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Winners and Losers
Kevin Drum - Mother Jones (Free subscription) | 05/11/2009
Felix Salmon is back from vacation and he's tanned, rested, and ready. Today he notes that Goldman Sachs and Wells Fargo made big money on interest rate swaps last quarter and asks: And there’s another question, too: if the likes of Wells Fargo and Goldman Sachs are making billions on these swaps, who’s on the other side of the trade? Who lost billions of dollars by swapping...
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Sunday links: hard knocks
Abnormal Returns (Free subscription) | yesterday
Jim Chanos hates muni bonds. (Barron’s also A Dash of Insight) The global gold rush is on. (Green Sheet, The Reformed Broker) Are ETFs causing a bubble in emerging markets? (WSJ) Felix Salmon, “Mutual funds are moving away from being a mass-market product, and becoming more of a niche product aimed at elderly investors who don’t know any [...]
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Buffett’s Bailouts
The Big Picture (Free subscription) | 07/11/2009
I had lunch last week with Rolfe Winkler, who is an up and comer in the blog world, a thinking man’s Felix Salmon. He is similarly annoyed with St. Warren — but rather than engage in my sophmoric venom spew, he went to the spreadsheet to discover that Buffet owns major stakes in 8 companies that [...]
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Doing Due Diligence on Galleon
SeekingAlpha.com (Free subscription) | yesterday
Felix Salmon submits: I’m late to Sam Jones’s article about investors who did due diligence on Galleon and decided to stay away, but I think it raises a number of silly ideas which ought to be put to rest. First, it’s worth noting that, ex post, this kind of exercise can be done on any hedge fund. The vast majority of hedge-fund investors, and all big ones, do some...
- Doing due diligence on Galleon - FelixSalmon.com
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Thursday links: the carry trade
Abnormal Returns (Free subscription) | 05/11/2009
Felix Salmon, “..every move upwards in US stocks or gold or the Aussie dollar or junk-bond indices is another step in exactly the wrong direction: it’s a step towards yet another massive crash. And it’s all being turbo-charged by Fed policy.” (Felix Salmon) Hedge funds have been prime beneficiaries of this ‘carry trade’ as their returns...
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Mutual Fund Fee Datapoint of the Day
SeekingAlpha ETFs (Free subscription) | 06/11/2009
Felix Salmon submits: What happened to mutual-fund fees and expenses in the wake of the financial crisis? Lipper has crunched the numbers , and it seems that the tumble in the stock market didn’t have much effect on expenses: Surprisingly, the median management expense for most asset classes was largely unchanged from 2008 levels; most exhibited changes of +/- a few tenths of a...
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Former Goldman Sachs (GS) chief Jon Corzine's loss of the New Jersey governorship prompts Felix Salmon to recount a brief history of Goldman heads.
Seeking Alpha (Free subscription) | 04/11/2009
Former Goldman Sachs ( GS ) chief Jon Corzine's loss of the New Jersey governorship prompts Felix Salmon to recount a brief history of Goldman heads . 1 comment!
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Why There Can't Be a Cap on Bank Capital Ratios
SeekingAlpha.com (Free subscription) | 05/11/2009
Felix Salmon submits: I don’t understand much of the mathematics in Nassim Taleb’s new paper , co-written with Charles Tapiero. But still I fear that the paper’s main point is hidden in a blizzard of equations: Complete Story »
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Those Lucrative Interest-Rate Hedges
SeekingAlpha.com (Free subscription) | 05/11/2009
Felix Salmon submits: Peter Eavis notes something quite astonishing today: The interest rate on [Goldman's] long-term borrowings was a minuscule 0.92% in the third quarter, down from 3.53% in the third quarter of 2008. This $203 billion of debt is Goldman’s largest single funding source, so as its cost plunges, its bottom line benefits… Complete Story »
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Spotting the next crash
The Economist (Free subscription) | 05/11/2009
But is that the real threat? FELIX SALMON, back from a long blog vacation, is keeping his eyes open for the next big crash, and he thinks his old boss Nouriel Roubini has spotted a good candidate:Nouriel’s analysis is quite compelling, given the way the carry trade works. In its most harmless form, people borrow at low rates in a funding currency and then invest the proceeds in...
Explore : Money
- The roots of the coming crash - FelixSalmon.com
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Congratulations McClatchy, You Made Hating Goldman Uncool
The Business Insider (Free subscription) | 05/11/2009
... to paint Goldman as evil, or potentially criminal. We were unimpressed, and so was squid-critic Felix Salmon , as was The Economist's Ryan Avent , who wrote: I continue to hope that real regulatory reform will limit the size and influence of the firm. But this constant search for the next example of Goldman's evil nature is becoming unhelpful. Basically, to use a cliche, hating on...
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Schwab's ETF Innovation
SeekingAlpha ETFs (Free subscription) | 04/11/2009
Felix Salmon submits: Charles Schwab has an interesting new idea: ETFs which are commission-free for Schwab brokerage clients. Ron Rowland is enthusiastic: Just as no-load no-transaction fee mutual funds changed the mutual fund landscape, commission-free ETFs will forever alter the way that ETFs are perceived. With this one change, nearly every argument in favor of mutual funds instead...
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Goldman-Style Public Service
Political Wire (Free subscription) | 04/11/2009
With Jon Corzine now ending a very unpopular run as New Jersey governor, Felix Salmon looks at the other former Goldman Sachs heads who tried their hands at public service. "Looking at the list, it seems to comprise men who are very long on hubris, and who have no doubt that if they can run Goldman Sachs, they can do anything else, with normal rules not really applying to them. All...
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Throwing Up In The Wastebin by digby...
Hullabaloo (Free subscription) | 04/11/2009
Throwing Up In The Wastebin by digby In the wake of Corzine's loss last night it's worth musing a little bit about the fates of other Uber-Masters of the Universe --- former Goldman Sachs chairmen. Felix Salmon takes a look. I especially enjoyed his take on Paulson: Paulson’s post-Goldman career, of course, was spent as the Treasury secretary who oversaw the biggest financial meltdown...