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But most analysts think his analysis is based on a misunderstanding.Monolines may be highly geared compared with traditional insurers.
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These organisations are highly "geared": on average, those we fund through the Lloyds Bank Foundation have a staff-volunteer ratio of 1 30.
But what it was selling was highly geared Contracts for Difference (betting on a stock) and not shares.
Merrill said today: "Minerva's net asset value is highly geared to the assumptions and final outcome of its six key London development projects.
Byatt said: "It is no good saying that because Thames have paid out dividends and are highly geared that they can't afford the project.
The corollary of the enhanced liquidity provided to borrowers by hedge funds and other institutions is that they too are highly geared.
Xstrata, the mining industry's serial acquirer, is highly geared, and giant Rio Tinto has record debts thanks to its purchase of Alcan.
Merrill said: "BT's equity is highly geared to improving performance which we expect to come from the sizeable reductions in headcount now being implemented, other cost and capital expenditure reductions, more disciplined bid pricing and better contract management.
The downside of our highly efficient (in terms of output and scientific impact per pound of input) science system is that it is highly geared: any reduction in funding is almost bound to cause damage to the fabric of the system.
The broker said: Admiral's business model is highly geared to growth yet the first half demonstrated how the company is coming under increasing pressure from softer UK insurance pricing, regulatory change and most importantly in our view, a decision to rein in volume growth.
These markets are highly geared toward world growth and the way of doing business before the credit crunch kicked off.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com