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The Institutional Risk Analyst
© 2003-2025 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance


QT Means Short Credit Risk
Market risk realized today becomes credit risk tomorrow...
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May 31, 20226 min read
1,249 views


The IRA Bank Book | Outlook Q2 2022
The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...
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May 29, 20222 min read
402 views


Equity Market Valuations & Quantitative Tightening
The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.
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May 23, 20227 min read
1,004 views


Update: Crypto Frauds and Fintech Dreams
Q: What do Elon Musk and Masayoshi Son have in common? Gigantic margin loans...
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May 18, 20226 min read
531 views


Feldkamp: Paul Volcker, Volatility, Inflation & Honesty
Benevolence, as Chris and I noted in our book "Financial Stability," always gets you more bang for the buck than being miserable.
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May 13, 20225 min read
499 views


Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
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Apr 22, 20226 min read
396 views


Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
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Apr 20, 20225 min read
547 views


Profile: Morgan Stanley vs Goldman Sachs
Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...
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Apr 17, 20226 min read
442 views


Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
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Apr 11, 20225 min read
493 views


Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
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Mar 28, 20226 min read
403 views


Will SOFR Be the Death of Jay Powell?
If the Fed causes another liquidity crisis as it ends QE and shrinks the balance sheet, then Chairman Powell should immediately resign.
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Mar 21, 20226 min read
1,376 views


QE, Risk Premia and Option Adjusted Spreads
There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when
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Mar 15, 20225 min read
863 views


A Tale of Two Mortgage SPACs: UWMC and FOA
Why did FOA write down $1.4 billion in intangible equity, yet UWM took no similar write down?
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Mar 9, 20224 min read
374 views


The IRA Bank Book Q1 2022 | Credit Risk Returns
We add a new dimension of risk to the normalization of US bank earnings with the Russian war against Ukraine.
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Mar 7, 202211 min read
562 views


When "Force Majeure" Isn't Quite
The imposition of sanctions on Russia is not as comprehensive as some press reports suggest.
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Mar 1, 20223 min read
366 views


Profile: Silvergate Capital Corp (SI)
SI’s management team is taking advantage of the narrative in Washington, which is that stable coins will be a bank only product
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Feb 16, 20226 min read
559 views


Profile: NexBank Capital, Inc.
Among the ten largest mortgage specialization banks, NexBank had among the best equity returns in Q3 2021
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Feb 10, 20226 min read
397 views


Profile: Citigroup (C)
Why does this bank exist? What market does it serve and how will it grow in the future?
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Jan 27, 20226 min read
276 views


Profile: Cross River Bank
Bottom line, when a bank seems to be doing much better than other banks, there is usually a reason and that reason is almost always bad
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Jan 19, 20226 min read
345 views


Q4 Earnings | Big Banks & QE
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?
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Jan 12, 20228 min read
671 views
Christopher Whalen
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