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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?...
...The S&P 500 isn’t at such extremes today....
...You don’t have to understand it, you just have to go see it and feel it.”...
...Some would probably argue that more information is not the same as better information . . . but c’mon....
...$1.5bn to c.$1.2bn....
...Much of Murphy’s own research has been with the tiny nematode worm C elegans, which possesses only 959 cells (by comparison, we have more than 50 trillion)....
...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....
...With just 1.2bn people having an income above $12K a year, Apple is valued on an EV per pop of c$2,300, which requires c$800pp of annual spend, on the global equity strategy team’s calculations. 4....
...The results are not flattering: Combs and Weschler are trailing both Buffett and the S&P 500....
...“They don’t have to check with me before they buy or sell anything,” he said in 2017. “Sometimes they will have talked to me about something they are doing....
...Berkshire’s line-up of managers, however, is to P/C insurance what Cooperstown’s honorees are to baseball.”...
...Things that look like a crisis from the outside often aren’t enough [to force change]. Deep financial stress is often what it takes. And that is something Boeing hasn’t had....
...That bias doesn’t seem to be an issue for equity analysts, who tend to be most comfortable assuming tomorrow will be much like today....
...“As far as I know, The Henderson seems to only accept tenants of top-notch quality,” says Ricky Tsang, director of corporate ratings at S&P....
...What is the trailing P/E ratio of the top-10 stocks in the S&P 500 today? They are more overvalued than the top-10 were in the tech bubble....
...So everyone piled in and production shot up, but near-term demand hasn’t materialised....
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...Trump; 2013 — Donald J. Trump; 2022 — Donald J. Trump; 2023 — Donald J. Trump. This year’s Super Bowl has a distinctively Trumpy flavour too....
...And today you don’t even have to take duration risk to earn income, if you don’t want to. You can get the same yield on the two-year. Why on earth would you own utilities?...
...As you can see at right, bank credit is still restricted, but spreads don’t care....
...See also: One of the most famous liability-management transactions thus far, when J Crew was said to “J Screw” existing lenders by dropping a significant share of its intellectual property into a subsidiary...
...As much as 45 per cent of the financial companies in the S&P 500 have no women among their “named executive officers”, those C-suite members important enough to have their pay officially disclosed, according...
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...He added: “I don’t think it’s the model which is the issue per se, it’s the shift in the regulatory and political landscape.”...
...S&P says Cameroon also made some late payments on some “noncommercial, bilateral creditors” — we’re guessing some national or supranational development banks — but that it doesn’t classify this as a default...
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