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1440 Wall Street

  • Bill Miller Still In The Basement Over Trailing Twelve Months

    Bill Miller's shareholder letter a year ago was full of excuses...Bill rode a momentum market in the late 90's but was blaming the go-go players for chasing the hot stocks, and expected he would prosper once the worm turned:

    For investors who are trend followers, or theme driven, or [...]
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    Posted: April 20, 2009, 11:51pm EDT

  • Is Car Czar Rattner Roadkill?

    Is President Obama going to have to find a new Car Czar to impose his will on the unfortunate residents of the Motor City? The latest news to hit the Obama administration is not going to going over well in Michigan - and their disgust level might head off the [...]
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    Posted: April 17, 2009, 2:29am EDT

  • Ten Guidelines from Richard Bernstein on His Final Day at Merrill

    Is Richard Bernstein the best strategist on the Street? Not in my book, but we will cut him some slack today - after all it is his last day at Merrill Lynch.

    He is distilling his 20 years at Merrill into 10 investment guidelines:

    Tomorrow will be my [...]
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    Posted: April 15, 2009, 5:59pm EDT

  • Credit Suisse Unveils New “Fear Barometer”

    Are the days of the VIX numbered? No, of course not, but Credit Suisse's top notch equity derivatives team is rolling out a new product tailored to institutional clients that they might find more helpful as a hedging tool. And while it might not capture mindshare with the odd-lotters, chances [...]
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    Posted: April 15, 2009, 1:50am EDT

  • FAS 160: The Special Sauce for Investors in Financials

    Are you hungry for more info on how Wells Fargo set the table for the other financials? Sleuths all over the Wall Street continue to scratch their heads over Wells Fargo surprise pre-announcement, including the gumshoes at the Housing Wire, in a follow up to their earlier piece.

    It [...]
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    Posted: April 13, 2009, 8:40pm EDT

  • Free Money Good for Bank Earnings, says Faber

    Sooner or later we will get around to recapitalizing the banks - while you might get to eat free government cheese, the banks get free money. And according to widely quoted pundit Marc Faber, it will keep this market aloft it appears despite the overbought stochastics and whiny bears:

    [...]
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    Posted: April 13, 2009, 4:32pm EDT

  • Wells Fargo Romps as Bulls and Bears Square Off

    Last week's holiday shortened trading week was full of drama - the recent equity raises for several REITs provided some hope for the bulls, who will need to see their favorite stocks and sectors recapitalized before adding to positions in the hat sized stocks in their portfolios. The rumors are' [...]
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    Posted: April 10, 2009, 11:49pm EDT

  • Did Obama Throw Michigan Under the Bus?r

    Life ain't fair, particularly if you live in Michigan. The state rallied around the President and helped elect him, and he paid them back by picking UNC over MSU in the NCAA Basketball Finals. Obama's other known pick, car czar Steven Rattner, is working quickly to [...]
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    Posted: April 08, 2009, 10:05pm EDT

  • Did Obama Throw Michigan Under the Bus?

    Life ain't fair, particularly if you live in Michigan. The state rallied around the President and helped elect him, and he paid them back by picking UNC over MSU in the NCAA Basketball Finals. Obama's other known pick, car czar Steven Rattner, is working quickly to' [...]
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    Posted: April 08, 2009, 10:05pm EDT

  • Government Job Fair Targets Down and Out Wall Streeters

    The wipeout on Wall Street has taken a major toll on headcount, and with many severance packages about to run out, ex-Masters of the Universe have some tough decisions to make. Like which government agency they want to work for:

    Underscoring Washington’s appeal as the financial industry shrinks, about [...]
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    Posted: April 08, 2009, 5:39am EDT

  • Government Job Fair Targets Down and Out Wall Streeters

    The wipeout on Wall Street has taken a major toll on headcount, and with many severance packages about to run out, ex-Masters of the Universe have some tough decisions to make. Like which government agency they want to work for:

    Underscoring Washington’s appeal as the financial industry shrinks, about [...]
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    Posted: April 08, 2009, 5:39am EDT

  • Toxic Assets Plans: Opportunity or Landmine?

    The skepticism in the blogosphere and media over BuySide participation in the Treasuries toxic asset plan runs deep, and today's announcement (which clarifies participation in legacy securities) is being taken as a sign nobody wants in - but Treasury has been working behind the scenes to reach out to smaller' [...]
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    Posted: April 06, 2009, 5:55pm EDT

  • Toxic Assets Plans: Opportunity or Landmine?

    The skepticism in the blogosphere and media over BuySide participation in the Treasuries toxic asset plan runs deep, and today's announcement (which clarifies participation in legacy securities) is being taken as a sign nobody wants in - but Treasury has been working behind the scenes to reach out to smaller [...]
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    Posted: April 06, 2009, 5:55pm EDT

  • Obama’s World Tour Rolls on

    The Europeans and rest of the World apparently are getting what they wanted from the U.S. - a deep bow and words of contrition. But they are treating President Obama like a rockstar....they are fawning over him like a bunch of school girls at a Beatles concert circa 1964. Can [...]
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    Posted: April 06, 2009, 12:04am EDT

  • New Bull Market? Bankers Come Out of Hiding as Rosetta Stone Files IPO

    Is this a new bull market? Apparently Francois Trahan of ISI Group thinks so:

    Many will argue that this is just an oversold rally, the likes of which we have seen several times. We would argue this one has different characteristics. It is the first [...]
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    Posted: April 02, 2009, 5:15pm EDT

  • Showtime: One Shining Moment for the Motor City

    This weekend's Final Four tournament will be a welcome respite from unending gloom and doom. Or maybe not - it is in Detroit, afterall, which is like a pimple that cannot be concealed under a ton of makeup. Yes, things are bad in Detroit, but the Home of Tommy [...]
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    Posted: April 02, 2009, 7:19am EDT

  • Ex-Vitol Oil Trader to Launch Hedge Fund As SemGroup Investigation Wraps Up

    The death of the "commodity supercycle" has one of the bigger stories of the last year - speculative trading, compounded by frenetic activity in the derivatives markets overwhelmed the physical markets, leading to the biggest booms and busts we have ever witnessed in a wide range of commodities.

    The [...]
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    Posted: March 31, 2009, 8:01am EDT

  • G20 Sujmmit Our Last Chance, says Soros

    George Soros is famous for lower back pain...and while his son like to tease him about it, his back seem to be a better trading tool than anything developed by rocket scientists on Wall Street. And he is finally explaining why his back tends to ache at inflection points in [...]
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    Posted: March 29, 2009, 1:50am EDT

  • G20 Summit Our Last Chance, says Soros

    George Soros is famous for lower back pain...and while his son like to tease him about it, his back seem to be a better trading tool than anything developed by rocket scientists on Wall Street. And he is finally explaining why his back tends to ache at inflection points in [...]
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    Posted: March 29, 2009, 1:50am EDT

  • G20 Summit Our Last Chance, says Soros

    George Soros is famous for lower back pain...and while his son like to tease him about it, his back seem to be a better trading tool than anything developed by rocket scientists on Wall Street. And he is finally explaining why his back tends to ache at inflection points in [...]
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    Posted: March 29, 2009, 1:50am EDT

  • The Other Crime of the Century: 2008’s Short Squeeze in Oil

    There have been some remarkable swindles over the past year - Madoff, AIG etc etc. But the one that ravaged everyone's pocketbook directly hit last summer.

    The spike in oil to nearly $150 last July was breathtaking. And it was a killer blow to consumers around the world - [...]
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    Posted: March 27, 2009, 3:50am EDT

  • Daniel Hannan Unloads on Gordon Brown

    Ron Paul has quite a fan club across the U.S., and it appears Daniel Hannan is a chip off the old block - the Ron Paul of England?

    He is my cup of tea. Check him out schooling Gordon Brown yesterday:



    My speech to Gordon Brown [...]
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    Posted: March 26, 2009, 2:52am EDT

  • Debacle in Hedgistan - Average Compensation Falls to $794,000

    Why are we whispering? Because Alpha Magazine's annual compensation survey numbers are out - and while compensation in Hedgistan is down, so is the average the average house price in East Hampton. Given that we will be hard pressed to avoid deflation, hedgies will probably witness an increase in purchasing [...]
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    Posted: March 25, 2009, 8:01am EDT

  • Chanos Takes to the Airwaves

    Jim Chanos of Kynikos Associates probably has more street cred than anyone running a brokerage firm or vanilla buyside shop on the Street these days - he has earned his place in the discussion given that he is indeed one of the good guys, even if you are occasionally on [...]
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    Posted: March 24, 2009, 10:45pm EDT

  • Obama to Wall Street: xoxo

    Was the rally all Geithner related? Of course not. The scary days of a few weeks ago, when sellers whacked health care equities left and right and panicked over everything else on their sheets, have been replaced by a new marketing/PR campaign, just in time to launch a thousand ships.
    [...]
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    Posted: March 24, 2009, 7:44am EDT

  • Geithner Unveils the Public-Private Investment Program

    Treasury Secretary Geithner's Public-Private Investment Program has been a long time coming - the market was anticipating the unveiling at the end of February, and it is finally upon us. Softening rhetoric on executive pay should combine with Geithner's plan to spark a rally...lets see [...]
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    Posted: March 23, 2009, 6:52am EDT

  • Spitzer Gets in on the D.C. Circus Act

    While an out of control Congress remains my biggest fear at the moment, I am troubled by the resurgence of people that I thought were dead and buried. Would AIG have blown up the world if Eliot Spitzer would have left Hank Greenberg alone? We will never know. But Eliot [...]
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    Posted: March 22, 2009, 8:03pm EDT

  • Ratings Agencies to Cash in on the TALF

    The ratings agencies no doubt love the attention that has been focused on AIG over the past week, but they could soon have there place in the hotseat when Main Street catches wind of this - a coming windfall from rating the governments TALF program....which might not exist if the [...]
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    Posted: March 20, 2009, 6:42am EDT

  • Ratings Agencies to Cash in on the TALF

    The ratings agencies no doubt love the attention that has been focused on AIG over the past week, but they could soon have their place on the hotseat when Main Street catches wind of this - a coming windfall from rating the government's TALF program....which might not exist if the [...]
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    Posted: March 20, 2009, 6:42am EDT

  • Bernanke Ends His Dithering, Decisively

    Today was a huge day, even for a market that has seen history unfold at a blistering pace over the last 18 months. While I am often too pragmatic to put much faith in the writings of dead economists, it has been an interesting few months of reacquainting ourselves with [...]
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    Posted: March 18, 2009, 10:01pm EDT

  • Goldman Sends out B-Team to Answer AIG Questions

    People have finally connected the dots between AIG and their counterparties, most notably Goldman Sachs. And Goldman is finally responding to the firestorm - although the answers are vague and their head pitbull, Lucas van Praag, who has defended the firm to every criticism the past [...]
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    Posted: March 18, 2009, 5:06pm EDT

  • Goldman Sends out B-Team to Answer AIG Questions

    People have finally connected the dots between AIG and their counterparties, most notably Goldman Sachs. And Goldman is finally responding to the firestorm - although the answers are vague and their head pitbull, Lucas van Praag, who has defended the firm to every criticism the past [...]
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    Posted: March 18, 2009, 5:06pm EDT

  • Hammer Time? Not in my House

    Traditionally ex-Treasury Secreatary's of the United States have had a voice in shaping policy decisions after they left, or at least being accorded a stage to voice their views. But Hank "Hammer" Paulson is not a typical ex-government employee. The stench from his tenure as the head of Goldman Sachs' [...]
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    Posted: March 18, 2009, 6:45am EDT

  • AIG Puts Goldman Sachs Back in the Limelight

    At the end of September Gretchen Morgenson of the New York Times took Goldman to task, publishing an article stating that they had as much as $20 billion in exposure to AIG, and that the dealings and AIG's subsequent exposure came close to "blowing a hole" in Goldman's balance sheet. [...]
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    Posted: March 16, 2009, 7:25am EDT

  • 60 Minutes: Chairman Bernanke Interview

    Bernanke's interview on 60 Minutes gave us a nice peek inside the Fed's imposing headquarters, and of his hometown, but did little more than to attempt to calm jitters and buy time with his Main Street constituency. Ben is a nice guy - lets hope that doesn't mean we finish' [...]
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    Posted: March 16, 2009, 12:55am EDT

  • 60 Minutes: Chairman Bernanke Interview

    Bernanke's interview on 60 Minutes gave us a nice peek inside the Fed's imposing headquarters, and of his hometown, but did little more than to attempt to calm jitters and buy time with his Main Street constituency. Ben is a nice guy - lets hope that doesn't mean we finish' [...]
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    Posted: March 16, 2009, 12:55am EDT

  • The Triumph of Paulson/Mack

    As Treasury Secretary Hank Paulson favored Goldman Sachs at every turn. Morgan Stanley's John Mack lobbied for a short sale ban that put a hurt on huge Hedgistan in mid-September, although it was probably the other SellSide prop desks shorting his stock, if not a figment of his imagination. But [...]
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    Posted: March 15, 2009, 3:58am EDT

  • Crazy Days at TheStreet.com

    The Jon Stewart vs. Cramer episode is over, and perhaps Cramer can spend his time productively returning TheStreet.com to its glory days. The rise of blogs and the implosion in the advertising market have taken a toll on the organization, and the resignation of the CEO today is the first [...]
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    Posted: March 13, 2009, 6:29pm EDT

  • Bernanke Grants “60 Minutes” Rare Sit-Down this Sunday

    Ben Bernanke's 60 Minutes appearance Sunday night might keep the Bears on their heels tomorrow - when was this scheduled? It is news to me, and would have been a good reason to go leveraged long into the day.

    Mark to Market accounting changes are the main event on' [...]
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    Posted: March 13, 2009, 1:02am EDT

  • Policy Makets in the Spotlight as They Fire up the Printing Presses

    I certainly don't envy Tim Geithner heading into this week's G20 meetings - does he have the gravitas and bearing to sway the world and accomplish his goals? The Europeans do not seem be in a mood to listen to lectures, but they are sure giving us a lot of' [...]
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    Posted: March 12, 2009, 6:57pm EDT

  • Policy Makers in the Spotlight as They Fire up the Printing Presses

    I certainly don't envy Tim Geithner heading into this week's G20 meetings - does he have the gravitas and bearing to sway the world and accomplish his goals? The Europeans do not seem be in a mood to listen to lectures, but they are sure giving us a lot of' [...]
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    Posted: March 12, 2009, 6:57pm EDT

  • Great Quarter Guys

    If you are like me, you can't wait to hear from Vikram on Citi's quarter in a few weeks. At this point I am very confused exactly what is going on, but Lex has some questions on Pandit's preannouncement...

    What did the memo say? Three nuggets in particular seemed' [...]
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    Posted: March 11, 2009, 8:03am EDT

  • Biggs Rally, and Geithner Tonight in Must See TV

    Barton Biggs is a Wall Street Dinosaur - and apparently proud of it, given his choice in neckwear. Is that a Brontosaurus print, Barton?

    His Charlie Rose appearance was classic old school - Barton is like many in the equity culture on the BuySide - blaming "bear gangs" and [...]
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    Posted: March 10, 2009, 8:21pm EDT

  • Are Regulators Floating Another Trial Ballon on Citi?

    The stock market might not know it yet, but dishing out tough medicine to Citigroup is going to begin the healing. Are regulators finally listening to the the critics of their failed policies?

    Buy stocks tomorrow - it will encourage these knuckleheads to do the right thing with Vikram [...]
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    Posted: March 10, 2009, 7:36am EDT

  • Tough Weekend for Tim Geithner

    A lame skit parodying Tim on Saturday Night Live is the least of the Treasury Secreatary's problems heading into another long workweek. Late last week several of his picks for Deputy Treasury Secretary abruptly withdrew their names from consideration, and the situation appears [...]
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    Posted: March 09, 2009, 5:28am EDT

  • NYC: Budget Woes and Class Warfare

    NYC is in a world of hurt, and its near-term prospects are looking dim indeed. While financiers might be the target of scorn, you can bet than everyone from high-rise doormen to bartenders are missing the cash flow that routinely leaked from the pockets of even the most anonymous junior [...]
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    Posted: March 08, 2009, 6:27pm EDT

  • NYC: Budget Woes and Class Warfare

    NYC is in a world of hurt, and its near-term prospects are looking grim indeed. Things have certainly changed, and in a hurry. Financiers that were treated as rock stars not long ago are now the target of scorn. And while the ant-banker sentiment continue to print a series of [...]
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    Posted: March 08, 2009, 6:27pm EDT

  • Kass Digs In While Bears Continue to Feast

    Doug Kass is not afraid of the spotlight, and that is what he has at the moment thanks to his high profile calls that it is time to get more constructive on this market. But with consensus S&P 500 earnings estimates a little north of $45, many proprietary econometric models [...]
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    Posted: March 06, 2009, 7:34pm EST

  • Kass Digs In While Bears Continue to Feast

    Doug Kass is not afraid of the spotlight, and that is what he has at the moment thanks to his high profile calls that it is time to get more constructive on this market. But with consensus S&P 500 earnings estimates a little north of $45, many proprietary econometric models [...]
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    Posted: March 06, 2009, 7:34pm EST

  • Markets on Tenterhooks Heading into Jobs Report

    Need a quick rundown heading into the big number in a few hours? Grab a diaper and pull up a stool, this number is sure to stink:

    In an unhappy hint at what an official report Friday may hold, a private report Wednesday showed businesses of all sizes shedding [...]
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    Posted: March 06, 2009, 5:04am EST
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