Using Veritas to Construct the "Per…

29-04-2017 Hits:82132 BoomBustBlog Reggie Middleton

Using Veritas to Construct the "Perfect" Digital Investment Portfolio" & How to Value "Hard to Value" tokens, Pt 1

The golden grail of investing is to find that investable asset that provides the greatest reward with the least risk. Alas, despite how commonsensical that precept seems to be, many...

Read more

The Veritas 2017 Token Offering Summary …

15-04-2017 Hits:77760 BoomBustBlog Reggie Middleton

The Veritas 2017 Token Offering Summary Available For Download and Sharing

The Veritas Offering Summary is now available for download, which packs all the information about Veritas in a single page. A step by step guide to purchasing Veritas can be downloaded here.

Read more

What Happens When the Fund Fee Fight Hit…

10-04-2017 Hits:77330 BoomBustBlog Reggie Middleton

What Happens When the Fund Fee Fight Hits the Blockchain

A hedge fund recently made news by securitizing its LP units as Ethereum-based tokens and selling them as tradeable (thereby liquid) assets. This brings technology to the VC industry that...

Read more

Veritaseum: The ICO That's Ushering in t…

07-04-2017 Hits:82077 BoomBustBlog Reggie Middleton

Veritaseum: The ICO That's Ushering in the Era of P2P Capital Markets

Veritaseum is in the process of building peer-to-peer capital markets that enable financial and value market participants to deal directly with each other on a counterparty risk-free basis in lieu...

Read more

This Is Ground Zero for the 2017 Veritas…

03-04-2017 Hits:78667 BoomBustBlog Reggie Middleton

This Is Ground Zero for the 2017 Veritas Offering. Are You Ready to Get Your Key to the P2P Capital Markets?

This is the link to the Veritas Crowdsale landing page. Here is where you will be able to buy the Veritas ICO when it is launched in mid-April. Below, please...

Read more

What is the Value Proposition For Verita…

01-04-2017 Hits:80958 BoomBustBlog Reggie Middleton

What is the Value Proposition For Veritas, Veritaseum's Software Token?

 A YouTube commenter asked a very good question that we will like to take some time to answer. The question was, verbatim: I've watched your video and gone through the slides. The exchange...

Read more

This Real Estate Bubble, Like Some Relat…

28-03-2017 Hits:47839 BoomBustBlog Reggie Middleton

This Real Estate Bubble, Like Some Relationships, Is Complicated...

CNBC reports US home prices rise 5.9 percent to 31-month high in January according to S&P CoreLogic Case-Shiller. This puts the 20 city index close to an all time high, including...

Read more

Bloomberg Chimes In With My Warnings As …

28-03-2017 Hits:79669 BoomBustBlog Reggie Middleton

Bloomberg Chimes In With My Warnings As Landlords Offer First Time Ever Concessions to Retail Renters

Over the last quarter I've been warning about the significant weakness in retailers and the retail real estate that most occupy (links supplied below). Now, Bloomberg reports: Manhattan Landlords Are Offering...

Read more

Our Apple Analysis This Week - This Comp…

27-03-2017 Hits:79189 BoomBustBlog Reggie Middleton

Our Apple Analysis This Week - This Company Is Not What Most Think It IS

We will releasing our Apple forensic analysis and valuation this week for subscribers (click here to subscribe - lowest tier is the same as a Netflix subscription). As can be...

Read more

The Country's First Newly Elected Lame D…

27-03-2017 Hits:79740 BoomBustBlog Reggie Middleton

The Country's First Newly Elected Lame Duck President Will Cause Massive Reversal Of Speculative Gains

Note: Subscribers should reference  the paywall material here for stocks that should give a good risk/reward scenario for bearish trades. The Trump administration's legislative outlook is effectively a political desert, with...

Read more

Sears Finally Throws In The Towel Exactl…

22-03-2017 Hits:84718 BoomBustBlog Reggie Middleton

Sears Finally Throws In The Towel Exactly When I Predicted "has ‘substantial doubt’ about its future"

My prediction of Sears collapsing once interest rates started ticking upwards was absolutely on point.

Read more

The Transformation of Television in Amer…

21-03-2017 Hits:81665 BoomBustBlog Reggie Middleton

The Transformation of Television in America and Worldwide

TV has changed more in the past 10 years than it has since it's inception nearly 100 years ago This change is profound, and the primary benefactors look and act...

Read more

At the end of 1Q2008, PNC’s leverage (total assets / total equity) stood at 9.7x against an average leverage of 10.0x for its peers (US regional banks). However, on adjusting for intangibles PNC’s leverage increases significantly to 25.7x and comprates negatively against its peer group average of 21.8x owing to a higher proportion of intangibles to its shareholders’ equity (around 65%). Take note that in our analysis we highlighted PNC’s poor regulatory capital ratios vis-à-vis its peers. If we were to exclude the intangibles for the entire peer group, PNC’s regulatory ratios would be even worse off in comparison with its peers due to its higher proportion of intangible to shareholders’ equity. This is simply an alternative way of expressing what I hope was thoroughly articulated in the PNC analysis, the  adequacy of PNC’s capital is lacking.

 Although in 1Q2008 PNC’s reported EPS of $1.10 per share compared to $1.26 in 1Q2007, PNC’s reported net income for 1Q2008 included several non-recurring gains, totaling $244 mn (including gain on sale of Hilliard Lyons of $114 mn, Visa redemption gain of $95 mn, BlackRock LTIP shares mark-to-market adjustment of $37 mn). Despite Mercantile, ARCS and Albridge acquisitions, PNC’s fee based income excluding the impact of extraordinary gains declined 19.1% in 1Q2008 over 1Q2007. Excluding the impact of these one time items, PNC’s adjusted EPS declined to $0.67 versus $1.26 in 1Q2007. Thus we believe that although PNC’s reported numbers represent quite the rosy outlook - an outlook which we failt to share, PNC’s core operating result remain under pressure.

Although PNC’s provisions at $188 mn and $151 mn for 4Q2007 and 1Q2008 were at low levels (which on its face seems to be a positive), expected higher charge-offs would warrant a higher allowance for provisions for PNC in the coming quarters since the bank’ has inadequate provisioning. In our analysis, we have commented on PNC’s inadequate provisioning for loan losses which seems a serious concern owing to expected rising NPAs/charge-offs