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...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...
...) 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....
...Anyway, back to the S&P report. They reckon that debt maturities of firms rated single-B or lower will be around $310bn in 2025, rising to $400bn in 2026....
...As a result, equity markets are already more jittery — not a positive for oil. Since 2000 oil prices have rarely continued rising when the S&P 500 has a sustained decline....
...“Significant budgetary consolidation has placed Greece’s fiscal trajectory on to a firmly improving track,” said S&P’s analysts, who attributed a “stable” outlook to the country....
...In a Monday update, the rating agency moved Ford up to triple-B minus from double-B plus....
...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)....
...P&G reported net sales of $21.9bn in the three months ended September 30, a 6 per cent increase from a year earlier and beating analysts’ expectations for $21.6bn....
...Digging through the data of S&P Global offers surprising findings. Sub-Saharan African sovereigns rated in the B category between 2010 and 2023 defaulted in 22 per cent of all cases within five years....
...Three Nasdaq-listed companies, Nano Dimension, Ehang Holdings and Canaan, appear in the S&P data as having short interest that’s a multiple of the shares outstanding. This is hypothetically possible....
...He questioned why SoftBank’s strong cash position would be considered a credit negative by S&P....
...[enlarge] Here comes the B word. Peak hard Brexit angst?...
...The P/B ratio measures the market value relative to its book value....
...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.”...
...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...
...The “Digital Assets B” appear to be shitcoins, more or less, with the biggest position $362mn of Serum (as of Aug. 31). Also, big congrats to FTX after last month’s Grayscale court ruling, we guess?...
...P&G has increased prices across all of its main divisions in the three months to the end of June....
...“Shale has redrawn the map of world oil in a way most people don’t seem to understand,” said Daniel Yergin, vice-chair of S&P Global and a Pulitzer Prize-winning energy historian....
...“The oil market is waiting,” said Daniel Yergin, author and vice-chair of S&P Global....
...Of the 447 universities with a credit rating from S&P Global Ratings, more than a third are rated triple B plus or below....
...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....
...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....
...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...
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
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