September 29, 2005 – Minyanville.com

Putin’s time ends in 2008. Will Russia’s begin? 
I don’t follow Russian markets and recently I discovered that I don’t understand the psyche of Russian people (that discovery was made after talking to my high school buddies that still reside in Russia and my capitalistic dialect is not understood well there). I [...]

I have a had a very interesting discussion with David Miller, a fellow contributor to Minyanville.com, on Federal government’s role in hurricane Katrina. David publishes Biotech Monthly and knows biotech industry inside and out. 
I wrote the following:
I think the Federal government is to blame in part for the level of destruction caused by the hurricane. [...]

Our approach to risk management shows through our research process.
To finish first, first you must finish. Thus looking down (for risk) often is more important than looking up (for return). In a long only portfolio there are three interrelated pillars to risk management: diversification, stock selection, and valuation.
Diversification
Diversification – is the only free lunch an [...]

I played around with Merck’s financials this morning. It appears that MRK will be able to keep paying the dividend despite major blockbuster expirations (Zocor and Fosomax) without dipping substantially into its $13 billion war chest. Here is my back of the envelope analysis (excel spreadsheet).

Vitaliy N. Katsenelson, CFA
This article is written for educational [...]