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...It probably just doesn’t matter, from the point of view of long-term returns, whether you own Berkshire or the S&P. Why, then, should Berkshire exist?...
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...S&P Global Ratings said in a report on Thursday that triple C borrowers would “contend with weak cash flow and elevated interest expenses this year”, while “defaults in 2024 [would] largely come from consumer-facing...
...Sandy Rattray: The formula was such that you couldn’t hedge it. There was no liquidity in S&P 100 options....
...At nearly 12 per cent it dwarfs the 7.5 per cent that US high-yield bonds pay, and is close to the effective yield of super-junky triple-C bonds....
...“Sandy was here one afternoon when the house was still a wreck,” he recalls....
...The French government is pushing British ministers to provide loan guarantees for Hinkley Point C to try to ease EDF’s financing costs on Britain’s new flagship nuclear power station as its price tag has...
...to c.$1.2bn....
...You could argue that Amazon and (particularly) Tesla look bubbly on a P/E basis (at 41 and 59, respectively), but that is a different point. And we are not quite done yet....
...Some would probably argue that more information is not the same as better information . . . but c’mon....
...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....
...That said, I assert that this chart is actually quite interesting: That is the total return of the S&P 500 sectors since this current rally began in October 2022....
...My point is more general....
...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....
...That’s five or six rate cuts, assuming the bank goes 25 basis points at a time. Is the market too giddy?...
...The Hinkley Point C project is likely to exceed the revised £32.7bn estimate EDF put on it earlier this year after its Chinese partner CGN halted payments to cover mounting cost overruns....
...Scenic spots include Hallelujah Point, a grassy clearing offering brilliant views of downtown Vancouver winking across the water, and the clifftop perspective at Prospect Point....
...A: Sean Combs/P Diddy/Puff Daddy/Puffy/Diddy Which high street lender has Nigel Farage opened accounts with after being cut off by Coutts?...
...US flexible offices group WeWork was recently downgraded to CC, one notch above a C rating. A C signals a default may be imminent....
...This year, the effective rate of interest on corporate debt jumped to the highest since 2012 for the smallest half of companies in the S&P 1500 (also from M&G, citing SocGen)....
...But in return for extending the maturity of the remaining loan, it also had to increase the interest rate by as much as 1.25 percentage points....
...Karoui’s point is backed up by the distribution of credit ratings....
...Chart from S&P Global, through September: Part of the reason for this is that companies are making money....
...Ramsay points out Mont Blanc to the south-west, through the saddle of two of the more than 200 Alpine peaks visible from this 2,970m perch....
...It described its thinking in Box C of its latest monetary policy report....
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