There’s an amusing story today about bonus policies at Credit Suisse: Credit Suisse Group AG’s investment bank has found a new way to reduce the risk of losses from about $5 billion of its most …
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December 12, 2008
Volume continued heavy today, but should start slowing next week. Still, the deadline for tax-loss selling is Wednesday Dec 24, so we shall see! PerpetualDiscounts now yield an average of 6.99% 7.99% pre-tax, equivalent to …
December 9, 2008
With all this rate-cutting, here’s a little bit of history for you: Four-Week US T-Bills were auctioned off at 0% today. A big fat zero, to three decimal places. Preferred share volume remained heavy today …
MAPF Performance: November 2008
The fund handsomely outperfomed its benchmark in November, but was dragged down by an unprecedented decline in preferred share prices. The immense volatility of the market is leading to most unusual trading opportunities. How bad …
December 4, 2008
Assiduous Readers will know that I am not averse to a little bit of stimulus in this lousy economy. Deficits are fine, provided they’re backed up with credible research showing a good healthy surplus through …
December 3, 2008
Econbrowser‘s James Hamilton reviews 5-Year TIPS, which have been showing some rather unusual behaviour recently: on Monday, the TIPS yield fell 214 basis points, while the nominal yield was down only 22 basis points, leaving …
December 2, 2008
Bloomberg reports: The U.S. Securities and Exchange Commission may act to curb conflicts of interest at credit-rating companies while delaying a mortgage-bond ranking proposal faulted by underwriters, two people familiar with the matter said. SEC …
MAPF Portfolio Composition, November 2008
Trading was heavy in November as a disorderly decline in a confused market brought many opportunities to the Fund, although there was a decline from October’s extraordinary level of activity. Trades were, as ever, triggered …
November 27, 2008
Spend-every-penny announced today that the proper manner to fight imminent recession is to cut government spending, end the right to strike for civil servants and eliminate the pension problem by eliminating the rules. After thirteen …
November 20, 2008
Lasse Heje Pedersen writes a good review piece on VoxEU, Liquidity risk and the current crisis: the meaning of liquidity risk is clear. Market liquidity risk is the risk that the market liquidity worsens when …