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  • On Ben Graham, Bank Stocks, Jason Zweig and Tom Brown [View article]
    I like this piece, and have a question:

    A popular trade in Brazil about a month ago was to go long the preferred shares of Petrobras while simultaneously shorting the common shares. This was a very successful trade, but would it qualify as a "related hedge"? Thanks.

    Disclosure: I engage in related hedging, trading Brazilian equities, and am long many financial companies but few here in the U.S.
    Jul 30 08:51 am |Rating: 0 0 |Link to Comment
  • Stock vs. Bond Valuations [View article]
    bearfund, I should have been more explicit. What I meant is that the *core* rate of inflation was abnormally high during the 1970s compared with the past century. Paul Volcker finally took care of this problem and then the core rate trended lower and has stayed relatively low since then.

    Note that over long periods of time in the U.S. economy that the headline rate of inflation has converged towards the core rate.

    Disclosure: short 10 year Treasuries since a yield of 3.52
    Jul 30 08:04 am |Rating: 0 0 |Link to Comment
  • Housing: No Bottom Yet in Sight [View article]
    carey_jim, my guess as to why this has been happening is that housing sales always bottom before home prices do and there has been stabilization of sales in just a few areas of the U.S.
    Jul 30 07:45 am |Rating: 0 0 |Link to Comment
  • Housing: No Bottom Yet in Sight [View article]
    kurt walter, those of us who work in finance would like at least a rough estimate of when housing prices will bottom because housing prices are still the main collateral in the global financial system such as with ABSs.
    Jul 29 15:14 pm |Rating: 0 0 |Link to Comment
  • Covered Bonds Are Indeed Covered - By You [View article]
    I agree with optionsgirl because once the U.S. dollar bulls wake up and see how bad the U.S. federal deficit is going to be then gold should perform well.

    Disclosure: long precious metals and related equities.
    Jul 29 15:03 pm |Rating: 0 0 |Link to Comment
  • About That Silver Lining, Erin [View article]
    Kevin, you should seriously consider firing yourself for watching crappy TV instead of working !-)
    Jul 29 14:58 pm |Rating: 0 0 |Link to Comment
  • The "Science" of Monetary Policy [View article]
    "Groupthink" was worse with both the Facists and Commies, but I agree with you that economics is rightfully known as the "dismal science".

    For example, since WWII there have been double blind (often placebo controlled) experiments in medicine, but such experiments are not possible in economics.
    Jul 29 12:02 pm |Rating: 0 0 |Link to Comment
  • Taylor Rules, Exchange Rates, and Speculation About the Dollar/Euro Rate [View article]
    If this topic interests you then please read the comments on this post at Professor Chinn's blog:

    www.econbrowser.com/ar...

    Thanks.
    Jul 29 11:52 am |Rating: 0 0 |Link to Comment
  • Stock vs. Bond Valuations [View article]
    Shouldn't you look at a chart over a longer period of time and also factor out the 1970s because during the past century inflation was abnormally high during the 1970s, and inflation is historically the worst enemy of 10 year U.S. treasuries?

    Thanks.
    Jul 29 11:42 am |Rating: 0 0 |Link to Comment
  • All About Covered Bonds [View article]
    Thanks for writing this great piece, and to see the underlying reason why covered bonds are now performing poorly in Europe please read my comment here:

    seekingalpha.com/artic...

    Thanks.
    Jul 29 11:29 am |Rating: 0 0 |Link to Comment
  • Covered Bonds Are Indeed Covered - By You [View article]
    TBill, I agree with you, but I would prefer to have a short and sharp recession to get it over with than a long and shallower recession.
    Jul 29 11:26 am |Rating: 0 0 |Link to Comment
  • Jason Zweig on Graham and Bank Stocks: 'The Un-Intelligent Investor' [View article]
    najdorf, please read this piece on why economists look at the prices-to-rents ratio:

    www.frbsf.org/publicat...
    Jul 29 10:32 am |Rating: 0 0 |Link to Comment
  • Financials: How - And When - We Reached the Bottom [View article]
    Thanks for your answer, Swiss_Buffett, which I agree with.

    Disclosure: One of the board members of a company that I advise is a manager at State Street in Boston.
    Jul 29 09:56 am |Rating: 0 0 |Link to Comment
  • Beware the Covered Bonds [View article]
    Good piece. For the reason why covered bonds are having trouble over in Europe please see my comment here:

    seekingalpha.com/artic...
    Jul 29 09:48 am |Rating: 0 0 |Link to Comment
  • Housing: No Bottom Yet in Sight [View article]
    Here's brand new evidence that the recent Barron's cover story about home prices having bottomed was dead wrong:

    www.bloomberg.com/apps...

    Note that Barrons is often a useful contrary indicator.
    Jul 29 09:42 am |Rating: 0 0 |Link to Comment
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