CBL

• Lesson From Buffett: Doubt Yourself (WSJ)
• Gold Bulls Split With Buffett as Traders Say Sell (BBG)
• Apple Misses IPhone Customers as Global Carriers Balk (BBG)
• Russia extends Cypriot loan by 2 years, cuts interest: troika document (Reuters)
• Tax Rewrite in Play in Capitol (WSJ)
• No early warning for U.S. on Israeli strikes in Syria (Reuters)
• Germany riveted at start of neo-Nazi murder trial (Reuters)
• JPMorgan Investors Urged to Split Chairman Role, Oust Directors (BBG)
• Leniency for Offshore Cheats (WSJ)
• Brussels steps up efforts over tax avoidance (FT)
• Ambulance chasing: Mesothelioma Doctors, Lawyers Join Hunt for Valuable Asbestos Cases (WSJ)
• Web Sales-Tax Bill Set to Face Bumps (WSJ)
• Colleges Cut Prices by Providing More Financial Aid (WSJ)

• Rate-Rig Spotlight Falls on 'Rain Man' (WSJ)
• Blizzard Cancels U.S. Flights, Threatens Snow in New York (BBG)
• Monti says he did not know of bank probes (FT)
• Japan's Aso: yen has weakened more than intended (Reuters)
• Japan Pledges Foreign-Policy Response to Territorial Incursions (BBG)
• Paratroops mutiny in Bamako in blow to Mali security efforts (Reuters)
• China, Japan engage in new invective over disputed isles (Reuters)
• Asteroid to Traverse Earth’s Satellite Zone, NASA Says (BBG)
• EU leaders haggle over budget tightening (FT)
• China Trade Tops Forecasts in Holiday-Distorted Month (Bloomberg)
• Buffett’s Son Says He’s Prepared Whole Life for Berkshire Role (BBG)

• Fed Seen Pumping Up Assets to $4 Trillion in New Buying (BBG)
• China New Loans Trail Forecasts in Sign of Slower Growth (BBG)
• U.S. "fiscal cliff" talks picking up pace (Reuters)
• Insider-Trading Probe Widens (WSJ)
• U.K.'s Top Banker Sees Currency Risk (Hilsenrath)
• Three Arrested in Libor Probe (WSJ)
• Nine hurt as gunmen fire at Cairo protesters (Reuters)
• Egyptian President Gives Army Police Powers Ahead of Vote (BBG)
• Pax Americana ‘winding down’, says US report (FT)
• Japan Polls Show LDP, Ally Set for Big Majority (DJ)
• HSBC to pay record $1.9 billion U.S. fine in money laundering case (Reuters)

• MSM discovers window dressing: Fund Managers Lift Results With Timely Trading Sprees (WSJ)
• White House Unyielding on Debt Limit (WSJ)
• Obama, Boehner talk; Geithner prepared to go off "cliff" (Reuters)
• Republicans urged to resist tax rises (FT)
• China looms large over Japanese poll (FT)
• As predicted here two months ago, Greek Bond Buyback Leads S&P to Cut to Selective Default (BBG)
• Japan opposition LDP set to win solid election majority – polls (BBG), but...
• Japan Opposition LDP’s Main Ally Cautions Abe on BOJ Pressure (BBG)
• U.S. and Europe Tackle Russia Trade (WSJ)
• King Seen Maintaining QE as Osborne Extends Fiscal Squeeze (BBG)
• Syria pound fall suggests currency crisis (FT)
• Irish budget seeks extra €3.5bn (FT)
• U.K. Extends Cuts Due to Poor Outlook (WSJ)
• ECB Seen Refraining From Rate Cuts as Yields Sink on Bond Plan (BBG)

• China May Forgo Easing as Economy Rebounds, Survey Shows (Bloomberg)... or as food and house inflation has never gone away
• China Edges Out U.S. as Top Foreign-Investment Draw Amid World Decline (WSJ)
• Fed to keep buying bonds despite firmer U.S. growth (Reuters)
• Bernanke Seen Attacking Jobless Rate With QE Until His Term Ends (Bloomberg)
• Mortgage applications plunge 12%, down for third week in a row (Dow Jones)
• Exchanges Retreat on Trading Tools - Fund Managers, Regulators Say Certain Orders Are Risky, Aid High-Speed Firms (WSJ)
• Europe Bank Chief to Defend Bond-Buying Plan (WSJ)
• Japan, China Envoys Met Last Week for Talks on Island Feud (Bloomberg)
• Goldman’s Pill Says ‘Guerrilla’ ECB to Impose Losses on Skeptics (BBG)
• Chance rise of an Obama defeat (FT)
• King Says BOE Is Ready to Add to QE If U.K. Recovery Fades (Bloomberg)
• Rajoy Sees Case for Slowing Spain’s Austerity as Economy Shrinks (BusinessWeek)
• Hong Kong Intervenes to Defend Peg as Upper Limit Tested (Bloomberg)

Are countries which want to trade in their own currencies or to own their own central banks getting spanked ?

Libyan rebels took time out from their rebellion in March to create their own central bank - this before they even had a government.

• Asian stocks drop on signs regional governments acting to combat inflation.
• China October FDI up 7.86% at $7.663B vs. September's $8.4B.
• China's stocks decline to one-month low on inflation, property concerns.
• Crude oil falls for a third day on signs fuel demand recovery may falter.
• South Korea raises interest rate by 25 bps - for second time in 2010.
• US retail sales rose 1.2% to $373.1B in October, compared with September.
• Aeropostale announces $300M increase to its existing share repurchase program.

David Faber discusses Goldman's real estate losses, and draws some conclusions about the upcoming pain for REITs. And yet, thanks to Goldman, which has been instrumental in upgrading and issuing stock for the REITs (and having a massive blow out quarter thanks in large part to its REIT underwriting activity), the sector is doing unprecedentedly well. Surely one has to wonder just what must happen at this point for people to realize what a ticking time bomb Commercial REITs are?

The brand spanking new team (and legacy boy Craig Schmidt) that Merrill recently acquired from some other bank (I wrote about this, but frankly don't remember where these clowns came from nor do I care), just went to town all over the REIT bathroom and marked their territory effusively. ML in fact distributed a 45 page reinitiation report, which I have no intention of ever reading.

Everyone's favorite Goldman REIT analyst is still not downgrading CBL to a Conviction List Sell. In fact, Habermann is doing all he can to salvage whatever he can. That being said, we give this stock at most 3-4 weeks before it gets whacked if not to a Sell to at least a "Conviction List" Hold.

The brand spanking new team (and legacy boy Craig Schmidt) that Merrill recently acquired from some other bank (I wrote about this, but frankly don't remember where these clowns came from nor do I care), just went to town all over the REIT bathroom and marked their territory effusively. ML in fact distributed a 45 page reinitiation report, which I have no intention of ever reading. The summary ratings and price targets are below.

The brand spanking new team (and legacy boy Craig Schmidt) that Merrill recently acquired from some other bank (I wrote about this, but frankly don't remember where these clowns came from nor do I care), just went to town all over the REIT bathroom and marked their territory effusively. ML in fact distributed a 45 page reinitiation report, which I have no intention of ever reading. The summary ratings and price targets are below.

Everyone's favorite Goldman REIT analyst is still not downgrading CBL to a Conviction List Sell. In fact, Habermann is doing all he can to salvage whatever he can. That being said, we give this stock at most 3-4 weeks before it gets whacked if not to a Sell to at least a "Conviction List" Hold.

From yesterday's CBL update report:

CBL: Still see long-term value amid sell-off; reiterate Buy

For a good example of just how worthless of a tool for investors (and useful for persuading follow on offering "participation") the Goldman Sachs Conviction Buy list is, look no further than the recent performance of REIT CBL & Associates, coupled with the recommendations on the stock by Goldman Sachs REIT analyst Jonathan Habermann.