This is a ChatGPT-free Zone
I’ve read the 1934, 1940 and 1988 editions of Securities Analysis but haven’t read the 1951 and 1962 editions. For whatever reason, they slipped through the cracks. I really love the 1934 edition because it is the first edition and really digs into what went wrong in the 1920s and early 1930s (sounds exactly like the…
As a long time Wall Street apologist, how can I not comment on this Knightmare (KCG)? Here are some of my quick thoughts on this. HFT, Trading Bots Killing Markets First of all, there is a lot of commentary about how the HFTs and algorithms are killing the markets and scaring investors away from the…
Last November, I wondered if Nomura should abandon their global ambition and just focus on their domestic business. I have thought that for a long time since they have run into problem after problem over the years in their overseas business. The recent insider trading scandal forced the resignations of the CEO and COO and…
So I was travelling a little bit and wandered around in a large mall nearby (living in NYC, I don’t do malls that often) and took some interesting pictures. OK, maybe not so intesting to most of you. There is nothing new here as this is something we all know: Apple stores are always packed and…
(Warning: The above title is a title of a blog post, not a news headline!) OK, so I asked in my last post if GS would be better off as part of a bigger bank and I couldn’t put that thought away. In the past there were rumored merger partners like Wachovia (that was just…
Bank of America announced their earnings and it looks OK. Of course, there is still an issue with low interest rates and loan growth like at other banks. This is not intended to be a full recap of BAC’s second quarter. I don’t want to comment on every quarterly announcement of companies I talk about…
So I keep hearing people say that Wall Street firms exist only for their employees. One guy on Bloomberg TV said that GS only exists for it’s employees; why not get that compensation down and return some of it to shareholders? As proof that GS exists only for the employees, he states that compensation is…
Howard Marks was on Bloomberg TV yesterday and it was a great interview. I think Bloomberg TV is way better than CNBC these days as they seem to ask better questions and give the guests more time to answer questions (rather than trying to make them say things that the interviewer wants to hear, or…
This must have been one of the most anticipated corporate conference calls ever. I have to admit to looking forward to it too. Anyway, we finally see the big number. This is not a summary of the conference call which lasted two hours, but just some thoughts. Whale Loss Rumors of losses were as high as…
OK, I have to stop with these misleading post titles. You can’t really do a stub trade on Bank of America (BAC) as a stub can only happen when the piece you want to back out is publicly traded. Anyway, with News Corp breaking up (after repeatedly saying it’s not going to happen) and many…