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...shortage of copper because of a lack of new mines under development — even as demand is set to almost double to 50mn tonnes per year by 2035 because of the boom in renewables, EVs and AI — according to S&P...
...I’m Katie Martin, a markets columnist here in London, and I’m joined by Warren watcher and closet Berkshire fanboy Rob Armstrong. Rob, how are you going? Robert ArmstrongI’m doing well....
...Partly because it’s been subject to some MainFT scrutiny as a potential M&A candidate recently....
...I’m a bit sceptical, as I noted in yesterday’s letter, but then I’m a journalist. If any non-journalists have thoughts, please send them along: robert.armstrong@ft.com. Does Buffett matter?...
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...And I’m not talking about topless tennis, I’m just talking about your life.” Pause. “You were really digging deep there to get that one.”...
...Here’s more on the regions driving a nascent recovery in the M&A market....
...I’m Katie Martin. Thanks for listening. [MUSIC PLAYING]...
...Funds that track US indices will have a much higher exposure to the Mag 7 (currently about 30 per cent for the S&P 500 or as much as 40 per cent for the Nasdaq)....
...Yesterday in this space I wrote about Berkshire’s last two decades of share performance, which have mirrored the S&P 500....
...“I’m not sure a strong currency is going to prevent someone from buying an Nvidia chip or using Amazon [but] we would probably see an impact in the midsection of the S&P 500.”...
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...Those who were fully protected managed something just over 30 per cent, outperforming gains from the S&P 500....
...This made me feel very glad I’m not a chief executive. All of us are vulnerable to employer whims....
...I’m not sure what to think about this....
...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....
...I’m panicked, Katie. I’m having a panic attack. Katie MartinAre you gonna dress as the S&P 500 when you go trick or treating this evening?...
...One user wrote: “I’ve got $100k and I’m ready to risk it all.” “Here we go again, boys,” said another....
...Well, I’m still waiting. Stocks have yielded less than bonds ever since then. . . ....
...My UK online broker offers me a couple of S&P 500 funds and a FTSE 100 one. I think I’ll pass, however — and here is my logic....
...If you have any exposure to the S&P 500, then the S&P 500, the biggest index on the planet, is dominated by these names. Claer Barrett Even global indices. Katie Martin Even the global indices....
...“You need a little greed, you need some of those animal spirits, maybe a pick-up in M&A [mergers and acquisitions] or a booming IPO market, for small-caps to really take off,” he added....
...Ethan WuI’m very excited....
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