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.

Monetary System

BoE dilemma highlights difficulty of turning points

Edward Harrison Aug 20, 2008

The minutes of the Bank of England's most recent Monetary Policy Committee (MPC) meeting demonstrate that Britain's monetary policy makers are all over the shop. Most committee members voted to keep rates at 5%, but there was also a vote…

Economy

Lehman missed out on $5 billion from Korea

Edward Harrison Aug 20, 2008

Apparently, Lehman Brothers was looking to strike a deal with a Korean Sovereign Wealth Fund (SWF) for a whopping $5 billion, but the deal fell through -- this according to the NY Post.Lehman Brothers' embattled Chief Executive Dick Fuld…

Markets

Chart of the day: medium-term returns

Edward Harrison Aug 20, 2008

Five-year returns almost never exceed 100% (denoted by the dotted red line in the chart). There are three notable bubble periods in stocks above 100%: pre-1929, pre-1987 and pre-1999*. This is not one of those periods.

News

News round-up: 20 Aug 2008

Edward Harrison Aug 20, 2008

Top billing Banks’ losses and capital: The new version of the paradox of Achilles and the tortoise - VoxEU This is a post right down my alley. You've probably seen my list of Bloomberg's writedown/ capital raised tally. Well, there is a…

Economy

Creditors paid in full? No – try 6 cents on the dollar

Edward Harrison Aug 19, 2008

Talk about ugly, American Home Mortgage, an outfit which went bust two days before the credit crunch hit a year ago, is now liquidating. We knew equity holders were going to get zippo, nada, zilch, but what about creditors of the mortgage…

Markets

Times guide to London property

Edward Harrison Aug 19, 2008

For those of you interested in London property prices, the Times has a good rundown borough by borough in PDF. The Royal Borough tops the list with an average price over £1.4 million followed by Westminster at over £1 million. Why would…

News

News round-up: 19 Aug 2008

Edward Harrison Aug 19, 2008

Top billing California bank stocks: The herd gets thinned again - LA Times The implications of this story in a state that has seen the largest drops in house prices anywhere is that many busts are going to happen in California. There is…

Economy

Large US bank failure coming

Edward Harrison Aug 19, 2008

Kenneth Rogoff, the Harvard Professor and former IMF Chief Economist shares my view that another large U.S. financial institution will go bust. I predicted this will happen before the end of 2008. He gives no specific date, but he does go…

Economy

Andrew Smithers’ view on economic outlook

Edward Harrison Aug 19, 2008

Andrew Smithers is an economic commentator whose book 'Valuing Wall Street' I highly recommend. He is another market economist who shares my view that a 'Buy and Hold' Strategy is not necessarily the best. But he also has an economic…

Markets

Chart of the day: long-term returns

Edward Harrison Aug 19, 2008

'Buy and hold' is a myth that I hope dies an ugly death just like the Efficient Market Hypothesis. When one looks at the numbers, it is as plain as day that the stock market moves in sweeping trends that take decades to unfold.

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