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Upon Further Review, Never Mind

June 30, 2005
The Disciplined Investor®

While we have not seen an official comment from the FASB, the FASB appears to have adopted the recommendation of its staff to nullify key parts of Emerging Issues Task Force (“EITF”) Issue 03-1 in a board meeting yesterday. The staff’s recommendations were to nullify the guidance on the determination of whether an investment is impaired as set forth in paragraphs 10-18 of Issue 03-1 and not to provide additional guidance on the meaning of other-than-temporary impairment. Instead, the staff recommends entities recognize other-than-temporary impairments by applying existing accounting literature such as paragraph 16 of SFAS 115.

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The Meeting, Getting Results with ALCO

June 30, 2005
Lee R. Gibson, Michael L. Coogan, CFA

The following article will appear in an upcoming issue of the Bank Portfolio Manager®, our publication for banks across the country. Our policy is to afford readers of the Disciplined Investor® advance looks at the more significant articles about to appear in the BPM. In this article, Michael L. Coogan teamed with Lee R. Gibson, Chief Financial Officer of Southside Bank in Tyler, Texas, to share their approach to developing a high-performing ALCO process.

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Once in a Lifetime- Again???

June 7, 2005
Brad Bonga

Alan Greenspan is in the news again today commenting on the state of the financial markets. Today I read in the newspaper that he described the yield curve as “unusual.” Recently, he referred to how low long rates had fallen in the face of his consistent fed tightening as a “conundrum.”

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Handle with Care

June 6, 2005
Nigel W. Johnson, Sunil O. Kothari

Investors remember the rate rise of 1994 as one of the most painful episodes of the past 25 years. Many investors predicted (correctly for once) that rates would rise and so they purchased securities that they believed would offer protection in that environment. We now know that many of the securities that were purchased as an insurance policy for rising rates utterly failed. Investors would have been better served had these instruments borne the investment warning label, “HANDLE WITH CARE!”

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Alert: Great Investors Must Act!

June 2, 2005
Richard S. Berg

In our last Level Playing Field®, we discussed at length the historic opportunity to replace currently rich “middle” mortgage cash flows such as generic par-ish pools and sequentials with smarter barbelled cash flows, namely short PAChyderms in combination with long tax exempts (taxable munis or other call protected securities for investors who cannot benefit from tax exemption). Right now this trade is a win-win on both an economic and an income basis.

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