Hints and tips:
...Blackstone in September became the first private equity group to be included in the S&P 500 index and its rivals Apollo Global and KKR are hoping they are not far behind....
...The proposal is to move gradually to a 3 to 5 per cent allocation, which would mean almost $80bn — roughly the equivalent of a TPG, Warburg Pincus or General Atlantic....
...a free cooked meal. burberry.com; onsideyouthzones.org P is for Pink PonyRalph Lauren’s Pink Pony was set up in 2000 to ensure access to cancer treatment is available to everyone at an early stage....
...O Over-rule When an umpire reverses a call by a line judge, aka how umpires prove they’re awake. P Passing shots Things of beauty that have more or less killed off serve-and-volley tactics....
...“Supply chain may be something where Barry needs support, but the fiscal side of things, what does the P&L actually look like? Barry is as good as they come.”...
...But stabilisation around a nadir or a tiny recovery in mood, is not a recovery. If anything, it is an L. For its faults, letter-spotting remains one of the best tools we have....
...“If we had to make a bet today, we would say that it’s not going to be a V-shaped recovery, and it’s probably not going to be U or an L, but it’s going to be some other kind of shape,” said Carlos Rodriguez...
...Earlier data increases our economists conviction in a V-shaped recovery: Economic data in aggregate have continued to surprise to the upside, building our confidence in a V-shaped recovery....
...If the economic trajectory does indeed look more like an “L” than a “V” or “U”, portfolios will need to combine recovery stocks with cash and lower-risk bonds as well....
...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....
...Shadbolt, New Jersey, US Crossword 16,320: Robert Holloway, Paris, France; Michael Shipster, Winchester, England; S Fisher, London, England Polymath 1,047: Nicholas Hartley, Belgium Crossword 16,314: A...
...A V-shaped recovery in kneecaps isn’t in the price, they say....
...P review out....
...The company has cut A&P spending, deferred some capex and is tightly managing working capital. ......
...It will certainly require evidence of a V-shaped economic recovery to ignite demand for cyclical and value stocks....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...All of which means we’re good for a V-shaped recovery that’s not yet priced in, says Exane, which then goes stockpicking....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...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 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?...
...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 is for Luke Wilson — a humble man using a luxury exit coin to supply fresh water in Africa. M is for money printing — which is exactly what crypto is doing....
...The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
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