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...It probably just doesn’t matter, from the point of view of long-term returns, whether you own Berkshire or the S&P. Why, then, should Berkshire exist?...
...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...
...That could be what is happening in the p/e chart above. That would not necessarily signal the death of the size factor. One good read Sport gambling is proliferating in the US....
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...The news will be good. But perhaps not as good as it should be (see below). Meanwhile, email us: robert.armstrong@ft.com and ethan.wu@ft.com. Why aren’t earnings estimates higher?...
...That sign of robust consumer demand, despite a 4 per cent increase in P&G’s pricing globally, also lifted shares in other consumer goods groups....
...Collecting watches is good for Gary Shteyngart’s wellbeing....
...For now, C’è Ancora Domani looks set to remain a rallying point for Italy’s unfinished gender revolution....
...You could argue that Amazon and (particularly) Tesla look bubbly on a P/E basis (at 41 and 59, respectively), but that is a different point. And we are not quite done yet....
...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....
...One good read Japan faces Sato-mageddon....
...Some would probably argue that more information is not the same as better information . . . but c’mon....
...If communicated poorly, as Société Générale’s Slawomir Krupa discovered in September, the event could cause more harm than good....
...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....
...Putting an engineer at the helm instead of another bean counter would be a good start. Yet there is no simple answer to fixing Boeing....
...The French government is pushing British ministers to provide loan guarantees for Hinkley Point C to try to ease EDF’s financing costs on Britain’s new flagship nuclear power station as its price tag has...
...Good news is bad news This was a stronger narrative last year that has faded a bit in 2024....
...Humans have historically not been very good at predicting things, but surely that will change. The problem tends to be that people expect the future to be radically different to the present....
...And as Chronert points out, S&P 500 performance this year has been notably correlated with economic surprises (his chart): The simultaneously strong market momentum and delirious sentiment doesn’t worry...
...“We’re seeing a better balance in the equity rally, which is good news for markets,” he said....
...EDF, which declined to comment, has been pressing the British government to help it fund cost overruns on Hinkley Point C....
...Compared to China and Taiwan, operating in south-east Asia requires more effort and patience to generate good results.”...
...Alternative Coupon Satisfaction Mechanism (27.5 points) 22 (tied). SOFR Soldiers (26.5 points) 23 (tied). Time Decay (26.5 points) 24. Top PIKs (26 points) 25. SOFR, So Good. (25.5 points) 26....
...And this is an important point. A lot of people say, I just want to be happy, but they’re asking for something that’s impossible and wouldn’t even be good....
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