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	<title>The Alchemy of Financiers</title>
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	<link>http://alchemyoffinanciers.com</link>
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		<title>The Alchemy of Financiers</title>
		<link>http://alchemyoffinanciers.com</link>
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		<item>
		<title>10k.129: A Bond Trading Approach To Equity Trading &#8211; Part 1: Speculative Yield</title>
		<link>http://alchemyoffinanciers.com/2012/01/29/10k-129-ey01-a-bond-trading-approach-to-equity-trading/</link>
		<comments>http://alchemyoffinanciers.com/2012/01/29/10k-129-ey01-a-bond-trading-approach-to-equity-trading/#comments</comments>
		<pubDate>Sun, 29 Jan 2012 17:14:44 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Fundamental Investing]]></category>
		<category><![CDATA[General Knowledge]]></category>
		<category><![CDATA[Theory]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1481</guid>
		<description><![CDATA[In bond trading we are familiar with the concept of PV01 as a theoretically rock-solid, sensible, though linear, way to measure risk. What makes it stand out is that PV01 will be the amount of money lost if there is an instantaneous 1 bps rise in the yield, which is not something you can say for [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1481&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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			<media:title type="html">mrswyx</media:title>
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		<title>Markets Monitor for 27 Jan</title>
		<link>http://alchemyoffinanciers.com/2012/01/27/markets-monitor-for-27-jan/</link>
		<comments>http://alchemyoffinanciers.com/2012/01/27/markets-monitor-for-27-jan/#comments</comments>
		<pubDate>Fri, 27 Jan 2012 14:19:50 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1477</guid>
		<description><![CDATA[Still more tweaks were made today. monitor Filed under: Uncategorized<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1477&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
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		<item>
		<title>10k.128: Plotting the Kassouf-Thorp Warrant-Stock Diagram on Singapore Warrants</title>
		<link>http://alchemyoffinanciers.com/2012/01/23/10k-128-plotting-the-kassouf-thorp-warrant-stock-diagram-on-singapore-warrants/</link>
		<comments>http://alchemyoffinanciers.com/2012/01/23/10k-128-plotting-the-kassouf-thorp-warrant-stock-diagram-on-singapore-warrants/#comments</comments>
		<pubDate>Mon, 23 Jan 2012 11:54:06 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Market Currents]]></category>
		<category><![CDATA[Updates]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1465</guid>
		<description><![CDATA[Almost a half century ago, the late Sheen Kassouf and Ed Thorp tried to do the world a service by sharing their primitive warrant pricing formula (essentially Kassouf&#8217;s PhD thesis, a regression based approach that Thorp had the gumption to call &#8220;mathematically precise&#8221;, which is misleading to say the least) and writing it in such [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1465&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
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			<media:title type="html">wsd4</media:title>
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		<item>
		<title>Markets Monitor for 21 Jan 2012</title>
		<link>http://alchemyoffinanciers.com/2012/01/21/markets-monitor-for-21-jan-2012/</link>
		<comments>http://alchemyoffinanciers.com/2012/01/21/markets-monitor-for-21-jan-2012/#comments</comments>
		<pubDate>Sat, 21 Jan 2012 09:33:04 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1459</guid>
		<description><![CDATA[Today I worked on the ECST portion of my Monitor, the toughest part being deciding what to put in and the most tedious part being finding the damn Bloomberg ticker that matches up with what I want. Unlike Rates and FX tickers they are not all standard and unlike equities tickers I can&#8217;t just pull [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1459&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
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		<media:content url="http://swyxcapital.files.wordpress.com/2012/01/untitled3.png?w=1024" medium="image">
			<media:title type="html">untitled</media:title>
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		<item>
		<title>10k.126: Dell vs. Apple</title>
		<link>http://alchemyoffinanciers.com/2012/01/19/10k-126-dell-vs-apple/</link>
		<comments>http://alchemyoffinanciers.com/2012/01/19/10k-126-dell-vs-apple/#comments</comments>
		<pubDate>Thu, 19 Jan 2012 18:09:23 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Instablog]]></category>
		<category><![CDATA[Updates]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1457</guid>
		<description><![CDATA[AAPL ended the year up about 25%, which as Einhorn laments, nowhere close to matches their 70% earnings growth. However it does reflect the continuation of AAPL earnings compression, see chart via Felix: With the current PE ratio of about 15 and change, that&#8217;s a TTM earnings yield of 6.7%. Let&#8217;s say earnings DOUBLE next year, [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1457&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
		</media:content>

		<media:content url="http://blogs.reuters.com/felix-salmon/files/2011/11/Screen-shot-2011-11-27-at-3.13.22-AM.png" medium="image" />
	</item>
		<item>
		<title>Markets Monitor for 14 Jan 2012</title>
		<link>http://alchemyoffinanciers.com/2012/01/14/markets-monitor-for-14-jan-2012/</link>
		<comments>http://alchemyoffinanciers.com/2012/01/14/markets-monitor-for-14-jan-2012/#comments</comments>
		<pubDate>Sat, 14 Jan 2012 11:08:17 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1446</guid>
		<description><![CDATA[A little experiment of mine. Filed under: Uncategorized<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1446&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
		</media:content>

		<media:content url="http://swyxcapital.files.wordpress.com/2012/01/untitled2.png?w=1024" medium="image">
			<media:title type="html">untitled</media:title>
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		<item>
		<title>10k.124: Pricing, Not Returns</title>
		<link>http://alchemyoffinanciers.com/2011/11/20/10k-124-pricing-not-returns/</link>
		<comments>http://alchemyoffinanciers.com/2011/11/20/10k-124-pricing-not-returns/#comments</comments>
		<pubDate>Sun, 20 Nov 2011 13:32:23 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Statistical Investing]]></category>
		<category><![CDATA[Theory]]></category>
		<category><![CDATA[Valuation Ratio]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1439</guid>
		<description><![CDATA[One thing that I see lacking, in the limited quantitative investing literature that I have read, is an approach to pricing in asset pricing models  (irony appreciated), instead of returns. Yes, the two are related in the sense that making a return forecast is the same thing as making a price forecast given that prices today [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1439&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
		</media:content>

		<media:content url="http://swyxcapital.files.wordpress.com/2011/11/xyz-illustration.png" medium="image">
			<media:title type="html">xyz illustration</media:title>
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		<media:content url="http://swyxcapital.files.wordpress.com/2011/11/fredgraph1953.png" medium="image">
			<media:title type="html">fredgraph1953</media:title>
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		<item>
		<title>10k.123: A General Philosophy of Capital Management</title>
		<link>http://alchemyoffinanciers.com/2011/11/17/10k-123-a-general-philosophy-of-capital-management/</link>
		<comments>http://alchemyoffinanciers.com/2011/11/17/10k-123-a-general-philosophy-of-capital-management/#comments</comments>
		<pubDate>Thu, 17 Nov 2011 14:50:50 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Fundamental Investing]]></category>
		<category><![CDATA[Theory]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1436</guid>
		<description><![CDATA[Micro Foundations Capital Management. Good Capital Management is simply the act of earning more on assets than we spend on liabilities (including the cost of ruin). Off Balance Sheet Leverage We include off-balance sheet items, e.g.: Assets: Future self earnings potential (incl. Wage Increases), absolute notional amounts of derivatives[1] Liabilities: Future self spending needs (incl. [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1436&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
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		<title>10k.122: Everything There Is To Know About The Trade That Broke The Bank Of England</title>
		<link>http://alchemyoffinanciers.com/2011/05/01/10k-122-everything-there-is-to-know-about-the-trade-that-broke-the-bank-of-england/</link>
		<comments>http://alchemyoffinanciers.com/2011/05/01/10k-122-everything-there-is-to-know-about-the-trade-that-broke-the-bank-of-england/#comments</comments>
		<pubDate>Sun, 01 May 2011 14:08:42 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Contemporaries]]></category>
		<category><![CDATA[Macro Investors]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1366</guid>
		<description><![CDATA[Most of the source material for this comes from Robert Slater&#8217;s Soros.&#8217; Inaccuracies are regretted. Shortform is used to minimize length. Timeline ERM organized in 1979. 1987 &#8211; European currencies &#8220;anchored&#8221; to DM. GBP pegged at 2.95DM to 1 GBP with a floor level of 2.778DM. YEAR 1992 Feb 7 &#8211; Maastricht Treaty Early 1992 [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1366&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mrswyx</media:title>
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		<title>10k.121: Review of Howard Marks&#8217; The Most Important Thing</title>
		<link>http://alchemyoffinanciers.com/2011/04/24/10k-121-review-of-howard-marks-the-most-important-thing/</link>
		<comments>http://alchemyoffinanciers.com/2011/04/24/10k-121-review-of-howard-marks-the-most-important-thing/#comments</comments>
		<pubDate>Sun, 24 Apr 2011 08:34:42 +0000</pubDate>
		<dc:creator>Swyx</dc:creator>
				<category><![CDATA[Blog]]></category>
		<category><![CDATA[Contemporaries]]></category>
		<category><![CDATA[Value Investors]]></category>

		<guid isPermaLink="false">http://alchemyoffinanciers.com/?p=1358</guid>
		<description><![CDATA[Review Reading a book that hasn&#8217;t yet been published adds a little more excitement to the fact that this is Howard Marks&#8217; statement of investment philosophy, or his  &#8221;religion&#8221; as he puts it. He counts as his peers Galbraith, Buffett, Munger, Milken, Klarman, Bernstein, Grantham, Greenblatt, Grant, and Bogle, all people who so completely dominate [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=alchemyoffinanciers.com&amp;blog=14178225&amp;post=1358&amp;subd=swyxcapital&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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