Malkiel's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/32450/comments http://seekingalpha.com/article/174508-ivy-zelman-home-prices-going-back-down?source=feed#comment-769713 769713 Fri, 20 Nov 2009 17:26:36 -0500 http://seekingalpha.com/article/169184-august-housing-numbers-across-various-indices-don-t-yet-show-genuine-recovery?source=feed#comment-732721 732721 Tue, 27 Oct 2009 14:58:20 -0400 http://seekingalpha.com/article/165546-unemployment-we-re-not-out-of-the-woods-yet?source=feed#comment-709238 709238
--employee ownership and investment need to be enhanced and unions need to be partnered into the boards of public companies so that decision-making in downturns will be biased toward maintaining the infrastructure rather than turning to desperate measures like offshoring for short-term financial gain;
--Shareholders need their rights strengthened so that management cannot get away with enriching themselves at the expense of the profitability of the enterprise (how many executive compensation packages exceed the entire quarterly or yearly profits of the company?)
--Shareholder loyalty needs to by boosted by shareholder-friendly arrangements like quarterly dividends; this can also be an important incentive for employees to accept company stock as part of their retirement and compensation packages.
--The public sector's valuable role as a "steady state" jobs engine fulfilling vital needs to be acknowledged and we need to find the comfortable level of taxation which should support it, without endless and futile ideological battling against it.

Measures such as the above are about giving the parties involved in the enterprise a vested interest in keeping alive the parts which will be needed during the recovery. If we want to move away from the obsession with short-term financial gains driving our economy then we need to change the culture of business by rearranging the relationships between the players...]]> Thu, 08 Oct 2009 16:48:54 -0400
--employee ownership and investment need to be enhanced and unions need to be partnered into the boards of public companies so that decision-making in downturns will be biased toward maintaining the infrastructure rather than turning to desperate measures like offshoring for short-term financial gain;
--Shareholders need their rights strengthened so that management cannot get away with enriching themselves at the expense of the profitability of the enterprise (how many executive compensation packages exceed the entire quarterly or yearly profits of the company?)
--Shareholder loyalty needs to by boosted by shareholder-friendly arrangements like quarterly dividends; this can also be an important incentive for employees to accept company stock as part of their retirement and compensation packages.
--The public sector's valuable role as a "steady state" jobs engine fulfilling vital needs to be acknowledged and we need to find the comfortable level of taxation which should support it, without endless and futile ideological battling against it.

Measures such as the above are about giving the parties involved in the enterprise a vested interest in keeping alive the parts which will be needed during the recovery. If we want to move away from the obsession with short-term financial gains driving our economy then we need to change the culture of business by rearranging the relationships between the players...]]> http://seekingalpha.com/article/163474-homebuyer-nirvana-low-prices-low-rates?source=feed#comment-691358 691358 Fri, 25 Sep 2009 16:09:12 -0400 http://seekingalpha.com/news/market_currents/post/33066?source=feed#comment-689057 689057
I'm not exactly sure how it would do that short of selling the house, but while we're on the subject, why has no one involved with the legislation considered the possibility that allowing SELLERS to claim a tax loss of some kind on their end of the transaction might be just as helpful as giving a tax subisidy to buyers? By letting sellers claim some percentage of their loss many sellers who are only slightly upside-down could perhaps lower their prices to meet market expectations, facilitating the trade-up trade-down aspect of the market which has more expensive homes hung up. My suggestion would be some formula that cuts off at a maximum loss of $8,000, mirroring the current buyer subsidy, but in a useful way for cash-strapped sellers. Mortgage lenders could enable sales by upside-down sellers by making them bridge loans tied to the tax break...]]> Thu, 24 Sep 2009 10:54:14 -0400
I'm not exactly sure how it would do that short of selling the house, but while we're on the subject, why has no one involved with the legislation considered the possibility that allowing SELLERS to claim a tax loss of some kind on their end of the transaction might be just as helpful as giving a tax subisidy to buyers? By letting sellers claim some percentage of their loss many sellers who are only slightly upside-down could perhaps lower their prices to meet market expectations, facilitating the trade-up trade-down aspect of the market which has more expensive homes hung up. My suggestion would be some formula that cuts off at a maximum loss of $8,000, mirroring the current buyer subsidy, but in a useful way for cash-strapped sellers. Mortgage lenders could enable sales by upside-down sellers by making them bridge loans tied to the tax break...]]> http://seekingalpha.com/article/160208-run-up-in-crude-prices-outpaces-baltic-dirty-tanker-index?source=feed#comment-677912 677912
Nonetheless, I'm impressed by our friend's dedication. I'm thinking I should take my next cruise on a tanker rather than one of those filthy cruise ships. I move the index be renamed the "nomuculus" index on account of there being no muck there to speak of due to his efforts...:)]]> Tue, 15 Sep 2009 14:24:36 -0400
Nonetheless, I'm impressed by our friend's dedication. I'm thinking I should take my next cruise on a tanker rather than one of those filthy cruise ships. I move the index be renamed the "nomuculus" index on account of there being no muck there to speak of due to his efforts...:)]]> http://seekingalpha.com/article/161501-sirius-xm-continues-to-deliver-on-q1-promise-of-expanded-programming-lineup?source=feed#comment-677872 677872 Tue, 15 Sep 2009 14:04:15 -0400 http://seekingalpha.com/article/134263-sirius-xm-gives-shareholders-another-pill-to-swallow?source=feed#comment-488778 488778 Mon, 04 May 2009 12:03:14 -0400 http://seekingalpha.com/article/133955-examining-the-sell-in-may-go-away-axiom?source=feed#comment-483186 483186
Most investors big and small are down severely at this point in the 2009 calendar and I would expect them to stay in the game from May-Oct rather than go fishing...]]> Wed, 29 Apr 2009 17:20:04 -0400
Most investors big and small are down severely at this point in the 2009 calendar and I would expect them to stay in the game from May-Oct rather than go fishing...]]> http://seekingalpha.com/article/133506-peak-oil-as-a-function-of-earth-s-volume?source=feed#comment-483119 483119 Wed, 29 Apr 2009 16:09:51 -0400 http://seekingalpha.com/article/131425-three-stocks-that-pay-monthly-dividends?source=feed#comment-480979 480979 Tue, 28 Apr 2009 11:46:45 -0400 http://seekingalpha.com/article/132440-apple-steve-jobs-is-fine-and-we-still-hate-netbooks?source=feed#comment-474215 474215
Apple has blown a golden window of opportunity over the last year to capture serious market share. It's more important to get their OS on many desktops than it is to keep selling the OS on proprietary desktops which are so expensive that they can never capture market. Whoever controls the most-used software controls the internet, a not-inconsequential prize. Windows 7 is going to create a buying sensation among the public which has held off their computer purchases and if it loses back all its recent gains in market share Apple may be forced to change its business model and finally admit, as Pete Najarian said recently, that they're really essentially a software company...]]> Thu, 23 Apr 2009 11:14:41 -0400
Apple has blown a golden window of opportunity over the last year to capture serious market share. It's more important to get their OS on many desktops than it is to keep selling the OS on proprietary desktops which are so expensive that they can never capture market. Whoever controls the most-used software controls the internet, a not-inconsequential prize. Windows 7 is going to create a buying sensation among the public which has held off their computer purchases and if it loses back all its recent gains in market share Apple may be forced to change its business model and finally admit, as Pete Najarian said recently, that they're really essentially a software company...]]> http://seekingalpha.com/article/127934-sirius-xm-s-internet-future-looks-bright?source=feed#comment-441160 441160 Thu, 26 Mar 2009 12:24:17 -0400 http://seekingalpha.com/article/126330-as-newspapers-change-strategy-internet-content-is-reaching-critical-mass?source=feed#comment-429212 429212 Tue, 17 Mar 2009 11:21:39 -0400 http://seekingalpha.com/article/123161-comparing-returns-on-real-estate-to-the-stock-market?source=feed#comment-411280 411280 Tue, 03 Mar 2009 12:12:17 -0500 http://seekingalpha.com/article/123809-the-high-dividend-stock-investor-s-collapsing-dollar-survival-guide-part-1?source=feed#comment-411252 411252 Tue, 03 Mar 2009 12:03:08 -0500 http://seekingalpha.com/article/121488-the-sirius-price-of-liberty?source=feed#comment-395558 395558
Someone a while back alluded to a previous episode in MK's career where he allegedly made moves that drove down his company's stock before arranging the sale of the company, so there is reason to observe the ceo's behavior and history closely. I don't remember the name of the company and I have no firm opinion on the merits of the accusation, but it's been made before on these blogs.

The total lack of any kind of effort to shore up the value of the company, such as advertising during the Holiday 2008 period and putting up store kiosks as XM did successfully in the prior holiday period, must give one pause; the drop in this company's share price seems to be of no concern to management, rather it seems to fit some kind of management plan. Anybody who retorts that MK has a lot personally invested in shares should ask whether that investment is a substantial part of the ceo's personal assets or is for him a moderate amount that can be sacrified for show as part of some larger plan...]]> Thu, 19 Feb 2009 15:25:13 -0500
Someone a while back alluded to a previous episode in MK's career where he allegedly made moves that drove down his company's stock before arranging the sale of the company, so there is reason to observe the ceo's behavior and history closely. I don't remember the name of the company and I have no firm opinion on the merits of the accusation, but it's been made before on these blogs.

The total lack of any kind of effort to shore up the value of the company, such as advertising during the Holiday 2008 period and putting up store kiosks as XM did successfully in the prior holiday period, must give one pause; the drop in this company's share price seems to be of no concern to management, rather it seems to fit some kind of management plan. Anybody who retorts that MK has a lot personally invested in shares should ask whether that investment is a substantial part of the ceo's personal assets or is for him a moderate amount that can be sacrified for show as part of some larger plan...]]> http://seekingalpha.com/article/119638-the-media-are-over-hyping-recent-market-gains?source=feed#comment-382414 382414 Tue, 10 Feb 2009 11:39:22 -0500 http://seekingalpha.com/article/117758-obama-s-role-in-the-market-s-next-breakout?source=feed#comment-374786 374786 Tue, 03 Feb 2009 16:01:01 -0500 http://seekingalpha.com/article/117655-odds-of-another-swing-to-despair-seem-high?source=feed#comment-371412 371412 Fri, 30 Jan 2009 15:07:54 -0500 http://seekingalpha.com/article/115099-risk-aversion-expected-until-tuesday-s-inauguration?source=feed#comment-357973 357973 Fri, 16 Jan 2009 15:49:00 -0500 http://seekingalpha.com/article/113817-what-is-going-on-with-gold?source=feed#comment-351121 351121 Fri, 09 Jan 2009 15:09:20 -0500 http://seekingalpha.com/article/113681-the-ultimate-game-changer-why-2009-will-be-worse-than-2008-part-1?source=feed#comment-348955 348955 Wed, 07 Jan 2009 15:35:45 -0500 http://seekingalpha.com/article/113445-the-best-buy-signal-in-51-years?source=feed#comment-347812 347812
Perfectionism is a self-defeating fetish. In a recession, and especially in the stage of this recession we're in, rising sales and earnings are an unrealistic metric--so few companies will have them. Other metrics tailored toward determining whether a company does something which will be worth something again when things pick up and whether it's operations are not mortally damaged by the recession would be the right train of reasoning if you want to buy well in the eye of the storm...]]> Tue, 06 Jan 2009 16:00:55 -0500
Perfectionism is a self-defeating fetish. In a recession, and especially in the stage of this recession we're in, rising sales and earnings are an unrealistic metric--so few companies will have them. Other metrics tailored toward determining whether a company does something which will be worth something again when things pick up and whether it's operations are not mortally damaged by the recession would be the right train of reasoning if you want to buy well in the eye of the storm...]]> http://seekingalpha.com/article/113204-are-home-sellers-price-expectations-really-that-inflated?source=feed#comment-346246 346246
Whoa Nelly, a lot of assumptions there. The evidence of the above discussion is that ALL HOMES ARE LISTED ABOVE FINAL SELLING PRICE, or that all brokers are accepting listings that are "over-priced" because setting a first listing price is a negotiation between the agent and owner over what value to set to get the top dollar for the property. It might be the case that agents in bubble markets like California or Nevada may refuse listings that are orders of magnitude out of proportion to market realities, but I wouldn't imagine there could be many such refusals--after all, the seller can't list too far below breakeven, and in some markets almost all sellers are way below water on their mortgages, so one can list and try or do nothing and die. These are extraordinary times with no obvious strategies for how to proceed.

As for traffic, in a credit squeeze even discounted houses may not be selling, so buyers and agents can only work on the fundamentals of showing the home's assets and hope they have a desirable package. It simply isn't valid in a credit squeeze to claim that no sale equals overpricing... ]]> Mon, 05 Jan 2009 09:23:43 -0500
Whoa Nelly, a lot of assumptions there. The evidence of the above discussion is that ALL HOMES ARE LISTED ABOVE FINAL SELLING PRICE, or that all brokers are accepting listings that are "over-priced" because setting a first listing price is a negotiation between the agent and owner over what value to set to get the top dollar for the property. It might be the case that agents in bubble markets like California or Nevada may refuse listings that are orders of magnitude out of proportion to market realities, but I wouldn't imagine there could be many such refusals--after all, the seller can't list too far below breakeven, and in some markets almost all sellers are way below water on their mortgages, so one can list and try or do nothing and die. These are extraordinary times with no obvious strategies for how to proceed.

As for traffic, in a credit squeeze even discounted houses may not be selling, so buyers and agents can only work on the fundamentals of showing the home's assets and hope they have a desirable package. It simply isn't valid in a credit squeeze to claim that no sale equals overpricing... ]]> http://seekingalpha.com/article/112697-audiovox-sirius-deal-means-good-news-for-consumers?source=feed#comment-342491 342491 Wed, 31 Dec 2008 10:37:37 -0500 http://seekingalpha.com/article/112450-2009-expecting-a-massive-rally?source=feed#comment-340526 340526 Mon, 29 Dec 2008 11:16:02 -0500 http://seekingalpha.com/article/111592-the-battle-of-the-flations?source=feed#comment-333938 333938 Fri, 19 Dec 2008 11:04:45 -0500 http://seekingalpha.com/article/110710-paulson-s-plan-fails-to-understand-the-problem-madoff-is-a-perfect-example?source=feed#comment-330854 330854 Tue, 16 Dec 2008 09:43:17 -0500 http://seekingalpha.com/article/110597-buy-ford-short-gm?source=feed#comment-330182 330182 Mon, 15 Dec 2008 14:34:16 -0500