Margin of Safety
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Category: Corporate finance
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… but an E&Y study I wrote about yesterday claims they are creating value — with returns higher than the public markets — with some new “levers.” I’m not so sure. The businesses they have acquired are earning higher valuations on exit because the stock of their public-company peers is doing well. “Multiples, which compressed significantly during…
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Wouldn’t it be great to get 10% on a corporate bond again? Then again, the inflation rate was 11%. This post is really just an excuse to use Datawrapper. Here’s the interactive version. Related articles The Strategy of Monetary Policy: Larry Summers from 1991 (delong.typepad.com) Disinflation a Four-Letter Word For Gold (rvnewstoday.com) Is The Consumer…
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My latest story on CFO.com: merchant banking physical commodities warehouses aluminum derivatives price manipulation Goldman Sachs.
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Check out a great column on convertible bonds from an exec at Aequitas Advisors. convertible bonds short seller optionality strike price Aequitas Advisers Photo courtesy of Mighty Antar. Related articles Why convertible bonds are too expensive (investmentviking.wordpress.com) Tesla Shares Rally to Conversion Price, but Noteholders Won’t Strike…Yet (blogs.wsj.com) Alcatel-Lucent Issues $715 Million in Convertible Bonds…
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As I wrote on CFO.com last week, LBO dealmakers have access to cheap debt. New proof of that came out today. According to Reuters, KKR got the cheapest borrowing rates ever for a leveraged buyout. For the acquisition of Gardner Denver KKR is borrowing $2.4 billion in loans and $575 million in bonds. The blended…
Margin of Safety 