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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


SoFi Technology Gets No Respect
Like many names in the fintech space, growing profits and earnings are usually an indication that a stock is exiting max upside period

R. Christopher Whalen
Jan 274 min read
239 views


Credit Teeters as President Trump Roars
When President Donald Trump says that interest rates are too high, he may not fully understand just how right he is about the cost of credit

R. Christopher Whalen
Jan 276 min read
870 views


The Fed & GSEs: Questions Asked and Unanswered in Washington
In the strange world of Washington, speaking truth in public is a capital crime. Truth is often revealed accidentally.

R. Christopher Whalen
Jan 237 min read
550 views


Update: Charles Schwab | SCHW
The SVB duration management from 2020 onward was recklessly negligent by any reasonable standard

R. Christopher Whalen
Jan 225 min read
341 views


Residential Mortgage Finance 2025
The majority of the actual cash profit generated from residential lending is found in the mortgage servicing rights (MSRs).

R. Christopher Whalen
Jan 2012 min read
389 views


GSE Release? Really. What Do JPM and BAC Say About 2025 Earnings?
Without profits from commissions and capital markets, BAC would have reported a down quarter due to higher funding and operating expenses.

R. Christopher Whalen
Jan 166 min read
448 views


Big Losses in Commercial Real Estate & PE in 2025?
Private equity portfolio companies are about 10 times as likely to go bankrupt as non-PE-owned companies.

R. Christopher Whalen
Jan 136 min read
1,175 views


Trump, Risk and Liquidity
With Gov Michael Barr stepping down from bank supervision, perhaps Fed Chairman Jerome Powell is more willing to test liquidity lower bound

R. Christopher Whalen
Jan 87 min read
174 views


Taxing Crypto? And Just Where Is That Consumer Recession?
Yes, net loss rates in percentage terms post default are back up to 2010 levels, but the dollar volume of net charge-offs remains very low.

R. Christopher Whalen
Jan 58 min read
415 views


Critiquing Bill Ackman Statement on GSE Release
Cute reference to "average cost," but total return to date would be of greater interest.

R. Christopher Whalen
Jan 28 min read
2,472 views


Update: Top Bank Asset Managers
As and when GS can exit the loss leading credit card relationship with AAPL, the performance of the business should improve significantly.

R. Christopher Whalen
Dec 30, 20248 min read
231 views


Four Big Risks Ahead in 2025
Indeed, if President Trump wants to be rid of Jerome Powell he can simply impeach him for violations of the Federal Reserve Act

R. Christopher Whalen
Dec 27, 202411 min read
860 views


Liquidity & Rates Fall as Trump Trades Beckon
What does the upsurge in repo rates at the end of September suggest? None of the media who supposedly cover the Fed seem able to ask.

R. Christopher Whalen
Dec 23, 20247 min read
450 views


Update: Has Jane Fraser Redeemed Citigroup? Nope.
Citi seems to be tracking the group now, whereas pre-COVID the stock significantly underperformed in terms of market beta. But performance?

R. Christopher Whalen
Dec 18, 20247 min read
553 views


The IRA Bank Book Q4 2024
WGA notes that bank stock prices have soared in the second half of 2024, with the WGA Bank Top 10 Index up 40% year-to-date in 2024.

R. Christopher Whalen
Dec 16, 20243 min read
302 views


Liquidity Preference: SVB Financial Group, WaMu & Reemerging GSEs
Selling the Treasury's control position in the GSEs while dragging the furious shareholders along behind is not an attractive opportunity

R. Christopher Whalen
Dec 12, 20247 min read
497 views


Kamikaze GSE Release? Oh Yeah...
Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.

R. Christopher Whalen
Dec 10, 202415 min read
3,447 views


WGA Bank Top 10 Index | Time to Short Financials?
When SCHW surpassed U.S. Bancorp in size in 2021, you knew that SCHW’s leadership had gotten lost.Â

R. Christopher Whalen
Dec 9, 20249 min read
481 views


Update: Blend Labs Inc.
BLND is generating operating leverage via cost reductions, another way of saying that management is slowly winding up the business.

R. Christopher Whalen
Dec 5, 20244 min read
350 views


The Trump Trade & Sovereign Ratings
What happens to the Trump Trade and the broader equity markets if the FOMC passes on a December rate cut?

R. Christopher Whalen
Dec 4, 20246 min read
603 views
Christopher Whalen
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