Founder, Aleph Blog
Contributor's Links: The Aleph Blog Aleph Investments, LLC

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

ALL CONTRIBUTIONS

The Rules, Part LXIV
Markets are not supposed to go up so steadily, which means something weird was fueling the move.
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Nasdaq Composite Hits An Inflation-Adjusted High
What do you do if you are looking for ideas that could be good, but not as much in the spotlight as the companies that make up the bulk of the Nasdaq Composite?
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On The Migration Of Stock
When shares are sold, they don’t just disappear. Someone buys them.
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Since 1950, The S&P 500 In 2017 Ranks First, Fourth, Tenth Or Twenty-third?
A month is around 21 trading days. There is some variation around that, but on average, years tend to have 252 trading days.
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On Finding A Job In Finance
It’s a little crowded in finance. That is partially because it attracts a lot of people who think it will be easy money.
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Estimating Future Stock Returns, September 2017 Update
When a market is at high valuations corrections can’t be predicted as to time of occurrence, but when the retreat happens, it will be calamitous, and not orderly.
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STOCKS I FOLLOW

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
ERO iPathSM EUR/USD Exchange Rate ETNs
FB Facebook Inc
HNZ H. J. Heinz Company
KBE SPDR Series Trust
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.
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TWEETS

LATEST ACTIVITY

David Merkel
The agency touted as the National Weather Service for finance is a flop https://t.co/4rOx4hSECD via WS...

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David Merkel
Morgan Stanley strategists says the recent stock slide was just an appetizer https://t.co/DNhLZFoacA via https://t.co/DNhLZFoacA via markets R… https://t.co/d3fHAid3Eh less
David Merkel
Indexed annuities' performance may not be what you expect https://t.co/IPgAYw4vae via newsfromI...

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PERSONAL BLOG

Latest Posts

Work Experience

Principal
Aleph Investments, LLC
September 2010 - Present (7 years 7 months)
I have started my own asset management firm.
Founder
Aleph Blog
2007 - Present (11 years 3 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 2 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.

Education

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

Publications

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.