One might think riding the energy bull is the key to easy profit success, apparently not. Today VLO anounced lower earnings. It seems higher costs at refineries, including equipment, have cut earnings forecasts. My guess is that the weak dollar, causing higher not lower equipment costs with any foreign content, think steel for example, is…

I urge you to read outside the USA to get a different perspective.  Magaret Thatcher was wary of the EU agreements. She believed it would shift the financial capital of Europe from London to continental Europe.  Today the Treaty of Lisbon might do just that.   Recently per capita British GDP surpassed that of the…

When you let someone set their own standards, those standards can be pretty low.   REad this article for an interesting take on how states define their own graduation rates. For example if we take the number of enrolled in the 12th grade in Sept and compare to the number graduating the following May, it…

Here is a top to bottom list of the highest state corporate tax levels in the USA.   Handily it also lists the corporate tax rates of other countries. How does the US stack up on this list?  The City of Philadelphia is a virtual shamble to judge by what the new mayor had to…

Another paper wonder if ‘saving’ Bear just encourages this kind of behavior. Saving Long Term Capital Management LTCM in 1998 has perhaps only encouraged this type of highly leverage betting by ‘investment banks.’ The CFO of Lehman certainly takes  nice photo, but at age 42, her understanding of business history is a bit brief.  She…

The study of the Chinese language, Mandarin, is on the rise.   Oddly many still study Spanish, why i wonder?  Clearly the Chinese economy will become more dominate in years to come.  And so more folks are  trying to learn the language to speak Chinese on their visits to the Mainland.

I thought you might find this letter to the shareholders of MBIA, a large bond insurer and credit default swap guarantor, interesting. Seems Moody’s and S & P maintain their AAA rating on both MBIA and AMBAC. Now click on the chart thru March 20 and take a look. Does this look like a AAA…

Greenspan loved the adoration but denies an responsibility now.   He says that raising interest rates has never stopped inflation, gee it did for Paul Volcker in 1981!  I managed to get to page 200 in his book Turbulence. I don’t see how he can dis claim responsibility and but admit to lowering rates thirteen…

Now even the supposedly conservative Swiss Banks are writing down ‘assets.’  I urged the Intermed II class to read the assignments on derivatives and options over the break. Here is another example of a brokerage firm / investment bank / just what are you doing? firm writing down ‘assets.’ In principles of accounting we told…

Jim Rogers holds forth on what the takeover of Bear BSC really means. As he points out, BSC paid out big bonuses in January. In a bankruptcy they would have to pay them back! As it is they get to keep driving their Maseratis and let you and I pay for them. A CFA goes…