Hints and tips:
Related Special Reports
...Even metrics with better track records, such as cyclically adjusted PEs, or Q-ratios that focus instead on balance sheets, show the S&P to be hugely overvalued....
...Over the past year the FTSE 100 has gained 1.23 per cent, while the S&P 500 has risen by 31.3 per cent....
...But perhaps more importantly — given that most L/S funds actually have a clear long bias — its “Hedge Fund VIP” index of the chunkiest long positions has performed strongly....
...The move made sense: as the index fund price war has intensified, more and more of the cost of a fund is actually consumed by licensing brand-name indices like the S&P 500....
...They would pump in $1.8bn in debt to refinance maturing loans and fund working capital and the growth of new clubs, Equinox said in a press release on Friday....
...The Granolas’ share of the Stoxx Europe 600 index has climbed to 25 per cent, approaching the Magnificent Seven’s 28 per cent weighting in the S&P 500....
...Unlike many trading firms, Jane Street also makes a point out of paying its people according to their contribution to the broader company, rather than tying it to personal P&L or the earnings of their desk...
...Using ETF fund data from etfdb.com and equity market data from www.cboe.com, I calculated rebalancing flows for all US equity L&I ETFs on this day to be just over US$20 billion of equities sold, representing...
...US firms are incredible at generating long-run returns but two valuation ratios — Cape and Q — suggest the S&P 500 is twice as high as it should be. So should I dive in or wait?...
...However, in order to size the potential maximum impact to banks’ P&L, a scenario we think would be unlikely but possible, for example in times of financial distress, we have assumed that everyone older than...
...“PE compensation is predominantly derived from the P&L of the firm — which is based on the management fee of the fund, and this is locked in for the life of the fund,” said Tom Thackeray, a partner at Heidrick...
...The US has its “Magnificent Seven” tech stocks, Japan has its “Seven Samurai” and Europe has the “Granolas”: GSK, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi....
...Any premium Scotland has to pay will partly be influenced by the credit rating it is assigned by firms such as S&P, Moody’s and Fitch....
...So I think I’m a great S&P 500 tracker fund guy....
...In the US, the Federal Funds Rate has risen to around 5.5 per cent since the US Federal Reserve first started targeting higher rates in early 2022....
...Tobin’s Q the latter....
...The biggest offender I could find is the L&G Tracker Trust CTF, which launched in 1999 and in 2023 still has an eye-watering ongoing charge of 1.56 per cent for the £1.3bn invested in the fund....
...on Cape and Q — the ratios I focused on....
...Europe also boasts the Amundi MSCI India II Ucits ETF, which tracks the same index as the iShares ETF, and the L&G India INR Government Bond Ucits ETF, for those interested in fixed income....
...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...
...But Joyau, a wine bar in Forest Gate, does as it provided an answer to a question that left me speechless during a recent Q&A. “Where in London would you go for a good glass of wine?”...
...States’ rainy-day funds had climbed to $136.5bn at the end of fiscal 2022, according to S&P Ratings, a 71-per-cent increase from $80bn in 2019....
...Global luxury brands LVMH and L’Oréal collectively account for almost a quarter of the returns from French stocks. These are not outliers....
...You would not stay there very long unless you boosted the P&L....
...L’Oréal recently bought the latter for $2.5bn or 4.7 times last year’s sales. Creed generated over €250mn of revenues in the year to March....
International Edition