There is more evidence that “the take these dice from my cold dead hands” theme I spoke of in yesterday’s post and podcast has reemerged, as Calpers has brought in a new investment manager who is intent on “taking greater risks” at this time. This in a (desperate?) attempt to get that institutions pensions...
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Take These Dice From My Cold Dead Hands, The Sequel
Dire Straits
The 1st half report from the PBGC illustrates in spades the fallout from Weekend at Bennie’s low interest rate subsidy, I mean stimulus. Seems pensions are losing billions, not from investment losses so far in 2009, but from the lack of interest income. Whodathunk.The increase in the PBGCâs deficit is driven primarily by a...
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Automotive Consoldiation
Morningstar provides a good basis for the now ongoing consolidation and shrinkage of the automobile industry. I think option 3: reorganization under government direction and with a highly dilutive investment is the most likely outcome, and probably with only minimal concessions from labor on wages, pensions and benefits. The formula (as in banking)...
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Obie Drinks the Kool Aid, What Would Shakespeare Say?
I like Obie, but he has drunk the Kool Aid. We are doomed. He’s listening to the advice of those very same world renowned egonomists who never saw the current mess coming. How could those who never saw it coming in the first place, and didn’t recognize it after it had already begun have...
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