Bronte Capital

I knew I was stepping into heavily political ground when I wrote my impressions piece about Australian semi-socialised medicine .  Most resp...

Long before Paul Krugman elevated the central schism in macroeconomics to the front page I wrote about it on this blog. My old post is re...

Fannie Mae and Freddie Mac take credit risk and interest rate risk. They take credit risk primarily by guaranteeing mortgages. They take...

The last post – which was incredibly difficult to write – received remarkably little comment – and almost no feedback. So I am going to clo...

I run an investment business – and my blog is about investing.  Sometimes (quite often) investing requires that you have a dispassionate loo...

I am sorry for the couple of weeks delay in publishing the continuation of this series.  It was caused at least in part by my collarbone * a...

I broke my collarbone in a bicycle crash. Fannie and Freddie series to be continued…

I used to look at awed wonder at the insanity of Icelandic banks – but I never heard of this advert (for Kaupthing Bank ) until after the co...

In Part VII I did an “idiot check” on my credit loss numbers. They appear pretty robust. This post does an idiot check on the pre-tax, pre-...

In Part VI of this series I came to the (non-consensus) conclusion that both Fannie and Freddie were long-term solvent and that the cost to...