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WSJ
After reviewing the Jefferies earnings call I’m very optimistic as to how this quarter should shake out for the other financials.  CEO Richard Handler has done an amazing job with Jefferies, in the most difficult of environment.  I really appreciate the way that he has opportunistically bought back stock and debt at favorable prices, and...
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The writing is on the wall for the slowdown in Chinese economic growth.  Unsustainable hard asset construction has been crucial for the cyclical buoyancy to many commodities such as iron, copper, crude oil, etc.  This Asian growth has been vital as the traditional economic heavyweights have been hindered through a severe recession, and several different...
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The US Treasury announced that they have liquidated the $225 Billion of mortgage debt acquired during the financial crisis for a profit of $25 Billion.  Much of this debt was termed “toxic” and was the source of tremendous trepidation during the worst of the crisis.  It is important to keep in mind that price is...
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Reading this article really hits home because this is the type of stuff that gives my profession a bad reputation at times.  So many unscrupulous salesmen are using phrases like “your principal is guaranteed” to mask the risks and drawbacks of certain products.  In this example an insurance broker is peddling an annuity product to...
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This was a timely article after our recent analysis on CSX.  We believe that coal demand is likely to continue its decline as the glut of natural gas will cause utilities to take advantage of the cleaner, and less costly fossil fuel.  Also the once in a lifetime construction boom seen in China seems to...
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Australia’s housing market has been a huge beneficiary of China’s natural resource thirst.  Extremely low unemployment and rising incomes have helped to boost prices dramatically, while most of the developed economies were seeing huge housing deflation.  Debt to income in Australia is around 150% so any slow down in China (which we already see happening)...
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The United Kingdom is looking at taking advantage of the current low interest rate environment by issuing 100 year bonds.  I think this is a very intelligent thing for them to do, but I think anyone that buys them would be absolutely insane.  With the U.S. debt load being what it is, locking in today’s...
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Here is an article providing more evidence of the resources that Edward Lampert the Chairman of Sears Holdings, is putting towards protecting the company.  The late December stock crash and poor financial results caused large factoring suppliers such at CIT to reassess their ongoing relationship with the company.  These institutions that provide financing on account...
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Today the Wall Street Journal posted an article outlining some of the technological steps that Sears is taking to improve their retail performance.  While I think these programs are good I am still not really optimistic as to their future as a retailer in their current form.  I think Sears has tremendously valuable brands and...
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