David J. Merkel, CFA — 2010-present, I run my own equity asset management shop, called Aleph Investments. I manage separately managed stock and bond accounts for upper middle class individuals and small institutions. My minimum is $100,000.
From 2008-2010, I was ... more
David J. Merkel, CFA — 2010-present, I run my own equity asset management shop, called Aleph Investments. I manage separately managed stock and bond accounts for upper middle class individuals and small institutions. My minimum is $100,000.
From 2008-2010, I was the Chief Economist and Director of Research of Finacorp Securities. I did a many things for Finacorp, mainly research and analysis on a wide variety of fixed income and equity securities, and trading strategies.
From 2003-2007, I was a senior investment analyst at Hovde Capital, responsible for analysis and valuation of investment opportunities for the FIP funds, particularly of companies in the insurance industry. I also managed the internal profit sharing and charitable endowment monies of the firm, to the delight of employees there.
From 2003-2007, I was a leading commentator at the investment websiteRealMoney.com. Back in 2003, after several years of correspondence, James Cramer invited me to write for the site, and I wrote for RealMoney on equity and bond portfolio management, macroeconomics, derivatives, quantitative strategies, insurance issues, corporate governance, etc. My specialty is looking at the interlinkages in the markets in order to understand individual markets better. I no longer contribute to RealMoney; I scaled it back because my work duties have gotten larger, and I began this blog to develop a distinct voice with a wider distribution. After three-plus year of operation, I believe I have achieved that.
Prior to joining Hovde in 2003, I managed corporate bonds for Dwight Asset Management. In 1998, I joined the Mount Washington Investment Group as the Mortgage Bond and Asset Liability manager after working with Provident Mutual, AIG and Pacific Standard Life.
My background as a life actuary has given me a different perspective on investing. How do you earn money without taking undue risk? How do you convey ideas about investing while showing a proper level of uncertainty on the likelihood of success? How do the various markets fit together, telling us us a broader story than any single piece? These are the themes that I will deal with in this blog.
I hold bachelor’s and master’s degrees from Johns Hopkins University. In my spare time, I take care of our eight children with my wonderful wife Ruth.
David Merkel is an investment professional, and like every investment professional, he makes mistakes. David encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at RealMoney, Wall Street All-Stars, or anywhere else David may write is an invitation to buy or sell any particular security; at most, David is handing out educated guesses as to what the markets may do. David is fond of saying, "The markets always find a new way to make a fool out of you," and so he encourages caution in investing. Risk control wins the game in the long run, not bold moves. Even the best strategies of the past fail, sometimes spectacularly, when you least expect it. David is not immune to that, so please understand that any past success of his will be probably be followed by failures.
Also, though David runs Aleph Investments, LLC, this blog is not a part of that business. This blog exists to educate investors, and give something back. It is not intended as advertisement for Aleph Investments; David is not soliciting business through it. When David, or a client of David's has an interest in a security mentioned, full disclosure will be given, as has been past practice for all that David does on the web. Disclosure is the breakfast of champions.
Additionally, David may occasionally write about accounting, actuarial, insurance, and tax topics, but nothing written here, at RealMoney, or anywhere else is meant to be formal "advice" in those areas. Consult a reputable professional in those areas to get personal, tailored advice that meets the specialized needs that David can have no knowledge of.
AIG | American International Group Inc |
AIZ | Assurant Inc. |
AMZN | Amazon.com Inc. |
BBK | BlackRock Municipal Bond Trust |
BLV | Vanguard Long-Term Bond ETF |
BND | Vanguard Total Bond Market ETF |
BRO | Brown & Brown Insurance |
BX | The Blackstone Group L.P. |
C | Citigroup Inc. |
DB | Deutsche Bank AG |
FB | Meta Platforms, Inc. (Formerly Facebook) |
HNZ | H. J. Heinz Company |
KBE | SPDR S&P Bank ETF |
NYT | New York Times Co. |
PEP | PepsiCo Inc. |
PRE | PartnerRe Ltd. |
SHLD | Sears Holdings Corporation |
TNP | Tsakos Energy Navigation Limited |
TWGP | Tower Group Inc. |
TWTR | Twitter Inc |
VR | Validus Holdings, Ltd. |
Principal | |
Aleph Investments, LLC | |
September 2010 - Present (12 years 1 month) | |
I have started my own asset management firm. |
Founder | |
Aleph Blog | |
2007 - Present (15 years 9 months) | |
I try to write something interesting on an economic, business, or financial topic every day. Some pieces are more advanced, some are geared to beginners. I write my best stuff when I am really passionate about my topic. |
Contributor | |
Seeking Alpha | |
2007 - 2011 (4 years 7 months) |
Chief Economist and Director of Research | |
Finacorp Securities | |
February 2008 - June 2010 (2 years 5 months) | |
Daily market research and updates Protected the company against unscrupulous purveyors of investments. Tried unsuccessfully to start an asset management business. Had to start it on my own to get the proper motivation. |
Senior Analyst | |
Hovde Financial | |
April 2003 - July 2007 (4 years 4 months) | |
Senior Analyst covering insurance equities. Also managed profit sharing and endowment funds. |
University of California, Davis | |
None | |
1982 / 1986 | |
Applied Economics. Dissertation Committee fell apart, and could not resurrect it. Passed my Ph.D. orals, but no Ph.D. |
The Johns Hopkins University | |
BA, MA | |
1979 / 1982 | |
Political Economy |
The Aleph Blog | |
David Merkel | |
David Merkel | |
My objectives in this blog are relatively simple: To interact more broadly with the blogosphere, adding my own distinct ideas to the mix. To fight for what is right in money management, and encourage readers to pursue strategies that reduce risk and enhance returns. To develop an investment management shop. Initially, this would be personal & institutional money management on a “long only” and hedged basis. Eventually, I would create a mutual fund so that smaller retail investors can invest with me. I would try to buy up a failed mutual fund shell, allowing a way in that is cheaper, and providing tax-sheltered gains to early investors. But all of this is a dream that might not be realized. Until then, I can tell you about managers who manage money in a way similar to mine. All of these goals rely on the help of Jesus Christ and my readers. I thank you for taking the time to read what I write. |
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