We mustn’t assume that all problems are solvable in the short period. There are problems that we cannot solve or which trying to solve them quickly may do more harm than good. – Friedrich von Hayek on “Meet The Press”,…
We are willing to base our investment thesis on what we believe is the best management team and strongest franchise in the sector, when it is trading at a fraction of TBV [Tangible Book Value]. – Jeff Harte, “Goldman Sachs…
“Bear Stearns is the fundamental issue [today]“. – Joe Keating (subscription required), Chief Investment Officer, First American Asset Management “Bear Stearns has a relatively high degree of reliance on the US mortgage and leveraged finance sectors, and its revenues and profitability…
The Dow is poised to close below 13,000 today for the first time since April. It took about 3 months to get from 13,000 to 14,000 – and it looks like it’s only going to take 19 trading days to…
The Fed today attempted the highly difficult “dovish hike”. What is a “dovish hike”? Think of it as like the triple axel in figure skating or the double clutch in basketball. It’s the gold standard of central banking moves, one…
On Tuesday I wrote: The Street interpreted Best Buy’s results as saying that the American consumer is not dead and will continue to spend on discretionary items. That interpretation seems to have played out this week. The S&P Retail Index…