Musings on Markets

AUGUST 15, 2023

After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporate finance and valuation practice, in particular, and this post is my attempt to answer them all with one post. For an investment to be risk free then, it has to meet two conditions.

Investments 80

Investments Currencies Treasury Hurdle Rate 80

Musings on Markets

JULY 17, 2023

In my third post at the start of 2023, I looked at US treasuries, the long-touted haven of safety for investors. In 2022, they were in the eye on the storm, with the ten-year US treasury bond depreciating in price by more than 19% during the year, the worst year for US treasury returns in a century.

Marketing 95

Marketing Treasury Currencies Valuation 95

Barry Ritholtz

OCTOBER 17, 2023

And they go on longer and longer and obviously more profitable for the states that run the lottery. But it makes a big, big difference to your long-term outcomes if you can just avoid those big losses. Then the volatility and, and the valuation makes an enormous difference. That’s the $2 that the lottery is worth for me.

Investments 52

Investments Valuation Math Numbers 52

Barry Ritholtz

AUGUST 16, 2022

RITHOLTZ: And those were Treasuries. And so, you know, it was relatively, I wouldn’t say straightforward because I don’t think generating consistent profits has ever been something that’s so straightforward or so easy. RITHOLTZ: Like, very different universe, right? TROPIN: Right. TROPIN: Yeah. No, no, no.

Profit and Loss 117

Profit and Loss Foreign Exchange Valuation Investments 117

Barry Ritholtz

MARCH 12, 2024

We participated in that with treasury and FHFA and the regulators, the White House. And so, so we sort of felt pretty stupid for a while because we did a lot of losing trades in 2006 that were the, you know, that obviously didn’t come to fruition until the actual people could see the losses. The homes are here.

Profit and Loss 56

Profit and Loss Investments Marketing Securities 56

Barry Ritholtz

DECEMBER 12, 2023

He developed the Ginnie Mae contract, which at one time was a big thing in treasury bond contract. They announced a $640 million loss and ouch. But if, if it has a history of not being profitable, you you really want to exclude that. The visibility on earnings they grew but they stayed profitable as, as they grew.

Benchmarking 103

Benchmarking Concentration Investments Profit and Loss 103

Barry Ritholtz

FEBRUARY 20, 2024

So, for example, the treasury was thinking about moving to direct deposit, but they wanted to know how much it was gonna cost them because direct deposit, they, they, they, they, the money clears, you know, sorry, almost instantly, right? So they wanna know how many days does it take a, a treasury check to get back to us.

Treasury 56

Treasury Marketing Economics Banking 56

CFO News Room

NOVEMBER 5, 2022

While private valuations have soared in recent years, public markets continue to be less kind to RIAs. Outside of work, he serves as a volunteer financial planner and class instructor for non-profits in the Northern Virginia area. Enjoy the ‘light’ reading! Author: Adam Van Deusen. Team Kitces. He can be reached at [email protected].

Mergers and Acquisitions (M&A) 130

Mergers and Acquisitions (M&A) Profit and Loss Investments Valuation 130

Barry Ritholtz

NOVEMBER 7, 2023

He sunk all the profits into Bitcoin, he’s levered up and borrowed money and bought Bitcoin. The profits are very small, but Alameda’s cost of capital was very low since they were borrowing all the customer money. Put it in Riskless Treasuries. They release their profits every quarter. That’s right.

Numbers 60

Numbers Profit and Loss Banking Finance 60