Hints and tips:
...There’s a Wirecard connection too: the firm which structured a Mauritian shell at the heart of Wirecard’s controversial Indian deal provided the investment structures for Vinod Adani and his associates....
...About 45 per cent of those holding S&P 500 and FTSE 350 CEO jobs in the first quarter of 2023 had previously run a division. A fifth of S&P 500 and a quarter of FTSE CEOs had held a role in finance....
...By June next year, S&P Global is predicting the US default rate will rise to 4.5 per cent, up from 1.7 per cent at the start of 2023....
...Adam Abbas, the co-head of fixed income at Harris Associates, said markets were “effectively” closed for triple-C rated companies looking to raise debt, raising the spectre of “a natural default cycle”....
...In recent weeks there has been a flurry of departures from the C-suite. This week Shell announced Ben van Beurden will step down at the end of this year after nearly a decade at the helm....
...Data for 2020 show that fewer than 6 per cent of the chief executives of S&P 500 companies are women, while the proportion of female executive or senior-level officials and managers is just over a quarter...
...Ark set out to have a portfolio that has little overlap with the Nasdaq and the S&P 500....
...On the morning of Friday October 11 1957, a terse message landed on the desk of Sir Edwin Plowden, head of the UK’s Atomic Energy Authority....
...Ethan Ilzetzki, associate professor of economics at LSE: The UK will lag behind other developed economies in 2023....
...It did, by a lot. A more compelling argument may be that hedge funds shouldn’t be benchmarked against the S&P 500 because they serve a different purpose: to protect capital when markets are down....
...Our last published fair value of 440p (29% upside) is equivalent to a P/TNAV multiple of 0.79x....
...image, as well as performance,” says Pelham Smithers Associates....
...Associate/JV income of $421m is 27% below consensus $574m....
...“Running assets for a P&C focused insurer is different from managing the savings accumulated though life insurance products,” said Mr Holmes....
...I am buying triple-C credit in the high-yield junk bond market, triple-A CLOs (collateralised loan obligations) and triple-B corporate bonds. “An inflation breakout would worry me....
...We value JE using a sum-of-the-parts model comprising the UK, Canada, Australia and the iFood associate, which is a significant element (c.10%) of the group valuation, using a combination of sales multiples...
...The ONS estimates the value of land and assets-over-land to be over £5tn compared to a GDP of c£2tn....
...Michael C Fina, a well-known New York jeweller that shut its physical store in 2016 in an effort to shift online, closed for good earlier this year after almost 85 years in business....
...In 2017, a property fund bought out the bankrupt venture and renamed it the Adelaide Hotel. The M came off first, then the P. Soon the T, R and U were gone too....
...It’s true that the S&P 500 has tended to peak about five months before the start of a recession, with a range of 1 to 12 months....
...New hires include Mike Cooke, formerly at TA Associates on technology investments, has joined as vice-president. Bilal Chaudhry, who worked at KKR, is now senior associate at Apax....
...Chris Humphrey is a Research Associate at the Overseas Development Institute, specialising in development finance. Back to beyondbrics...
...“There will be a lot of c**p that clients won’t pay for and that is when the big cuts [to the analyst workforce] at the global banks will come....
...General operating expenses are to fall by a tenth to under $10bn by 2017. Tightened underwriting is to bring the loss ratio in its core P&C unit to the key 60 per cent threshold....
...S&P’s decision to strip the UK of its last AAA rating as a result of the vote to leave the EU — a decision the agency says will affect national finances for years — was bruising for the government but meant...
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