High Finance
We write to speculate on the potential for a comeback. Grant’s, don’t mistake us, is bearish on bonds for the long run. If past is prologue, and if there’s anything at all to the fine art of pattern recognition, a new cycle of irregularly rising rates could be upon us, and it might persist for decades, like the 3.5
decade bear bond market of 1946... See more
Let’s assume for a moment, though, that between the two sales, Paramount walks away with $4.5 billion in cash. Paramount has $13.5 billion of net debt, as of March 31. If Bakish decided to use the $4.5 billion in cash from the sales of S&S and BET to pay down that debt—always a good use of cash—Paramount would still have $9 billion in debt. On ... See more
Are You There, Aryeh? It’s Me, Shari…
it seems as though these are all brands that could be fucking incredible but are being manage-managed rather than brand-managed
What is perhaps most debilitating for Iger, however, is the simple fact that the rules of the game have changed, and the ambitions have diminished. The glory days of growth and conquest that defined his first tenure have given way to a brutal battle for survival, one in which Iger may be forced to deconstruct the very empire he helped build, starti... See more
Dylan Byers • The Iger Bunker
By positive convexity, we mean asymmetric returns. Positive convexity is the quality by which a bond delivers bigger price gains in response to falling yields than it suffers price de- clines in response to rising yields.
The average leveraged loan had a debt-to-Ebitda ratio of 6x at year-end 2021, and this calculation was often based on aggressive Ebitda adjustments, meaning true leverage was often greater.
I’ve since learned that Griffin is locked in a nasty behind-the-scenes legal fight with Sony Pictures over his depiction in Dumb Money , which is set to begin its theatrical roll-out on Friday. Griffin has hired at least two separate law firms and sent multiple threatening letters, one of which I obtained, and he’s consulting with crisis P.R. peopl... See more
Ken Griffin’s Secret War on ‘Dumb Money’
“Getting a yield of less than 1% to lock up your money for up to 100 years might not sound like a great deal,” Bloomberg led its story about the com- ing of the Austria 0.85s, in June 2020, “yet the rush for safety means Austria’s century bonds [i.e., the 2.1s] have nearly doubled in value so far. That’s why the nation’s sale of new debt that matur... See more
In 2019, Ioannis Rallis, head of the group for European supranational, sovereign and agency debt-capital markets at J.P. Morgan, laid out the bullish case in these words: “With a high convexity bond, the price falls less if yields go up than it increases when yields go down. That asymmetry is very interesting for some investors, who can use it as a... See more
Notes on **Higher for much longer**, *Grant's Interest Rate Observer*, Vol. 41 No. 14
- learned who Louise Yamada is, apparently someone who Grant's gives the credit of being an adept market timer
- Grant's wrote an article on June 4 2004, **Bonds: The next generation** that made the same prediction they make today: that the long bull market fo... See more