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Do financial statements tell the truth?

posted to Interfluidity on Sat 4th Sep 10

I produced this as a handout for an introductory course in corporate finance. Maybe it is interesting, or maybe I just feel bad about how infrequently I am blogging.Financial statements are often referred to as reports. As you scan the pages, you will find
Monday at the Treasury: an overlong exegesis

posted to Interfluidity on Sun 22nd Aug 10

Last Monday, I had the privilege to meet up with a bunch of bloggers and Treasury officials for what might be described as a “rap session”. The meeting was less formal than a previous meeting. There were no presentations, and no obvious agenda.
Monetary policy for the 21st century

posted to Interfluidity on Mon 16th Aug 10

Twentieth Century monetary policy can be understood very simply.One can imagine that, prior to the 1980s, the marginal unit of CPI was purchased from wages. That made managing inflation difficult. In order to suppress the price level, central bankers had to

Capital cant be measured

posted to Interfluidity on Sat 3rd Apr 10

Simon Johnson and James Kwak are absolutely right. Sure, “hard” capital and solvency constraints for big banks are better than mealy-mouthed technocratic flexibility. But absent much deeper reforms, totemic leverage restrictions will not meaningfully
Monday at the Treasury: an overlong exegesis

posted to Interfluidity on Sun 22nd Aug 10

Last Monday, I had the privilege to meet up with a bunch of bloggers and Treasury officials for what might be described as a “rap session”. The meeting was less formal than a previous meeting. There were no presentations, and no obvious agenda.
Goldman-plated excuses

posted to Interfluidity on Sat 17th Apr 10

My first reaction, upon reading about the SEC’s complaint against Goldman Sachs was to shrug. Basically, the SEC claims that Goldman failed to disclose a conflict of interest in a deal the firm arranged, that perhaps Goldman even misdirected and misimplied

Links 9/8/10

posted to naked capitalism on Wed 8th Sep 10

Sorry for thin posts, have to do a quick turnaround trip to NYC, then back to Maine.Study slashes estimated rates of ice loss from Greenland, West Antarctica Raw Story (hat tip reader John D)Fears of a Decline in Bee Pollination Confirmed Science Daily (hat
Sunday links: lacking leadership

posted to Abnormal Returns on Sun 5th Sep 10

Doug Kass thinks shorting bond may be the trade of the year. (TheStreet)Josh Brown, “Stocks need strength in other stocks at this junction.” (The Reformed Broker)Bearish sentiment isn’t always a bullish signal. (The Technical Take)Equity sentiment
Fed Watch: No Clothes

posted to Economist's View on Tue 31st Aug 10

Tim Duy is "anything but" reassured by Ben Bernanke's recent speech outlining the Fed's possible policy actions, and what it will take to put them into action:No Clothes, by Tim Duy: Unless every able American pitches in, Congress and I cannot do