Hints and tips:
...She holds Vanguard LifeStrategy funds. X: @MoiraONeill, Instagram @MoiraOnMoney, email: moira.o’neill@ft.com...
...They might be willing to endure quite a few lean years in terms of their own P&L — and even to think about cutting their own costs and headcount — rather than take risks with deals that need stretched assumptions...
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...(previously 2,310p)....
...Homeowners having more time with events/holidays being cancelled, 2. More household cash and 3. Increased focus on the home, reversing some L-T adverse trends....
...Headline valuation extreme, but superior growth profile suggests it’s a good entry point: Renishaw trades on consensus CY20 P/E of 35.0x & EV/EBIT of 28.8.x vs LTA of ~19x / ~17x, respectively....
...FY19 results last week also indicated that 2H19 saw a – frankly – VAST uptick in NGP investment through the P&L. BAT invested an incremental £700m+ in NGPs in 2019, of which ~£600m came in 2H19....
...But when everything explodes, your P&L explodes with it, and that is what we are currently living through....
...However, Mr Gilbert is not one to dwell on macro economic trends when there are pips to be squeezed on the P&L....
...ARTICLE X FREE POLITICAL ACTIVITY 10....
...l. Crosbie, London, UK Michael Mauboussin: We don’t have strong views about the direction of rates....
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