23 Companies With The Most Buyback ‘Success’ (And 23 That Will Be The Most ‘Successful’ Going Forward)
Ahhhh, buybacks. The equity-linked-compensation-inflating music to soothe a savage market beast.
Ahhhh, buybacks. The equity-linked-compensation-inflating music to soothe a savage market beast.
Fade the Barron’s cover?
Clients just want to know when the damn recession is coming, ok?
“And another straw in the wind may be the performance of a newly issued junk bond of a company called WeWork who have invented an entirely new, nonsense valuation metric – ‘community-based EBITDA’!”
Keep calm and take (some more) risk.
“I think we are just in the middle of a correction. And I think, overall, the structural story is still pretty positive. But this is a correction that may not be over yet.”
If you do the math there, that means that in the space of just two years, there was a ~$400 billion decline in reserve accumulation from oil exporters. That’s “QT” – depending of course on what they’re accumulating.
“In a word, honest bond yields will knock the stuffings out of the mainstream fairy tale that passes for economic and financial reality.”
“Yet, like all good things, it eventually ended.”
Remember, the bar is high.
“The single most important price in all of capitalism is the interest rate—-and at all points on the maturity curve. And the single most important truth about honest interest rates is that they must be discovered by markets, not imposed by the state.”
Who is going to buy these goddamn stocks?
So there you go. Bring an umbrella.
Marko Kolanovic – a.k.a. “Gandalf”, a.k.a. the “half-man, half-God” – has a new note out and it’s great.
No conspiracy theory about Janet Yellen playing futures trader from her living room necessary.
“Narrative of recent selloff: imminent concerns about inflation, rates, trade wars, and a growth downshift are overblown, in our view.”
“…what more evidence do you need that the financial markets are completely uncoupled from reality and that these feeble bounces between the 50-day and 20-day chart points are essentially the rigor mortis of a dead bull?”
I guess you can’t blame investors being a bit shell-shocked.
“Needless to say, the Donald’s un-varnished, un-vetted and un-shackled thoughts whims on most any topic are a thing of considerable disruptive potential. But when it comes to trade, his mind beats to the sound of a drummer not from this world or even possibly the next.”
“The younger of the anchors (age 32) thought the $1.8 trillion was not a problem because the soaring debt and the Fed’s balance sheet shrinkage plan have been well telegraphed and will shock no one. Yes, and as we were tempted to reply, parking on a rail crossing and knowing that a freight train is barreling down the tracks is not likely to forestall the carnage.”
“The historic relationship between trends on main street and Wall Street to go absolutely haywire.”
Well it’s time for another update on how corporate America intends to spend the windfall from the GOP tax cuts…
“To wit, there never would have been a double inverse VIX ETF under a regime of honest money and free market financial discipline; nor would you find European junk bond yields trading inside of US treasuries.”
“In that cyclical context, the historic record leaves little doubt about the foolishness of pricing the stock market at peak PE multiples during the final innings of the business cycle.”
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