Posts filed under “Analysts”
Okay, kids, gather round: I have in my hands your weekend reading assignment, and its a doozey:
Dylan Grice, former Société Générale strategist (and Big Picture conference speaker) collection of Popular Delusions essays. The work covers the period from 2009 to 2012 and runs 244 pages long.
It is chock full of terrific stuff. Topics range from Valuation/Portfolio construction, Euro Crisis, Japan, Asia, Gold, Commodities, Books and Philosophy.
I do not think this is a public link but I will see if I can get permission to post a PDF . . .
While Hooey-Peddling Agencies Are Rewarded The big 3 government backed ratings agencies (technically known as Nationally Recognized Statistical Rating Organization) – S&P, Moody’s and Fitch – all committed massive fraud, which was a prime cause of the 2008 economic crash. They took bribes for higher ratings, “sold their soul“, engaged in a “culture of covering…Read More
Throw back the little ones And pan fry the big ones Use tact, poise and reason And gently squeeze them -Steely Dan, Throw back the Little Ones The WSJ is reporting that the Securities and Exchange Commission has suspended small ratings firm Egan-Jones from issuing any “official ratings” on bonds issued by countries, U.S. states,…Read More
Dr. David P. Kelly of JP Morgan Asset Management quarterly deck is out. Its a regular favorite of mine, laden as it is with great charts that look at the very long term. You can download the entire 69 page deck here. click for ginormous chart Source: JP Morgan Funds
Source: Adam Parker, Morgan Stanley Today’s absurd datapoint comes from Slate’s Moneybox: 88% of the S&P500 earnings growth for 2012 came from just 10 firms. Just four companies—Apple, AIG, Goldman Sachs, and Bank of America—together provided a majority of overall earnings growth among large-cap companies. Source: Four Companies That Together Provided Most of…Read More
I moderated a few panels at the PEW conference in DC this summer with Sheila Bair — and the stand out to me was Laurie Goodman. I think this quote today sums up the Housing recovery meme perfectly: “While we have seen many dramatic headlines touting the housing recovery over the past 3.5 years,…Read More
Wall Street pays QE3 no mind Source: Merrill Lynch Merrill Lynch’s Equity & Quant Strategist, Savita Subramanian, notes that Wall Street is still excessively bearish, and that this remains a reliable contrarian indicator: The Sell Side Indicator is based on the average recommended equity allocation of Wall Street strategists as of the last business…Read More
In light of the California bankruptcies and the usual belated downgrades comes this nice overview on Municipalities from UBS analysts Thomas McLoughlin and Kristin Stephens, titled Municipal Bonds: City credit quality reconsidered. They did a screen of credit quality via the Merritt Research database of 284 cities, and note come to the oft overlooked conclusion…Read More
Two reports from different wirehouses caught my eye yesterday due to their amazing Yin and Yang nature. First up, the always excellent Equity & Quant Strategist at BAML, Savita Subramanian (the Yin), issued a report titled Wall St. Proclaims the Death of Equities. The report discusses the firm’s proprietary sell-side indicator, which has reached near…Read More
Equity prices & bond yields since 1900 I don’t often give props to big Sell Side firms, but today I must make an exception. Merrill Lynch’s Equity Strategy group put out The Longest Pictures: Picture Guide to Financial Markets Since 1800 this week. Its a 102 page doozy looking at every asset class and country going back…Read More