Author: Mark Tuminello

Mark Tuminello is a skilled financial professional specializing in portfolio and fixed income analytics, recognized by peers for thoroughness and competency across financial disciplines. These disciplines include organization, negotiation and the analysis of complex cash flow models, financial instruments and scenarios. Presently, Mark Tuminello is a Partner at Aleren Analytics LLC., a Management Consulting practice. Previously, Mark Tuminello was at OmniMarkets Group, where he was responsible for the analysis and preparation of valuation models related to alternative investments. Additionally, Mark Tuminello is an Adjunct Professor at the State University of New York – (Farmingdale State College; since Sept. 2010), offering each of Corporate Finance, Financial Institutions and Markets and Statistics classes. Near-term goals include pursuing opportunities in the areas of analytics and alternative investments. Mark Tuminello finished his MBA in Finance from NYU’s Stern School of Business in 1998. Career progression is evidenced by obtaining steadily increasing complex and technical job duties, within respected financial institutions, in positions of responsibility. From June 2008 through August 2009, Mark Tuminello was a consultant for Xavian Holdings, a start-up financial guarantor specializing in providing mortgage insurance to the finance market place. Activities were primarily in connection with obtaining a financial strength rating from Standard and Poor’s. Working with Xavian’s actuarial representatives, Mark Tuminello was responsible for the evaluation of the capital model, determining obligor default frequency and severity of loss on collateral. This opportunity provided him with exposure to insurance risk analysis, the reinsurance market, and in particular the role and structure of an Enterprise Risk Management effort. As a Managing Director with Bear Stearns and Company, starting in January 2007, Mark Tuminello evaluated distressed corporate debt across multiple industries, and other special situation investments related to commercial assets. From 2000 to 2006, as a Managing Director in the structured products area at Wachovia Securities, Inc., Mark Tuminello structured and arranged the first post-9/11 aircraft-backed portfolio securitization, recreating the new issue market in August 2003, utilizing innovative elements of credit enhancement. In the capacity of a Senior Structured Finance analyst at Moody’s Investors Services, Mark Tuminello specialized in auto-backed, franchise loans, insurance premium, real-estate and aircraft-backed pooled securitizations, as well as learning about Moody’s approach to rating defaults and recoveries across obligor types.

Reagan at Reykjavic – Obama in Syria

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Thomas Friedman blogged recently about the book ‘Reagan at Reykjavik: Forty-Eight Hours That Ended the Cold War.’ The book is by Ken Adelman, the man behind that administration’s arms control agency, an advisor at the 1986 Iceland summit with Gorbachev.

There’s a lot of new information about Reagan in the book. It contains newly declassified documents that shed light on the early stages of an agreement that would eventually lead to a major reduction in nuclear warheads. What Friedman found particularly interesting (and makes this book sound so great) is the way Reagan recognized how different Gorbachev was from other Soviet leaders. Reagan saw potential there when his intelligence team didn’t.

Friedman also takes the opportunity to contrast the world of Reagan with the world of President Obama. While Reagan was facing a ‘Communist superpower that had thousands of nuclear missiles aimed at us!’ Even still, he says, Obama’s world is a much more difficult one. The reason being that Reagan’s enemy was another source of world order. The cold war was fought on creating as much order as possible (communism vs capitalism) and reinforce weaker states around the world to win support.

Today, things are much more complex, less binary. There are many divisions, some of which are regions of disorder. There’s no leader with whom to bargain. In a world where groups of people consider people our enemies, complete with power vacuums, advanced weaponry, and technologically advanced communication, ‘just one needle in a haystack can hurt us.’

Gorbachev was the enemy in the 80s, but he later won a Nobel Peace Prize for peaceably allowing eastern European states become independent. The Islamic State will never win a Nobel. Even the Soviet Union with all its communist differences, it was still a western power. When Reagan faced something similar to what Obama faces now across the middle east, in Lebanon, he saw that there was no fight to win there – only nation building. So we left.

The book sounds great, and Friedman’s comments, while not up everyone’s political alley, are very convincing.

from Mark Tuminello


Global Trade Growth Slowing…

There has been some celebration in the news regarding the recovering US economy, with the GDP gaining some momentum again. A recent post on The Economist points out that any celebration ought to be tempered with a more macro view of things.

The blow to optimism comes on the heels of an updated forecast from the World Trade Organization, which reduced the prediction for international trade growth in 2014 from 4.6% to 3.1%. 2015 was also cut from 5.3% to 4%. It’s a significant reduction with large global implications, but the article points out that even the new forecast is optimistic. Trade from January to June of this year was 1.8% – which means in order to meet the prediction of 3.1%, we need a serious rebound before December.

The trouble is coming from South America. Sure, Asia’s exports are growing much faster than it’s imports, which isn’t helpful, but South American exports actually fell by nearly 1%. Imports were even worse, falling 3.4%.

Struggling and developing economies saw smaller growth rates than the larger powers, which means the pendulum of market share is still swinging out in terms of market share.

What’s strange is that we enjoyed a tremendous period of growth in 2010, which we haven’t matched yet. This is all a result of a slowing of growth in emerging markets. The lack of Chinese demand for imports isn’t helping, either. Then there are the geopolitical issues that have direct effects on the global economy, such as the tough winter in the US in the first quarter, the Russian sanctions, and the rise in Japanese sales tax.

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Hellman & Friedman raises $10 billion


Private equity giant Hellman & Friedman has raised nearly $10 billion toward its next flagship fund, according to a regulatory filing.

It is unclear if this represents a final close for the fund, which already is larger than any other Hellman & Friedman has raised in its 30-year history. Bloomberg had reported earlier this year that the San Francisco-based firm was seeking to raise a total of $10.25 billion, compared to the $8.4 billion pool it collected just before the financial crisis in 2007.

Hellman & Friedman’s most recent deal was an acquisition of California-based supermarket chain Grocery Outlet Inc., which reportedly was valued north of $1.1 billion. Other current portfolio companies include Catalina Marketing, HUB International, Kronos, Scout24 and Sheridan Healthcare.

The firm declined comment.

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eBay CEO: Why we’re spinning off PayPal


Seven months after making the case against spinning off PayPal to Fortune, eBay CEO John Donahoe is singing a different tune.

On Tuesday, eBay announced plans to spin-off online payments service PayPal into a separate, publicly traded company. Doing so, according to eBay, will help both businesses take advantage of new opportunities to grow in challenging markets.

The move comes months after activist investor Carl Icahn waged a public campaign for a PayPal spin-off. Icahn, who owns 30.8 million shares of eBay and is expected to make $180 million from today’s news, argued PayPal would grow faster and therefore be more valuable if cleaved from its parent company. (In March, Donahoe made the case that eBay and PayPal were stronger businesses together.)

But in an interview with Fortune on Tuesday, Donahoe, said the proxy fight earlier this year did not sway eBay’s board. Rather, the about-face came after…

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A teenage chef, a planetary geologist and a wordnik walk into TEDYouth: A look at the speaker lineup

TED Blog

TEDYouth is a free event just for middle and high school students. This year, it takes place on Saturday, November 15, at the Brooklyn Museum in New York City, where more than a dozen speakers will explore “Worlds Imagined,” sharing big ideas and inspiring insights on topics that range from science to design, food to technology, entertainment to education.

Check out the full TEDYouth 2014 speaker lineup »

Students in New York City, apply to attend. Applications close on October 12 at 11:59pm ET »

Below, just a few of the speakers you’ll get to see.

Chef Flynn McGarry, just 15-years-old, supervises plating at EUREKA, his monthly supper club that now has a cult following. Chef Flynn McGarry (center) is 15 years old. He supervises plating at EUREKA, a monthly supper club that now has a cult following. Photo:

Ecologist Eric Sanderson carefully re-envisioned what New York looked like in 1609, when it was called Mannahatta, "Island of many hills," by Native Americans. Now, he has launched the Welikia Project, to do the same for New York City’s other four boroughs. Ecologist Eric Sanderson carefully re-envisioned what New York looked like in 1609, when it was known as Mannahatta, “Island of many hills.” Now, he has launched the Welikia Project, to do the same for New York…

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Art of Data Interpretation

Mark Tuminello CanadaWhat happens when a single government has two federal departments using the same economic numbers and come up with completely different analysis?

This is what happened in Canada this weekend. In October, specialists at Employment and Social Development Canada interpreted financial numbers and concluded that the middle class in Canada are in serious trouble. They even called the idea of the ‘Canadian Dream’ a myth.

It wasn’t good news for the country, who is dealing with similar economic woes as their friends to their south. Opposition parties looking to cash in on some new government seats jumped on the analysis, pointing out that some real change is needed if the middle class hopes to ever come out of the recession in one piece.

But along the way, many cabinet ministers dismissed the reports, calling them misleading.

Nearly a year later, Finance Canada has come up with their own analysis of the same numbers, which actually paints a very positive picture of the state of the middle class in Canada. They even go so far as to say that once they control for the changing composition of Canadian families, income has actually grown significantly since the seventies.

From the outside, it’s hard not to see this as anything more than political parties trying to score points before a federal election, which is coming up in a year in Canada.

But when it comes to finance and economics, there’s often more than one way to skin a cat. Getting raw data requires technical skill and precision. What is done with that data is another story. Interpreting data is an art, and a flawed one at that. How does one separate their strongly held political or social beliefs when interpreting the national economy.

In the world of finance, it’s considerably easier to avoid being 100% incorrect about assumptions or theories…but the art of the work is still fragile.

Consider the complexity of the findings of the Canadian data. One report notes that wages haven’t risen much in the past few decades, and that means families are struggling to keep up with inflation. The other report notes that the major influx of women in the labor force, continually rising since the seventies, more than made up for the stagnant wages, with more families earning more on the household level.

While there are often two ways to look at data, there is sometimes a an incentive to skew analysis toward your own benefit. That accusation is being thrown around in Canada at the moment. The incentives are there to cherry-pick data – the question is whether the reports were truly filed in good faith.

It seems the thing to do now would be to send the data to third-party organizations in the hopes of getting an unbiased perspective. Or maybe they’ll choose another federal department…

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Tech Education

mark tuminello tech classroomImprovements in technology and information systems are transforming classrooms on all collegiate levels. Unlimited online resources, software programs and social media websites are improving the way we do research and the efficiency in which we communicate with one another, from the classroom to the entire globe. The opportunities to gain and access rich content for research and assignments gives students quite a competitive advantage. In order to keep up with these changes, universities are developing strong technological foundations in which students can learn the necessary skills and gain an edge in today’s job market upon their graduation.

One huge trend that has been adopted by most educational institutions is the introduction of online classes or hybrid courses. These hybrid courses are hosted and taught online and streamed in classroom lectures. Computers and advancements in information systems allows students to access online courses whenever and wherever they are, without missing a beat. A recent study conducted by the Ambient Insight Premium Report, found that since August of 2012 more that 30 million college or graduate students have attended one or more than one class online. Courses online are not only beneficial to full time students, but also for professionals who like the flexibility of working and still continuing their education. As technology infrastructures continue to improve, universities are able to offer their students and professors a wide variety of applications that can increase the efficiency of online and virtual classrooms. However, the frequency in which technology rewed itself makes it difficult for most schools to keep up with these changes and in many cases fall short in delivering these resources.

Social media web sites, like Facebook and Twitter, are also being used more frequently by professors and students in order to communicate more efficiently with one another outside of the classroom setting. Given that students are always “plugged in”, professors will post assignments, share lecture materials and ultimately reach their students faster and more efficiently though social media. Universities themselves are using Facebook and Twitter to reach out to students on a larger scale, gain feedback on programs and establish a market base for their products and upcoming events. Establishing strong relationships between professors and students is extremely important for universities in reaching the highest levels of success for their heir graduating classes. Employers seek recent graduates that are well educated and up to date on current technology, which is why it’s extremely beneficial for universities to invest in information systems and update their technological infrastructure as much as their funds will allow.

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Mark Tuminello’s latest blog post –

mark tuminello blinkistThomas Piketty’s book on income inequality was a huge seller, and thanks in part to limited supply, very difficult to get ahold of. Non-fiction books like this are becoming increasingly popular not just with economics professionals like me, but also with millenials. But how do you keep up with the books of Krugman, Friedman, the Freakonomics guys, and all the rest of them – especially when they all blog regularly too? Keeping up with my favorite writers involves so much reading, I often find myself struggling to find time to read new authors.

Blinkist has answers to all of these issues facing non-fiction readers.

Blinkist is a subscription service of non-fiction books…except the books aren’t there in their entirety. Blinkist only provides summaries. They’re detailed, but brief, meant to be read in just 15 minutes (though slow readers will find it takes more like 25 minutes to get through an entire edition.

Summaries are broken down by the actual chapters of the book, and typically include around 500 words per chapter, for the average book.

I tried a free trial, and browsed a few books I knew I’d probably never read in their entirety. It really did feel like I was getting some good information from the author, albeit with no sense of flair or real-life stories to back up the concepts. I also tried reading the summary of a book I’d read. It was a fantastic way to revisit the writing, browsing through major ideas. The app also allows you to highlight certain passages of summary, which is a nice touch.

After the free trial, the app costs $5/month – and I’m not sure it’s something I’d want to stick with. Even with all the time constraints of reading, part of the pleasure of reading is…well…reading. On the other hand, when I want to simply revisit some old favorites quickly, or simply learn at a surface level without having to invest too much time – Blinkist seems like a total gem.

I absolutely recommend downloading the app, which is now available for both iOS and Android, and using the free trial. At the very least, you’ll find a book you’re interested in and get a chance to breeze through it.


from Mark Tuminello