By Todd Harrison May 26, 2005 8:59 am
Have a safe and happy holiday weekend!
- We had a Succofest Sans Succo last night in the Big City. Grandpa Neil Glassman wheeled himself there, as did Cantor Minyan Sal Morreale, President Fish and Newly Appointed Executive Editor Greg Collins. Over a bottle (or so) of vino, we talked about the needs on the street, the struggles we face and the opportunities that exist. We also discussed "old school" Wall Street and the way that this business used to be. What was once a handshake has become a hug--albeit in a much tighter circle--as technology and frustration weeds the outliers from the mix. This is shaping up to be an interesting topic for our upcoming Minyans in the Mountains II financial retreat.
- Bond Bubble? Judge for yourself...
- Use the force, Luke...or at least pony up the case of PBR for Succo and Scotto's rate bet!
- On the subject of media, I believe that there will be an evolving "deflation of information" as a function of technology and the proliferation of blogs. However, as Herb Greenberg of MarketWatch recently opined, "credible" information will always carry a premium and should remain a viable aspect of the online product mix for the foreseeable future. President Fish likens it to basic cable model and the "HBO" type services that are currently offered as an addendum.
- Please put Big Ben on your radar as we ready ourselves for the next generation Federal Reserve.
- Daisy is not impressed.
- Professor Fil Zucchi made a salient point in his afternoon vibe yesterday. The isolationist agenda--whether intended or not--has profound influence over the global economic landscape. We've seen alotta posturing from our government and it's not winning us any friends. Further, the European Union has their own shinola to deal with and they're worried about themselves first and foremost. Asia? They own a ton of our debt and Japan has been struggling a lot longer than we have. To add a cherry to your Memorial Day sundae, our bubble (trough to peak) was twice the magnitude of the Nikkei.
- I penned a tribute to Joel a few days ago and will ask Minyans to remember the important stuff this holiday weekend--particularly if you are about to get behind the wheel of a car after having a few pops.
- Ya think?
- Some Minyans have asked me about "massive hedge fund redemptions" causing a run on equity. My feel is that there are redemptions but there is plenty of fresh money still waiting to soak up supply. It'll likely take a contagion or, in the words of the Elmer, a series of "mini-bubbles" to cause a shock wave. Over time, as a function of a massive maze of derivatives coupled with compression (VXO 11?), it will take an increasingly smaller ripple to rock the minxy seas.
- Weekend "State of the Union" reading.
- What's for lunch?!?
- I offered on yesterday's Buzz that the relative improvement in the credit conundrum was the biggest thorn in Boo's paw. With the recent debt dump at General Motors (GM)--and the fact that they're "officially" voted off the investment grade island--that structural thorn has been alleviated. If you haven't, please read the Iron Horse's take on the situation.
- Did SARS soften our senses?
- "It was a yellow, plush, child's toy banana," Sgt. Roger Petrone Jr. said at the time of Bertana's arrest. "It had a smiley face on it."
- Minyan Vanessa, who is at Ojai on a site tour, called last night to gush about the Minyans in the Mountains II venue. While the Big Red Barn--the venue for our Saturday night hoe down--was her personal fave, she was quick to offer that the "Kids Camp" is exceptional and the landscape is breathtaking. There is something uniquely intangible about this event and you almost have to be there to achieve it. The financial landscape is gettin' tougher every day and this is an opportunity to build relationships--and share vibes--that will last a lifetime. The network will be well represented by those on the buy side, players on the sell side and lotsa folks who just wanna broaden their knowledge base. Take a shot and join us for the "Sundance of Finance!"
- There's an article in the C1 section of the Wall Street Journal discussing how hedge funds have assumed some of the traditional investment banking roles. This should be familiar grist for Minyans who attended MiM1 in Crested Butte last year as Succo was all over it.
- I'm off like a prom dress as I'm gonna head to the desert and vibe with my mother in Santa Fe. I wish you all a very healthy, safe and enjoyable holiday weekend and I'll see YOU bright and early on Tuesday.
No positions in stocks mentioned.
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