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Monthly Archives: June 2007
Why Blackstone Won’t Skyrocket Today
The main reason that the offering is oversubscribed is, well, that it’s oversubscribed.
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Posted in private equity, stocks
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How the Subprime ABX.HE Index Works
What it all adds up to is something which is not necessarily representative
of anything much at all. But it’s the best we’ve got, so it’s what people use.
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Posted in bonds and loans, housing
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Bear Stearns: The Satire Begins
That Euromoney award to Bear Stearns for Best
Risk Management? It’s real.
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Posted in banking
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Blackstone: The First of Many Private Equity IPOs
Take $170 million from taking Blackstone public, another $200 million or so from KKR, and a few hundred million more from Apollo and TPG and Carlyle and everybody else who’s looking to IPO – and soon you’re talking real money.
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Posted in banking, private equity, stocks
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Hedge Funds: It Is Who You Know, After All
Former CNBC anchor Ron
Insana is set to make millions of dollars not on the grounds of any
particular strategic insights, but just because
of who he knows.
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Posted in hedge funds
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The Economist on Carbon Taxes vs Cap-and-Trade
The Economist, surprisingly, and disappointingly, has come out in
favor of carbon taxes over a cap-and-trade regime.
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Posted in climate change
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Do Covenants Provide Real Creditor Protection?
Could it be that creditor protections are not ever and always a good idea, from the point of view of lenders?
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Posted in bonds and loans
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Will the Prime Brokers Lose Money on the Bear Stearns Funds?
There’s a very scary tidbit hidden at the bottom of the NYT
coverage of the Bear Stearns mortgage mess today:
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Posted in banking, bonds and loans, hedge funds
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Comparing Economies
New Amsterdam (a/k/a New York) is
indeed more similar to Old Amsterdam than it is to Amsterdam,
Missouri (median household income: $29,821) or Amsterdam,
Ohio (median household income: $24,583).
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Dow Jones Takes One Step Towards a Sale
Who knew? Apparently the board of Dow Jones is good for something after all:
the WSJ’s Sarah
Ellison is reporting that they’re going to take over the negotiations with
Rupert Murdoch.
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Posted in Media
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The Philanthropic and Societal Value of Corporations
The social value of Windows is surely not proportional to Microsoft’s monopolistic profits.
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Posted in development
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The 100-mpg Car
Google.org, the philanthropic arm of Google, has already awarded $1 million
in grants in the field of plug-in
electric cars, and it’s now dangling
a $10 million carrot, saying it wants to help develop a car which gets 100
miles to the gallon.
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Posted in climate change, technology
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Bear Funds Being Liquidated: Who Wants to Buy?
It will take a brave and aggressive investor to enter this market today. On the other hand, there are lots of brave and aggressive investors out there.
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Posted in bonds and loans, hedge funds
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Selling Stadium Seats
There’s nothing new about the plan to finance Yankee Stadium by the sale of seats.
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Posted in economics
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The Newly-Normal Treasury Curve: Good News or Bad News?
If the yield curve is starting to look normal, the spread curve is likely to move back to a more normal shape too, sooner or later. I’d be much happier in Treasuries right now than in credit.
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Posted in bonds and loans
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Why Bearish Forecasts are Meaningless
What I’d dearly love to see from some of these people is something they’ll
never provide: call it falsifiability, in a nod to Karl Popper.
Ask yourself if there’s any conceivable state of affairs which would prove these
people wrong. If the answer’s no, then frankly their warnings are pretty meaningless.
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Posted in bonds and loans
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Is there a word for this?
It happens at Amazon, it happens at my local grocery store (sorry about the colour — it’s a cellphone pic), and it happens every day all over the world. But is there a name for it?
Posted in Econoblog, Not economics
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The Whole Foods Complaint: Weak
There is nothing compelling in the FTC complaint. The idea that Whole Foods and Wild Oats have a monopoly on pleasant shopping experiences and therefore should be banned from merging is laughable on its face.
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Posted in M&A, regulation
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Signs of Caution in Private Equity?
The fact that some private-equity companies dropped out of the bidding for HD Supply should not be taken as a sign of weakness.
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Posted in private equity
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Anecdote Inflation
What’s $10 million between friends anecdotes?
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Posted in bonds and loans, private equity
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Arrogance + Insecurity = Success, Steve Jobs Edition
Underneath Jobs’s arrogance is always the ability to admit that he was wrong. And that is one key to his company’s recent success.
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Posted in technology
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The A380: Not the World’s Most Convenient Private Jet
Some bright spark with more money than sense has just dropped $300 million
on an Airbus A380 superjumbo jet – for
his personal use.
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Posted in consumption
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Is Citigroup Too Big?
If a strong leader could communicate a simple and effective vision for the company, the calls for its breakup would soon cease.
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Posted in banking
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Steve Schwarzman Basks in the Limelight
Steve Schwarzman manages to find time in his schedule for being feted by the rich and famous.
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Posted in private equity
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Monday Links Do The Twist
Enough links to keep anybody happy for at least an hour.
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Posted in banking, cities, development, economics, Media, personal finance, remainders, technology
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