Hints and tips:
...) 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....
...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....
...cash-pay; d) something else....
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...At nearly 12 per cent it dwarfs the 7.5 per cent that US high-yield bonds pay, and is close to the effective yield of super-junky triple-C bonds....
...to c.$1.2bn....
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...Housed in the Unité d’habitation — the most famous of the Swiss-French architect’s modernist housing developments throughout Europe — the 21 bedrooms are a monument to a modernist utopia that might have...
...From S&P’s definitions: A short-term obligation rated ‘D’ is in default or in breach of an imputed promise....
...In the case of the McKinsey report published in 2020, the main study gathered data about diversity on the boards and in the C-suites of more than 1,000 large global companies....
...The S&P 500 is within a per cent or two of taking out the all-time high it set in late 2021. Most bond funds are likely to end the year with gains, too....
...(a) (of a gem) uncut, unpolished; (b) (of water) undistilled; not filtered; (c) (of alcoholic spirit) undiluted; (d) (of grain) unmalted, undried; (e) (of sewage) untreated. I.2.e....
...As ratings drop to C and D, the risk of default rises accordingly Developing nations with bad borrowing records may fall into these buckets....
...P Soleil d’Or gives bright yellow berries on red stems, and P rogersiana Flava has glossy yellow fruits....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...Chart from S&P Global, through September: Part of the reason for this is that companies are making money....
...Stefan Brüggemann, artistIntelligence for Dummies by Glenn O’Brien This is a collection of essays and writing by the late American journalist and editor Glenn O’Brien. He was a friend....
...High-yield (“junk”) bonds pay 8 per cent, and the lowest-quality triple-C junk yields 13 per cent....
...The chances of (c) are impossible to estimate, even granting that Putin looks weaker now....
...Carlyle established its dominance in corporate buyouts in the 1990s and 2000s by forging political connections from offices in Washington, D.C....
...Canada is the world’s fourth-biggest oil producer, pumping 4.8mn b/d of oil last year, of which oil sands accounted for 3.2mn b/d....
...The plan was initially rejected by Virginia governor Glenn Youngkin, who accused it of being a front for the Chinese Communist party....
...You do the S&P 500 questions. Alexandra Scaggs The S&P is a multinational index. Robin Wigglesworth Yes. Alexandra ScaggsI take no responsibility for whether this is right or not. OK, so 497....
...Alliance Pharma, M&C Saatchi and YouGov all fall in this zone. But it’s not only about individual companies....
...We Need to Talk About Inflation: 14 Urgent Lessons from the Last 2,000 Years by Stephen D King (Yale) Until recently, central banks were worried that inflation was too low....
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