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David Merkel

Affiliation: Finacorp Securities

David J. Merkel, CFA, FSA — From 2003-2007, I was a leading commentator at the excellent investment website RealMoney.com (http://www.RealMoney.com). Back in 2003, after several years of correspondence, James Cramer invited me to write for the site, and now I write for RealMoney on equity and bond portfolio management, macroeconomics, derivatives, quantitative strategies, insurance issues, corporate governance, etc. My specialty is looking at the interlinkages in the markets in order to understand individual markets better. I still contribute to RealMoney, but I have scaled it back because my work duties have gotten larger, and I began this blog to develop a distinct voice with a wider distribution. After one year of operation, I believe I have achieved that.

In 2008, I became the Chief Economist and Director of Research of Finacorp Securities. Until 2007, I was a senior investment analyst at Hovde Capital, responsible for analysis and valuation of investment opportunities for the FIP funds, particularly of companies in the insurance industry. I also managed the internal profit sharing and charitable endowment monies of the firm.

Prior to joining Hovde in 2003, I managed corporate bonds for Dwight Asset Management. In 1998, I joined the Mount Washington Investment Group as the Mortgage Bond and Asset Liability manager after working with Provident Mutual, AIG and Pacific Standard Life.

I hold bachelor’s and master’s degrees from Johns Hopkins University. In my spare time, I take care of our eight children with my wonderful wife Ruth.

Visit: The Aleph Blog




David Merkel's Latest Articles | 122

Stocks: What to Do When Things are Nuts?

May 19, 2013| 

I have not been a fan of this rally, and I have been selling into it.  I do have a rule for equity clients — cash never goes above 20%.  I have been close to... Read »

Why should REITs and MLPs have an Advantage?

Apr 5, 2013| 

Some companies need to reinvest a lot and some don’t. Thus the creation of tax-favored vehicles like REITs and MLPs. A high percentage of taxable income must be... Read »

Shrinking Economies Deserve Gridlock

Mar 12, 2013| 

Growth solves a multitude of economic sins.  So what prevents countries from encouraging growth? Cronyism A shrinking population, or something near that. Too much... Read »

Wall Street Hates You

Feb 4, 2013| 

I have a saying, “Don’t buy what someone wants to sell you. Buy what you have researched.” And so I would tell everyone: don’t give brokers discretion over... Read »

The Platinum Coin is a Bad Joke and Bad Policy if Eventually Done

Jan 9, 2013| 

Okay, so the Treasury mints a Platinum coin, and deems it to be worth One Trillion Dollars.  We have a fiat currency, so what is the problem? There are fiat currencies,... Read »

On Game Theory and Politics

Dec 22, 2012| 

Game theory has always been relevant to American politics, and politics generally.  The basic rule in a multiple player game is “create a coalition that has a... Read »

Will Robots Take Your Job?

Dec 11, 2012| 

When I read about some of the arguments regarding robots replacing people, and creating more unemployment, I shake my head and say to myself, “Nobody studies history.” Most... Read »

Problems in Life Insurance

Dec 4, 2012| 

I am not an FSA, but I am an actuary.  That said, I am not presently practicing inside a life insurance company, so as I write this, there may be some things that... Read »

Yield is the Last Refuge of Scoundrels

Nov 1, 2012| 

Governments involved in financial repression (keeping savings rates below the inflation rate) encourage their citizens to do stupid things by reaching for yield. ... Read »

Higher Taxes, Inflation, Default (Choose One)

Oct 25, 2012| 

I am a mix of analysis and intuition. Few argue with my analysis, a decent number argue with my intuition.  But I am not the only one concerned about monetary policy. ... Read »

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