Hints and tips:
...The best paper on this is probably Jean-François L’Her, Rossitsa Stoyanova, Kathryn Shaw, William Scott, and Charissa Lai’s paper “A Bottom-Up Approach to the Risk-Adjusted Performance of the Buyout Fund...
...Share your thoughts with the FintechFT team at imani.moise@ft.com and sid.v@ft.com....
...As always, reach out to me (imani.moise@ft.com) or Sid (sid.v@ft.com) to share your feedback on today’s newsletter. Happy reading!...
...“Buying a good idea at a bad price can make a terrible investment,” adds Ben Seager-Scott, head of multi-asset funds at Tilney Smith & Williamson....
...S4 runs a single group P&L and keeps acquired management keen with equity rather than earn-outs. As a business strategy, it works. As good corporate governance, it has limitations....
...She was also once dashing through New York in the 1990s with Scott Cook, co-founder of financial software maker Intuit, and running slightly late for a meeting despite skipping lunch....
...Of course there is Zoom, the now ubiquitous video calling service, but the market cap heavyweights such as Alphabet, Apple and Microsoft are lifting the entire S&P 500....
...Wilson, Windermere; D Barter, Cumbria; Jean-Marc Sellier, California Polymath 1,010: Robert Jelly, Warwickshire Crossword 16,093: V Le Quesne, Salisbury; Sue Topham, Newark; Anthony Evans, Hove Polymath...
...In the US, S&P 500 non-financial companies were sitting on $1.35tn of cash and equivalents at the end of June....
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...Weighing in at ~7,000 words and with 84 references, G4S’s Wiki “controversies surrounding . . .” rap sheet is longer than the ones for the Legion of Christ and Grand Theft Auto V, though not quite as long...
...jonathan.guthrie@ft.com Letters in response to this column: Focus on the haystack — not on the needles / From Brendan P Geary, Washington, DC, US Active v passive: put more faith in market forces / From...
...The issue for Europe is that the economies are dominated by services. For instance, European airport passenger traffic is currently down 97% y-y. The services industry also provides the bulk of jobs....
...It will certainly require evidence of a V-shaped economic recovery to ignite demand for cyclical and value stocks....
...Idexx said in October that the animal health market had experienced a “V-shaped recovery”....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...With the slowest profit recovery in Business Services, we initiate at Underweight....
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
...L, until the final CMA decision, expected on 11 May....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
...L. Shaiman Leveraged loans are not a systemic risk Many people appear to conflate the concept of “credit risk” with “systemic risk”....
...Ms Majoras joined P&G in 2008 from the US Federal Trade Commission, where she served as chairman, She served at the US Department of Justice antitrust division from 2001-03....
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