Hints and tips:
...Typically, these are to either a) pay cash coupons; b) toggle to ‘pay’ bondholders with more debt claims, albeit with some additional penalty (even more debt claims); c) to PIK for a while then switch to...
...Back in 2019, my colleague Oliver asked Buffett if he should put Berkshire or an S&P tracker fund into his young son’s college fund....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...The news outlet/hedge fund Hunterbrook, in its debut article/short sale, sent the stock of United Wholesale Mortgage down 8 per cent....
...“The government wants to use the regulated asset base model to fund everything from Sizewell C [nuclear power plant] to the energy transition,” said one adviser close to the negotiations at Thames Water....
...Do I want to take, say, double B credit risk for another 1.9 per cent of yield on top of that, especially when high-yield default rates, while low, are rising?...
...Rieder: I’d say it’s a B-. But it’s not a C. Why are you getting these sorts of yields in credit today? You’re getting them because the risk-free rate is so darn [high]....
...Companies with double B or B plus debt ratings have received solid demand, while lower-rated single B and triple C rated companies have been forced to go to private credit lenders for financing....
...You can get a deal done for a double-B senior loan at a 300-350bp spread all day long. That market’s wide open....
...They’re digital tokens backed either by a) dollar-denominated portfolios of safe assets; b) unaudited promises that they have safe assets; or c) magical confidence maths that only work until a death spiral...
...He has made it his mission to significantly reduce the proportion of companies with languishing P/B ratios, to bring the TSE to levels closer to those in the US (5 per cent of S&P 500 companies) and Europe...
...Slok: In some cases triple C, even single B credit looks more vulnerable, because those are the firms that are more vulnerable to higher interest rates....
...(Ethan Wu) Valuing declining assets, tobacco edition Last week I wrote about investing in declining businesses, in the context of the fund management industry....
...The downgrade from double B plus, S&P’s highest non-investment grade, to double B came after SoftBank’s tech-heavy Vision Funds this month posted record annual investment losses of $39bn....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...“It is year three and I haven’t had a distribution in funds that are fully baked [invested]. When am I going to get my capital back?”...
...t=4OHf5BkjuotctykSztrLvA&s=19 The company also excitedly told investors that the total volume of flooring it sold exceeded the equivalent of “more than 29,500 football fields” for the first time....
...in cash or (c) spend cash buying shares from the public to limit dilution....
...CUT TO: THE PARLOUR OF THE B&B A woman is watching TV. In the corridor behind her, Phil walks by, dressed in a robe, carrying an electric toaster and a towel, heading for the bathroom....
...Then I make my way down the plush C-suite corridors back to the elevator. Follow This is a movement of 9,000 shareholders in oil and gas companies....
...Either de-escalation follows and prices go back up, or most of us die and portfolios don’t matter (I call this “the Oppenheimer put”, and Klement is quite right about it). (b) is very unlikely....
...Series B start-ups were valued at about $84mn, 58 per cent higher than 2019....
...s=20&t=-B_bU8BmTAQgUHoF7c5WGw Ross Gerber of Gerber Kawasaki is another prominent Tesla überbull whose faith has been tested lately....
...Maesbury is seemingly backed up by “the Canadians”, a pension fund: [S1E9] STEWY I got the call. Canadians are in. [S1E9] KENDALL Yeah, listen. You know the Canadians. Yves et cetera?...
...However you measure it, something like half of Japan Inc trades under 1 p/b....
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