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3/19/2012
No One Fails (Really)
by Robert B. Albertson, Principal - The Comprehensive Capital Analysis and Review (CCAR) is a furthrer vindication of U.S. banking sector balance sheet integrity. It removes a layer of regulatory uncertainty and should enhance sector confidence, valuations and impetus to consolidation.
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2/15/2012
Deja Vu All Over Again - 2011 M&A Activity in the Asset Management Industry
Amid market volatility, M&A activity was relatively flat in 2011, with deal values up 7% from 2010 and deal volume down 5%. Organic growth was scarce among the publicly traded asset managers, causing multiples to compress in announced deals. Many prospective sellers spent the majority of the year focusing on client retention amid the market volatility.
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2/8/2012
GAO Downplays Key Issues in Hybrid Capital Report
by Thomas W. Killian, Principal - Examining the conclusions and unresolved issues of the GAO's report on the use and benefits of hybrid capital instruments, the risks to banking institutions and the economy of excluding hybrid capital from Tier 1 capital, and alternative means for small banks to access capital.
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12/19/2011
The Great Credit Redistribution
by Robert B. Albertson, Principal - Our conviction on financial stocks continues to improve. Financial stocks have become proxies for global uncertainties rather than sector fundamentals. But remaining losses are mostly embedded in reserves and investor expectations, and bank loan growth appears promising.
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3/23/2011
America's Economic Aneurysms?
by Robert B. Albertson, Principal - We have been very suspicious of the domestic U.S. economic recovery, doubting the sustainability of consumer spending and expecting a significant correction higher in Treasury bond rates. Why short-term indicators have pointed in the opposite direction for both.
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