Recent Tweets

I don’t think changing the tick size will change the fact that there are games surrounding trading.  It will change … Read more

Risk-Based Liquidity

By DavidMerkel… When there is financial failure, it comes as a result of illiquidity.  Now, truly, these parties are insolvent, because … Read more

Peak Credit

By DavidMerkel What I write here will not be rigorous.  We’ve heard about “peak oil.”  We’ve heard about other resources, and … Read more

The Gold Medal Gold Model

By David Merkel of <a href=""Aleph Blog Eddy Elfenbein is a clever guy; he put together a model of gold prices that … Read more

Improve the Position

By David Merkel of Aleph Blog It’s hard to take a loss.  But taking losses is necessary to avoid even larger … Read more

Valuing Behemoths

By David Merkel of Aleph Blog There have been a lot of articles recently about how cheap the Behemoth stocks are … Read more