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...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....
...) 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....
...And I know of airline bosses who constantly fear “that call”. But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...S&P Global Ratings said in a report on Thursday that triple C borrowers would “contend with weak cash flow and elevated interest expenses this year”, while “defaults in 2024 [would] largely come from consumer-facing...
...But, as S&P puts it when explaining why U.S....
...With just 1.2bn people having an income above $12K a year, Apple is valued on an EV per pop of c$2,300, which requires c$800pp of annual spend, on the global equity strategy team’s calculations. 4....
...: For example, over 2017, VIX averaged 11.1, and the S&P500 forecast range from strategists for 2018 was c.17%....
...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....
...You could argue that Amazon and (particularly) Tesla look bubbly on a P/E basis (at 41 and 59, respectively), but that is a different point. And we are not quite done yet....
...to c.$1.2bn....
...Yet shares of insurers such as Allstate, Progressive and AIG are down between 3 per cent and 22 per cent this year, while the S&P 500 has climbed 16 per cent....
...The moves came after San Francisco Fed president Mary C. Daly late on Monday acknowledged the central bank’s “progress” on inflation and appeared to throw her weight behind three rate cuts next year....
...Jimmy Page of Led Zeppelin has a notable number of paintings, as did the late Genesis P-Orridge – founder of industrial sound provocateurs Throbbing Gristle....
...In Canada total transactions jumped to C$87bn ($64bn) last year, according to Bloomberg, up nearly nine times since 2021. US banks are just getting going, and in size....
...“Hinkley Point C is not a government project and so any additional costs or schedule overruns are the responsibility of EDF and its partners and in no way will fall on taxpayers,” it said....
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...Fitch has kept its rating on Ethiopia’s local currency long-term bonds at triple C minus as the government has continued payments on that debt and has not announced any intention for domestic debt restructuring...
...The same is not true at the lower reaches of the credit spectrum, of course, and it is interesting in this context that triple C rated bonds spreads have not rallied to the wild 2021 levels....
...As much as 45 per cent of the financial companies in the S&P 500 have no women among their “named executive officers”, those C-suite members important enough to have their pay officially disclosed, according...
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...According to our processes, we will wait one business day and then raise the long- and short-term FC sovereign credit ratings on Cameroon, most likely to ‘CCC+/C’....
...Britt Harris is retiring from the largest university endowment in the US at the age of 65. There is nothing unusual about that, except for his message on the way out....
...The value of short positions against Argentine bonds lent by international custodian banks is currently $41mn, a sharp increase from $25mn ahead the mid-August vote, according to data from S&P Global Market...
...Nine ships and search aircraft, including a German navy helicopter and a P&O cruise liner, spent the day scouring the sea off the north German coast for the missing crew....
...The perimeter of the financial junkyard is defined by a rating of BB+ from Fitch and S&P, and Ba1 from Moody’s....
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