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...This chart from JP Morgan Asset Management isn’t exactly titled BTFD, but it does remind us that when the S&P 500 has just lost a cool quarter in value, the most successful thing to do has usually been to...
...It probably just doesn’t matter, from the point of view of long-term returns, whether you own Berkshire or the S&P. Why, then, should Berkshire exist?...
...Toby NangleSo yeah, I mean, I’d quite like that to finish, really. So if it was me, I’d ask the SEC to finish its investigation and report. Katie Martin Yeah, finish the job, SEC, says Toby....
...“We aren’t beach people so we actually prefer the mountainous location in the hills surrounded by the olive and fruit trees.”...
...I won’t be on FT email much longer, but I’d love to hear from you on Twitter or LinkedIn. Or email the big man himself: robert.armstrong@ft.com....
...Then I’d kick back with friends and contemplate the beauty of western civilisation. I’m in awe of Washington, this handsome city, the cultural capital of the USA....
...Why aren’t earnings estimates higher? This is a robust economy....
...If Rob’s family is reading, I’d dearly love to see any footage you have of him faceplanting in the snow (as long as he doesn’t really hurt himself; mild physical damage and extreme embarrassment are OK)....
...The S&P 500 isn’t at such extremes today....
...And — as a chart borrowed from Duncan Lamont at Schroders shows — the extent of concentration in the S&P 500 is not something investors are used to....
...“Markets have priced out lots of the Federal Reserve rate cuts they’d expected earlier in the year, but they’re still hopeful for the Bank of England and European Central Bank.”...
...And yes, they’d be right. A PIK note tends to give the issuer options....
...Over the past 10 years the size of its buyback scheme dwarfs both its R&D spend and the buyback schemes from peers, adding up to a total of $658bn, according to data from S&P Global....
...The only stupid thing would be not to ask one if there’s something you don’t understand....
...A traditional source of long-short alpha, small has been looking increasingly correlated with large: Another trend is that long-short doesn’t seem to involve much short....
...That’s an uncomfortable question to ask, in a world where we regularly hear of unscrupulous employers bullying, failing to pay overtime, or throwing qualified staff overboard, as P&O Ferries did so disgracefully...
...One: it doesn’t look like much but you’d miss it if it went. Two: it does a vital thing (decreasingly well, but it still does it)....
...On the surface, this hasn’t happened (at least in the large-cap world), given the S&P 500 rose by 10.2 per cent in the first quarter while the fed funds futures market went from pricing in nearly seven cuts...
...We’d ask, but Louis is probably watching Aquaman at 38,000 feet and is too cheap to pay for in-flight wifi. No correct answers this week. No wrong answers either....
...“[HMRC also] weren’t taking into consideration [that an online] search today is different to how it would have been when a client’s project started,” he said....
...TL;DR: The size of funds that directly affect the Vix calculation is too modest, and if they were to blame you’d see a very different pattern in options prices. So what is to blame?...
...The data doesn’t back either of these extreme views....
...“I’ve always said I’d love to be president, but you’d have to anoint me, folks,” Dimon said, to laughter from the crowd....
...Take a classic approach to market analysis and you’d have a good argument for calling this a bull market....
...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)....
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