Update: The Bull Case for US Financials
Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Sep 6, 2022
- 5 min
Pink Floyd: Inflation & Asset Prices
The assumption of price volatility on the part of consumers and business managers is at the heart of inflation expectations
479 views
R. Christopher Whalen
- Aug 25, 2022
- 6 min
Update: Blend Labs & loanDepot Inc.
If the merger of Black Knight and Intercontinental Exchange goes through, the expanded ICE monopoly will simply give POS tools away for free
318 views
R. Christopher Whalen
- Aug 24, 2022
- 6 min
Interview: Scott Olson of Community Home Lenders of America
The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well
648 views
R. Christopher Whalen
- Aug 21, 2022
- 7 min
Interest Rates, FinTechs & MSRs
Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over
509 views
R. Christopher Whalen
- Aug 17, 2022
- 6 min
No End to Conservatorship for Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.
633 views
R. Christopher Whalen
- Aug 15, 2022
- 9 min
Universal Banks | Morgan Stanley, Goldman Sachs, Charles Schwab, Raymond James & Stifel
Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.
387 views
R. Christopher Whalen
- Aug 10, 2022
- 5 min
The FOMC Embraces Debt Deflation
The deflation of 2023 is about marking down all types of real assets to the price level that equates with a non-QE world.
662 views
R. Christopher Whalen
- Aug 7, 2022
- 7 min
Update: Guild Mortgage & Block Inc.
Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...
342 views
R. Christopher Whalen
- Jul 31, 2022
- 8 min
Short Collateral & Long Tantrums
Demand for risk-free collateral and liquidity is largely a function of how JPMorgan (JPM) CEO Jamie Dimon feels about risk on any given day
836 views
R. Christopher Whalen
- Jul 27, 2022
- 5 min
Update: Mr. Cooper Group
We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...
343 views
R. Christopher Whalen
- Jul 24, 2022
- 6 min
Questions for Chairman Powell
QE has created a gigantic interest rate mismatch across markets for banks, non-banks and other financial intermediaries including the GSEs
498 views
R. Christopher Whalen
- Jul 21, 2022
- 5 min
Should the FOMC Pause Rate Hikes After July?
The real message to the FOMC is this: hike another 75bp in July and then let the Fed funds target sit for a few meetings...
594 views
R. Christopher Whalen
- Jul 19, 2022
- 6 min
Interest Rates & Bank Earnings
The good news for BAC and other banks is that there is a discernable lift underway on the yield of bank balance sheets
347 views
R. Christopher Whalen
- Jul 18, 2022
- 3 min
Dollar Remains World Reserve Currency
Once again the US is coming out of a global crisis as the cleanest dirty shirt in the laundry.
484 views
R. Christopher Whalen
- Jul 13, 2022
- 4 min
Update: Ally Financial (ALLY)
The 5-year CDS spreads for ALLY were trading 280bp over the swaps curve compared with 120bp for Citigroup (C) & 150bp for CapitalOne
323 views
R. Christopher Whalen
- Jul 11, 2022
- 5 min
Elon Musk, China & Twitter (TWTR)
Why did Elon Musk ever pretend that he was able to acquire TWTR, a transaction the US government would never allow.
1,343 views
R. Christopher Whalen
- Jul 7, 2022
- 5 min
Top Five US Banks by Market Performance
In times of market volatility and suddenly ended delusions of easy money, the prudent path is to fly to quality.
434 views
R. Christopher Whalen
- Jul 4, 2022
- 6 min
Hard Landings & Systemic Crypto
Putting dollar leverage under crypto tokens – that is to say, under nothing – makes for infinite dollar risk.
553 views
R. Christopher Whalen
- Jun 29, 2022
- 8 min
Bank Earnings Setup: JPM, USB, WFC, BAC & Citi
Most of the banks in our surveillance group are down between 10% and 30% so far this year, but none of these are particularly cheap as yet
430 views
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