less overall risk.
    • That is a false and dangerous dichotomy. It is a good thing that most of the regulators see through it.
  • Narrow Banking: An Old Idea With New Advocates
    Sat, Sep. 20 8 Comments

    Summary

    • Narrow banking prevents runs and banking crises.
    • Are the old objections to the idea still valid?
    • A proposal for possible implementation.
  • Berkshire Hathaway: The Buy For When You Get An Itchy Trigger Finger
    Tue, Sep. 16 BRK.A, BRK.B 58 Comments

    Summary

    • All investment classes look overpriced.
    • By rights, we should be patient.
    • But if we can't be patient, buying Berkshire is the thing to do.
  • The Savings Glut Era: Continued Low Real Interest Rates
    Wed, Sep. 10 GOVT, PLW, RINF 14 Comments

    Summary

    • High global savings rates have led to low global real interest rates.
    • High savings rates appear to be logical responses of aging populations.
    • Demography, not central banks, may govern whether medium-term interest rates remain low.
  • Book Review: House Of Debt By Atif Mian And Amir Sufi
    Mon, Jun. 2 Comment!

    Summary

    • House of Debt argues that the house price bust caused the depth of Great Recession and the financial crisis.
    • The financial crisis did not cause the Great Recession.
    • Shared Risk Mortgages would have significantly reduced the damage caused by the house price bust.
    • New zip code-specific data help to make House of Debt's conclusions convincing.
  • The Cyprus Bailout Was The Best Thing To Happen To Europe Since Last August
    Apr. 8, 2013 VGK, EU 10 Comments
  • The Lessons Of The Cyprus Debacle
    Mar. 26, 2013 6 Comments
  • In March 7 Press Conference, Confident Draghi Shows Euro Crisis Is Abating
    Mar. 7, 2013 VGK, FXE 2 Comments
  • Match Your Asset Allocation To Your Outlook And Ability
    Feb. 21, 2013 SPY, IVV, VTI 4 Comments
  • International Asset Allocation Revisited
    Editors' Pick • Feb. 18, 2013 ACWI, EFA, IXUS 7 Comments
  • A Portfolio For The Next Market Crash
    Feb. 15, 2013 AAPL, BRK.A, BRLI 37 Comments
  • Growing Global Capital Chasing Returns Will Chase The Stock Markets Of The World Upward
    Feb. 11, 2013 DIA, SPY, QQQ 6 Comments
  • Second-Generation Immigrants Are Assimilating And Will Expand The U.S. Economy
    Feb. 11, 2013 SPY 25 Comments
  • Can The Stock Market Continue To Go Up When The Middle Class Is Suffering?
    Editors' Pick • Feb. 8, 2013 AAPL, HCSG 152 Comments
  • Europe, At The Mid-Point Of Its Crisis, Is A Risky Place To Invest At The Moment
    Editors' Pick • Jan. 24, 2013 EWP, EWI, FXE 31 Comments
  • No Hokum: No Stock Investments With Excess Reserves
    Jan. 15, 2013 13 Comments
  • Bullish On The Economy For 2013-2015
    Dec. 26, 2012 HD, ITB, LOW 28 Comments
  • Chinese And American Demographics Contrasted
    Dec. 23, 2012 80 Comments
  • Don't Worry About Bank Loan Loss Reserves
    Dec. 21, 2012 GS, JPM, MS 8 Comments
  • Shadow Banking In The Crosshairs
    Nov. 19, 2012 3 Comments
  • 4 More Years Of What? The Past As Prologue
    Editors' Pick • Nov. 12, 2012 29 Comments
  • The Post-Election Day Sell-Off
    Nov. 8, 2012 SPY, DIA, QQQ 3 Comments
  • Who's Afraid Of The Fiscal Cliff?
    Nov. 7, 2012 SPY 9 Comments
  • The Traders Did It! Redux
    Nov. 2, 2012 GS, JPM, MS 1 Comment
  • Hurricane Sandy, The Economy And The Stock Market
    Nov. 1, 2012 HD, ITB, LOW 4 Comments
  • What Does European Banking Union Mean?
    Oct. 23, 2012 FXE, ERO, EU 2 Comments
  • QE3 And The Buy-Low Sell-High Portfolio
    Oct. 8, 2012 AAPL, BRLI, CRARY Comment!
  • Prepare For The Next Investment Opportunity
    Sep. 25, 2012 CRARY, DB, HCSG 10 Comments
  • What Is QE And What Does It Portend? Probably Less Than You Think
    Sep. 24, 2012 SPY 11 Comments
  • Draghi Disappoints, But Look Beyond The Headlines
    Editors' Pick • Aug. 2, 2012 CRARY, DB, SCGLY 31 Comments
  • The Traders Did It!
    Editors' Pick • Jul. 12, 2012 JPM, WFC 118 Comments
  • The Road To Eurozone Deposit Insurance
    Jun. 26, 2012 CRARY, DB, SCGLY 13 Comments