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« Bottom Calling Methods | Main | Can You Play ETF's for a Rebound? »

October 16, 2008



Thanks to all for the encouraging comments and a reason to smile.



Is there an ETF made up of Gang of Nine CDSs?

...and please stop picking on the hedgies; they're mostly going out of business anyway. The market works... when government gets in the way.

Deflation cometh: Sell your gold! Head from the hills (to the urban centers.) ...and buy a steak dinner, which will be getting cheap.

John Sweda

Excellent article, Dr. Miller. Your writing style is very readable and the content is first-rate. Regarding the SEC, "Business Week" had a news item addressing possible manipulation of CDS's dated Wednesday, Oct 8th, but it did not bring up the ABX as you have:

"While little known to most individual investors, credit default swaps are commonly used contracts to insure against the default of financial instruments such as bonds and corporate debt. But they also are bought and sold as bets against bond defaults -- a buyer doesn't necessarily have to own a bond to buy the credit default swap that insures it.

Banks and other institutions have used credit default swaps to cover the risk of default in mortgage and other debt securities they hold. Many credit default swaps have sunk in value as the mortgage-backed securities they support have imploded.

The over-the-counter market for the swaps has provided a "significant opportunity" for market manipulation, Cox said Wednesday.

The SEC last month began a sweeping investigation of the market, looking at whether investors used credit default swaps to illegally profit from sharp declines in stocks of financial companies."

Paul Nunes

Jeff; your blog and David Merkel's offer some of the most original thinking out there. as a professional with retail clients, I am impressed by what your team has accomplished with this. Great work!

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