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What Caused the Financial Crisis?

September 16, 2018 Comments (0)

Photo Credit: Alane Golden || Sad but true — the crisis was all about bad monetary policy, a housing bubble, and poor bank risk management======================There are a lot of opinions being trotted around ten years after the financial crisis.  A lot of them are self-serving, to deflect blame from areas that they want to protect.  What you are going to read here are my opinions.  You can fault me for this: I will defend my opinions here, which haven’t changed much since the financial...

The Balance: Short Selling Stocks- Not for the Faint Hearted

September 5, 2018 Comments (0)

Photo Credit: Heather Wizell || Ah, Wallstrip with Lindsay Campbell (look at the microphone…)===========================================Here’s another article that I edited at The Balance: Short Selling Stocks- Not for the Faint Hearted.  The original author started out conservative on the topic, and I took it up another notch.For this article, I:added the information about changes to the uptick rule (which did not reflect anything post-2006),corrected a small math error,made the...

The Balance: Are You a Speculator or an Investor?

September 1, 2018 Comments (0)

Photo Credit: Bernard Spragg. NZ || Ah, Hong Kong. Home to speculation and Investment.==========================One thing to do at The Balance is fix old articles.  This article compares speculators and investors.  What I brought to this article was the following:Change the phrasing from trading to speculating to be more pointed.Add more and better criteria to what an investor does.Added the entire section “What To Do”Added a picture and more links.  Corrected grammar in a few spots...

The Balance: Considering Event-Driven Investing

September 1, 2018 Comments (0)

Photo credit: miltarymark2007===========================I published another article at The Balance: Considering Event-Driven Investing.  This is one place where writing in the third person leaves a lot out.  I’ve done a lot with some types of event-driven investing.Speculating on hurricanes — I did that successfully at the hedge fund 2004, 2005 and 2006.  2006 because I thought the risk of another strong hurricane year was overplayed.  2004 and 2005 because I had a good idea of who...

The Best of the Aleph Blog, Part 42

August 24, 2018 Comments (0)

Photo Credit: michel D’anastasio=========================In my view, these were my best posts written between May 2017 and July 2017:The Biggest Problems For Investors TodayThe “two-minute question” with a half hour response.Perceived Versus Real Risk ToleranceWhy questions about objective measures of risk tolerance need to be asked before querying someone about their subjective risk tolerance.Overvaluation is NOT Due to Passive InvestingActive managers as a group are very...

The Best of the Aleph Blog, Part 41

August 22, 2018 Comments (0)

Photo Credit: Renaud Camus=========================In my view, these were my best posts written between February 2017 and April 2017:Problems with Constant Compound Interest (6)It is very difficult to get a high real rate of return over a long time.  This article peels apart the math, and brings out the quantitative factors that play a role in the analysis.Yield = Poison (3)When the yield premiums for taking most forms of additional risk are too low, it’s time to take much less risk, and...

The Best of the Aleph Blog, Part 40

August 21, 2018 Comments (0)

Photo Credit: michel D’anastasio======================In my view, these were my best posts written between November 2016 and January 2017:When I was a Boy…Can lessons from the distant past illumine the future?  I think so.On Long-Term Corporate InvestmentsThis is timely.  Are US firms too short-term in their orientation? No.  To be more controversial, if companies in the rest of the world imitate the US, they will be better off.  They don’t push the present hard enough, and the...

The Best of the Aleph Blog, Part 39

August 16, 2018 Comments (0)

Photo Credit: michel D’anastasio====================In my view, these were my best posts written between August 2016 and October 2016:What to do when Ethics are DiscouragedEight ways to promote ethics where it is not popular.On Pricing Grids, Part 1On Pricing Grids, Part 1aOn how to price illiquid bonds, and why GAAP accounting does not matter for financial stock prices.The Cash Will Prove ItselfOn Donald Trump, during a time in 1990, when he said in the midst of a personal business...

The Balance: On Private Activity Bonds

August 10, 2018 Comments (0)

Photo Credit: Thomas Hawk=================For about two months, I wondered when I would write this.  Now I know… I’m writing it now.  To all my readers, I am letting you know that Aleph Blog is not ending, but it is changing.  I accepted a writing assignment with The Balance.  I am going to write 4-5 articles for them per month, and correct some old articles as well.  I will publish links to them here.  Like Aleph Blog, The Balance is free, so you don’t have to do anything...

The Best of the Aleph Blog, Part 38

August 10, 2018 Comments (0)

Photo Credit: michel D’anastasio===============In my view, these were my best posts written between May 2016 and July 2016:You Can Get Too PessimisticIn general, I think there is no value in preparing for the “total disaster” scenario if you live in the developed world.  No one wants to poison their own prosperity, and so the rich and powerful hold back from being too rapacious.<snip>The sun will rise tomorrow, Lord helping us… so diversify and take moderate risks most of time.Risk...