Bronte Capital

The sometimes eccentric views of John Hempton

Friday, January 22, 2010

What is proprietary trading?

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Somewhere in the debate about prohibiting proprietary trading in certain banks we will need a decent understanding of what proprietary tradi...
22 comments:
Wednesday, January 20, 2010

The sweetest usurious bastards

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A long while ago I did some work on Rent-A-Center – a company in the difficult and arguably immoral business of “rent-to-buy”.  Rent-to-buy...
23 comments:
Tuesday, January 19, 2010

Market (and taxpayer) sensitive redaction

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Being a fund manager involves many skills.  One of the rarer ones is trying to work out what redacted government documents say.  The Departm...
16 comments:
Wednesday, January 6, 2010

Astarra: Don't blame the regulator

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Here is an article which blames the regulator for allowing Astarra to go on as long as it did. It is not the only such article. The article...
13 comments:
Saturday, January 2, 2010

A dark privatised social security story: Astarra, the missing money and how examining a fund manager owned by Joe Biden’s family led to substantial regulatory action in Australia

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In Mid September I wrote a letter to Australian regulators which detailed my concerns about a fund manager in Australia known as the Astarra...
28 comments:
Thursday, December 31, 2009

Keynes on British industrial history

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I will leave aside Felix Salmon calling me “socially useless” (as a short seller) until I am in a position to reveal my pithy reply.  For t...
5 comments:
Wednesday, December 30, 2009

Kodak, Bill Gates and efficient markets

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I am just back from my summer holidays on the New South Wales South Coast.  To my (mostly) Northern Hemisphere readers I should boast about ...
27 comments:
Thursday, December 10, 2009

When regulators can’t do math: gas pipeline edition

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The Federal Regulatory Energy Commission (the FERC) is charged – amongst other things – with regulating the rate of return on interstate nat...
17 comments:
Saturday, December 5, 2009

Gratuitous advertising time: The Nick Hempton band is playing in New York

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The distinctly cooler Mr Hempton (my cousin Nick) is doing a gig (with his band) at Smalls Jazz Club Saturday night. Its 183 West 10th str...
2 comments:
Thursday, December 3, 2009

Getting it wrong about getting it wrong about coffee

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One of the joys of the blog is that I have several readers who are WAY smarter than me.  One pointed out that I did NOT get it wrong in my P...
3 comments:
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