Author

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Daily

Daily: continued problems in Europe, earnings surprises, and Apple’s declining loyalty

Edward Harrison Oct 31, 2012

Today's links have three major themes. They are the continuing economic and political problems in Europe, the impact of the global growth slowdown on earnings and the escalating mobile war between Apple and Android. First on the European…

Daily

The Fiscal Cliff and Corporate Margin Mean Reversion

Edward Harrison Oct 30, 2012

As I wrote yesterday, government deficits are the biggest driver of elevated corporate margins. This is significant in the US given the looming fiscal cliff and the already ongoing margin mean reversion. Using the financial sectoral…

Economy

Full text: Moody’s places Canadian banks on review for downgrade

Edward Harrison Oct 29, 2012

Moody's released the following announcement on Friday in connection with a review it is now conducting regarding the Canadian banking sector. Moody's Investors Service has placed the long-term ratings of six Canadian banks (including the…

Members

Government deficits are the biggest driver of elevated corporate margins

Edward Harrison Oct 29, 2012

I think it goes without saying for those of you who have been using the sectoral balances approach, government deficits are what have been driving corporate profits in the U.S. to record levels. Most analysts and news outlets focus on the…

Technology

Daily: Apple’s margins will continue to decrease

Edward Harrison Oct 26, 2012

Since there are so many Apple stories out there in today's links, I am going to expand upon my feature-length post "The Case Against Apple" from earlier today. The dilemma as I set out early in the year is between margin and share. Apple is…

Members

The Case Against Apple

Edward Harrison Oct 26, 2012

While I first started warning about Android taking share from Apple in 2009, I was not worried about earnings at Apple. It wasn't until this year that margin compression became an issue for me. But even then, it wasn't clear the issue…

Daily

Daily: On the EU’s retroactively recapping Ireland’s banks and Lagarde’s…

Edward Harrison Oct 25, 2012

Yesterday I wrote a lot about this topic for Gold subscribers, asking "Will Merkel grant ‘austerity model’ Ireland retroactive bank recap mutualisation?" This post gives a full account of the European bank recap issue, so I won't re-hash…

Members

Currency war: Free capital flows increasingly at risk as Fed policy forces Brazil into a…

Edward Harrison Oct 25, 2012

After embarking on a third round of easing last year that only involved extending the length of its zero rate policy and changing the Fed's Treasury portfolio duration mix, the Fed has recently started QE3 with an even more aggressive tone.…

Members

Yearly decline in average jobless claims of nearly 30,000 still not pointing to recession

Edward Harrison Oct 25, 2012

There has been a bit of talk about jobless claims since the abnormally large fall in claims two weeks ago. Those numbers were skewed by reporting anomalies that were adjusted in the subsequent week. Looking beyond the week to week data,…

Daily

Links 2012-10-24

Edward Harrison Oct 24, 2012

Europe Greece to cut wages and pensions further to avoid default - Telegraph "Greece is set to cut public sector wages and pensions, as it agrees terms with its international lenders to release the next tranche of its bailout to avoid…

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