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Monthly Archives: June 2007
John Paulson Continues His Quixotic Fight Against Bear Stearns
The Bear
Stearns vs John Paulson saga shows no sign of going away any time soon
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Posted in hedge funds, housing
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Lant Pritchett’s Big Idea
Advocating a huge increase in international labor mobility.
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Posted in development, immigration
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A Closer Look at Cov-Lite Loans
Catherine
Craig has a great, in-depth look today at the "cov-lite" phenomenon
whereby loans are increasingly being syndicated without the restrictive covenants
of yesteryear.
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Posted in bonds and loans
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Art Market Bubble Watch
I’m always very hesitant to call a bubble, but I’m doing that now, with respect to Richard Prince’s latest works.
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Posted in art
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Why Europe is Right on Climate Change
Kay’s proposed solution is… well, Kay doesn’t have a proposed solution. Instead, he asks for “modesty of aspiration and acknowledgement that many uncertainties cannot be resolved”. In other words, absolutely nothing. We can – we must – do better than that.
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Posted in climate change
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Fed: Still Credible
The market increasingly sees a rate hike as possible, but it’s a long way from seeing a rate hike as necessary. The Fed is still ahead of the curve here, which means that its credibility, at least for the time being, is not at issue.
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Posted in fiscal and monetary policy
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Outsize Returns From Investing in Microfinance
Early investors in Compartamos got 100% returns on their investment, compounded over eight years.
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Posted in banking, development
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Monetizing the Obesity Theme
Merrill Lynch has a research
report up on its website on how best to invest in "the emerging obesity
epidemic".
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Posted in healthcare, stocks
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US Population Density Datapoint of the Day
"If every American were given a house on a quarter acre, so that every
family of four had a full acre, that distribution would not use up half the
land in Texas."
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Posted in cities
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How to Write About Companies
A WSJ article has 10 different numbers in the space of two paragraphs totalling 119 words.
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Posted in Media
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Regulating Subprime Mortgages
The Economist’s Free Exchange blog today attacks
Elizabeth Warren, who would
like to regulate the subprime mortgage market. Given the name of the blog,
it’s quite easy to predict where it comes down on such matters. But in fact
the issue is not quite as black-and-white as either the Economist or Dr Warren
might like to think.
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Posted in housing
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Cash Offers vs Stock Offers
Even people who prefer cash, it
turns out, are still more likely than not to hold onto shares if that’s
what they’re given
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Posted in M&A
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Quebec Taxes Carbon
Quebec’s carbon tax isn’t really Pigovian, because it isn’t large enough to noticeably reduce carbon emissions. But it’s a good start, since it’s always easier to increase a “sin tax” than it is to implement one initially.
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Posted in climate change
1 Comment
Don’t Invest in Hollywood
Only a fool would invest in the expectation of making a profit either
in films or in art.
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Posted in Media
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Ford’s Emotional Breakup With Jaguar
How emotional is Ford, now that it’s selling Jaguar and Land Rover?
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Posted in M&A
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The Blackstone IPO, Net Worth Edition
How did Steve Schwarzman end up with so much more of Blackstone
Group than Pete Peterson?
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Posted in private equity
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Lies and GDP Statistics
Statistics are at best an approximation of the truth.
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Posted in statistics
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Goldman in Moscow
Goldman Sachs is a formidable force wherever in the world it operates. So it’s
likely to do well in Moscow, where it’s now announced
plans to add another 25 bankers, at somewhere north of $5m per annum apiece.
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Posted in banking, emerging markets
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What Is Larry Summers Wearing?
David
Leonhardt had an interesting profile of Larry Summers in
the NYT yesterday. Leonhardt reckons that Summers could (and probably should)
become a Democratic Henry Kissinger, intimately involved in policy decisions
despite not having an official government job.
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Posted in technocrats
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How to Make Money From Undrilled Oil
For $350 million a year, Ecuador’s offering not to drill for oil in the Amazon jungle.
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Posted in climate change
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Inappropriate Behavior on Cable TV
The CNBC Million Dollar Portfolio Challenge is a horrible, meretricious abomination.
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Posted in Media
5 Comments
Noise in the Markets, Treasury Sell-Off Edition
Trying to extract a signal from all the noise has become, to all intents and purposes, impossible.
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Posted in bonds and loans
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How to Deal With Rising Healthcare Costs
Should the rich get better care?
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Posted in healthcare
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Jeff Sachs’s Reality Distortion Field
I’m beginning to think that Steve Jobs’s famous Reality
Distortion Field has a rival: that of Jeffrey Sachs.
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Posted in development
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Detroit Shoots Itself in the Foot on Fuel Efficiency
With tougher standards, on the other hand, the Big Three will no longer need to worry about being out-competed on the gas-guzzling side of things, and they can invest more money in more earth-friendly cars. They should be lobbying for this bill, not against it.
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Posted in climate change
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