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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....
...Some would probably argue that more information is not the same as better information . . . but c’mon....
...$1.5bn to c.$1.2bn....
...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....
...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....
...Costin’s partner suggested orange for the kitchen but they couldn’t settle on a shade....
...Walter Isaacson’s biography of Musk seeks to tell a much bigger story than the one outlined above....
...“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....
...The thing I couldn’t do without is work, so I’m going to say it’s the pen I use to draw – my Stabilo Sensor – and sketch pad....
...“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....
...The bond’s guaranteed principal payment is expected to be AAA-rated by S&P, according to the World Bank. The bond will be listed on the Luxembourg Stock Exchange....
...Berkshire’s line-up of managers, however, is to P/C insurance what Cooperstown’s honorees are to baseball.”...
...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....
...We paused to smell Daydreamer, in a bright yellow space full of straw, arranged like a minimalist, sunshine-themed Walter de Maria installation....
...Talking of big political set pieces, they don’t come much bigger (in attendance numbers at least) than China’s National People’s Congress, which holds its annual session starting on Tuesday....
...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....
...(Just because you can, it doesn’t necessarily mean you should, and securitisation has never quite shaken its association with the 2008 financial crisis)....
...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....
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