Another fun discussion with Henry. As you can see, I have trouble forming an opinion . . .
Note: I have a great deal of respect for Tom Brown — like Dick Bove, another smart guy I hate being on the opposite side of a trade from — but he has simply been way too early in his bottom calls.
Street Fight: Analysts Battle Over the Bottom in Financials
Yahoo, August 12, 2008
RBS slumps to one of biggest losses in UK banking history
Telegraph, 10:35am BST 08/08/20081
Wachovia boosts loss to $9.11 bln, cuts more jobs
Reuters Aug 11, 2008 7:02pm EDT
Michael Price Shorts Citigroup, Sees Few Banks to Buy
Bloomberg, Aug. 12 2008
David Goldman, a portfolio strategist at Asteri Capital, talks about the outlook for the U.S. financial-services industry, the impact of the hedge-fund model on market volatility and his investment advice.
00:00 U.S. economy, consumers, savings
01:24 Hedge-fund model, volatility, "catastrophe"
04:10 Banking volatility, credit crisis outlook
08:20 Hedge fund vs. private equity model: AIG
09:55 Merrill’s balance sheet; mortgage securities
12:42 Off-balance-sheet entities; bank solvencies
15:59 Outlook for banking illiquidity, hedge funds
18:06 Expense to tax payers; investment advice
Running time 20:03
Asteri’s Goldman Says Credit Crisis `Only Now Beginning’: Audio
Bloomberg, August 13, 2008 19:24 EDT