Steel Consumption Statistics

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BHP’s comments that iron ore demand growth from China will slow helped send the market lower today.  In that context, below is China’s steel consumption relative to the rest of the world as of 2010. It may be somewhat surprising … Continued

Money on the Sidelines

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A perpetual bull argument on Wall Street is that “there’s so much money on the sidelines” that will continue to push the market higher.  For a while in 2009-2011 this was true: individual investors had fled riskier markets and shoved … Continued

Athlete Pay vs. CEO Pay

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There was an article on Bloomberg this morning about the high pay of executives at Berkshire Hathaway.  It highlights the following figures: Berkshire gave $17.4 million in 2011 compensation to Thomas P. Nerney, CEO of its United States Liability Insurance … Continued

High Yield Index Yield

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High yield spreads are still slightly wider than they were at this time last year, but since treasury rates have fallen, the effective yield is back to multi-decade (perhaps all time?) lows on the BofA High Yield Master Index.  At … Continued

Treasury Spread vs. CPI

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Treasury yields may have finally started to rise over the last several days, but compared to CPI they still haven’t risen nearly enough.  CPI was up 2.9% y/y as of the most recent reading, but the 10 year treasury bond … Continued

More Stress Test Assumptions

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Another important assumption made as part of the stress test: Some of the AFS/HTM securities are assumed not to be at risk for the kind of credit impairment that results in OTTI charges, including U.S. Treasury and U.S. government agency obligations and … Continued

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