Basel Under Attack! 12Sept2011 Pj de Marigny, DITMo Strategies Director, GARP S. California Chapter 13Sep2011, Newport Beach, CA. Just so the argument is understood: Basel critics claim Basel is: 1 – anti-American favoring European institutions 2 – over-regulating larger institutions 3 – causes an agency problem in that Basel is not a body under United States authority or voted on […]
Gov’t Partnerships: 8a, NIB, SBIC, Good or Bad? Pj de Marigny, DITMo Strategies Director, GARP, S. California Chapter 26Sept2011, Newport Beach, CA. I have witnessed the adverse impact of Gov’t programs through a family-owned small business manufacturer. We employed about 55 mostly minorities in inner-city Brooklyn. The work was difficult, the working conditions were uncomfortable, and the profitability was marginable, […]
SDR Currency & Emerging Markets Meltdown Pj de Marigny, DITMo Strategie Director, GARP, S. California Chapter 22Sep2011, Newport Beach, CA. Just after two years, the SDR allocation increased to $400B (+$161B) for Emerging Markets liquidity bailout 28Aug2009. The SDR, a reserves mechanism facilitating the Bretton Woods’ currency-fiat-pegging system set the USD at .888671 grams of gold per dollar. In 1973 […]
SEC Preventing Private Placements Pj de Marigny, DITMo Strategie Director, GARP, Southern California Chapter The SEC is considering a new rule preventing private placements to felons or “bad actors.” They are presently accepting comments. The rule is bad for two main reasons: 1 – Felons who in bad faith are raising money through exempted securities under 506 RegD are just […]
Pj de Marigny, DITMo Strategies Director, GARP S. California Chapter “Skew-ed Up” (Ref: “Know Your Skew”) Comments on “Know Your Skew” (Quest Partners, 07June2011, Research Paper) Relating Skew to Range and other metrics http://www.hedgeworld.com/blog/?p=2797 “Skew-ed Up” 28Sep2011, Newport Beach, CA. I liked the thought-provoking article on Skew/Range (“Know Your Skew,” Quest Partners, 07June2011, Research Paper, http://www.hedgeworld.com/blog/?p=2797 ) – and offer […]
Pj de Marigny, DITMo Strategies Director, GARP, S. California Chapter 26Sept2011, Newport Beach, CA Public/Private Partnerships: 8(a), NIB, SBIC I have witnessed the adverse impact of Gov’t programs through a family-owned small business manufacturer. We employed about 55 mostly minorities in inner-city Brooklyn. The work was difficult, the working conditions were uncomfortable, and the profitability was marginable, but everybody worked…hard. […]
As anyone that regularly reads my posts knows, I believe there is a general misunderstanding of dividends in our industry (Institutional Investor Article, Article with Dr. Laffer, Mauboussin Article). My basic point is that you cannot create value by paying a dividend. At best, dividends are a zero-sum equation. And if you include taxes, dividends are actually a net drag […]
In 1972, Dr. Walter Mischel performed an experiment in which he presented kids with a marshmallow sitting on a table. The kids were told that if they can wait until some later time, they would receive a second marshmallow for their patience. Of course, there were kids that could hold out for the extra marshmallow and others that ate it […]
As many who read my articles know, I am a big fan of Michael Mouboussin and not a big fan of dividends (more specifically, industry dogma surrounding dividends). So it was nice to read an article by Mr. Mouboussin which coherently makes the case that our industry looks at dividends through distorted lenses. From Mr. Mauboussin’s recent article, “The Real […]
