Yesterday, the great Howard Marks came out with one of his memos. I consider Marks one of the Top 15 investors of all-time and I try to read most of his memos. Yesterday’s memo, “Coming Into Focus” (https://www.oaktreecapital.com/docs/default-source/memos/coming-into-focus.pdf), was one…
California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink — budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and…
The frontier between the state and market has shifted. The realm of the state has been enlarged. – Daniel Yergin, author of 1998’s The Commanding Heights which chronicled the ascent of free market forces starting in the 1980s, quoted in…
I finished basketball in 1978, then went into my own business in 1980 and did it for 29 years… Now I get to the end of that career and probably should have retired. But there was a calling greater than…
I really respect David Einhorn because he has evolved from a pure value investor into recognizing the importance of macro. Anybody who doesn’t recognize that at this point is going to pretty useless going forward. Buy great companies with high…
I came across a letter today addressed to Geithner, Summers and Donovan (Secretary of Housing and Urban Development) from the National Association of Homebuilders, National Association of Realtors and the Mortgage Bankers Association asking for an extension of the $8,000…
Let me simply state at the outset that based on current projections, absent any catastrophic home price decline, F.H.A. will not need to ask Congress and the American taxpayer for extraordinary assistance – we will not need a bailout. –…
The securitization markets are dead. – Robert Shiller, Economist, Yale University Click here for larger graphic Fascinating and important article on the front page of today’s New York Times Business section showing that the securitization markets are completely dependent on…
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Source: “FHA Loans Soar In Sacramento Area”, The Sacramento Bee, October 3 Does anybody doubt that the FHA and Ginnie Mae, which guarantees FHA mortgage backed securities, will need a government bailout just like Fannie and Freddie?