This post is different, therefore it has to start with a disclaimer. I am not a lawyer. Yes, I am good at reading legal documents, such as securitization agreements, structured securities, insurance contracts, insurance laws and...
Read MoreThis book is the opposite of the book Interest Rate Markets, where bond markets were described, but there was no math. This book was written by an academic who has done many seminars for bond professionals so that...
Read MoreI thought it was bad enough to try to dissuade people from buying life contingent cash flows. Now I get to talk about Non-Traded REITs. This is the first time I heard about them. Doing a little digging, there is...
Read MoreWe can’t rely on US Treasuries? If so, what can you do to preserve purchasing power? I will ignore a variety of exotic strategies/derivatives and focus on things that can be executed by individuals and small...
Read MoreBroker: “I’ve got a block of X Corp bonds offered cheap. You interested?” High Yield Portfolio Manager: “X Corp bonds are going to be downgraded by (S&P/Moody’s/Fitch — pick one or...
Read MoreFrom reading your blog, it isn’t clear whether you are a value investor or a valuation based investor. When you wrote that you would sell something only if you had a better opportunity, it sounds different from a...
Read MoreIn the book This Time Is Different, Reinhart and Rogoff take a more expansive view of default. So do I. To them/me, massive inflation is a type of default. Any means of paying off a debt burden by handing off...
Read MoreI really enjoyed this book. It taught me a lot regarding the four main central bankers and the problems that they faced between WWI and WWII. Add in Lord Keynes and you have real party. WWI Reparations were...
Read MoreAt AIG in the early ’90s on the life side, some of the actuaries had a phrase “economically rational.” When a new person would come into some position of power that we had never dealt with before, we...
Read MoreWhen I was in school, I was the “class brain.” (sigh, I had a hard time with it, but after I became a Christian, I won people over by offering homework help for free) I even have this glow-in-the-dark rubber...
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