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...I don’t think this is quite right....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...LSEG hasn’t split out earnings in its latest accounts, but S&P Global says its indices generated net profits at $925mn in 2023, and MSCI said they clocked in at $1.1bn....
...The S&P 500 hit another all-time high yesterday. More importantly, Trump Media & Technology Group rose another 14 per cent, right after we wrote that it looked a bit overvalued....
...The failure of higher rates to pop bubbles (when stocks someone doesn’t own rise a lot in value) is a source of continual annoyance....
...Assume, then, that TMTG’s weighted average cost of capital falls from more than 20 per cent to 5-6 per cent, the S&P 500’s average WACC. Even then, we’re only at $51....
...“If future generations don’t feel hopeful about this country and their future in it, then the US doesn’t only lose the force that makes people want to invest....
...And while corporates have been the dominant buyers of equities over the past year, there’s $6tn of dry powder sitting in money market funds that could be dislodged by lower interest rates: The S&P 500’s...
...You can’t, as they say, make this stuff up....
...It’s just that we don’t have any strong convictions about the macro environment....
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...This has a lot to do with a steady increase in long-term interest rates and inflation that wasn’t declining quickly enough. The slogan was “higher for longer”, and stocks didn’t like it one bit....
...In many cases, the numbers “simply won’t stack up,” says Pete Smith, professor of soils and global change at the University of Aberdeen....
...The one thing they haven’t tried [is] fiscal stimulus. Since then, we’ve seen more fiscal support....
...Only five per cent of S&P 500 companies have price-to-book ratios below that critical level, according to JPX....
...Uber’s return on capital last year was 3.1 per cent, according to S&P Capital IQ (ROC is basically after-tax profit divided by shareholders’ equity plus debt)....
...They probably won’t be the last, either. Further reading:– The AI-financial complex (FTAV)...
...Only it doesn’t lead where we might expect. ★★★☆☆ On Netflix from February 8...
...That sounds like it might be interesting but probably isn’t....
...These funds don’t engage with companies, they rely on third-party rating agencies’ opinions, and can’t divest if they’re not happy....
...The fallout has also affected Spirit AeroSystems, a major Boeing supplier that installs the MAX 9’s “door plug” (ie the unused emergency door)....
...If your borrowing needs are big, banks just aren’t up for the job, and there’s plenty of debt that needs to be refinanced in the coming years (almost $2tn of corporate debt in 2025 alone)....
...Current consensus revenue estimates stand at $1.12bn, according to S&P Capital IQ....
...But Rocket doesn’t have appreciably higher return on equity. That suggests Rocket’s trajectory should soon plateau....
...Sandy Rattray: The formula was such that you couldn’t hedge it. There was no liquidity in S&P 100 options....
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