Asides
Microsoft Talking to Little Company named Yahoo?
4 Mar 2008 - Take a look at this excerpt from a piece on Deal Journal.
Today at a Morgan Stanley Technology Conference, Microsoft finance chief Chris Liddell brought up, completely voluntarily, the company’s bid for Yahoo. Here is the conversation between Liddell and Morgan Stanley technology analyst Mary Meeker, from an SEC filing: [...]
Covad Communications Buyout Arbitrage Update
4 Mar 2008 - Check out this update from Intelligent Speculator on the Covad Communications buyout arbitrage opportunity. The Prince also blogged about Covad and attempted to handicap the deal based on public information. Intelligent Speculator points out that the deal is now closer since the acquisition has cleared anti-trust and the shareholders have approved [...]
The Municipal Bond Conversation Moves Forward
3 Mar 2008 - Felix Salmon over at Market Movers on Portfolio.com has some interesting commentary on how municipal ratings between different firms diverge and some commentary on this NYT article this morning. Many thanks to Abnormal Returns for drawing attention to The Prince’s idea for how municipal bond issuers should respond to the current [...]
CMBS Declines: Speculation or Fundamentals?
2 Mar 2008 - Despite many professionals and many of his friends in structured finance telling The Prince that CMBS is a completely different animal than residential MBS, it apperars something is afoot. The Prince must have heard it a thousand times that the fundamentals, financing structures, and incentives in CMBS are more sound than [...]
Why Do Banker’s Get Paid So Much?
24 Feb 2008 - While The Prince was scanning Wall Street Oasis for the latest members that are angry with him he happened upon this very interesting forum post. Basically, the forum ask the members of WSO to comment on why bankers get paid so much even though the job as an analyst is basically [...]
Monoline Ambac Breakup
22 Feb 2008 - Here is an interesting piece of commentary from Accrued Interest which presents yet another viewpoint on the Monolines. It specifically makes the case for why breaking Ambac into two companies is the best course of action right now. Worth a read through after you take a look at the blogger’s posts [...]
The Worth of Wall Street Blogs
22 Feb 2008 - Here is an interesting post from a newly started blog, Wall Street Know-It-All about the worth of Wall Street Blogs. It offers an interesting perspective on how blogs level the playing field between institutional investors and individual investors. Not sure if The Prince agrees but the article is interesting nonetheless.
Fitch: Insurers have Enormous Unrealized Losses
The WSJ is out with an article about how much exposure life insurers have to subprime assets as estimated by Fitch. The Prince is just smiling as the contagion from the subprime crisis just continues to be felt in new and unanticipated areas and ways.
Excerpt from the WSJ:
Fitch Ratings said U.S. life insurers have an [...]
Missed Signs
21 Feb 2008 - I guess The Prince can’t really believe anything SocGen says about their knowledge of what their rogue trader was doing. First, they say they only had 2 warnings and now a report comes out today showing numerous, as many as 75, warnings of Jerome’s acclivities. Here it is for your enjoyment [...]
U.K. Braindrain
21 Feb 2008 - The Telegraph in the U.K. is out with a story tonight about how the brain drain of educated U.K. citizens is the worst it has been in 50 years. You can read the article for yourself here. To quote The Telegraph, "Britain is experiencing the worst "brain drain" of any country [...]
Random Wall Street Quote
Sun-tzu: If your enemy is superior, evade him. If angry, irritate him. If equally matched, fight, and if not split and reevaluate. - Bud FoxPitchbook
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