Wall Street Breakfast, Seeking Alpha's flagship daily business news summary, is a one-page summary that gives you a rapid overview of the day's key financial news. It's designed for easy readability on the site or by email (including on mobile devices), and is published before 7:00 AM ET every market day.
Wall Street Breakfast readership of over 900,000 includes many from the investment-banking and fund-management industries.
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Maz Jadallah is the founder of AlphaClone, a technology-driven investment management firm where he serves as CEO and Portfolio Manager. Prior to founding AlphaClone, Maz spent 12 years in senior financial analyst, strategy and technology management roles. Most recently Maz was SVP of Corporate Development at Nasdaq-traded OpenTV. Prior to that, Maz worked at Time Warner Inc where amongst other roles he served as Senior Director reporting directly to Richard Parsons, the then co-COO. Maz is a life long investor, a registered investment advisor representative and has a Series 65 license. He holds an MBA with honors in Finance and Management from Rollins College and a BS in Industrial Engineering from Texas Tech University.
Antonio Ferreira is a senior partner and managing director of 'Interfinance s.a., International Financial Advisors' (http://www.interfinance.org), an independent company that since 1984 has been providing banks, large corporate entities and institutional investors with intelligence, analysis and forecasts on all the major asset classes (currencies, stock markets, fixed income, money markets, gold and oil). Interfinance (http://www.interfinance.org) provides constantly updated analysis and forecasts for 29 key financial instruments that cover the bulk of the world's capital stock and market transactions for separate time horizons ranging from the short-term to the long-term. The author contributes occasional papers on topical matters for investors and market participants.
I have worked in the financial markets since 1999 in New York, Chicago, Amsterdam, and electronically. Expertise in listed equity options strategies and volatility sales & trading. Was a Market Maker in options on the AMEX and also worked on the trading floors of the CBOE, CME and EuroNext.
I admire the famous men from bygone times such as Thomas Jefferson or Leonardo Da Vinci who studied a wide variety of subjects. Unfortunately for me, that’s not in fashion any more. These days, to get ahead, people just focus on one narrow field of study in order to gain dominance and recognition in that one particular field. That’s a shame, because I enjoy learning different things for their own sake. I also think that academic fields would benefit if they did not attempt to limit the discussion to either people or theories that were well established.
In terms of college education, I have two Bachelor’s Degrees in Chemistry and Geology. I have also completed background (or near backgrounds) in Psychology, Biology, Mathematics, and Economics. What can I say, I enjoy learning. Over my course of study, I was the most amazed at Economics. As a field of study, it lacks any rigor whatsoever. Psychology, a field often mocked for being “soft”, is a far more rigorous field that Economics where the major schools of thought can’t even agree on how to define common concepts. Furthermore, Economic theories are largely nothing more than conjecture that is explained in rigorous mathematics to attempt to conceal the ignorance of the idea or its presenter. Yet, you’d be hard pressed to find any other field of study that so seems to shape our everyday lives than Economics.
Economics has become the discipline that has the most weight in deciding public policy, yet conventional Keynesian or Monetarist Economics defies both logic and common sense. Furthermore, these theories have demonstrated precious little predictive power and have been shown as powerless to end Japan’s depression as they were to end the Great Depression of the 1930s. Yet we all still listen to Economists as if they really did know what they were talking about.
As for me, my other passion other than learning is games. I enjoy studying rules structures and formulating strategies for games as diverse as board games to poker. Strangely, it is my background in poker, not Economics, which has helped me most in picking investments. Poker is, after all, really just the study of risk management and correct decision making. No sensible professional poker player would ever tell you to pour your money into a volatile thing like the stock market and just hope it goes up over your time horizon, but that’s the advice the mainstream media pours down our throat every day.
I began studying both Investing and Economics through the lens of game theory a few years ago and came to a few conclusions. First and foremost was that the stock market was, like many other areas of American life, far more controlled than most people knew. The politicians and bankers who control things are not interested in any event that would cause such widespread voter unrest. So instead they use whatever inflationary tools they have at their disposal to try to postpone any such event. In game theory terms, postponing recessions is a “dominant strategy” because it rewards those who engage in it immediately while forcing the consequences of such decisions down the line till they become someone else’s problem. Unfortunately for us, this is a losing long term strategy because its just going to make economic downturns far longer and more severe. These events will also prompt an aggressive expansion in government power as they sought to regulate away the problems that they themselves caused- all in the name of protecting people.
I began seriously studying the possibility of economic collapse around 2006. My friends asked me to write a book about it, which I did. It’s for sale on this site. They also asked me for investment recommendation, and those that followed my advice have down quite well in this downturn. I have begun taking clients who seek my investment advice. As I don’t have enough for a full time practice, I do so for tips. Currently, I maintain my income through a mix of investing, writing, and poker. The good news is, it has so far proven recession proof.
Pepijn De Korte is a new contributor to Seeking Alpha. We hope to have a bio for this author soon.
Note: Seeking Alpha editors have contact information for all contributors to enable ongoing communication regarding articles published.
Denis Ouellet has been involved in the Financial sector since 1975. Now retired, he is a part-time blogger. Denis has been analyst and head of research for a brokerage company, equity manager for various investment organizations (pension, mutual and hedge funds), head of global equity investments at a major pension fund and chairman of the equity investment committee for a major pension and mutual fund investment organization.
Note: I post substantially more on my blog www.bearnobull.com than on SA.
Stephen Yu is a CFA Charterholder and the President of Lumen Funds. From October, 1997 through December, 2014, discretionary, unlevered portfolios returned an average of 10.4% annually. The portfolios are long-only and employ value, contrarian, and event-driven strategies. Contact: email@example.com
Olivier Tischendorf is a private trader. He has been actively trading the markets since 1999. As bull markets can last up to 20 years his main focus is now geared towards resource stocks. He started accumulating physical gold and silver back in 2004. He runs a website where he shares his views and continues to learn about the markets. He is based in Germany.
Bryan Banish is the president of iGlobal Strategies LLC which he started in 2008, after a successful career as an executive with a US technology firm. Banish has lived more than 8 years in Asia and is now focusing his attention on helping others learn about foreign markets. He holds degrees in engineering and business from the Massachusetts Institute of Technology. iGlobal Strategies’ primary outlet for educating people on foreign markets and business is the Individual Global Investor (http://www.individualglobalinvestor.com) franchise.
Matthew Partridge graduated from the University of Durham with a First in Economics and History in 2004. He gained an MSc from LSE where he is currently finishing a PhD. His work profile includes internships with city firms, a visiting university lectureship, as well as working for Lombard Street Research. He currently blogs at Houghton Street Economics (http://houghtonstreeteconomics.typepad.com/).
Spicer has run his own investment firm for over 9 years. Focusing primarily on Real Estate, and Equity investing. With his 9 years of Wall Street trading and Main Street Real Estate experience he is no stranger to the everyday roller coaster of trying to make a buck. Spicer is an investor first but a computer geek second with his business and computer science degree he is often pushing his staff to "work smarter not harder" employing technology as a way to make better investing decisions. He finds himself often putting thoughts and research to writing but only sharing it with close employees. He has recently began sharing his everyday thoughts publicly with his blog (http://stockblock.spicermatthews.com). Spicer enjoys publishing his everyday thoughts because it is always wonderful to get feedback from peers and spark conversation about investing issues.
The Daily Bail: The Bailout News Central Depository.
The public bailouts of private failure must stop. The Daily Bail was created to fight the immoral transfer of trillions in debt from failed, private banks onto the backs of future generations. If not stopped there will be $10 trillion of debt created by our government in the next five years, (http://dailybail.com/home/2009/2/16/land-of-the-free-and-home-of-the-broke-the-united-states-of.html) and most of it given to the banks. That amount is equal to 10 times (10X) our total national debt from our first 216 years as a nation, the $1 trillion accumulated between 1776 and 1992.
Accordingly, we're here to keep tabs on the heist. To provide an official daily record of the generational pillaging. We find it, sort it and then publish it in one place every day: all the bailout news, opinion, analysis, daily videos, comedy, and even songs and cartoons. There will be bad attitude. (http://dailybail.com/home/2009/2/19/insane-america-obama-wants-you-to-bailout-the-asshats-who-li.html)We know we might get sued for what we write about these scumbag, public-dole CEOs. But we own these companies now, and we recommend their CEOs begin to behave accordingly. Otherwise, we'll be happy to profile these riptards all over our pages. Incessantly. Watch and see how brutal we become (http://dailybail.com/home/2009/2/23/the-bank-bailout-verdict-we-are-a-nation-led-by-idiots.html) now that we're getting really pissed off.
And since nobody obsesses in quite the way we do, we expect to remain the only news aggregation source for all stories related to the institutionally dysfunctional, painfully inept and completely counter-productive taxpayer bailout of failed people, ideas, businesses, pensions, municipalities, states and ultimately, we fear, of our federal government.
Tell your friends and family about what's going on in Washington. Help us spread the word about the generationally immoral transfer of debt from failed, private banks directly onto the backs of your children. And to young people directly, seriously wake up, and realize that it's mostly your cash that's headed out the door.
The author and publisher of The Daily Bail is a former CNN financial reporter and sell-side equities analyst for a top-tier investment bank.
Visit The Daily Bail (http://dailybail.com/)
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I have over 25 years of Wall Street experience trading and managing risk in multiple markets. Early on I traded High Grade Corporates for Drexel Burnham. This gave me an in-depth knowledge of credit spreads as well as how and why they move. Later in my career I was Chief Dealer of Interest Rate Options for Barclays Bank Plc. in New York. This allowed me to gain practical knowledge of the derivatives market as well as how to manage option risk. Additionally I have built technical trading models and managed commodity portfolios for Tamiso & Company a CTA that has been in business since 1983 as well as my own small CTA, Market Strategies Mgmt., LLC.
These experiences formed the pool of knowledge from which I drew to build the CEC Strategy. A practical, in-depth understanding of credit spreads and optionality combined with well disciplined risk management learned from the commodity markets all join together to produce a trading strategy that produces high quality, low volatility returns.
Visit his websites: Market Strategies Management (http://www.marketstrategiesmgmt.com/)
William Gamble has been active in the international business as a consultant, lawyer, investor, and corporate counsel for the past thirty years. He has written three books. The most recent is Investing in Emerging Markets: Rules of the Game (2012). He has also written Investing in China (2002) and Freedom: America's Competitive Advantage in the Global Market (2007). Besides his books he writes weekly columns for Alrroya, the only financial newspaper in Dubai and MoneyLife, a financial publication in Mumbai.
He holds two law degrees, an executive MBA and has attended several universities in the United States and France. He has been a member of several state and federal bars. He has spoken five languages, visited over 40 countries and climbed Mt. Kilimanjaro. He has developed an original methodology derived from law and economics and game theory to determine the economic efficiency of a legal infrastructure. His premise is that economics is not just about capital and technological constraints. It is also about political-legal institutions, such as the protection of property rights and the enforcement of contracts that are critical determinants of sustainable economic growth and investment opportunities. His methods allowed him to successfully predict the crash of the Chinese, Russian, Brazilian stock markets along with the price of oil. He has appeared on many television networks including, ABC, CNN Asia, CNN FN, Bloomberg, Fox, CNBC and NDTV Profit in New Delhi. In addition to television, he has appeared on NPR, Bloomberg, and over 60 radio stations throughout the US. He has also appeared in Canada on the CBC and in China on Voice of America. He has also published numerous articles for various journals including Foreign Affairs, Harvard International Review, International Financial Law Review, and others for the International Assessment and Strategy Center. He has have published letters in the Wall Street Journal and over 29 in the Financial Times. He has spoken at many conferences and programs all over the world. As a participant in the CFA Institute’s Retained Speaker Program, he has made presentations in 12 countries and 11 US cities. He has testified before the US China Economic and Security Review Commission. He has been quoted in The New York Times, The ANALYST (India), CNN.com, Smart Money, USA TODAY, The Far Eastern Economic Review, The International Herald Tribune, The South China Morning Post, Sankei Shimbun (Japan), The Sacramento Bee, The Hartford Courant and on the internet at many web sites including NewsMax.com, ProDevelopment (Russia), La Opinion, Univision (Spanish).
North Fork Investors' blog (http://www.northforkinvestors.com/) tracks the value-oriented investments, both long and short, of two friends and investment partners. We will manage a model $100K portfolio beginning in February 2009. Detailed analysis is provided for each pick. We seek to invest in "good" companies trading at cheap (or at least reasonable) prices for a long period of time. "Good" to us means the ability to earn a high return on invested capital while maintaining a protected market position. Our long investments should have a sustainable, easy to understand business model, and should be conservatively capitalized (with limited exceptions if we believe reward greatly outweighs risk). Growth is desired, but not necessary. In this sense we are "value" investors in the tradition of Graham, Dodd, Buffett, Munger, Klarman, and others. We will maintain a concentrated portfolio of longs which we believe have the capacity to substantially outperform the general market over a multi-year time horizon.On the short side an inflated price is necessary but not sufficient. We prefer shorts that involve troubled business models, excess leverage, with potential near-term catalysts.
TechCrunch (http://www.techcrunch.com/), founded on June 11, 2005, is a weblog dedicated to obsessively profiling and reviewing new Internet products and companies. In addition to covering new companies, we profile existing companies that are making an impact (commercial and/or cultural) on the new web space. TechCrunch is co-edited by Michael Arrington and Erick Schonfeld.
I've been writing for the professional press for the last five years and have been on the Fox Business channel several times as a guest describing my written work. In January 2009, I started writing my blog Bruce Krasting (http://brucekrasting.blogspot.com). From 1990-1995 I ran a private hedge fund in Greenwich Ct. called Falconer Limited. Investments were driven by macro developments. We expressed our views in global bonds, currencies, stocks, commodities and derivatives. I closed the fund and retired in 1995. I've also been employed by Drexel Burnham Lambert, Citicorp, Credit Suisse and Irving Trust Corp. I hold a bachelor's degree in economics from Ithaca College and currently live in Westchester, NY.
Ron Sommer was a chief financial officer at an institution of higher education in New York City. He has 40 years of financial management experience in the public, private and not-for-profit sectors. Sommer has also been a private investor for more than 30 years. He uses a ruled-based quantitative model.
Paul is a Vancouver (Canada)-based active investor/trader. His investment portfolio is comprised of real estate, commodities and stocks. Paul seeks alpha by looking at details that are overlooked by ‘Big Players’; maximizing profits and opportunities in the market where Fear, Anxiety and Greed are rampant. Paul favors short and intermediate term investments that would yield 10% to 25% in 3 month period. He believes that every investor must become an expert in the targeted industry he/she chooses. His investment rationale is based on a combination of qualitative and quantitative analysis (micro and macro) as well as technical data. Paul believes that qualitative analysis carries more importance now than ever before, because technical analysis tools are now widely available. With little effort many people can become an expert in technical analysis within months, however, a good qualitative assessment requires years of experience and industry training/knowledge. Paul takes pride in his picks, and he had great success in the past. He is not a buy & hold investor, but he would consider the option when the economy turns green. His favorites (for both long and short) include: commodity ETFs, precious metal, treasuries, agriculture stocks, technology stocks, lodging/hotel stocks, retail stocks, REIT stocks and hand-picked manufacturing industry stocks. Paul earned a bachelor's degree from Simon Fraser University in 2004. In 2009, he will finish-up the Strategic Leadership Program at the Society of Management Accountants of Canada. When not working, he loves to read the latest news on politics, businesses and international issues.
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)
Jeff Korzenik is the chief investment officer of Caturano Wealth Management, LLC in Boston. A 22-year industry veteran, Korzenik’s background includes research and management roles at some of the country’s largest investment firms. Before moving to New England, he held positions in New York, Chicago and London. Jeff’s work has been cited or appeared in the Wall Street Journal, Business Week, The Boston Globe, the Boston Business Journal, Die Zeit and various industry publications. He has been interviewed numerous times for radio and recently appeared on Bloomberg TV’s “Money and Politics.” A specialist in asset allocation, derivatives and intermarket relationships, Korzenik was invited to testify on Capitol Hill as an expert witness in the use of commodity indexes by pensions and other institutional investors. An active member of Massachusetts’ North Shore community, Korzenik serves on the boards of several charitable organizations which support the educational, environmental and cultural quality of life within the region. Korzenik holds an A.B, economics from Princeton University and also earned a Certificate of Proficiency in Near Eastern Studies from that institution. Visit Jeffrey's blog: Inefficient Frontiers (http://inefficientfrontiers.wordpress.com)
I’m 42 years old, retired from the USAF, and I currently manage a Telecommunication organization. I have been writing about our bubble economy since late 2005 and many of today’s economic events were actually anticipated and warned of. You should know that the U.S. "Housing Bubble" was only the latest symptom of much larger fundamental economic imbalances that have been building for decades - due to poor monetary and policymaking decisions. With that, I personally feel a major economic transformation is currently taking place right before our eyes and the prosperous “good life” that we have enjoyed for many decades here in the US is changing forever. Though I don’t think it’s relevant to the issues at hand, as very few of our PhD “economic experts” were able to forewarn us of this significant economic downturn, I have unrelated Telecom Eng. & Eng. Mgnt. Degrees, but have spent many thousands of hours studying economic issues – providing me with (what I believe to be) a strong understanding of “the big picture.”
Karen Mulvany has worked in the technology and communications services industry sectors for most of the past 30 years. After working in the 1980s as a sell side analyst and investment banker, in the 1990s she built a small private practice consulting with turnaround companies, helping three of her public client companies attain stock price gains of 50 to 100 times. For most of the current decade, she worked at a public storage networking company as an executive VP, leading their strategic planning, M&A and investor relations messaging efforts. She currently works as a private investor.
East Coast Economics is written by a Boston based, Harvard educated investment management professional. While at Harvard, the author studied under economists Robert J. Barro, John Y. Campbell and Josh Lerner (among others). With a background in finance, economic theory and international politics, the author’s primary focus areas are macro perspectives, international economics and US monetary policy. The East Coast Economics blog (www.eastcoasteconomics.wordpress.com) focuses on developments in sovereign bond markets and on the analysis of economic policies of the United States and governments around the world.
Visit the East Coast Economics Blog (http://eastcoasteconomics.wordpress.com/)