Tom Spencer

NOVEMBER 27, 2011

Over the last few decades, countless risky financial products were sold to investors using harmless sounding terms like “credit default swap”, “mortgage backed security”, “special purpose vehicle” and “off-balance sheet financing”. Management Consulting. Copyright © 2013 Tom Spencer. Graduate Consulting Group.

Balance Sheet 89

Balance Sheet Consulting Case Interview Financial 89

Harvard Business

FEBRUARY 26, 2018

Twitter reported a loss of $79 million before its IPO, yet it commanded a valuation of $24 billion on its IPO date in 2013. This becomes clear when you look at a company’s two most important financial statements: the balance sheet and the income statement. Let’s first look at the balance sheet.

Financial 28

Financial Balance Sheet Company Report 28

MishTalk

JUNE 26, 2013

Wednesday, June 26, 2013 12:10 PM. Bernanke says the US economy is solid enough that the Fed can begin tapering its balance sheet purchases later this year. Given the stock and bond market bubbles the Fed has created, the Fed of course should taper (not that it should ever have expanded its balance sheet in the first place).

Balance Sheet 67

Balance Sheet Real Estate Financial Case Interview 67

MishTalk

NOVEMBER 27, 2013

Draghiz e: "The test is credible because the ultimate purpose of it is to restore or strengthen private sector confidence in the soundness of the banks, in the quality of their balance sheets" Mish : The test is credible because we say it is.

Balance Sheet 65

Balance Sheet Exercises Banking Government 65

MishTalk

JULY 30, 2014

In 2013, Germany ranked fifth, behind the United Kingdom, Netherlands, South Korea and Italy in imports of U.S. That’s because it shifts some pollution — and the burden for cleaning it — onto another other country’s balance sheet. increasingly has helped supply. steam coal, the type burned in power plants.

Balance Sheet 71

Balance Sheet Enterprise Energy Banking 71

MishTalk

DECEMBER 4, 2013

trillion in mortgage-backed securities in the United States so far in 2013. The answer to that question is that we no longer have things like 20-year and 30-year mortgages because banks are not going to put that type of mortgage on their balance sheets. If Fannie and Freddie go away, what then happens to the mortgage markets?"

Government 74

Government Balance Sheet Real Estate Banking 74

MishTalk

DECEMBER 18, 2013

Details show the alleged rainy-day fund is a pathetic €12.5bn of joint funds not available until 2020, even though 128 banks covered in the agreement have an aggregate balance sheet somewhere between €26 trillion and €27 trillion. Now that we know what subordinated debt is, it''s easy to understand the increase in issuance.

Banking 70

Banking Balance Sheet Finance Government 70

MishTalk

NOVEMBER 20, 2015

factory activity grew last month at its slowest pace since May 2013 as manufacturers pared their stockpiles and cut jobs. The Institute for Supply Management’s index of factory activity slipped to 50.1 The overoptimistic SEP growth forecasts for 2011 through 2013 were eventually cut in half, each ending around 2%. in September.

Balance Sheet 28

Balance Sheet Banking Study Policies 28

Harvard Business

SEPTEMBER 16, 2016

For example, at the end of its 2015 fiscal year, Apple’s balance sheet stated tangible assets of $290 billion as a contribution to its annual revenues, with approximately $141 billion worth of intangible assets — a combination of intellectual capital, brand equity, and (investor and consumer) goodwill.

Data 28

Data Balance Sheet Enterprise Insurance 28

MishTalk

OCTOBER 8, 2015

Bombshell Event of the Year" Peter Schiff predicted a Bombshell Event in November of 2013. Bombshell Quotes The following "bombshell" quotes are from The Schiff Report (11/22/2013). "If If China isn't going to expand its balance sheet anymore, that means it has to stop buying treasuries. So what's it mean?

Balance Sheet 28

Balance Sheet Telecommunications Video Banking 28

MishTalk

DECEMBER 12, 2015

In 2013, Ally agreed to contribute $1.95 As of June 30, 2013, Ally ceased new mortgage loan originations, the company said at the time. The company also sold off the last of its mortgage servicing rights in the second quarter of 2013.

Mercer 28

Mercer Balance Sheet Automotive Banking 28

MishTalk

JULY 11, 2014

Gross issuance in the high-yield bond market alone soared to $90 billion per quarter in 2013 from a pre-crisis quarterly average of $30 billion. In the syndicated loan market, for instance, credit granted to lower-rated leveraged borrowers (leveraged loans) exceeded 40% of new signings for much of 2013.

Balance Sheet 74

Balance Sheet Financial Banking Policies 74

MishTalk

JUNE 30, 2013

Sunday, June 30, 2013 10:06 PM. After adjusting for seasonal factors, the HSBC Purchasing Managers’ Index™ (PMI™) – a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy – posted at 48.2 August 2013 (16). July 2013 (82).

Analysis 71

Analysis Trends Real Estate Financial 71

MishTalk

JUNE 9, 2015

Chart #2: Growing Payments While the current state of the city’s balance sheet is dismal, the real problem relates to what is expected to develop over the next decade. For fiscal 2013, Chicago’s various pension plans were assuming annual rates of returns ranging from 7.5 Per capita income estimate is for Cook County.

Balance Sheet 28

Balance Sheet Data Insurance Insurance 28

MishTalk

NOVEMBER 6, 2015

In response to Eurozone Target2 Imbalances Creeping Back Up , I received a nice email from Dr. Eric Dor, Director of Economic Studies at IESEG School of Management (Lille and Paris France) regarding the imbalances in Italy. Visit [link] to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Balance Sheet 28

Balance Sheet Banking Government Financial 28

MishTalk

JULY 16, 2014

The Hoisington Investment Management, Second Quarter 2014 Review and Outlook makes the case " Treasury Bond Undervalued ". versus the average output level of 2013. Rather than repairing its balance sheet by reducing debt, the U.S. in the third quarter of 2013. With inflation widely expected to rise in the 1.5%

Balance Sheet 68

Balance Sheet Financial Analysis Policies 68

MishTalk

JUNE 28, 2013

Saturday, June 29, 2013 1:21 AM. While these reforms may improve FHAs balance sheet over the long term, they would also reduce market liquidity, which in turn could cause home prices to fall. Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. August 2013 (16).

Analysis 73

Analysis Trends Real Estate Case Interview 73

MishTalk

JANUARY 23, 2015

German 10-Year Bond Yield click on chart for sharper image Since September of 2013, yield on the German 10-year bond has plunged from around 2% to 0.367%. Banks and insurers need Germany’s AAA securities to bolster their balance sheets and pension funds mop up bunds to match their liabilities.

Balance Sheet 28

Balance Sheet Banking Government Insurance 28

MishTalk

JANUARY 21, 2016

Keynesian Inflation Nonsense The Wall Street Journal points out " The annual inflation rate in the 19-country currency area has been far below the central bank’s medium-term target of just below 2% since late 2013. Mike "Mish" Shedlock Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management.

Balance Sheet 28

Balance Sheet Conference Banking Journal 28

MishTalk

DECEMBER 26, 2013

Banks, fund managers and other institutions in the interbank market will be able to trade the CDs, but non-financial companies and retail investors will be barred. A hitherto strong focus on managing interest rates, even with the occasional liquidity squall, has meant that credit growth and leverage have continued to rise rapidly.

Balance Sheet 64

Balance Sheet Marketing Banking Financial 64

MishTalk

DECEMBER 9, 2013

Greece’s creditor structure in 2013 compared to the point of departure in 2010 hardly bears any resemblance. Greek Sovereign Debt History The ECB, EU, IMF, and politicians in various countries managed to transfer 80% of Greek sovereign debt from private hands into public hands.

Balance Sheet 76

Balance Sheet Financial Government Finance 76

MishTalk

JUNE 27, 2013

Thursday, June 27, 2013 2:46 PM. During the coming week I believe that a significant amount of Wealth Management Prodiucts (WMP) will mature, and because of asset/liability mismatched this WMP must be rolled over. The most important effect is likely to be on demand for wealth management products. August 2013 (16).

Analysis 69

Analysis Trends Real Estate Banking 69

MishTalk

DECEMBER 25, 2013

Any model that predicts China’s future GDP growth must include, if it is to be valid, a variable that reflects estimates of the amount of hidden losses buried in the banks’ balance sheets. This will be the last issue of 2013 before the holidays. I wish my readers a great 2014. Stay tuned.

Balance Sheet 66

Balance Sheet Banking Policies Financial 66

Harvard Business

MAY 9, 2018

Walter Thompson Company for $566 million in 1987 and Ogilvy for $864 million in 1989 — big acquisitions that stretched the company’s balance sheet. The management understood that doing three deals a year meant they had to do due diligence on 20 companies and submit five bids. So WPP acquired the ad agencies J.

Research 28

Research Balance Sheet Industry Sales 28

MishTalk

JANUARY 28, 2014

"Industrial and Commercial Bank of China, the world''s largest bank by assets, said on Thursday that it has no plans to use its own money to repay investors in a troubled off-balance-sheet investment product that it helped to market." Investors should have taken a hit. Certainly the promised 10% yield was too good to be true.

Banking 71

Banking Balance Sheet Productivity Financial 71

MishTalk

JULY 10, 2013

Wednesday, July 10, 2013 2:41 PM. Following is a snip from the June 18-19, 2013 Minutes of the Federal Open Market Committee , released today. percent for 2013, 3.0 Participants also described their views regarding the appropriate path of the Federal Reserves balance sheet. percent at the end of 2013, 6.5

Real Estate 57

Real Estate Financial Policies Advertising 57

MishTalk

JULY 2, 2013

Tuesday, July 02, 2013 1:59 PM. It’s very easy for a confident-sounding analyst, fund manager or professor to say something on TV that can throw off the best laid plans of investors. Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. August 2013 (16).

Trends 62

Trends Analysis Real Estate Financial 62

MishTalk

JANUARY 10, 2015

In October 2013, after two previous stress tests blew sky high, ECB president Mario Draghi announced that he would not hesitate to fail banks in the third test. But most have already taken steps to solve their problems since the end of 2013, the cutoff date for the exercise. Please note that the largest shortfall was a 2.11

Banking 28

Banking Balance Sheet Exercises Journal 28

Harvard Business

JULY 15, 2016

The company filed for bankruptcy protection in 2012, exited legacy businesses and sold off its patents before re-emerging as a sharply smaller company in 2013. Sasson himself told The New York Times that management’s response to his digital camera was “that’s cute – but don’t tell anyone about it.”

Film 28

Film Balance Sheet Chemicals Engineering 28

MishTalk

NOVEMBER 19, 2015

on 10/29/2013. equity strategist and the firm's portfolio strategy research team note that narrow market breadth, with just a handful of strong performers carrying the load for a slew of weaker performers, tends to favor high-quality stocks with strong balance sheets and lower volatility. It is now $53.85. Dell is now private.

Balance Sheet 28

Balance Sheet Marketing Finance Company 28

MishTalk

DECEMBER 26, 2014

And yet most analysts have interpreted the former as implying that policymakers in China were especially capable, and so they assumed that the same high-quality economic management would ensure that the subsequent slowdown would be much less than expected.

Banking 71

Banking System Benchmarking Finance 71

MishTalk

NOVEMBER 24, 2015

With its balance sheet totalling nearly 1.6 Federal Reserve chair, said at her confirmation hearing in November 2013 that even a deposit rate that’s positive but close to zero could disrupt the money markets that help fund financial institutions. The big Swiss banks passed on some of the pain from the Swiss central bank’s -0.75

Banking 28

Banking Benchmarking Balance Sheet Policies 28

MishTalk

NOVEMBER 16, 2014

After the implementation of the EURCHF floor, gold’s share of the SNB balance sheet has fallen to 7.5% from around 30% in 2007 (top chart) [SNB Balance Sheet]. Total global production in 2013 was 2,982 tonnes, thus the SNB would need to buy at least 10% of the annual production every year for the next 5 years.

Balance Sheet 70

Balance Sheet Banking Analysis Productivity 70

MishTalk

MARCH 17, 2014

This model rests on an understanding of how distortions in the savings rates of different countries have driven the great trade and balance-sheet distortions with which we are wrestling today, just as they have in most previous global crises, including those of the 1870s, the 1930s, and the 1970s.

Banking 65

Banking Real Estate Productivity Policies 65

MishTalk

JANUARY 3, 2014

Had I suggested in 2007 that the Fed balance sheet expansion of $75 billion a month would have been considered "tightening" people would have thought I was nuts. 2013 is likely to be the tip of the bubble belief in Merkel. However, I certainly did not get my 2013 investment thesis correct. Here we are.

Conference 74

Conference Banking Government Balance Sheet 74