Felix Salmon

Counterparties: Bruised bonds

May 31, 2013

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Don’t worry about cov-lite loans

By Felix Salmon
May 31, 2013

Talk to a bubblista for more than about five minutes, and you’re bound to hear the phrase “cov-lite” come up in conversation. The argument goes something like this: during the last credit bubble, we saw a large increase in cov-lite loans. Now, we’re seeing the same thing all over again. So, we’re in another bubble!

Counterparties: Broken tax breaks

May 30, 2013

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The Frannie gamble

By Felix Salmon
May 29, 2013

fnma.tiff

This is a three-year chart of Fannie Mae’s common stock, which fell almost 30% today; it’s now at a level not seen since Friday afternoon. You can think of this as shares “getting destroyed” if you want — but really what we’re seeing here is little more than a game of chicken between traders who find it easier to day-trade from their desks than to jet to the 32nd floor of the Galaxy Macau casino for the weekend.

Counterparties: Bits of laundry

By Ben Walsh
May 29, 2013

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Promiscuous media

By Felix Salmon
May 29, 2013

Two years ago, when I wrote about the death of blogging, I contrasted the decline of old-fashioned reverse-chronological blogs with the huge success of Twitter and, especially, Tumblr. Since then, of course, Tumblr has been sold to Yahoo for more than $1 billion, while Twitter is reportedly valued at some ten times that amount. Clearly there’s a lot of value in becoming a successful publishing platform.

Counterparties: Why Europe wants to be more Austrian

May 28, 2013

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America’s healthily idiosyncratic housing market

By Felix Salmon
May 28, 2013

This is the chart of US Case-Shiller prices. You can click to enlarge it, but sometimes it helps to take a step back: The thicker blue line is a composite of 10 cities, the red line is a composite of 20 cities, and the medium-weight green line, for you locals, is New York City.

Counterparties: Washing out with the Tide

By Peter Rudegeair
May 24, 2013

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