Races 28th August

Caulfield r8 n11, Royal Discretion 1 unit e/w

Not much luck last week behind the inform Stanzout when it blew the start. Good wet tracker with top jockey Luke Nolen on board. Live chance at big odds (currently $21)in a very open race.

Fast finishing 4th

RBC Q3 2010 Earnings

• BMO cuts price target to C$53 from C$63; rating outperform• CIBC cuts price target to C$56 from C$62; rating sector performer • KBW cuts price target by C$2 to C$58; rating outperform• Macquarie cuts target price to C$56 from C$60; rating neutral• UBS cuts price target to C$66 from C$68; rating buy__________________________________________________________ Scotia Capital, 27 August 2010Event•

National Bank Q3 2010 Earnings

• BMO raises target price to C$71 from C$70; rating outperform• Canaccord Genuity raises price target to C$69 from C$68• Credit Suisse raises target price to C$69 from C$68• Macquarie cuts price to C$67 from C$68; rating neutral• RBC raises price target to C$74 from C$71; rating sector perform.__________________________________________________________ Scotia Capital, 27 August 2010Event• NA

Canadian Banks Confident Ahead of New Basel Rules

Thomson Reuters, 27 August 2010Canada's banks appear set to handily absorb stiffer global capital and liquidity rules being developed by the Basel banking committee, meaning they could soon begin raising dividends and making acquisitions.While the new regulations won't be released until November, the CEOs of Canada's big six banks have begun speaking more confidently about their ability to adopt

CIBC Q3 2010 Earnings

Scotia Capital, 26 August 2010Event• CIBC (CM) reported an increase in cash operating earnings of 22% YOY to $1.66 per share beating expectations due to surprisingly strong trading revenue/wholesale earnings and slightly higher security gains. Operating ROE was 21.5% with RRWA of 2.39%.Implications• Wholesale Banking operating earnings declined 33% YOY to $123 million, but remained surprisingly

Golf - Barclays Championship

Course is expected to suit the long hitters and may play soft the opening two days suiting them even more. Greens are quite tricky so need to be in decent putting touch.

JB Holmes - 1 unit to win @ $91 (Sportsbet)
Near enough to the longest hitter on Tour and is in very good form of late. A 3rd round 77 in the PGA cost him basically a top 5 finish in that event and of his four starts prior, finished in the top 20 three times (including a T14th in the British Open). Has missed just one cut for the year so there are absoloutly no doubts on his consistency.

Aaron Baddeley - 0.6 units to win @ $280 (Betfair)
More on course suitability than form here. Hits the ball long and high and is a very good putter. Badds's main problem has been his accuracy off the tee and he may not get punished as much as he usually does on this course. Showing signs of getting back to his best on his two most recent events (although they were pitch and putt tourny's !!!) shooting 9 and 11 under respectively. Could be a bolter.

Steve Elkington - 0.6 units to win @ $190 (Betfair)
In excellent form and has been knocking the pins out. Putting was once somewhat of a weakness but he seems to have turned it into a bit of a strength lately. Not a long hitter by any means but not overly short either. His superior iron play may make up for shortcomings in that area. I'm happy to stick with him at the big price again.

Paul Casey - 2 units leading Euro @ $6.00 avge price (Betfair)
Clear top Euro rater on my figures and was almost tempted to back him to win but the price isn't great. Long hitter and excellent putter playing very well at the moment. If I had a query its that his GIR stats aren't maybe as good as they should be. However against that, there are doubts on a lot of the other Euros (putting might sort Rory out here for instance) that I am happy to back Casey.

No joy here.

BMO Q3 2010 Earnings

Scotia Capital, 25 August 2010Event• BMO cash operating EPS increased 9% to $1.14, below our estimate of $1.20 and consensus of $1.21. Earnings were lower-than-expected due to extremely weak trading revenue and lower security gains, partially offset by lower than expected LLPs. Operating ROE was 13.9%.Implications• Positives for the quarter were credit and strong operating results in core

Credit Suisse: Revenue Growth to Slow for Banks

Credit Suisse, 19 August 2010As Canadian bank earnings/returns on equity (ROE) benefit from declining credit charges, slowing revenue growth represents a headwind.We forecast provisions for credit losses (PCLs) to decline 35% and 36% in 2010 and 2011, respectively, providing a substantial boost to group profitability. However, as this earnings/ROE driver loses momentum, the onus falls on revenue

No Golf Bets This Week

Well we're back to a pitch and putt course this week for the Wyndham Championship so am not getting involved as I have no interest in these types of events any more.

The winner will shoot 20 under (par 70 course mind you) and be the best putter for the week.

May as well stick them on a mini golf circuit !!!!!

Races 14th August

Caulfield r6 n6, Predatory Pricer - 1.5 units e/w
One of the best horses in Oz resuming here. Last time first up here produced a withering burst to get up on the line. Strong wind may hinder front runners today and am hoping the Pricer can repeat his effort of last time. Clear top rater here as most of other favoured runners are on pace types.
2nd @ $2.20 place. Desperately unlucky I thought and seeems to be set for a big Spring.

Caulfield r7 n7, Ocean Challenger - 1.5 units e/w
5 starts here for 3 wins and a second. Also excellent 2nd up record of 2 wins from 3 starts. Gets the sit in the middle of the field. Is a mare on the rise and there are plenty of queries on the other runners. Happy to cop the $10 each way here.

Unplaced at $11. Never a hope.

Preview of Banks' Q3 2010 Earnings

Scotia Capital, 12 August 2010Banks Begin Reporting Third Quarter Earnings August 24 - Uninspiring• Banks begin reporting third quarter earnings with Bank of Montreal (BMO) on August 24, followed by Canadian Imperial Bank of Commerce (CM) on August 25, Royal Bank (RY) and National Bank (NA) on August 26, Bank of Nova Scotia (BNS) on August 31, Canadian Western (CWB) on September 1 (after market

Golf - US PGA

Plumping for some players at long odds here. Whistling Straits is a good test of golf but with four par 5's we are looking at players who hit the ball relatively long and play the par 5's well.

Vaughan Taylor : 0.6 units to win @ $400(betfair) and 1 unit top 25 @ $7.00(sportsbet)
Been very consistent the past month with three top 15 finishes his past 5 starts. In the other two starts he made the cut but threw a 74 in both times which ruined his chances. Although not a long hitter ranks 12th in par 5 performance this year, is very accurate and a decent putter. Is a non winner but am happy to take 400s about a player in good form.

Steve Elkington : 0.6 units to win @ 450(betfair), 1 unit top 25 @ $8.00(sportsbet) and 0.6 units top Aussie @ $13 (luxbet)
Another who has been very consistent in the lesser tournalments without looking like winning. Veteran who should relish his first opportunity to play in a major this year. Ranks 22nd for par 5 performance and 16th in ball striking. Putting has always been the question mark but that seems to have improved this season.

Brendan de Jonge : 0.6 units t win @ 190(betfair) and 1 unit top 25 @ $6.00(sportsbet)
Six top 20s in his last 8 appearances on tour says it all about this blokes consistency. Knocking on the door for a win and why can't it be a major ? Very accurate and putts well. 190 is miles over the odds for a player in the form that he is.

Matt Jones : 0.6 units top Aussie @ $13 (luxbet)
Long hitter with a good record on the par 5's. Over the odds for top Aussie.

Update : Put a few lays in the system hoping to get matched in running.
Elkington to lose 30 units @ $17 (win 2 units)
Elkington to lose 30 units @ $7 (win 5 units)
Elkington to lose 30 units @ $3 (win 1o units)

More wishful thinking but you never know. If he finished top 25 that will be enough for me and if he gets top Aussie that will be a bonus.

Well the Elk gave me a good run for my money and if he'd holed that eagle putt on 16 then who knows what might have happened. Managed to get set at $7 and $17 on the lay side and also collected on the T25 and Top Aussie.

The majors have been worth their weight in gold to me this year.

Would be great to get an outright winner before the PGA season finishes but am in front on the golf so can't complain too much.

The problem with Tiger

As we've seen from this weeks performance Tiger's game has gone right off and whilst its correct to say that his tee to green isn't what he is capable of, the real problem lies with his putting. Specifically the short putts.

Tiger used to be near unstoppable from inside 5 feet but that has all changed. The statistics tell the story.

Inside 5 feet
2010 - ranked 59th
2009 - 4th
2008 - 1st

Between 5 feet and 10 feet
2010 - 150th
2009 - 9th
2008 - 72nd

Putts per round
2010 - 129th
2009 - 22nd
2008 - 20th
2007 - 48th
2006 - 137th
2005 - 33rd
2004 - 20th
2003 - 32nd

Unfortunately I can't get the short putt stats prior to 2008 but I'm pretty confident that Tiger would have been ranked up high. He has always had a high overall putting ranking except for the blip in 2006.

This loss of confidence with the short putts must be affecting the rest of his game in my opinion. There is now enormous pressure on him on every shot he makes as he knows he cannot putt himself out of trouble any more.

Personally, I don't think his overall game has deteriorated that much. Its always been his putting that has been the difference. Simply, he made the putts when it mattered.

Now putting is more or less a confidence thing. I think its fair to say that the traumas of the last 9 months have really got to him mentally. He changed putters at the British Open and that was the first sign to me that he is starting to get very concerned.

Can he come back though ?

Well, he needs to get his shit sorted off the course and get that swagger back. I think all it will take is a few good putting rounds where he holes everything under 6 feet and all will be well with the world though. But we have seen great players never come back from putting woes before.

If you're a golf punter then watch Tigers putting carefully the next few tournalments. If you detect that he is getting his mojoe back then you might be able to get some value. However, until then its going to be very difficult for him unless the course being played does not have much putting emphasis.

Manulife Q2 2010 Earnings

Citigroup Global Markets, 5 August 20102Q10 a miss – Operating EPS of (C$1.36) compared unfavorably to 2Q09 EPS of C$1.09, and was well below our estimate of $0.00 and FC of (C$0.62). While disappointing, we did not find much during our initial review of the results with respect to business line performance that came as a surprise in terms of sales or underwriting trends. But, Canadian GAAP

Golf - WGC Bridgestone Invitational

Ross Fisher, 1 unit to win @ $48 (betfair)
Has claims to being the hottest player on the planet at the moment with a series of excellent performances in the past month. Hits the ball long, gets great GIR statistics and putting is above average which are all the key statistics you want to excel in this week. Only slight pot are his two disappointing efforts here the past two years but he was nowhere near the golfer he is now. Excellent value.

JB Holmes, 0.75 units to win @$110 (betfair) *unmatched
This course suits the long hitters as the fairways are soft and generally easy to hit so big bombers like JB can go for it without fear. Three top 20 finishes in his last 4 events and is knocking on the door for a big victory. His putting is under-rated too.

Graeme McDowell, 0.75 units to win @ $85 (betfair)
This is just a ridiculous price. Since his US Open victory, Graeme has performed most credibly at a time when he probably wasn't concentrating fully on his golf. he is now ranked 11th in the world yet we can get $85 about him whilst someone like Mickelsen who is clearly not at his best is served up at $15. McDowell is a brilliant putter and id he hits his share of greens in reg will be high up on the leaderboard towards the end.

Paul Casey, 0.5 units to win @ $42 (betfair)
One of my favourite players and seems to be over this injury curse that has got him the last 12 months or so. Finished 8th here two years ago and if the course is wet it will definitely suit his style.

With the smallish field and there being no cut I'm going to have a dabble in the H2H markets this week.

Matt Kucher to beat Tim Clark, 2 units @ $1.90 (centrebet)
This course simply does not suit Clark and Kucher is in good form.

Dustin Johnson to beat Hunter Mahan, 1 unit @ $1.93 (sportsbet)
I expect the big hitting Johnson to go well here.

Rickie Fowler to beat Adam Scott, 1 unit @ $1.93 (sportsbet)
The emphasis on putting could be Adams downfall here and I sense his game has been a little off since his won a few months ago.

Well Kuchar demolished Clark but all other bets fell by the wayside. Smallish loss on the event.

Understanding About Secured Loan

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally lent to the borrower, for example, foreclosure of a home.


From the creditor's perspective this is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor may only satisfy the debt against the borrower rather than the borrower's collateral and the borrower.

Purpose:

There are two purposes for a loan secured by debt. In the first purpose, by extending the loan through securing the debt, the creditor is relieved of most of the financial risks involved because it allows the creditor to take the property in the event that the debt is not properly repaid. In exchange, this permits the second purpose where the debtors may receive loans on more favorable terms than that available for unsecured debt, or to be extended credit under circumstances when credit under terms of unsecured debt would not be extended at all. The creditor may offer a loan with attractive interest rates and repayment periods for the secured debt.

Types:

* A mortgage loan is a secured loan in which the collateral is property, such as a home.
* A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.
* A foreclosure is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower.
* A repossession is a process in which property, such as a car, is taken back by the creditor when the borrower does not make payments due on the property. Depending on the jurisdiction, it may or may not require a court order.

How to create secured debt:

Debt can become secured by a contractual agreement, statutory lien, or judgment lien. Contractual agreements can be secured by either a Purchase Money Security Interest (PMSI) loan, where the creditor takes a security interest in the items purchased (i.e. vehicle, furniture, electronics); or, a Non-Purchase Money Security Interest (NPMSI) loan, where the creditor takes a security interest in items that the debtor already owns.