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HomeLots of Laughs and ‘Sense on Cents’ With New York’s Bravest
Posted by Larry Doyle on September 14th, 2010 7:25 AM |
How often do we not remember what we did last week, while never forgetting the jokes told and the 3-putt greens in the midst of friends at a charitable golf outing? I was fortunate yesterday to play in a local charity golf outing with some of New York’s Bravest. While the funds raised were not for the benefit of the NYFD itself, the fact that I was able to spend time in their company was awesome. Reminiscing about past golf outings while simultaneously making new memories which we can share in the coming years was spectacular.
As has happened in the past, and given that this outing occurs shortly after 9-11, our conversation included recollections of that fateful day. The depth of their feelings and memories of so many lost friends and fallen comrades are truly palpable. May we never forget. I am not writing today to rekindle those memories, but I do feel compelled to pay respect to all those members of the NYFD and NYPD who made the ultimate sacrifice that day.
While the best memories from a day like yesterday are from the interaction with The Bravest, other members of our respective groups are also top shelf and actively involved in the markets. While there is plenty that occurs on a golf course that is best left on the golf course, in the midst of lost balls and missed putts, there were plenty of comments and opinions on our markets and economy. While I lost my share of golf balls, I picked up plenty of insights including: (more…)
SEC Probe of Money Managers Should Also Include FINRA
Posted by Larry Doyle on September 13th, 2010 10:11 AM |
In reading a Bloomberg commentary this morning, I could not help but think that policy implementations the SEC would like to impose upon money managers also need to be imposed in retrospect upon its regulatory kin at the Financial Industry Regulatory Authority (FINRA). Let’s navigate. Bloomberg writes, SEC Probes Money Managers for Conflicts in Choosing Hedge Funds:
The U.S. Securities and Exchange Commission, stepping up its oversight of investment advisers, is examining whether asset managers that channel money to hedge funds are acting in investors’ best interest.
The agency asked money managers for information about their “due diligence” in selecting alternative investments such as hedge funds, private equity and venture-capital funds, according to a letter from the SEC’s Office of Compliance Inspections and Examinations obtained by Bloomberg News.
Longtime readers of Sense on Cents are well aware that in my reading and review of FINRA’s 2007 Annual Report (embedded in this link), I asked for information and disclosures regarding FINRA’s own internal investment portfolio. (more…)
Book Review: Ruthless by Phil Trupp Is Informative, Inspirational and a MUST READ
Posted by Larry Doyle on September 12th, 2010 11:24 AM |
From despair may come opportunity but, as Phil Trupp’s Ruthless so cogently details, from despair can also come real inspiration.
The trying times that have resulted from our economic crisis have generated the opportunity for many analysts, bloggers, authors, and publishers to produce works which would help people truly understand the fundamentals of our economic crisis and how they developed. All too often, I have seen these works try to go inside Wall Street and disect the inner workings of our financial architecture. Regrettably, all too often, these works merely look to expose or excoriate those within our financial industry while they do not truly educate investors and American citizens at large. While some of the works are somewhat enlightening, I had yet to read or witness a body of work that connects the massive failings on Wall Street to the personal lives of those on Main Street. Until now. (more…)
Will Chris Christie Be a Future President?
Posted by Larry Doyle on September 11th, 2010 6:17 AM |
Say what you want about New Jersey Governor Chris Christie’s politics, but how can you not like this guy’s style? Juxtapose Christie’s blunt, direct, no nonsense style with the standard political backstroke provided by an overwhelming number of our pols from both sides of the aisle. I find Christie very refreshing. I also believe he provides a wealth of ‘sense on cents’ during a period when our nation is screaming for exactly that. This 9-minute video clip of an engagement Christie had on September 8th should be required viewing for everybody in our nation. Are we looking at a future President?
Thoughts, comments, constructive criticisms always encouraged and appreciated.
Larry Doyle
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I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Raymond James Auction-Rate Losing Streak Continues
Posted by Larry Doyle on September 9th, 2010 6:20 AM |
Oh, to be a fly on the wall at Raymond James.
I can only imagine the wailing and gnashing of teeth by Raymond James managers as the firm loses another auction-rate securities ruling. Do you think Ray Jay’s managers are privately cursing out their own legal teams and the judges handing down some recent rulings against the firm? Major developments are breaking in the world of auction-rate securities, and the actions center on Raymond James. Let’s revisit a story I highlighted in late August. (more…)
Have Americans Moved From Outrage to Resignation?
Posted by Larry Doyle on September 8th, 2010 6:09 AM |
The human spirit is not physically or emotionally able to maintain a heightened sense of acuity for an extended stretch. Although periods of stress or pain will cause sharp responses, eventually the human body is forced to accept the pain and learns to mask it. In the midst of our current economic crisis, I believe this distinct reality is setting in across our land. Let’s rewind the tape and review the developments which emanated on Wall Street and then plundered Main Street.
Fall 2008 brought us absolute shock, awe, and disbelief as the markets careened lower and the economy suffered a ‘heart attack.’
Throughout 2009, the shock wears off and America’s rage burns as people become fully aware that the banks, our regulators, and ultimately our government all failed us. While there are those on both sides of the aisle who would malign the opposition, the fact is both Democrats and Republicans are guilty of not properly defending the American citizenry against the plundering of our financial system. I captured this sense of rage in two specific commentaries: (more…)
European Bank Stress Tests Confirmed as Shams
Posted by Larry Doyle on September 7th, 2010 6:53 AM |
I have long since given up the belief that our government officials and financial regulators will demand real transparency and full disclosure in the pursuit of unquestioned integrity across our economic landscape. While some may deem me overly cynical for that statement, too much proof and too many situations leave me no other choice. Where do we witness more financial artifice this morning? Let’s look across the pond.
In late July, I questioned the integrity of the European Bank Stress Tests and wrote, Will European Bank Stress Tests Be “Garbage In, Garbage Out?”:
All eyes will turn toward Europe this afternoon for the much anticipated release of the Euro-style Bank Stress Tests. Those who truly embrace real ’sense on cents’ know that the process and the data are far more important than the actual results. Why is that? If these tests are charades or nothing more than ‘garbage in,’ then the results will most assuredly be ‘garbage out.’
Well, while gullible investors and government officials worldwide may not care to know the real state of the European banks, those of us who truly treasure ‘sense on cents’ are not surprised to now see European financial sewage streaming across the newswire. (more…)
What Really Matters: Holy Cross Crusaders Football 2010
Posted by Larry Doyle on September 4th, 2010 9:29 AM |
Let’s take a break from the markets, economy, Wall Street, and Washington for a moment. Now, let’s focus on those things that truly matter in life. Do I have your attention? Good. We are due a break from the trials and tribulations navigating our economic landscape and we should think about those items with even deeper meaning. Yes, the pursuit of passions which bring real substance to our lives. These labors of love have little to do with the fact that today kicks off the start of Labor Day Weekend but everything to do with another type of kickoff. I am sure many of you know exactly where I am going with this. Yes, this weekend means one thing, the start of another season of college football. How great!!
I have been looking forward to this day for the last nine months. While I truly enjoy the spirit of college football in general, my real passion is following and supporting my Alma Mater, the Holy Cross Crusaders. This afternoon the 2010 Crusader contingent will kickoff its defense of the 2009 Patriot League Championship versus the Howard University Bison.
What makes Holy Cross Football such a special experience for me? A number of reasons including: (more…)
Health Care Reality Will Be Ongoing Economic Drag
Posted by Larry Doyle on September 3rd, 2010 6:39 AM |
I have often thought that staying physically fit is not only a good way to live but also makes enormous economic sense as well. Not that staying fit will keep one’s healthcare premiums totally in check. The simple fact is the cost of healthcare insurance in our country is downright scary. The pace of change in healthcare premiums has been even scarier. How much so? Do you care to make a best guess as to what the average increase in a family’s annual healthcare premium has been over the last decade? 50%? Keep going? 75%? Still too low? 90%? Getting closer, but still not there. The Wall Street Journal gives us this answer and much more in writing, Employers Sharply Raise Workers’ Share of Health Costs:
Overall, annual premiums for families reached an average of $13,770 this year, up 114% since 2000.
Will Obamacare address and mitigate the underlying forces driving this increase? Honestly, I am not optimistic. I view Obamacare as nothing more than another of the redistribution and rationing programs in which those who can pay will absorb the costs for those who can’t. But how are these increases truly being absorbed? To an ever increasing extent, the cost of healthcare is being shifted from the employer to the employees. The WSJ further highlights this reality in writing: (more…)
