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...Anyway, back to the S&P report. They reckon that debt maturities of firms rated single-B or lower will be around $310bn in 2025, rising to $400bn in 2026....
...As Chris Verrone of Strategas noted yesterday, rising breadth helps make market euphoria look a bit less scary: The immediate risk we see is sentiment (i.e., the bar of expectations is high), but so far...
...I changed my mind because several readers pointed out to me I was making an analytical mistake in how I looked at the Mag 7’s valuation ratios, and once I corrected my error, the numbers look meaningfully...
...“What I hope to see,” he writes, “is an offering of mercy to each other as we navigate this history together.” But what does liberation actually mean?...
...His response: I think the financial result would be very close to the same . . . if you want to join something that may have a tiny expectation of better [performance] than the S&P, I think we may be about...
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...of a libertarian/conservative flavour, and that (b) McKinsey is a consultancy with a strong incentive to say what its corporate clients want to hear....
...Other times I will just look at the monthly recap I get and then see what they’ve bought or sold.”...
...Second, if volatility selling strategies were to blame for the low levels of the VIX index, you would expect the volatility risk premium (VRP) to shrink as the implied-realized volatility spread narrows (i.e...
...I don’t know if I said that earlier. But really, it’s that pricing power, which is a combination of headline prices and discipline around discounts....
...So far as I know, McKinsey has not responded, which is strange....
...I said this to the staff of the SEC and to Gensler, which is you think that Schwab, Fidelity, Vanguard, Morgan Stanley, E-TRADE, they need to be told where to send their retail orders, like they don’t have...
...I prefer to look at the market since last October 27, when the market broke the downtrend that had held since July. In the four months since then, the S&P 500 has risen 24 per cent....
...The P/E relative of the stock on UBS 2026E EPS (against the market) goes to a record high of 152% on the UBS forecast of earnings. 2....
...Nearest subway stop is Houston Street Station on the 1 line, but West 4th St (A, C, E, B, D and F lines) is just a short walk away. How much? $20 per person....
...His Berkshire Hathaway B class shares, at $420, offer a relatively cheaper entry....
...It will be fun, I hope. It will have an easy air.”...
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...We’ve divided the issuers up by their primary exchange and overlaid short-interest data from S&P Global, accurate to February 23....
...(I should note that Asness does not believe in a size factor per se....
...In a 15,000 word essay (published ironically as an e-book), he laid out why we had hit a technological plateau in which all the low-hanging fruits of easy productivity growth had been exhausted....
...Assume, then, that TMTG’s weighted average cost of capital falls from more than 20 per cent to 5-6 per cent, the S&P 500’s average WACC. Even then, we’re only at $51....
...I would not want to bet that the Mag 7 would revert to a growth rate of profits near the S&P 500 average (mid-high single digits) in the next five years....
...I don’t see much of this right now. Stocks with low P/E ratios relative to their expected growth rates are rare....
...The S&P 500 is up 4 per cent year to date....
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