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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?...
...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....
...is unlikely”, being two Slavic, primarily Orthodox peoples with close relationships for centuries....
...The S&P 500 isn’t at such extremes today....
...Why aren’t earnings estimates higher? This is a robust economy....
...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....
...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...
...Since 2022, Tesla has dropped the price for its Model Y sport utility vehicle by about $20,000....
...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...
...The month-to-date performance isn’t quite that bad, but for manilla and growth funds it’s still well below the 2022 level....
...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)....
...This chart doesn’t per se indicate that it’s going to restart, as it merely shows that earnings forecasts are getting trimmed, not necessarily that they are expected to fall again....
...But valuation shifts don’t go on forever....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...Jon P Frey Philadelphia, PA, US...
...An increase in liquidity tends to push the marginal investor further out on the risk spectrum, since investors as a whole don’t have an infinite appetite for holding cash....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...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...
...Let’s look at the S&P then, right? So you’ve got to be big. You’ve got to be liquid for the S&P 500. You also have to have a certain number of quarters of profitability in order to get in....
...“I honestly don’t know what levers he pulls. There is no new product, and he won’t take further price action.”...
...Tesla’s sales figures also “suggested a sharp deterioration in growth” in the US, said Tom Narayan, an auto analyst at RBC Capital Market, while the Model Y and 3, which account for more than 90 per cent...
...Seems to me, therefore, that unless I can beat the S&P 500 — in sterling to match my liabilities — I shouldn’t bother. The author is a former portfolio manager....
...And — as a chart borrowed from Duncan Lamont at Schroders shows — the extent of concentration in the S&P 500 is not something investors are used to....
...The only stupid thing would be not to ask one if there’s something you don’t understand....
...I don’t think this is quite right....
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