Vulture investing? Not yet

not seeing the bottom yet. But Merrill Lynch is indeed now throwing good assets overboard
clipped from
Please consider what Minyan Peter, former treasurer for a major US bank, has to say about Credit Cycle Bottoms.
…should the economy continue to deteriorate as I expect, the banking system will once again require further capital and the “denial” that once joined bank issuers and investors together will be transformed to fear. And with that capital will be raised not through equity issuance, but through sales of non-credit assets at fire sale prices. Those able to throw good assets overboard will survive. Many will not be so lucky and will end up in the arms of the regulators.
Please note the above timely advice was written by Peter on November 28. Look at what has transpired since then with E*Trade (ETFC), MBIA (MBI), and most recently Morgan Stanley (MS).
The key point here is that deals are still getting done. The bottom will not occur until it is nearly impossible to get a deal done at all. In the meantime, expect more and more US assets to get sold
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