by Kris Sayce on December 15, 2009
We’re still beavering away on the December issue of Australian Small Cap Investigator this morning. But we’ve just enough time to take a break and knock out today’s edition of Money Morning.
We were heartened by news yesterday that Standard & Poor’s (S&P) had given an AAA rating to $920 million worth of residential mortgage-backed securities issued by Westpac Banking Corporation [ASX: WBC].
According to S&P:
“The preliminary ratings reflect our opinion of the transaction’s credit support, collateral pool, servicer, and other features based on our current criteria and assumptions.”
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by Kris Sayce on November 23, 2009
On our mind is the flaky and fragile Australian banking system.
Do you remember it was only a few weeks ago that the mainstream press was telling you that the major banks were winding back their reliance on the government wholesale funding guarantee?
Well, maybe they are, but they still can’t help themselves.
According to the Sydney Morning Herald, the Commonwealth Bank has raised USD$1.25 billion last week, every last cent guaranteed by the taxpayer. And the week before Westpac raised $1.1 billion guaranteed by you and other taxpayers.
Even that wasn’t enough to get us riled this morning. It takes more than that these days.
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by Kris Sayce on November 16, 2009
It appears your editor owes an apology to Lord Monckton of Brenchley following last Friday’s Money Morning.
As you know, we’re more than happy to admit when we get something wrong, and on this occasion we have. What did we stuff up? Well, for that you’ll have to wait until tomorrow.
Until then…
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by Kris Sayce on October 26, 2009
This morning we did our usual scan around the interweb looking for things to write about in today’s Money Morning.
We usually look all over the place for inspiration. Local websites, overseas websites, blogs, mainstream stuff, non mainstream stuff – you name it, we’re not fussy where we look.
But today we needn’t have looked any further than the News Ltd website.
It was there that we found the ’smoking gun’ behind the property bubble. It is perhaps the biggest expose of the year from the mainstream press.
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by Murray Dawes on October 8, 2009
Shortly I’m going to tell you which two banking stocks are on my list of potential short selling opportunities. But first…
Sometimes it pays to step back and look at the market from a distance.
The best way to do that in the stock market is by looking at an index. One such beautiful example is the chart for doing so is the S&P500.
It’s been tracing out a near perfect range (or distribution of price) over the past 10 years. A quick look at the chart will show you that the range from 2000 to 2003 suffered a false break-out through the top of the range in 2007.
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