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...“These are designed to protect investors, ensure our market operates with optimal liquidity and transparency, and allow capital formation.”...
...S&P 500 dividend yields went as high as 9.2 per cent in the first quarter of 1938, according to S&P Dow Jones Indices. Even IPOs paid them, as I read to my surprise in Peris’s book....
...So I ran some numbers on the S&P constituents, looking at valuation multiples, expected and historical growth rates, and various measures of return on capital....
...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....
...The answer is sort of interesting (all data from S&P Capital IQ): Companies in the S&P 500 have an average price/earnings ratio of 23, based on earnings estimates for the next 12 months....
...— in line with 2023’s figure....
...The S&P 500 index rose 24.2 per cent in 2023 in comparison....
...It’s no coincidence that the S&P 500 is also having a stellar run....
...In his absence, we have a world-class line-up of Financial Times journos, including Katie Martin on the bull case for dividends....
...Miami-based HIG first made a name for itself with deals that hived off unloved business lines that were tucked inside larger conglomerates....
...Bezos remains Amazon’s largest shareholder, with a stake of about 9 per cent even after the recent sales, data from S&P Capital IQ indicates....
...Legal experts said that political backdrop means Capital One and Discover will have to walk a fine line....
..., in line with its “asset-light” strategy, three people said....
...Highlights The film producers behind Netflix’s Drive to Survive, the docuseries that helped revitalise Formula One, are raising around £30mn from George Pyne’s Bruin Capital, the FT exclusively reported...
...M&S’s contract with HSBC, which owns M&S Bank, is up for renewal. M&S is likely to push for more control and a bigger cut of the spoils....
...Argus subsequently grew by acquiring other companies and counts Platts, part of credit rating company S&P, among its competitors....
...It will create a holding company for its Belgium unit Telenet and its stake in VodafoneZiggo, a joint venture in the Netherlands, as a precursor to a potential listing and to help it raise further capital...
...It might seem like a kick in the teeth for Eric Swider, the new CEO of the Spac, who got the deal over the line....
...But the dispersion of their returns has been very wide, as this chart shows: Amazon has barely outperformed the S&P 500, Nvidia has gone absolutely bananas, and the rest have covered the range in-between...
...S&P 500 and options tied to the Vix....
...Reading between the lines, S&P are forecasting a big increase in PIK issuance among lower-rated firms that are increasingly out of other options in a higher-yield world. Let’s address the basics....
...As the chart below shows, throughout 2021 US liquidity and the S&P 500 marched up in lockstep (green and light blue lines)....
...But banks led by JPMorgan Chase lobbied hard to underwrite a financing over the past four months as a new deal moved closer to the finish line....
...According to S&P Global, in the first nine months of 2023 global private equity investments had an aggregate value of $365.3bn, a decline of 44 per cent year over year....
...Groups including KKR, Apollo and Ares have recently hit record highs, while Blackstone was recently included in the S&P 500 index....
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