All about the headquarters
A pair of big, profitless, stockholder-defying American companies are building shiny new glass corporate offices with a common theme of sunshine. What the "fake moon landing guys" are demanding from Steve Mnuchin.
For long-range worry, imagine a Detroit that produces not 17 million new vehicles a year but three or four million (who needs a car in the Age of Autonomy?). For a timelier set of concerns, observe today's falling used-car prices, decaying credit metrics and at-risk auto lease market.
Last week, the first private alternative asset manager to go public became the first public alternative asset manager to declare its intention to go private--at less than one-half the 2007 IPO price. Could the business model use a tweak?
Only 43% of money managers believe in a future of persistently low growth and chronically droopy prices, just half as many as the year before. What ever happened to long-term investing?
A favorite Grant's income play has progressed from reasonably cheap to fully valued. While there are better examples of excess in the beautiful Trump stock market, "fully valued" is the amber light of investment.
The Trump administration is casting a creative eye on more than the trade data.
Not so easily amendable is the flattening trend in bank lending and Federal Reserve credit.
Bankers' White House koffee klatch
In the 91st month of a business expansion comes a push to liberate the banks to lend and their customers to borrow. A speculation on the consequences of the possible liberation of $2 trillion. "Larry did a great job for me. He managed a lot of my money."
Ingenious humans can produce better products at lower prices. They can likewise transform low GAAP earnings into high non-GAAP earnings. Such intellects make their home at a certain iconic American manufacturer. But whither free cash flow?
Nowadays, Democrats and Republicans seem to hurl insults rather than arguments. Then, again, the delicate ears of the 21st-century partisans were never exposed to the blistering rhetoric of William Darrah Kelley (R., Pa.).
We return to a low-cost, option-laden play on the mismanagement of the world's monetary system. So much potential, yet – in the moment – such disappointment. A speculation on lemonade.
Credit constriction in China ripples far and even, even to the northern fringe of NAFTA-land.
‘DJT’ on the New York Stock Exchange
President Trump resembles a heavily shorted common stock. The analysts despise the ticker and the company it stands for, yet the shares go up and up. Rallying, too, are the battered shares of sea-going shippers, the administration’s anti-trade agenda notwithstanding. A theory of unscripted events.
When you see colleague Evan Lorenz at the March 15 Grant’s Conference, kindly address him by his new title: Deputy Editor.
“Investors Bolt Mexico as Peso Enters Free Fall,” a Wall Street Journal headline of Jan. 11, is our journalistic call to arms, a 55.9% too-cheap peso our value observation. On a certain developing opportunity behind the projected Trumpian wall.
Should a disrupting enterprise be more efficient than its targeted disruptees? Spotlight on the consequences of uber-cheap capital.
In which we journalistically cover one short-sale candidate, propose another in its place. Since when did the technology industry become cycle-free?
Now that the economic expansion is passing the 91-month pole, the president of the Federal Reserve Bank of New York urges Mr. and Mrs. America to borrow more money against the collateral of their home equity. Live and don’t learn.
2017 in money -- a sneak preview
A vision of the next tumultuous 12 months in 140 characters or less. For Janet Yellen and Jared Kushner there’s good news, bad news—and good news all over again.
The asset-allocation votes are in for 2017, and the results are confounding. You can defend one big idea or the other big idea, but hardly both at once. What coal owes to Chinese speculators.
In investing, timing is said to be everything. In value investing in far-away places, solvency—in fact—is everything. Kind words for a pariah.
Cometh the man (or the woman), cometh the hour. No worldwide web required.
Returning to the scene of an error in judgment, we are bullish all over again. Why a lift is in store for the Earth’s heaviest naturally occurring element.
Rages a new bull market in equanimity.
Credit Creation • Cause & Effect