Hints and tips:
...The S&P 500 gained 1.1 per cent on Friday to a record high as a surge in tech stocks helped the market shrug off the change in interest rate expectations....
...The S&P 500 hit a new record last week, in part down to the rosy economic outlook....
...“This adjustment shows some recognition of the risk of losing cases where the other side has either a strong defence or a plausible solution,” he said. “I see this as realism tempering ambition.”...
...So reverse the spurious non-GAAP adjustments, and assume that Nvidia earns $6.50 on a GAAP basis this year....
...The mismatch arose because of official “seasonal adjustment” revisions by the country’s National Bureau of Statistics to the quarterly growth data in 2022....
...Now, you might think that I avoided this whole messy question last week, because I valued Salesforce and its peers on free cash flow, which is not affected by adjustments to earnings....
...I think a lot of people were anticipating a V-shaped recovery . . . People are now waking up the realisation that volatility is going to be normal going forward.”...
...For example: if Generic Greek God Capital is buying Widgetmaker Inc, 70 per cent of the equity it ponies up might come from one of its LBO funds....
...GoTo’s market capitalisation now stands at Rp104tn according to S&P Capital IQ, making it the 14th largest on the IDX....
...Retail sales for clothing and accessory stores have remained largely flat for the past year, according to Census Bureau data....
...But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs,” he said....
...“[But] I think they know that they can’t keep hiking by 75 basis points forever.”...
...“When I chaired the index committee, I was prohibited from speaking to anyone in S&P Ratings without legal counsel present . . . even if a company CFO bought more ratings, the index committee would never...
...“I have forbidden anyone [that works for me] from touching Evergrande equity or debt for 20 years,” said the chief executive of a private equity fund in Hong Kong....
...In November 2020, MSCI downgraded P&G’s ESG rating to A from AA. Peltz started on the company’s board in 2018....
...“September is going to be similar if not worse, and I’m struggling to imagine we get a turnaround in October . . . I’d be really surprised if we got back to 500,000 [gains] before November.”...
...After a remarkable run that resulted in a series of new record highs for the Nasdaq and S&P 500 indices, investors have been dealing with a more uncertain and unsettled situation....
...The only takeaway you should have from this is that Uber Eats likely lost a lot more money without these apparently non-core adjustments....
...And now a fifth expect a “V-shaped” economic recovery, up from a 10th in the previous month....
...Later, he detailed the adjustments Berkshire’s subsidiaries were making in light of the coronavirus outbreak, including staff reductions....
...Even China’s National Bureau of Statistics noted: “It does not mean that China’s economic operation has returned to normal.” Your feedback I’d love to hear from you....
...At current rates, the Big Three will control over a quarter of S&P 500 equity by 2028, up from one-fifth in 2018, according to a paper last year from the National Bureau of Economic Research in the US....
...I suspect we will see slow revivals, episodic setbacks and costly adjustments — but not a decade of economic disaster....
...The progress through the year will also be erratic, as it will be contingent on the interconnected “3 P’s” of the pandemic, psychology and policy....
...Only 12 per cent of US equity mutual funds have surpassed their benchmarks over the past decade, according to S&P....
International Edition