Hints and tips:
...) big enough to make a meaningful impact on Berkshire’s earnings, (b) possible to reliably value, (c) have trustworthy and competent management, and (d) are available at a reasonable price....
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...cash-pay; d) something else....
...At nearly 12 per cent it dwarfs the 7.5 per cent that US high-yield bonds pay, and is close to the effective yield of super-junky triple-C bonds....
...TCI made $12.9bn for investors and ended last year up 33 per cent, ahead of the S&P 500 index’s 24 per cent rise....
...to c.$1.2bn....
...From S&P’s definitions: A short-term obligation rated ‘D’ is in default or in breach of an imputed promise....
...The S&P 500 is within a per cent or two of taking out the all-time high it set in late 2021. Most bond funds are likely to end the year with gains, too....
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...In the case of the McKinsey report published in 2020, the main study gathered data about diversity on the boards and in the C-suites of more than 1,000 large global companies....
...Housed in the Unité d’habitation — the most famous of the Swiss-French architect’s modernist housing developments throughout Europe — the 21 bedrooms are a monument to a modernist utopia that might have...
...As ratings drop to C and D, the risk of default rises accordingly Developing nations with bad borrowing records may fall into these buckets....
...“The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defence against the unlawful rogue behaviours of 3-letter government agencies....
...P Soleil d’Or gives bright yellow berries on red stems, and P rogersiana Flava has glossy yellow fruits....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...Chart from S&P Global, through September: Part of the reason for this is that companies are making money....
...High-yield (“junk”) bonds pay 8 per cent, and the lowest-quality triple-C junk yields 13 per cent....
...He was joined by his C&C colleague George Kyle....
...Canada is the world’s fourth-biggest oil producer, pumping 4.8mn b/d of oil last year, of which oil sands accounted for 3.2mn b/d....
...The chances of (c) are impossible to estimate, even granting that Putin looks weaker now....
...Well, you’d think so, and I later talked to Cath Bishop, former Olympic rower and conflict diplomat (yes, really), now a leadership and organisational consultant....
...You do the S&P 500 questions. Alexandra Scaggs The S&P is a multinational index. Robin Wigglesworth Yes. Alexandra ScaggsI take no responsibility for whether this is right or not. OK, so 497....
...Alliance Pharma, M&C Saatchi and YouGov all fall in this zone. But it’s not only about individual companies....
...With only a single bar and a handful of chairs, The C&G has the feel of a private living room....
...I’m now reading his latest, Rogues, and his Wind of Change podcast is in my queue....
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