Hints and tips:
...That has come as the market has grown more confident that the US Federal Reserve’s cycle of rate rises is finally over....
...“[There] have been some firms that have grown incredibly large at the wrong time in the cycle,” he said. “I think we will get bigger in this kind of environment....
...“They are not going to do what is priced in,” he said of market expectations of a rate cut, adding he has been “positioned for a tightening cycle”....
...(Ethan Wu) One good read Call Jeremy Grantham a permabear all you like: he’s been right about this cycle so far (as he has been in more than one earlier cycle)....
...The first, “Persistence of Growth”, updates a 2002 paper by Louis KC Chan, Jason J Karceski and Josef Lakonishok....
...“Sam Bankman-Fried is the new John Pierpont Morgan — he is bailing out cryptocurrency markets the way the original J P Morgan did after the crisis of 1907,” he said in a June interview with Bloomberg....
...After more than 200 basis points (bps) of year-to-date spread widening, the yield on the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified High Yield Index is now 10.3%....
...The transaction comes at a point in the business cycle that makes Reorg’s services particularly valuable....
...As of yesterday, value stocks have a forward P/E of 13.4, against growth stocks at 22.4. The ratio is 0.57....
...The relative price of the S&P 600 Small-Cap Technology index rose to a high just slightly below 1.0x in the current cycle compared to that of 1.7x during the enthusiastic bubble of the late 1990s!...
...Oppenheimer calls this the “modern cycle”....
...There is an element of a cycle ending and it is a new time.”...
...It had also been a player in such distressed assets as retailer J Crew. The firm’s soon-to-be-shuttered hedge fund is a traditional “evergreen” vehicle....
...The S&P GSCI index, a broad measure of global commodities prices, rallied 20 per cent to the highest level since 2008, writes Adam Samson....
...US bond prices fell and the S&P 500 index dropped 9 per cent over the next month....
...Kagan, part of S&P Market Intelligence, estimates that MSNBC net operating revenue will fall from $1.1bn last year to $940m this year, while Fox News will drop from $3.1bn to $2.8bn....
...Recall how J Sainsbury’s £7bn bid for Asda was kiboshed by antitrust regulators in 2019....
...This is the view of my friend Chris Rossbach, chief investment officer at J Stern & Co....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...It’s from Strategas, goes back to 1950, and it used the Shiller P/E, which uses long-term average earnings in the denominator, to smooth out cycles and shocks (I added the little arrows)....
...“Amazon, not surprisingly, is going through one of their biggest investment cycles to keep up,” said Mr Squali at Truist....
...Indeed the Fed’s mid-cycle policy adjustment last year, which saw the central bank cut interest rates following three years of rate rises, boosted the appeal of dividend paying stocks to income hungry investors...
...Macy’s balance sheet has long been in better shape than more distressed rivals, although the department store chain lost its investment grade rating from S&P Global last month and was cut further into junk...
...In the recent equity market sell-off, Equitable, Brighthouse and Lincoln have all performed much worse than the wider S&P 500, falling at more than twice the rate of the index, according to data from S&P...
...Letter in response to this article: Lowering the tone / From J M L Stone, London W1, UK...
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