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Tschurin

Tschurin
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  • The Treasury is investigating whether investors are accumulating government bonds in order to boost prices after $78.87B worth of 10-year notes used as collateral in repo market weren't returned to the loan counter-party on Monday. Over the week, the cost of borrowing Treasurys for use in the repo market or for short sales jumped more than three-fold, only easing after a government auction. [View news story]
    "whether investors are accumulating government bonds in order to boost prices". Yes, and they were even so bold as to discuss the plan publicly. I believe it's called Quantitative Easing, and I believe the ring leader is this guy named Ben Bernanke ;-).
    Mar 17 12:34 PM | 1 Like Like |Link to Comment
  • Talk to me after jobs grow 200K/month for 6 months, says the Chicago Fed's Charles Evans, likely the FOMC's leading dove (and that's saying something). "There is still a long way to go ... It is going to be difficult to expect the unemployment rate to come down very quickly," he tells the WSJ's Jon Hilsenrath. [View news story]
    I like your big-picture point of view. I don’t really know how many retirement-age baby boomers feel that secure; although they may feel better than a year or two ago. For one thing they can’t earn any return, to speak of, in their bank accounts or money market funds. For another thing, although they are eligible, or will soon be eligible, for medicare, their health insurance costs are probably rising at a rate noticeably above the CPI. Some of them, if they retire and lose company health plans, will have to pay more. Furthermore, they are aware that it is projected that the medicare system will be insolvent in 10 years; social security in 20 years. You get the idea….
    Mar 9 07:40 AM | Likes Like |Link to Comment
  • Talk to me after jobs grow 200K/month for 6 months, says the Chicago Fed's Charles Evans, likely the FOMC's leading dove (and that's saying something). "There is still a long way to go ... It is going to be difficult to expect the unemployment rate to come down very quickly," he tells the WSJ's Jon Hilsenrath. [View news story]
    Especially because of the law of unintended consequences. A chief beneficiary of artifically low interest rates are mergers, LBO's, other acquisitions and modern-day Gordon Gekko greenmailers. The aftermath of a lot of that activity are "synergies" layoffs and other employment-reducing activities, not hiring. In otherwords, perhaps QE is part of the employment problem, not just, as the FOMC would have you believe, the cure.
    Mar 8 03:32 PM | 8 Likes Like |Link to Comment
  • Electric Vehicle Roundup: 1) Chevrolet Volt (GM) sales continue to fluctuate wildly, up 59% Y/Y and 43% M/M in Feb. to easily beat sales on Toyota's (TM) Prius. 2) Look for Ford (F) to include sales numbers on the Fusion Energi as the model hits dealerships this month. 3) Nissan (NSANY.OB) sold 636 Leafs in the U.S., +36.6 Y/Y, flat M/M, just ahead of the unveiling of a new model. 4) In Scotland, politicians issue campaign promises to install an EV charging point every 50 miles. 5) Tesla Motors (TSLA) trades in the mid-$30s post-earnings. On tap: Will revenue cover payments on a DOE loan and production costs or will Elon Musk need to float more stock? [View news story]
    For the record: Volt beat sales of the Prius plug-in hybrid. The regular Prius hybrid is one of the top-20 selling automobiles and sold more than ten times the number of Volts in February.
    Mar 2 03:54 PM | 2 Likes Like |Link to Comment
  • Drugstore chains (WAG, CVS, RAD) continue to push further into healthcare to make up for lagging prescription drug sales. The latest development is an initiative by Rite Aid to open 58 stores which have in-store clinics where customers can interact with a doctor using a Web cam. Customers in Baltimore, Boston, Philadelphia, and Pittsburgh can pay $45 for a 10-minute consult with a doctor via a PC. [View news story]
    I meant "before deciding whether to make an appointment with your regular doctor"
    Mar 1 08:53 AM | Likes Like |Link to Comment
  • Drugstore chains (WAG, CVS, RAD) continue to push further into healthcare to make up for lagging prescription drug sales. The latest development is an initiative by Rite Aid to open 58 stores which have in-store clinics where customers can interact with a doctor using a Web cam. Customers in Baltimore, Boston, Philadelphia, and Pittsburgh can pay $45 for a 10-minute consult with a doctor via a PC. [View news story]
    Might come in handy if you couldn't get an immediate appointment with your regular doctor, or if you wanted a pre-opinion before deciding whether to make an opinion with your regular doctor. Especially if you have high deductibles on your health insurance.
    Mar 1 07:35 AM | Likes Like |Link to Comment
  • The New York Times (NYT) reportedly received a bid last month of over $100M for the Boston Globe from Rick Daniels, a former president at the newspaper, and P-E firm Boston Post Partners. The sides have been in talks for a year, but the NYT has opened up the process in order to avoid investor lawsuits. The hope is to attract a bid from News Corp (NWS).
     [View news story]
    I’m not sure whose reality you are checking, but just to clarify, I said that the Globe is [present tense] not a major part of NYT’s net worth. Whether it used to be, and whether the purchase was a bad mistake, are different matters.
    Feb 24 01:28 PM | Likes Like |Link to Comment
  • The New York Times (NYT) reportedly received a bid last month of over $100M for the Boston Globe from Rick Daniels, a former president at the newspaper, and P-E firm Boston Post Partners. The sides have been in talks for a year, but the NYT has opened up the process in order to avoid investor lawsuits. The hope is to attract a bid from News Corp (NWS).
     [View news story]
    I thought companies sold subsidiaries all the time without putting them up for bid. Is that true and if so, why don't they worry about getting sued by shareholders? After all, it isn't as if the Globe is a major part of the NYT company's worth.
    Feb 24 08:21 AM | Likes Like |Link to Comment
  • Reuters' Jack Shafer rails against the phrase "our crumbling infrastructure" and the press' all-too uncritical acceptance that hundreds of billions or trillions of dollars needs to be spent to repair it. The doom-mongering has been going on for decades, but as the Federal Highway Administration explains, bridges can be "structurally deficient" or "functionally obsolete" and still be perfectly safe. [View news story]
    Everyone has examples of work that needs to be done...Washington DC area supposedly has the worst traffic congestion in the nation and could definitely use some improvements. Still, the article is a valuable grain of salt to be taken with the siren call of the infrastructure crowd. They want to raid the public-piggy-bank [or what's left of it]; just think the cost overruns of Boston's "big dig" and multiply by a 1000.
    Feb 18 08:59 AM | 4 Likes Like |Link to Comment
  • Precious metals go into the tank on chatter the G-7 is set to issue a statement in which all will pledge to get along with regards to currency devaluation. The G-20 meets in Moscow at week's end. GLD -1.2%, SLV -1.5%. [View news story]
    Just because they agree to be polite and take turns devaluing against each others currencies, doesn't mean they can't go all out devaluing all their currencies against hard assets ;-)
    Feb 11 09:55 AM | 4 Likes Like |Link to Comment
  • Ben Bernanke and other senior Fed officials had major concerns about ratings agencies in mid-2007, which marks part of the period that the Justice Department is focusing on in its $5B lawsuit against S&P (MHP) for inflated ratings. Bernanke spoke of "a loss of investor confidence" in the firms, while William Dudley warned that flawed ratings could be masking "significant market risk." [View news story]
    Ratings agencies have been held in less than the highest regard for a long time by many in the financial community. If the MBS bond ratings in particular were suspect at the time, then the professionals who bought those bonds should especially have known that they also had to do their own due diligence.
    Feb 6 06:45 AM | Likes Like |Link to Comment
  • Attorney General Holder puts a $5B-plus target on how much S&P (MHP -6.5%) defrauded investors through faulty ratings on MBS, and says the DOJ is going after all of it. "S&P misled investors ... causing them to lose billions of dollars." S&P alone? (earlier: Even $3B seems far too high) [View news story]
    Wasn't it fund managers and other professional investors who were buying these securities? Isn't anyone who would rely on a ratings agency and not do their own due diligence also to blame? Do the ratings agencies really get paid enough to shoulder the risk of loss?
    Feb 5 11:37 AM | 2 Likes Like |Link to Comment
  • The days of the Beardstown Ladies, this isn't. There's a lot of talk about bubbly stock market sentiment right now, but it's not evident in the declining interest in investment clubs. A group tracking the clubs says membership fell to 39K in 2012 from 400K in 1998. "It is quite frustrating to try to preach that long-term investing really pays off, when it just hasn't over the past decade." Check. [View news story]
    I could also imagine that investment clubs are considered old school and that younger generations are more likely to share thoughts on investing via social media. The investment club I've occasionally dropped in on is decidely an older demographic.
    Feb 4 08:14 AM | Likes Like |Link to Comment
  • UnitedHealth And WellPoint Are Well-Positioned For Obamacare [View article]
    Markb

    That's a great "dumb" question. To some extent the insurers are already anticipating a negative imapct, which is why they've already jacked up premiums [see NY Times article of, I think, January 6th] on plans for individuals, which is where a lot of the impact will be felt.
    Jan 22 10:16 AM | Likes Like |Link to Comment
  • President Obama is reportedly likely to choose former U.S. attorney Mary Jo White as his nomination for head of the SEC. If White is confirmed, she would be the first prosecutor to head the agency, perhaps giving it a tougher edge. White has won convictions against Ramzi Ahmed Yousef for bombing the World Trade Center and mafia boss John Gotti, although she's not known for expertise in securities law. [View news story]
    Dear Ed: you're wrong in your last assertion. Her practice over the past 10 years has involved defending people in SEC investigations. Another perfect revolving-door/Wall-st... insider candidate. For more information see her biography at the Practicing Law Institute: http://bit.ly/UHkQ4h
    Jan 20 07:37 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
327 Comments
345 Likes