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U.S. Dollar: Time for Deeds, Not Words

“I believe deeply that it’s very important to the United States, to the economic health of the United States, that we maintain a strong dollar,” Geithner told reporters in Tokyo today. Before I write, I can hear my friend Caroline Baum of Bloomberg ...

From DAVID MERKEL, Seeking Alpha,  12 Nov 2009

Related Topics: OPEC

5 Questions and Compliments for the U.S. Treasury

Haven’t low interest rates boosted speculation and not the real economy?We are looking at big deficits for the next seven years, but what happens when the flows from Social Security begin to reverse seven years out? What is your long-term plan for the ...

From DAVID MERKEL, Seeking Alpha,  28 Oct 2009

Related Topics: United States Department of the Treasury

Toward a New Theory of the Cost of Equty Capital

I have never liked using MPT [Modern Portfolio Theory] for calculating the cost of equity capital for two reasons: Beta is not a stable parameter; also, it does not measure risk well.Company-specific risk is significant, and varies a great deal. The ...

From DAVID MERKEL, ETF Investor,  19 Oct 2009

Opportunities in Dual Share Classes

My research sometimes takes me into the nooks and crannies of finance. I know it is wonky, but I actually enjoy tearing into complex prospectuses in order get a sense of where value is. One of my current projects is on large companies that have more ...

From DAVID MERKEL, Seeking Alpha,  13 Oct 2009

Related Topics: Berkshire Hathaway

Think Twice: How People Are Fooled by Irrelevant Data

Since I met him at a Baltimore CFA Society meeting in 2001, I have appreciated the intelligence of Mike Mauboussin. (My old boss was his roommate in college, so I was told, the name is pronounced “MOE-bus-son.”) He was early to pick up on the value of ...

From DAVID MERKEL, Seeking Alpha,  13 Oct 2009

What Makes for a Good ETF

What makes a good ETF in the long term? My, what a question, driven by the ETFs challenging the limits of what is prudent. Maybe it is easier to start with what makes a bad ETF, then: Headline risk can be eclipsed by credit risk. All ETNs, Currency ...

From DAVID MERKEL, ETF Investor,  9 Oct 2009

Fallen Giant, by Ron Shelp: The Uneven History of AIG

I am glad I read this book, but I found it less than satisfactory. Why? Wait a moment on that question, while I tell you about the book’s strong points, which I appreciated. AIG’s founder was Cornelius Vander (C.V.) Starr, sometimes called Neil Starr. ( ...

From DAVID MERKEL, Seeking Alpha,  3 Oct 2009

Related Topics: Hank Greenberg

Financial vs. Real

I wrote the following this morning for Finacorp clients: “One of the keys to understanding the current environment is that there is a lot of financial liquidity, which obscures a lack of demand for products that are not staples. With unemployment so ...

From DAVID MERKEL, ETF Investor,  2 Oct 2009

What Stories Aren't Being Told?

I did not start blogging in order to start a media career, but sometimes the media finds its way to my door. I received a call Thursday from a reporter for one of the major television networks, and after talking a while, she asked me, “What big stories ...

From DAVID MERKEL, Seeking Alpha,  10 Sep 2009

Related Topics: Chrysler,  Fannie Mae,  Freddie Mac

20 Notes on Current Risk in the Markets

1) A modest proposal: The government announces that they will refinance all debtors. Not only that, but they will buy out existing debt at par, and allow people and firms to finance all obligations at the same rate that the government does for whatever ...

From DAVID MERKEL, Seeking Alpha,  14 Aug 2009

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