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Here’s The Latest On The Fallen Angel Story…
On Friday, Xerox became a fallen angel, after Moody's followed Fitch and downgraded the company to junk citing, amusingly, "uncertainty about the company's ability to stabilize and grow its revenue base over the next few years given the secular decline in copier and printing demand".
Yes, as it turns out, nobody wants to make copies anymore and when it comes to printing things out on physical paper, that's no exactly en vogue either. Needless to say, CDS spreads blew out on the news.
(Bloomb
Does accelerated progress lead to acceleration in business failures as if there is an extra pernicious dimension behind perfect competition. How many safe defense contractors, manufacturers, service organizations, etc. are there as disruption becomes a major attribute of technology. And high potential to be disrupted must mean lower multiples?
It’s not enough that everyone knows about this. Sh*t doesn’t hit the fan until everyone knows that everyone knows about this. Everyone knew that Harvey Weinstein was the monster he is. But it wasn’t til the articles hit that everyone knew that everyone knew about Harvey. That’s when it all goes south.