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...This is an audio transcript of the Life and Art from FT Weekend podcast episode: ‘L&A — What young wine drinkers want’ Lilah Raptopoulos This is Life and Art from FT Weekend. I’m Lilah Raptopoulos....
...(Alphaville believes that using L’Oréal as an O is cheating, even if it makes your acronym look nicer.)...
...But what’s most entertaining is that the government goes ahead and shows the professor’s ongoing work calculating Alameda’s historical balances with FTX — basically the firm’s net P&L — from last year:...
...Free cash flow, however, reconciles those book accounting accruals of the P&L ledger to capture the real flows of actual dollars coming in and out....
...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?...
...None more so than the venerable De L’Europe, which has stood at the confluence of the Amstel river and two canals since 1896 and is just completing a five-year renovation....
...As such the buyout does not look too shabby at 20 times this year’s operating profit on S&P Capital IQ estimates. But with more effort management might be able to double these earnings....
...“When it’s gone, it’s gone, we can’t have a 13th team on the grid,” Dodds said. “We can’t sell it twice.”...
...While the S&P 500 has advanced steadily since October 27 (+22.1%), stock leadership has flipped 180° since the start of the year on shifting Fed policy forecasts....
...“I like the idea that materials can perform and that you don’t have to coach them....
...This chart from JP Morgan Asset Management isn’t exactly titled BTFD, but it does remind us that when the S&P 500 has just lost a cool quarter in value, the most successful thing to do has usually been to...
...If the artist doesn’t have any pre-existing collectors, in most cases it won’t work so well — although often we are surprised.” This year, the artists’ ages range from 26 to 65....
...couldn’t have me, no one would.’”...
...It won’t create as much value as a [Granolas] or Magnificent Seven stock in absolute terms, but my return is better,” he said....
...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....
...The investor group also includes private credit groups Ares Management and HPS, and L Catterton, a private equity group that invested in Equinox in 2017....
...Why aren’t earnings estimates higher? This is a robust economy....
...A traditional source of long-short alpha, small has been looking increasingly correlated with large: Another trend is that long-short doesn’t seem to involve much short....
...The S&P 500 isn’t at such extremes today....
...“While we wish the market in China was more dynamic, we’ve proven that we don’t need the market to grow,” Hieronimus said....
...That’s an uncomfortable question to ask, in a world where we regularly hear of unscrupulous employers bullying, failing to pay overtime, or throwing qualified staff overboard, as P&O Ferries did so disgracefully...
...“I don’t see [the transitional council] functioning,” said Jacky Lumarque, rector of the Quisqueya private university in Port-au-Prince....
...On the surface, this hasn’t happened (at least in the large-cap world), given the S&P 500 rose by 10.2 per cent in the first quarter while the fed funds futures market went from pricing in nearly seven cuts...
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...Jon P Frey Philadelphia, PA, US...
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