Here is a telling quote on the collateralized debt obligation (CDO) market, circa 2005 from a profile of Merrill Lynch’s then-rocking CDO team: “If you polled a hundred capital markets participants about IBM, most people are going to have some opinion of it. But if you went to the same group and asked them about an Ameriquest or Countrywide triple-B mortgage security, very few people are going to have any idea of how to analyze it,” says Norell. This complexity is what adds yield to ABS CDO products, he says, because demand is limited to a small pool of very specialized investors. And there you have it. If only more people had been paying attention. [ RiskWaters via FT ]
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Catching Up: Clean Tech Curves, Biotech Scaling, Dan Loeb, etc.From: feeds.feedburner.com
Post Date: 2007-05-21 08:06:02
Heading into a day full of meetings, so I’m pre-emptively emptying my link-box: Good cleantech learning curve data in this Morgenthaler presentations ( Morgenthaler ) McKinsey has a lengthy and interesting new report on increasing energy productivity ( McKinsey ) $50m for Manhattan condo passed hedge fund manager Dan Loeb’s record ( Observer ) Clarence Thomas is, measured by word count, the anti-Mary Meeker ( Detroit Free-Press ) Biotech busines...
more Advertising is the Tech SectorFrom: feeds.feedburner.com
Post Date: 2007-05-20 19:53:12
On a Friday CNBC appearance I opined that the advertising is the tech sector. Far from being some lonely outpost, it is the enchilada. Sure, we still do lots of other things, in tech, from selling hard-drives on outward, but there have always been sideshows (I use that term advisedly) in the tech sector . Today, however, ads are the feature act in the center ring. I was reminded of the preceding by this para in a NY Times article today: In the first quarter of this year, AT&T sp...
more Rory Stewart on IraqFrom: feeds.feedburner.com
Post Date: 2007-05-20 01:07:19
If you haven’t read either of Rory Stewart’s books -- on Afghanistan and Iraq respectively -- you really should. While taking somewhat unusual perspectives on both countries, they are painfully personal narratives that communicate more of the tragedies in these two broken countries than you will get almost anywhere else. Anyway, the current New York Review of Books contains the transcript of a recent Q&A with Stewart from an event in New York. It’s a street-level vie...
more IPOs in Q1 2007 Best First Quarter in Seven YearsFrom: feeds.feedburner.com
Post Date: 2007-05-20 00:55:15
The first quarter of 2007 was the best first quarter in seven years, so my "Return of the IPO" thesis looks ever better. Q1 IPOs by Industry 2007 2006 # IPOs Value # IPOs Value Financial services 23 5,152.6 7 753.0 Technology/infocom 12 2,423.9 8 1,562.6 Healthcare 10 903.1 9 777.2 Energy 7 ...
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