Quotes About Securities

These Ginnie Maes suck. They get longer [in maturity] when rates go up, and shorter when rates go down, and nobody wants them

Glass-Steagall was an act of the US Congress, but it worked more like an act of God. It cleaved mankind in two. With it, in 1934, American lawmakers had stripped investment banking out from commercial banking. Investment bankers now underwrote securities, such as stocks and bonds. Commercial bankers, like Citibank, took deposits and made loans. The act, in effect, created the investment banking profession, the single most important event in the history of the world, or so I was led to believe.

Analysts photocopied, proofread, and assembled breathtakingly dull securities documents for ninety and more hours a week. If they did this particularly well, analysts were thought well of by their bosses. This was a dubious

For though there was no chance of persuading a pension fund manager looking to make a longer-term loan to buy a Freddie Mac bond that could evaporate tomorrow, one could easily sell him the third tranche of a CMO.

No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).

They were less and less able to buy and sell big chunks of stock in a gulp.

Additionally, our bond allocation may be further broken down into desired percentages in sub-allocations of the bond market such as intermediate-term investment grade bonds and inflation-protected securities.

The reaction to his funeral, in 1923, was more about the future than the past. New issues of securities of industrial companies would increase from 690 during the year after Harding's death to nearly 2,000 in 1929.1 Brokers' loans to investors and share ownership would quadruple by 1929.2 The number of Americans who paid tax on income of a million dollars a year also would quadruple.3

Ivar Kreuger became the face of the International Match scandal, but he should not have been the only target. Overeager investors, sloppy auditors, and pushover directors also bear much of the blame. Holders of Ivar's securities didn't demand more detailed information about his businesses. Ivar's auditors accepted his word as truth even when facts suggested otherwise. His directors did virtually nothing except cash their annual stipends.

Vincent Bailey, portfolio manager at BEA Associates, a New York money-management firm that managed $3 billion in Latin American funds, said that when Latin American derivatives are sold, "Mostly it's done for people who can't buy the actual securities

This extra cushion of collateral became known as "overcollateralization." For example, if you started with $100 worth of Ajustabonos, the PLUS Notes would be repaid in full even the Ajustabonos dropped to $80 because Banamex ate the first $20 of losses.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The Government Securities Act gave the Treasury Department some rulemaking authority over all government securities brokers and dealers. But the act also required these firms to register with the SEC.

I still like TIPS (Treasury inflation-protected securities), and I think a big opportunity is coming in the municipal bond market.

The Treasury Department would use the interest from these securities to hire U.S. companies to build Saudi Arabia - new cities, new infrastructure - which we've done.

By purchasing and holding large amounts of Treasury securities and MBS, we put additional downward pressure on term premiums and so on long-term rates.

The central bank's bond purchases or sales are also an important indication of where the value of the dollar is headed. Is the Fed continuing its bond purchases and further expanding the money supply? Or, is it shrinking the monetary base by selling those securities? The answers may be found on the Federal Reserve balance sheet.

When the Securities & Exchange Commission settled securities-fraud charges against Richard Harriton, former chairman of the clearing subsidiary of Bear, Stearns & Co., there were smiles all around. The SEC was happy. Harriton was happy. Bear Stearns was happy.

It turns out that the portfolio with the least risk had 18 percent foreign securities and 82 percent U.S. securities. Moreover, adding 18 percent EAFE stocks to a domestic portfolio also tended to increase the portfolio return.

One asset class that belongs in most portfolios is bonds. Bonds are basically IOUs issued by corporations and government units. (The government units might be foreign, state and local, or government-sponsored enterprises such as the Federal National Mortgage Association, popularly known as Fannie Mae.) And just as you should diversify by holding a broadly diversified stock fund, so should you hold a broadly diversified bond fund.

The average actively managed mutual fund charges about one percentage point of assets each year for managing the portfolio. It is the expenses charged by professional "active" managers that drag their return well below that of the market as a whole. Low-cost index funds charge only one-tenth as much for portfolio management. Index funds do not need to hire highly paid security analysts to travel around the world in a vain attempt to find "undervalued" securities. In

In this tropic whaling life, a sublime uneventfulness invests you; you hear no news; read no gazettes; extras with startling accounts of commonplaces never delude you into unnecessary excitements; you hear of no domestic afflictions; bankrupt securities; fall of stocks; are never troubled with the thought of what you shall have for dinner—for all your meals for three years and more are snugly stowed in casks, and your bill of fare is immutable.

For the most part, in this tropic whaling life, a sublime uneventfulness invests you; you hear no news; read no gazettes; extras with startling accounts of commonplaces never delude you into unnecessary excitements; you hear of no domestic afflictions; bankrupt securities; fall of stocks; are never troubled with the thought of what you shall have for dinner—for all your meals for three years and more are snugly stowed in casks, and your bill of fare is immutable.

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