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  • The Fallacy of Cash on the Sidelines

    Merrill Lynch posted the results of its most recent Survey of Fund Managers for August this morning. The survey covered 204 fund managers in 80 countries who control $554 billion in assets, and the data dispels the myth of excess cash on the sidelines.Barry Ritholtz at ritholtz.com summarized the findings. Note that U.S. markets peaked in September 2007: • Cash…

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  • Forever Blowing Bubbles

    Those tortured souls who have thus far clung faithfully to the rules of capitalism, finance and economics they learned in business school have surely been disillusioned by the markets’ most recent break to new highs. Like children who have finally relinquished the corporeal reality of Santa Claus, these poor souls may be searching for new rules and theories to legitimize…

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  • The Escherization of Bank Profits

    Yep, even more bankster chicanery. We knew that many of the banks have been taking advantage of the inscrutable fair value accounting rules by channelling reductions in the market values of their outstanding debt through income statements where they show up as earnings. If the value of outstanding liabilities declines while asset values are constant (under the revised fair value…

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  • The Looting of America’s Coffers

    I am increasingly convinced that the looting of fiscal coffers by the international transactional class is one of the great defining issues of our time. I have observed this phenomenon with increasing frustration since the Bear Stearns intervention in early 2008. This type of looting is not new, of course. We have become a society of looters. The transactional classes…

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  • Heads Banks Win, Tails Taxpayers Lose

    I know it’s not our place to have an opinion about how U.S. taxpayer dollars are spent. We may however, in the coming weeks and months, be facing similar questions about our ‘visionary’ Canadian banks as commercial property, revolving credit, and potentially residential mortgage loan provisions start eating away at tangible Canadian bank capital. In the meantime, if we must…

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  • Corporate Bond Opportunities

    Barrons interviewed Rob Arnott for this weekend’s edition. From Wikipedia: Robert D. Arnott (born 1954) is an American entrepreneur, investor, editor and writer who focuses on articles about quantitative investing. He edited the CFA Institute‘s Financial Analysts Journal, as well as three other books on equity and asset allocation management.Arnott has also served as a Visiting Professor of Finance at…

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GestaltU is a forum for research, opinion pieces, and educational material from the team at ReSolve Asset Management. Our views are driven by evidence based finance, with a special focus on asset allocation; factors and smart beta; retirement and endowment strategies, and; quantitative methods.