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...Flights departing from Europe emitted a total 164.5 megatonnes of CO₂ in 2023, T&E said, up 11 per cent on the previous year but still 12 per cent below 2019’s peak....
...F1’s operating profit rose by 64 per cent to $392mn in 2023 from a year earlier, as revenues jumped to $3.2bn from $2.5bn....
...It’s a lot cheaper than the S&P 500 because the S&P 500’s price-to-book value has really gone up in recent years....
...The p/e differential between the two moves around, but not all that much: Buffett does not like to think about value in terms of earnings per share, however, because gains and losses from investments and...
...The forward P/E of the Mag 7 is 31. The rest of the S&P 500, excluding the Mag 7 and four stocks with negative expected earnings, has a forward P/E of 19....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...If you take the Magnificent 7 out of the S&P 500, its multiple moves from 22 to 19. The S&P 350 is at 14....
...The leading seven tech stocks traded on a 24-month forward P/E of 52x in 2000, more than double the Mag7’s 25x....
...There could be more to come for investors in E&Ps too. alan.livsey@ft.com...
...Looking at a 20-year chart of the price/earnings valuations of the S&P 500 and its small cap sibling the S&P 600, it seems possible that this is what has happened to small stocks: Small caps (dark blue...
...On a forward P/E basis, the S&P 500’s 2021 (harmonic) average was 23, versus an average of 22 in the past four months and 18 in the past three decades....
...I would not want to bet that the Mag 7 would revert to a growth rate of profits near the S&P 500 average (mid-high single digits) in the next five years....
...30x P/E multiple is sustainable given rest of the index trades at 18x,” write Goldman’s David Kostin and team....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...In the median experience since 1984, the S&P 500 forward P/E has declined by 2% in the 12 months preceding Election Day....
...K-SURE, the South Korean government export credit agency, has withdrawn insurance needed to underwrite SK E&S’s investment in the Timor Sea project....
...High multiples on which they trade have pushed the broader S&P 500 Shiller price-to-earnings ratio, aka the cyclically adjusted p/e ratio (CAPE), up from less than 30 times in late 2022 to 34 times....
...Stocks with low P/E ratios relative to their expected growth rates are rare....
...For instance, just one tech company’s recent gains added the equivalent of the market capitalization of the bottom 100 companies in the S&P 500, and the size of the crypto market doubled since last fall....
...For a stock that is expected to increase earnings below the S&P 500’s average pace this year and next, that’s still a lot....
...Let’s look at the S&P then, right? So you’ve got to be big. You’ve got to be liquid for the S&P 500. You also have to have a certain number of quarters of profitability in order to get in....
...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....
...Of this gamma supply, ~70% is on the S&P 500/SPY options,~25% is in Nasdaq/QQQ, and the remainder is a variety of index/ETF exposures (mainly Russell 2000, MSCI EAFE, and MSCI EM) and single names (mainly...
...Special thanks to Laura Clarke, Alastair Mackie, Gretta Cohn and Natalie Sadler. FT premium subscribers can get the Unhedged newsletter for free. A 30-day free trial is available to everyone else....
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