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Basel Under Attack!

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?

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 Market Meltdown

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

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 […]

Skew-ed Up

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 […]

Public/Private Partnerships: 8(a), NIB, SBIC

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. […]

Debunking Dividend Dogma

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 […]

The Marshmallow Experiment

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 […]

Understanding Dividends – Michael Mouboussin Edition

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 […]

Precious Metals Outlook: Another Gold Watershed Event Occurs Confirming the Secular Bull Market is Alive and Well

The Economic and Monetary Affairs Committee of the European Parliament has approved gold to be used as collateral If you listen closely you will be able to hear the crickets. Not a word about this story in the typical financial newspapers. I’ve unfortunately been listening to Bloomberg TV and CNBC all day and have yet to hear a discussion about […]

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