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...But notice that in the more recent statement, Berkshire is making a comparison to “the average American corporation,” not the S&P 500....
...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 BBC’s verdict matters a lot more than anything I think about the prime minister’s “five priorities”, because the corporation is the UK’s dominant broadcaster and is incredibly hierarchical....
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...And on Wall Street, the S&P 500 has hit record highs this year. So what’s going on? Shouldn’t voters love all of this?...
...The S&P 500 has hit record highs this year. “I inherited an economy that was on the brink. Now our economy is the envy of the world,” Biden said in his State of the Union speech on Thursday....
...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?...
...The P/B ratio measures the market value relative to its book value....
...“The oil market is waiting,” said Daniel Yergin, author and vice-chair of S&P Global....
...For example: “In my view, [public markets aren’t] differentiating enough between office Reits that hold B-tier assets and office Reits that hold A-tier assets.”...
...“I think Mike and I have a good relationship. We’re a partner in a lot of projects around the world already today. And we work very collaboratively together,” Woods said....
...They have pushed the concentration of the S&P 500 to a historic extreme....
...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....
...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....
...At full capacity, the refinery will process 650,000 b/d, which could transform the country into a net exporter of refined fuels....
...Below, from Bloomberg, is the total return for the S&P 500 and some large rival markets over the past decade and the decade before that, in dollar terms (I have included the S&P equal-weighted index as a...
...Late last year, the Federal Deposit Insurance Corporation proposed requiring banks to disclose more data on what types of shadow banks they are lending to....
...Ethan WuAnd just to put a finer point on it, the point here is it’s not enough to just look at headline p/e for the UK, headline p/e for the US and say, well, golly, there’s a huge discount here....
...What is the trailing P/E ratio of the top-10 stocks in the S&P 500 today? They are more overvalued than the top-10 were in the tech bubble....
...The maritime sector he said, is “only so resilient” and “would clearly like to be reassured there is a Plan B”....
...We haven’t mentioned the B-word yet. Bonds....
...Staples stocks as bond substitutes Sometimes I overthink things. Last week I wrote about my puzzlement about the extremely poor performance of consumer staples stocks since May....
...“I am going to stay engaged in the business. I’m going to be joining the Chevron board and I intend on having my voice heard on the energy transition.”...
...Not necessarily, as I explain below....
...At a 6 per cent cost of debt, which a triple-B company might pay today, such a buyback would be dilutive to EPS (EPS accretiveness, I should emphasise, is hardly the final word on whether a buyback is a...
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