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Deleveraging Continues

As leveraged assets go down in value, the leverage multiples go up. Adding to that multiple is the falling dollar and the fact that these assets are in reality debt deposits, not cash deposits, that were passed on in different forms to be leveraged over and over.

-Minyan Jim

Answers I Really Wanna Know: Is Paulson a Lame Duck?

Todd Harrison Nov 18, 2008 9:45 am


	The upcoming transfer of power may give the Treasury Secretary an "out."

Has the upcoming transfer of power effectively given Hank Paulson an “out?”
What about the rest of us?
Where’s our out?
On the Street?
Do you close your eyes and buy 'em when General Motors (GM) and Ford (F) are finally fitted for toe tags?
If you were a Hussman, what would you think of this market?
Despite pointing to structural flaws on Wall Street for years, why do I still shake my head in amazement when I look at Citigroup (C) as a hat size, Blackstone (BX) as a ring size and Mother Morgan (MS) and Merrill Lynch (MER) both pre-teen?
What's worse—getting blown out or losing on a last second field goal?
Would now be a good time to share with ye faithful that my “Sleep-O-Meter” again red-lined last night?
And through the years, when I can’t fall asleep, it typically portends “something massive” is coming down the pipe?

Has anyone seen Television’s JeffMacke and Charlie Runkle in the same room at the same time?
What’s $33 trillion in lost market cap (on a global basis over the past twelve months) between friends?
Did Kansas City Fed President Thomas Hoenig admit the Fed ran out of ammunition?
Remember where we said that the last bullet would be pointed?
Was this the best interception in the history of the NFL?
Can we agree that Californication lapped Entourage as the best show on television?
Is Research in Motion (RIMM) a “bang for the buck” beta play into year-end?
And the rest of the master beta plays—Google (GOOG), Amazon (AMZN), Apple (AAPL) and yes, even Baidu (BIDU)—could be rentals under the same “performance anxiety” thesis?
Will what’s good for the golden goose be good for an upside equity gander?
How long before the hedge fund model shifts to "aggregate three year returns" to avoid managers getting paid on their annual high water mark?

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Tags: RIMM, C, PAULSON, BIDU, BX, MS, F, YANG


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Position in RIMM

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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