Hints and tips:
...“This is a point of minimum — rather than maximum — confidence,” as Joseph Gagnon of the Peterson Institute told the FT last week....
...Big global equity trusts F&C (FCIT), Brunner (BUT) and Alliance Trust (ATST) have all outperformed the MSCI World index in the past year, thanks to their portfolios having less exposure to underperforming...
...Kanye West’s “White Lives Matter” shirt went off like a bomb at Paris Fashion Week, Cher was photographed at dinner with Rick Owens wearing a vintage Stephen Sprouse blazer emblazoned with “God Save N.Y.C....
...Private renters are also more likely to be in the F or G bracket than owner occupiers....
...Monument, depicting key players in the women’s suffragist movement, is the focus of Rise by Kamala Sankaram and AM Holmes, and that is followed by it all falls down, written by Carlos Simon and Marc Bamuthi Joseph...
...The initiative also helps to save lions and rhinos and, most recently, koalas in Australia through the Wildlife Conservation Network. tiffany.com F is for Fashion ExpressionsPrada Group has partnered with...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Their client list includes The Conran Shop, P Joseph, Locke Hotels and Ducie Street Warehouse in Manchester....
...And here’s a smart listen: increasing barriers to achieving financial security have led a younger generation of investors to say, “F@$K it”....
...Fitch on Wednesday became the latest group to issue a warning, slashing Evergrande’s foreign currency credit rating from triple C plus to double C and saying that a default of some kind “appears probable...
...He learnt to code languages such as Basic, Pascal and C, and tinkered with the innards of his grandfather’s Olivetti M24, whose green DOS-prompt glow he remembers fondly....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...Avast currently trades at 21x FY21e P/E or c. 5.5% FCFF yield, a level we continue to view as attractive vs. the wider software sector, especially given WFH benefit as well as optionality around M&A/buybacks...
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...London Crossword 16,278: Peter Bromwich, Birmingham; James Reid, Fife, Scotland; EASherratt, Staffordshire, England Polymath 1,040: Patricia Blakemore, West Midlands, England Crossword 16,272: Martha F...
...The discount of our UK domestic basket at 10% (24-month Internationalfwd P/E) is not especially wide by comparison to the past 4 years post the EU referendum....
...And Panmure: Mid-single digit EPS growth (rather than high) and F/X at -2% would imply an outcome this year of ~330p for adjusted EPS we estimate....
...In terms of the impact, we expect that this will continue to drive prices up for the near future, while the insurers most exposed are Swiss Re (via P&C Re and Corporate Solutions), Allianz (via AGCS), AXA...
...Overall the measure should save c. EUR15bn-20bn of ET1 or c. 20-30bp on average for the banks we cover. We continue to believe that the sector has c. EUR300bn of excess capital above SREP and c....
...In 2024/25, we model £1.3bn p/a in group FCF. At c.14% FCF yield in 2023, and >17% in 2024/25, we continue to see attractive upside to equity in the medium term....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...And Credit Suisse says: [F]or a company that has been typically outperforming expectations and delivering upgrades, “in line” is likely to be seen as a mild disappointment....
...Stay U/P SM; valuation still too rich. ......
...And here’s Joseph Dickerson of Jefferies to say it’s all a bit of a miscalculation: [T]he moves save 50bps on average of CET capital....
...We think the threat of insurtech disruption to life and retail P&C insurers may be greater than for commercial P&C (re)insurers given the more complex nature of commercial risks, fewer threats from non-insurance...
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