David Merkel
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Sorted Weekly Tweets

Financial Companies & Lending Markets

  • Hedge Fund GSO Scores Win With MBIA Bet http://t.co/eMYUgX6Syg Risky bet that paid off; he realized the banks would have2 compromise $$ $MBI Aug 10, 2013
  • Mortgage Delinquencies Hit Five-Year Low http://t.co/HlfyPTbUAV Judicial states trail non-judicial states as cases drag on $$ Aug 10, 2013
  • The bailout Wall Street is blocking from Main Street http://t.co/gFasMd4jdG Eminent domain should not b used 4 trivial reasons $$ Aug 10, 2013
  • The US July 2013 Senior Loan Officer Opinion Survey on Bank Lending Practiceshttp://t.co/JAL5TggXg1 Perhaps bank lending is turning up $$ Aug 08, 2013
  • The US Has a Really Helpful Student Loan Repayment Program—and No One’s Using Ithttp://t.co/xyAgjk24PE Pay % of your income for a # yrs $$ Aug 08, 2013
  • BofA Trader Avoided Bank’s Bad Mortgages ‘Like A Fat Kid In Dodgeball’ http://t.co/3OdziStl8rColorful, shows awareness of credit issues $$ Aug 07, 2013
  • Consumers Find Investors Eager to Make ‘Peer-to-Peer’ Loans http://t.co/5gKhnAzJ2x Eventually credit will b abundant leading 2 failure $$ Aug 07, 2013
  • Obama Urges Mortgage Overhaul With Limited Role for Gov’t http://t.co/MCtNMlBlJX Guaranteeing 30Y mtges incents housing overinvestment $$ Aug 07, 2013
  • House Democrat introduces bill to end mandatory arbitration http://t.co/2VHm4qXeK3 Costs of court cases vs crooked playing field of arb $$ Aug 07, 2013
  • Mortgage Debt Rejected by Banks Facing New Rules http://t.co/GCCoZvINkt Fewer want 2 hold mtge debts b/c of changes in capital rules $$ Aug 07, 2013
  • Many Can’t Pay Student Loans http://t.co/PgxJqtBtYT Some 8% of Borrowers in a New Federal Program Have Defaulted; avoid student loans $$ Aug 06, 2013

Companies & Industries

  • Hurricane forecast may have traders on edge http://t.co/2mRSgZvuXZ Hurricane forecasting has not been very accurate over the last decade $$ Aug 10, 2013
  • Warren Buffett Trains ‘Elephant Gun’ on Smaller Prey http://t.co/G4l4fxVtOZ No surprise. Buffett lets his managers buy good prospects $$ Aug 09, 2013
  • Remodeling Rebounds in US With Contractors http://t.co/TqOVgTh9Wa Deferred projects r finally getting done, as ppl more willing 2 spend $$ Aug 08, 2013
  • Loeb’s Reinsurer With No US Staff Gains From Jobs Act http://t.co/jnBqNMgucG Just b/c u list on US exchange doesn’t mean u will hire here $$ Aug 08, 2013
  • Goldman sees ‘creative destruction’ in these businesses http://t.co/BkgQSb1wsk Don’t agree on reinsurance; underwriting takes expertise $$ Aug 08, 2013
  • Xerox’s Ursula Burns on Her Career Path and Changing Company Strategy http://t.co/z3kFlsSOKUXerox is interesting turnaround FD: + $XRX $$ Aug 08, 2013
  • 27,900 Reasons For Amazon’s Loss http://t.co/lQ41dRZfuu Ordinarily, good corporate growth comes w/profits. $AMZN hires 28K over past year $$ Aug 08, 2013
  • CBS-Time Warner Cable Dispute Shows an Industry Unaware of Reality http://t.co/ZSNNOPstzVInternet may reshape economics of televison 2 $$ Aug 07, 2013
  • Jeff Bezos’s Tool Kit for Washington Post http://t.co/Yib1yt6k7Y Bezos is a bright guy, but making $$ off of newspapers tough w/internet Aug 07, 2013
  • Ride a Painted Pony, Let the Spinning Wheel Fly http://t.co/vG89yC4ooJ The word flywheel is popular 2 use, c here: http://t.co/vxc8d0fofQ $$ Aug 07, 2013
  • The 40 cheapest stocks, according to Goldman Sachs http://t.co/XADhLHVD4G $GS tells u2 buy cyclicals. I own 4 on the list. Seems risky $$ Aug 07, 2013
  • IBM Furloughs US Hardware Employees to Reduce Costs http://t.co/bQWk3BtgD3 2me, this seems kind of gimmicky; I would lean bearish $$ $IBM Aug 07, 2013
  • Hidden Billionaire Found With Food Fortune in California http://t.co/w2yUPsx86D Uses zoning laws to keep potential competitors at bay $$ Aug 06, 2013
  • We’re In 4A Long Bottom http://t.co/NtMxx5hIzj Barring strong inflation, gold miners have slashed exploration, mining best deposits only $$ Aug 06, 2013
  • For Twitter, Free Speech Is a High-Wire Act http://t.co/Yx80PIwfQ1 Twitter tries 2 chart a middle course in censorship in diff countries $$ Aug 05, 2013
  • Hidden Billionaire Cohen Hauls Fortune in Unmarked Trucks http://t.co/YpXAmxlo3F C&S Wholesale Grocers, biggest company u never heard of $$ Aug 05, 2013

Politics & Policy

  • A User’s Guide to Obama’s Inside-Out Economics http://t.co/5dHZasczfL Obama long on rhetoric, & short on reason; doesn’t understand econ $$ Aug 09, 2013
  • Fed Belongs to Everybody as Public Says It’s Our Money in Crisis http://t.co/YYy7dXkY3r Level of lobbying 4 Fed Chair is unprecedented $$ Aug 08, 2013
  • We Are All Going to Pension Hell http://t.co/SoGeWiryxV @asymmetricinfo points out hopelessness of the pensions crisis, only Q is when $$ Aug 08, 2013
  • Heroin Makes a Comeback, Especially in Small Towns http://t.co/Uwrh97QwU3 Small towns gain big city problems; drugs know no boundaries $$ Aug 08, 2013
  • Ted Koppel: America’s Chronic Overreaction to Terrorism http://t.co/4ueqew4oB9 The War on Terror has done more harm to the US than good $$ Aug 07, 2013
  • Deficit Shrinks to 5.7% of GDP as Debt Ceiling No Vote Risks All http://t.co/NaWdRcTzlf Maybe the deficit will disappear by accident? $$ Aug 07, 2013
  • Obama’s False History of Public Investment http://t.co/X8Lx8za8CW Planned 2b an investment, ended up being an expense. Happens in biz 2 $$ Aug 06, 2013
  • Insider-Trading Probe Caught in a Washington Knot http://t.co/ykIYLNNgvL Investigation of Health-Policy Leak Muddled by Congress’ rules $$ Aug 05, 2013
  • Central Bank Needs to Untangle ‘Monetary Gordian Knot’ http://t.co/IkNfB8X2sh Fisher says little help 2 job growth from $$ Trillions of QE Aug 05, 2013
  • US Growth comes Mostly from Inventories http://t.co/nEUK3zyDTY “Mostly” overstates it, but 40% does put a significant dent in GDP growth $$ Aug 05, 2013
  • US July Non-Farm Payrolls: The Hidden Weaknesses http://t.co/Cb8OyzJAMQ Number of hours worked decreased a lot & lower participation rate $$ Aug 05, 2013
  • Newt Gingrich sees major Mideast mistakes, rethinks his neocon views on interventionhttp://t.co/n27U4QpgxN Not as big a change as stated $$ Aug 05, 2013
  • Republicans Don’t Need to Sabotage Obamacare http://t.co/Eu9z62ITjz Obamacare, badly designed, is its own worst enemy $$ Aug 05, 2013
  • Summers After Government Saw Wealth Surge to $17M http://t.co/M0MgH8TUco “Consulting” can make up 4a lot of lost revenue post-govt $$ Aug 05, 2013

Rest of the World

  • In China, a New City Attracts Few http://t.co/QYyhVJPzx6 CIties r organic things; they grow a little at a time, not all at once $$ Aug 10, 2013
  • India’s Fear of Growth http://t.co/K2A7QTDruR Socialism in India is deep, as deep as corruption. Corrupt countries do not grow. $$ #simple Aug 09, 2013
  • Germany displaces China as US Treasury’s currency villain http://t.co/3JDudxN7yE Low labor costs, strong exports, weak consumer demand $$ Aug 08, 2013
  • Terrorist Tungsten in Colombia Taints Global Phone-to-Car Sales http://t.co/jgZr8fDbA6 Long piece regarding FARC smuggling tungsten $$ Aug 08, 2013
  • Vietnam Banking Fix Starts With $474M of Bad Debt http://t.co/Zt0YG7Mx0x Credit bust in Vietnam may b absorbed by central bank sub $$ Aug 07, 2013
  • Obama Snubs, Russia Laughs, Putin Wins http://t.co/ROvRuwFBDm Russia policy is ticklish 4 any US president, little 2 gain either way $$ Aug 07, 2013
  • The $4M Teacher http://t.co/onnV3kvClQ South Korea’s students rank among the best in the world, and its top teachers can make a fortune. $$ Aug 07, 2013
  • Islamists Seize Airbase Near Aleppo http://t.co/eNBrMdgDVu This feels like a long bloody stalemate; a warning to all who favor war $$ Aug 07, 2013
  • Toyota $37B Cash Program Shows Effect of Abenomics http://t.co/87YHXM0CkL No: Toyota has no profitable places 2 reinvest in Japan $$ $TM Aug 07, 2013
  • China’s Debt Surge Pressures Xi-Li to Avert Lost Decade http://t.co/tJp4pEDLKB The time to avert a lost decade is when the boom is strong $$ Aug 07, 2013
  • Mexico Leader Said to Seek Changes to Break Oil Monopoly http://t.co/Fqi9oJTj4U Never thought Mexico would change its position on oil $$ Aug 06, 2013
  • India Names Rajan Central Bank Governor as Rupee Plunges http://t.co/UOeo9Ah4Tg Good choice; 1 economist who understands financial crisis $$ Aug 06, 2013
  • South Africa’s Post-Apartheid Failure in Shantytowns http://t.co/o4CARCmq4L South Africa merely traded one group of cronies for another. $$ Aug 06, 2013
  • Will Portugal Bring Down the Spanish Banking Sector? http://t.co/TKEe5MfAil Spanish banks lent 2 Portugal credits. Tough 2 do Pt haircuts $$ Aug 06, 2013
  • Ex-Soros Adviser Fujimaki Sees JGB Bust From Tax Delay, Fed http://t.co/T2Ktp1lHFF Many difficulties afflicting Japan w/the weak yen $$ Aug 06, 2013
  • Baguette Hopes Fade for Some French Farmers on Wheat Quality http://t.co/a5JiNJAV4S Just 1 more economic difficulty 4 weak man of Europe $$ Aug 06, 2013
  • Stagnant South Korea Property Drags on Growth Rebound http://t.co/bHwUW59ard Add South Korea to property bubble club, underweight stocks $$ Aug 06, 2013
  • Bond Salesman Who Wasn’t Reveals RBS Human Errors http://t.co/5vU3u6pWfq Very senior managers fooled in2thinking janitor was top salesman $$ Aug 05, 2013

Bond Market

Market Impact

  • How to Teach Teenagers About Investing in the Stock Market http://t.co/eL7BC7rqtQ I learned from my Mom; most of my kids aren’t interested $$ Aug 10, 2013
  • What if the Stock Market Were a Bond? http://t.co/3LJEhCwym3 @eddyelfenbein gives a tool 2 analyze stock prices: http://t.co/Wwu3q5t2kf $$ Aug 10, 2013
  • Confessions of an Institutional Investor http://t.co/Cu5OT0vxVw @reformedbroker prints a saga of high expenses, negative alpha & hopeless $$ Aug 08, 2013
  • Spot the Outlier http://t.co/BDfN1ms7t8 @ritholtz notes the considerable outperformance of US equities in 2013. When does the party end? $$ Aug 08, 2013
  • Mind the (Expectations) Gap: Demographic Trends and GDP http://t.co/5LyZkROeyl Because of low pop growth GDP growth resets 3% -> 1%/year $$ Aug 07, 2013
  • Advisers don’t have a firm grasp of ETF liquidity, Cerulli finds http://t.co/b5gnuEKTi4 ETFs do not create liquidity, but shift liquidity $$ Aug 06, 2013


  • Detroit Losing $1 Million Check Bares Hobbling Processes http://t.co/X0R0QpE9an Real question is why didn’t Detroit go bankrupt sooner? $$ Aug 10, 2013
  • Foodies Fight to Save Detroit With Job Hopes Pinned on Arugula http://t.co/s2WZuTYPql Cities die slowly 2, as multiplier effect reverses $$ Aug 10, 2013
  • Michigan’s Saginaw County Postpones Debt Sale http://t.co/N1dbcUamXE Wait. U r in Michigan. They let munis default. We will not lend 2u $$ Aug 09, 2013
  • Steve Malanga: The Real Reason the Once Great City of Detroit Came to Ruinhttp://t.co/aWSmiIHyK3 Chase out middle class taxpayers $$ #boom Aug 06, 2013


  • Growth in crude oil shipped by rail slows http://t.co/Jw3f1KxVFc Price differentials narrow 4 feedstocks & it does not pay 2ship by train $$ Aug 10, 2013
  • US refiners eye shale butane to cut gasoline costs http://t.co/qsfuoOapYr Fracking producing cheap butane, alkylation can make it octane $$ Aug 10, 2013
  • Europe’s gas-fired power plants attract opportunistic investors http://t.co/ShLtiMicQY Idea counts on electric rates rising; uncertain $$ Aug 07, 2013
  • US becoming ‘refiner to the world’ as diesel demand grows http://t.co/8KG3qn4lJY Adds2 GDP growth w/rest of world short refining capacity $$ Aug 07, 2013

Replies, Comments & Retweets

  • RT @trengriffin: The spectacle of journalists giving Jeff Bezos advice on how to make a newspaper profitable is like watching a Three Stoog… Aug 09, 2013
  • “If I were running a significant endowment, I would invest in people rather than external firms, and…” — David_Merkel http://t.co/kC5gAHHEl7 Aug 08, 2013
  • @BarbarianCap move along, nothing to see here… Aug 08, 2013
  • . @Contra_Invest Try this: http://t.co/WplgPsxjkL Wisdom from Howard Marks, with help from Seth Klarman in the last two pages $$ Aug 07, 2013