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For Whom The Bell Tolls
Things are about to get real for corporates with a steep maturity wall. Even for larger companies which termed out their debt in 2020 and 2021, bloated cash balances are dwindling.
During the first half, cash spending on capex, R&D, dividends and cash M&A grew double-digits, according to Goldman's David Kostin, a notable statistic given that earnings growth was negative during both Q1 and Q2. The explanation: Management had plenty of cash on hand, and funded spending with those balances
H-Man, unless, of course, your an island.