Friday, April 3, 2009

Is this a change?

I haven't had a chance to look closely, but the "revised" mark-to-market rules seem remarkably similar to the old rules.  So there's more judgment allowed in classifying assets as Level 3 vs. Level 2?  That doesn't seem too overwhelmingly different.  The important thing is that firms accurately disclose the dollar amounts of assets/liabilities in each category (i.e., Level 1, Level 2, Level 3) and how the stated values compare to both historical cost and current (even if dislocated) markets.  Let investors then decide how much of a haircut they want to apply to Level 3 assets depending on how they view the integrity of the manager. 

But hey, maybe the masses need some shot of good news, even if the item isn't necessarily news or good.

Up next - eliminate short selling!

Tonight's beers:
Bell's HopSlam - still very good, but the wonderful hop taste seems to be fading

Sierra Nevada Torpedo - I think this is a good to very good beer and probably wins on value against a lot of other beers.  However, I'm going to pay the extra $2 per 6 pack to get 3 Floyd's Alpha King or Bell's Two Hearted.

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