epicureandealmaker.blogspot.com - 11/12/2008
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The Dude: "Look, nothing is fucked, here, man." The Big Lebowski: "Nothing is fucked?! The goddamn plane has crashed into the mountain!!" — The Big Lebowski Dealbreaker.com did a nice job yesterday quoting the I-Ching of all earthly wisdom, The Big Lebowski , in its blog post title ...
norris.blogs.nytimes.com - 11/12/2008
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norris.blogs.nytimes.com —
With 60 percent of junk bonds trading as
if default were likely, either some bonds are good...
buys or economic disaster is approaching.
(more)
Overreaction, or Coming Collapse?
reuters.com - 11/7/2008
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reuters.com —
NEW YORK, Nov 7 (Reuters) - Moody's Investors
Service on Friday cut its ratings on MBIA Inc's...
(MBI.N: Quote , Profile , Research , Stock Buzz ) insurance arm and also sent ratings on the holding company's debt into junk territory, citing diminished ...
(more)
Moody's cuts MBIA Insurance to Baa1
| Markets
| ...
calculatedrisk.blogspot.com - 11/16/2008
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calculatedrisk.blogspot.com —
Here is another measure of credit stress. The
following graph shows the spread between 30 year Moody's...
Aaa and Baa rated bonds and the 30 year treasury. The Moody's data is from the St. Louis Fed : Moody's tries to include bonds with remaining ...
(more)
Record Spreads between 30 Year Corporate and Treasury Yields
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Blog Reactions
Harvard veritas
FT Alphaville —
... the entire average2 (Chart 18). There are several reasons for this outperformance, with a large portion of their relative success attributable to their sizeable alternative allocation (34.5%) verses the entire universe of US Endowments (15.3%). Doubly ironic given that much of Harvard’s success has been down to the sheer size of its capital and first to market advantage — two things it may be losing now that hedge funds have started imitating the model and donations are drying up. The Epicurean Dealmaker puts it well: It can be awkward and uncomfortable to rely on the kindness ...
Wednesday links: they are the system
Abnormal Returns —
... “In short, private education in America spends money like a drunken sailor with Warren Buffett’s credit card.” (Epicurean Dealmaker) ...
LinkFest
World Beta - Engineering Targeted Returns and Risk —
... Although I wish Fox would have mentioned Andrew Lo in the book and his AMH.
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My first pass at the FAQ is finally up! email more questions to mf@cambriainvestments.com with FAQ in the subject line.
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My paper just passed 30,000 downloads. Next stop, Market Efficiency, no irony there…
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Does Einhorn have Buffett’s ear?
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Costs of higher education Parts 1, 2, and 3.
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Interesting news that Covestor is launching ...
Related Content
Blaming Moody’s
ritholtz.com 12/7/2008 —
“These errors make us look either incompetent at credit analysis or like we sold our soul to the devil for revenue, or a little bit of both.”
— A Moody’s managing director responding anonymously to an internal management survey, September 2007.
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Moody’s Intrinsic Value
widemoatinvesting.wordpress.com 4/10/2009 — 2008 was a tough year for Moody’s Corporation, with free cash flow (FCF) levels falling to 2003 levels, or $450 million. In our previous analysis, we argued that Moody’s economic moat has shrunk over the last couple of years, as its credit ratings for ...
Credit Crisis Indicators
calculatedriskblog.com 4/3/2009 — Here is a quick look at a few credit indicators: First, the British Bankers' Association reported that the three-month dollar Libor rates were fixed at 1.166%. The LIBOR was at 1.30% a couple of weeks ago, and peaked at 4.81875% on Oct 10, 2008. This ...
Buffett Is Unusually Silent on Rating Agencies
dealbook.blogs.nytimes.com 3/22/2009 — In his annual Berkshire Hathaway letter, Warren E. Buffett recently urged investors to pose tough questions at the shareholders meeting in May. Here is one that The New York Times's David Segal says is on the mind of some Buffett watchers: When are ...
Bond Trading Highest Since ‘07
calculatedriskblog.com 2/20/2009 — From Bloomberg: Bond Trading Highest Since ‘07 as Credit Freeze Thaws Corporate bond trading in the U.S. is rising to the highest level in two years, adding to evidence that credit markets are thawing even with stocks off to their worst start since ...
Armageddon in Corporate Bonds
globaleconomicanalysis.blogspot.com 10/21/2008 — I have been warning everyone about corporate bonds specifically because of rising default risk and rollover risk for quite some time. And indeed Corporate bonds are getting crushed. Here is a chart of Moody's Seasoned Baa Corporate Bond Yield . Baa ...
Rubber Stamp Agencies
economistsview.typepad.com 12/11/2008 — Ratings agencies are supposed to solve market failures, not create them. The market failure arises because in most cases it's prohibitively costly for individual investors to collect and analyze the information they need to make informed judgments ...
What Is Dow Thinking?
dealbook.blogs.nytimes.com 1/28/2009 — Watching Dow Chemical's chief executive, Andrew Liveris, on CNBC Tuesday morning, I felt like I was watching some sort of mockumentary. (Watch the interview here.)
Mr. Liveris was quite adamant that the deal made sense but not at this time, was ...
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