Hints and tips:
...Even those who were right that the pandemic economic cycle was different, such as Jan Hatzius of Goldman Sachs, were too sanguine about inflation early on....
...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....
...S&P 500 stock....
...As much as 45 per cent of the financial companies in the S&P 500 have no women among their “named executive officers”, those C-suite members important enough to have their pay officially disclosed, according...
...That said, I assert that this chart is actually quite interesting: That is the total return of the S&P 500 sectors since this current rally began in October 2022....
...Goldman’s private equity deal with China state fund warrants regulatory scrutiny, argues companies editor Anne-Sylvaine Chassany....
...A Harvard Business Review analysis from 2021 estimated that bad chief executive and C-suite successions wiped out $1tn in market value from the S&P 1500 a year....
...“Is it true that triple-C firms have interest coverage ratios below 1? Definitely, but that’s always been the case....
...They have a typical cap of 7.5 per cent of their assets for “triple-C” rated loans....
...The amount of corporate debt maturing will rise from $525bn this year to $790bn in 2024 and over $1tn in 2025, according to Goldman Sachs....
...While Goldman has expanded its market share in its core investment banking and trading business, and outperformed the S&P 500 index under Solomon’s watch, efforts to diversify the bank’s revenues into less...
...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....
...The company’s triple C plus credit rating is one of the lowest assigned by the big rating agencies, with analysts at S&P Global warning its upcoming debt maturities “present significant refinancing risk”...
...The call, Goldman says, may be coming from inside the house....
...And finally A few decades ago, the residents of Wigtown (population c. 1,000) in south-west Scotland wondered if they could follow Hay-on-Wye in Wales’s lead....
...Recent clients include top executives from Goldman Sachs, the Young Presidents’ Association and Inhabit Hotels. Sieff says he has never once been called by an HR department....
...The high volatility — which came as the S&P 500 fell into a bear market — benefited many players on Wall Street, and trading revenues at Goldman Sachs, Morgan Stanley and JPMorgan Chase all rose considerably...
...The S&P 500 is up 11.8 per cent since then through today’s close . . . It is back slightly above its 200-day moving average....
...Bankers at Goldman Sachs underwriting a $1.7bn loan for motor racing series F1 last week were able to lock in lower-than-expected borrowing costs for the company after investors telephoned in large orders...
...VXX and OIL — or to give them their formal names, the iPath Series B S&P 500 VIX Short-Term Futures ETN and iPath Pure Beta Crude Oil ETNs — still trade on the New York Stock Exchange and CBOE respectively...
...“When Citadel [Securities] trades more than Goldman Sachs in the equity market every day by a multiple, that’s a tough place for Goldman Sachs to be.”...
...In September, one particular deal caught the market’s attention: a triple C rated loan from software company BMC that priced with a yield of just 6.3 per cent....
...Shares in the asset manager rose 5.7 per cent on the day the deal was announced, and this year they have nearly doubled the S&P 500’s performance....
...And they are everywhere: research by the FT’s Lex column found ex-McKinsey consultants on the boards or in C-suites of more than 70 S&P 500 companies....
...Only Goldman Sachs’s Lloyd Blankfein decided to leave of his own volition when he handed the reins to David Solomon in 2018 after 12 years in the top job....
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