Hints and tips:
...The Soul of the Party in the Age of Extremesby John B Judis and Ruy TeixeiraA rigorous dissection of how and why the once formidable Democratic coalition — forged almost a century ago in the New Deal era...
...But what’s most entertaining is that the government goes ahead and shows the professor’s ongoing work calculating Alameda’s historical balances with FTX — basically the firm’s net P&L — from last year:...
...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...
...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...
...) 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....
...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)....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...The S&P 500 is not yet quite as expensive as it was in the zero-rate, fiscal bonanza, everyone-has-loads-of-cash glory days of 2021. But it is getting closer....
...This summer, L’Oréal’s venture capital arm Bold invested in the start-up Debut, which specialises in “cell-free” ingredient manufacturing, leading a $34mn series-B round of funding....
...We also lowered our local currency (LC) sovereign credit ratings on Cameroon to ‘CCC+/C’ from ‘B-/B’. The outlook on the LC long-term rating is stable....
...Banco Popular Del Peru or Allied Bank Int’l v. Banco Credito Agricola de Cartago is your idea of fun....
...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...
...(b) Returns implied by the stock market equal only est. half of Citi’s target. For those looking for a “margin of safety” for an investment—we believe Citi looks like a stock to own....
...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....
...“I wear an M for a smarter look under a more fitted shirt, sweater or jacket,” he says, “and an L for more casual looks with loose-fit chinos or shorts.”...
...We like boxes B and C. Will the long end follow the short end down, and why? We can debate how much short rates will come down, but it seems pretty clear that they will fall....
...and has a decent spec for its size: a quad-core processor, 8GB of RAM and lots of connectivity, including USB-C, HDMI, micro-SD, WiFi and Bluetooth....
...US flexible offices group WeWork was recently downgraded to CC, one notch above a C rating. A C signals a default may be imminent....
...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....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...chats with guests in his family’s restaurant, Les Chalets de l’Arcs....
...The Economist’s argument is that (a) households’ excess savings will soon be exhausted, and when they are, higher rates will bite (b) companies are already feeling the pain at the margins, as rising bankruptcies...
...There is still demand for lower-quality single-B loans, said Drew Sweeney, a loan portfolio manager at asset manager TCW, referring to the rating just above triple-C....
...Even higher-quality companies are getting shut out, with single-B and single-B minus rated loan issuance in the US down more than 70 per cent from 2021 levels....
...So take me from A to B. Why do these market conditions make it so much easier for US companies to raise money?...
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