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

Book Review: Big Money Thinks Small
This is a book that will benefit investors with moderate to high experience most. For those with less experience, it may help you, but some of the concepts require background knowledge.
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EC HH Where Money Goes To Die
It is often a wise thing to look around and see where people are doing that is nuts. Often it is obvious in advance. In the past, the two most obvious were the dot-com bubble and the housing bubble.
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The Crisis At The Tipping Point
Ten years ago, things were mostly quiet. The crisis was staring us in the face, with a little more than a year before the effects of growing leverage and sloppy credit underwriting would hit in full.
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Why Is The Stock Market So High?
Assuming that you could throw stones on the financial internet, it would be hard to toss a stone and miss articles talking about how high the stock market is.
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Redacted Version Of The July 2017 FOMC Statement
Labor conditions are reasonably good. GDP is meandering.
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Overvaluation Is NOT Due To Passive Investing
There’s been a lot of words thrown around lately saying that indexing has been leading to overvaluation of the US stock market. I’m here to tell you that is wrong.
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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

PERSONAL BLOG

Latest Posts

Work Experience

Principal
Aleph Investments, LLC
September 2010 - Present (7 years 2 months)
I have started my own asset management firm.
Founder
Aleph Blog
2007 - Present (10 years 10 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 9 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.