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...) big enough to make a meaningful impact on Berkshire’s earnings, (b) possible to reliably value, (c) have trustworthy and competent management, and (d) are available at a reasonable price....
...S&P this month downgraded Thames Water’s top-ranked class A debt to BBB-, the bottom rung of investment-grade, just one notch above junk....
...I’d want to see comparisons of leadership today to financial performance a decade hence. A single financial measure is not nearly enough, and operating margins are a particularly bad choice....
...It isn’t yet obvious this is a bank failure waiting to happen. Disagree? Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...If your child has a Frozen II Nerf gun they used once and never again, email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...The S&P 500 is not yet quite as expensive as it was in the zero-rate, fiscal bonanza, everyone-has-loads-of-cash glory days of 2021. But it is getting closer....
...Unhedged is, as a result, full of the holiday spirit. Let us know how you’re feeling: robert.armstrong@ft.com....
...TCI made $12.9bn for investors and ended last year up 33 per cent, ahead of the S&P 500 index’s 24 per cent rise....
...cash-pay; d) something else....
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...Robert ArmstrongImpossible. I’d say it’s impossible. Ethan WuYeah, it would need to create a new business line....
...The forward P/E can be anything; if we have a soft landing the future will look good, if we have a hard landing, the future will look bad....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...A blowout jobs day wouldn’t be entirely shocking. Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...They are probabilistic bets on successful R&D: most of the time your investment goes to zero, but occasionally you’ll get a massive outsized return....
...$1.5bn to c.$1.2bn....
...But from a risk-return point of view, is credit risk attractive right now? Rieder: I’d say it’s a B-. But it’s not a C. Why are you getting these sorts of yields in credit today?...
...show (c) house prices will fall before long (d) banks will have to backfill the hole higher rates have opened in their balance sheets and (e) higher rates will make current levels of fiscal largesse impossible...
...Likely to overhear: stories from the last days of the D’Oyly Carte with the C-word as their punchline. Don’t say: “Aren’t pink and mint green quite girly colours?”...
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...Fogelberg joins from Kirkland & Ellis, where she was a partner and worked with C Street founder Jon Henes, a former Kirkland & Ellis partner....
...Housed in the Unité d’habitation — the most famous of the Swiss-French architect’s modernist housing developments throughout Europe — the 21 bedrooms are a monument to a modernist utopia that might have...
...From S&P’s definitions: A short-term obligation rated ‘D’ is in default or in breach of an imputed promise....
...One good read Ross Douthat on John Roberts, conservative elder statesman of a political Supreme Court....
...Since it is a 501(c) (4), No Labels is not required to disclose its donors....
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