The Institutional Risk Analyst

“Private debt” gating retail investors is the whipping boy du jour, but not the canary in the coal mine, nor the real problem, nor the real risk. Over-investment and malinvestment in things like data centers or unprofitable business models that require cheap money and are based on hype and suspension of common sense, excessive government spending, inflation and currency debasement, populism and socialist rhetoric manifesting itself in real policy and tax decisions, these are

The net losses disclosed by BAC and the other large banks at the end of Q4 2023 are significantly understated...

UBS ultimately seems intent upon running off the remaining US mortgage assets, including a few billion in Ginnie Mae MSR financings

The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations

The Biden Administration has no real strategy for addressing the growing stress in the market for government insured mortgages

If you agree with our view that the short-selling of the stock was mistaken, then the discount for SCHW is unwarranted.

Mark Twain called Washington ''the grand old benevolent National Asylum for the Helpless'' in his classic "The Gilded Age."

Citi has drifted through years of government ownership and weak leadership by the board of directors