BANKS
Bank liquidity – The
Economist
Global regulators soften their stance on liquidity
Betrayed by Basel – Economix /
NYT
Simon Johnson: Faced with renewed pressure from the
international banking lobby, these officials caved in, as they did so many
times in the period leading to the crisis of 2007-8. As a result, our financial
system took a major step toward becoming more dangerous.
Financial Regulation: The Year Ahead – The
Source / WSJ
Meaningful banking reform and why it is so
unlikely – voxeu.org
Over the
last few decades, banking regulators and supervisors have failed to do their
job. This column argues that a failure of political will enabled stakeholders
to pursue bad practices, and suggests a roadmap for reform. Enforcing a reform
agenda marked by simplicity is plausible, and would avoid much of the
collateral damage that comes from many hundreds of pages of complex, costly and
misguided mandates that typically act as substitutes for credible reform.
Overcoming the challenge of political will, however, remains a challenge.
The great banking swindle of 2013 – MarketWatch
Commentary:
Weak capital rules expose financial system to panic
Breaking Up Banks Is Easy When They Aren’t
Failing – BB
Secrets and Lies of the Bailout – Rolling
Stone
Matt
Taibbi: The federal rescue of Wall Street didn’t fix the economy – it created a
permanent bailout state based on a Ponzi-like confidence scheme. And the worst
may be yet to come
Morgan Stanley
retreats from investment banking and trading – The
Daily Beast
The white-shoe firm is cutting back on bankers and
traders, and doubling down on the old-fashioned brokerage business.
Secrets and Lies of the Bailout: One Broker's
Story – The
Rolling Stone
Bad Risk Management – Not Secret Bailouts –
Killed These Clients
– The
Big Picture
FUNDS
Alternative
Investing: The Little Blog of Start-Up Hedge Funds – CFA
Institute
10 lessons I’ve learned from investing in small and
start-up hedge funds.
The Move to Managed Account Platforms – all
about alpha
Crispin Odey Bets on
Banks as Hedge Fund Yields 24% – BB
GOLDMAN’S PROP
Goldman’s small internal hedge fund – Felix
Salmon / Reuters
Let’s talk about Goldman’s prop-trading – alphaville
/ FT
Secret Goldman Team Sidesteps Volcker After
Blankfein Vow – BB
MARKETS & TRADING
Key S&P 500
Earnings Reports Next Two Weeks – Bespoke
The wonders of the FX
universe – alphaville
/ FT
It is
ironic for a country which yearns for a more autonomous relationship with Europe that the U.K.'s currency has been hostage to
events on the Continent. But with the euro-zone crisis calming down (somewhat)
domestic factors are coming to the fore again, and that's bad news for
sterling, writes William Kemble-Diaz.
Entering Into 2013 - Part 3 – The
Short Side of the Long
So far I've
covered my view on the US equity market, and highlighted
scepticism towards the continuation of the bull market and the economic
expansion. Let us now turn our attention to other asset classes and
specifically focus on Precious Metals
FX – Old and New – Bruce Krasting
In the late 80′s I was in touch with a few dozen US
multinationals. The issue was foreign exchange risk, and what to do about it.
What triggered my role were the big losses the companies kept taking.
On diminishing capital intensity – alphaville
/ FT
The
commonly held belief that companies’ capital investing ratios have been
falling, whilst hoarded cash pools have been going up, is inaccurate…In short,
capital investment incentives seem to be skewed in many corporate sectors. By
which we mean corporates in many cases are being incentivised to invest less,
simply to support underlying capital goods prices.
Examining Benjamin Graham’s Record: Skill Or
Luck? – greenbackd
Two recent
articles, Was Benjamin Graham Skillful or Lucky? (WSJ), and Ben Graham’s
60-Year-Old Strategy Still Winning Big (Forbes), have thrown the spotlight back
on Benjamin Graham’s investment strategy and his record. In the context of
Michael Mauboussin’s new book The Success Equation, Jason Zweig asks in his WSJ
Total Return column whether Graham was lucky or skillful,
How to Find a Fund
Manager Who Can Beat the Market – WSJ
Think picking stocks is hard? Try picking a good
mutual-fund manager.
The Bookish Banker:
An Interview with The Epicurean Dealmaker – vol1
Brooklyn
Understanding risk aversion in financial
markets – Econbrowser
ETF Managers Don't Buy and Sell Securities.
Usually. – WSJ
Here are
cases in which they must trade like other fund chiefs
Ten Most Significant Operational Risks of 2012 – Advanced
Trading
Andrew
Waxman takes a look at the most significant operational risks, including the
Facebook IPO and Knight Capital Fiasco, that occurred on Wall Street in 2012.
The Reason We Lose at Games: Implications for
Financial Markets –
Economist’s
View