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Mortgage-backed Security
Wall Street repackages mortgage-backed securities with other debt into collateralized debt obligations (CDOs). CDOs are sold to institutional investors such as pension funds, mutual funds, and hedge...
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Buy a Business, Not a Stock
An invasion of armies can be resisted, but not an idea whose time has come.
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The Big Five
1) Return on Investment Capital (ROIC) 2) Equity Growth 3) Earning per Share Growth (EPS) 4) Sales Growth 5) Cash Flow Growth
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Philanthropy
My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well. I’ve worked in an economy that rewards someone who saves...
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The Economic Divide
The recovery needs to be revolutionary, because our most recent financial meltdown laid bare a fundamental change in the US economy. Since sometime in the 1970s…the US has been increasingly divided...
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High Frequency Algos
It’s not just that humans are less and less involved in trading; it’s that they can’t be involved. By the time the ordinary investor sees a quote, it’s like looking at a star that burned out 50,000...
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