Hints and tips:
...The construction company is one of the leading businesses contracted to build the mega-projects that have been a hallmark of President Abdel Fattah al-Sisi’s regime....
...More seriously, Goetzman et al argue that art price changes are largely a function of wealth concentration....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...They found that the standout stocks today are at much cheaper valuations than the stars of the 90s were, and while the valuations of the Magnificent 7 et al do look a lot like the “Nifties,” they tend to...
...Columbia Threadneedle’s Ed Al-Hussainy pointed out to me that it is important to put this spread question in the context of portfolio goals....
...Wherever possible lies should be told about classes of people (Republicans, elites, big business, the media, et al) not specific individuals....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...al)....
...The problem back in March was that a lot of the regional banks were seeing deposit outflows as customers took cash out to pay for things [amid rising prices] or they were moving cash into money market funds...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Unhedged will be off Monday and Tuesday for Independence Day....
...If cash flow is important to you, you might not see these yields again. You need to lock some of that in.”...
...Everyone expects Jay Powell et al to say “no rate increase today, but maybe in a month”....
...It needs the cash to pay its investors. We’ll see more stories like this in the months to come; the economic cycle applies to private assets too. Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Shares in other banks considered to have some degree of asset-liability mismatch (Western Alliance, Zions et al) only saw their shares wobble a little bit yesterday....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...The recent rise of the Faangs, et al, looks like a knee-jerk reaction to the fall in rates and rate expectations that followed the banking mess (the 10-year yield has fallen from 4-ish per cent to 3.6-ish...
...To put it more simply: Jiang et al argue there are $2.2tn in mark-to-market losses out there, and there is only $2.2tn in equity in the US banking system....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Homebuilders, or, why we feel very dumb now Back in January, we wrote about our picks for the 2023 FT stock picking contest....
...The addition of the “+” countries (Russia, Kazakhstan, Mexico et al) to the cartel have increased its market share....
...The near-term financial burden in the base case is what China et al are objecting to. Here’s what the Zambian finance ministry said it had been told after the deal collapsed....
...In the communications sector, the video entertainment companies (Warner Bros Discovery, Paramount, Disney, Netflix et al) explain the bulk of the outperformance....
...If we are right that consumer spending, despite some recent softening on the margin, is still at or above trend, that is another thing for Powell et al to fret over....
...But as Goldman’s Praveen Korapaty et al point out, the US government bond market has been pretty choppy for a while now....
...Send us your thoughts: robert.armstrong@ft.com and ethan.wu@ft.com. Will the world reallocate to bonds? Sometimes it’s useful to ask a dumb question....
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