NYSE

[Money]

If earnings are beaten by cash flows, how come you didn’t hear about this earlier? Why are all those smart and experienced financial analysts still forecasting quarterly and annual (and even three- to ve-years-ahead) earnings when their usefulness has diminished so dramatically? The answer: because the deterioration in reported earnings’—and, by implication, accounting’s— usefulness is a relatively recent phenomenon that very few realize, as we will demonstrate.

[Money]

If you substitute cash flows for earnings, namely, buy the shares of the five companies with the highest cash ows in the industry ahead of the cash ows release, and sell short the five companies with the lowest cash ows accordingly, you would have done even better than with earnings during 2009−2013—an annual, above-market, return of 35.4 percent.

[Money]

As Figure 2.1 shows, if you predict the annual earnings of companies in each industry and buy shares of the five highest earners ahead of their respective earnings release dates, while selling short the five lowest earnings companies, you would have beaten the market hand- ily practically every year during the past quarter century.

[Money]

Corporate financial reporting reached its technological apogee 110 years ago, as did double-entry book- keeping 550 years ago, and cannot be further improved, like the QWERTY keyboard layout introduced in 1878 in the Remington No. 2 typewriter and still on keyboards today. Absurd as this sounds, it would have made some sense if suggestions for accounting change were seriously tried and found to fail. But there wasn’t any serious trial and error in accounting structure over the past century. Even worthwhile suggestions for structural change, like the one by a leading accounting thinker, Yuji Ijiri, a now retired Carnegie Mellon professor, who proposed in 1989 the triple entry bookkeeping, which, to the best of our knowledge, was never seriously discussed by accounting regulators.

[Tkilata]

Нетфликс ще стартира нов ТВ сериал за това, което биха могли да правят хората, инвестирали в нея със своя безкраен, гарантиран, безрисков, ежедневен доход.

Ама може и да е фейк това.

[Money]

From: Elon Musk

To: Everybody

Subject: Some concerning news

June 17, 2018

11:57 p.m.

I was dismayed to learn this weekend about a Tesla employee who had conducted quite extensive and damaging sabotage to our operations. This included making direct code changes to the Tesla Manufacturing Operating System under false usernames and exporting large amounts of highly sensitive Tesla data to unknown third parties.

The full extent of his actions are not yet clear, but what he has admitted to so far is pretty bad. His stated motivation is that he wanted a promotion that he did not receive. In light of these actions, not promoting him was definitely the right move.

However, there may be considerably more to this situation than meets the eye, so the investigation will continue in depth this week. We need to figure out if he was acting alone or with others at Tesla and if he was working with any outside organizations.

As you know, there are a long list of organizations that want Tesla to die. These include Wall Street short-sellers, who have already lost billions of dollars and stand to lose a lot more. Then there are the oil & gas companies, the wealthiest industry in the world — they don't love the idea of Tesla advancing the progress of solar power & electric cars. Don't want to blow your mind, but rumor has it that those companies are sometimes not super nice. Then there are the multitude of big gas/diesel car company competitors. If they're willing to cheat so much about emissions, maybe they're willing to cheat in other ways?

Most of the time, when there is theft of goods, leaking of confidential information, dereliction of duty or outright sabotage, the reason really is something simple like wanting to get back at someone within the company or at the company as a whole. Occasionally, it is much more serious.

Please be extremely vigilant, particularly over the next few weeks as we ramp up the production rate to 5k/week. This is when outside forces have the strongest motivation to stop us.

If you know of, see or suspect anything suspicious, please send a note to emdesk@tesla.com with as much info as possible. This can be done in your name, which will be kept confidential, or completely anonymously.

Looking forward to having a great week with you as we charge up the super exciting ramp to 5000 Model 3 cars per week!

Will follow this up with emails every few days describing the progress and challenges of the Model 3 ramp.

Thanks for working so hard to make Tesla successful,
Elon

[Muller]

А ако имаш още повече топки ще си купиш триваго и ще спекулирал че боокинг или праислине ще ги купи. Аиде путко и само Deutschland

По леко с чоколатето гълъбче. Прекомерната му употреба вреди на мозъчните клетки. Тривагото го оставям на теб. Спекулирай спокойно.

[Money]

FOXA

Никой ли не взима?

[Money]

Големите пари не говорят. Тръмп прави каквото си иска...



Until fairly recently, I didn’t really think we were going to have a trade war. What I thought would happen, instead, was a bit of kabuki: America’s major trading partners would make cosmetic concessions – perhaps with some lucrative payoffs to Trump businesses on the side – that would let Trump proclaim a “win”, and trade would go on much as before.

The reason I expected this relatively benign outcome wasn’t that Trump would get or take good advice. It was, instead, the expectation that big money would talk: corporations have invested trillions based on the assumption that an open world trading system, permitting value-added chains that sprawl across national borders, was going to be a permanent fixture of the environment. A trade war would disrupt all these investments, stranding a lot of capital, and I thought big business would get either manage to get that message through to Trump or at least get it through to Republicans in Congress, who would act to limit his room for maneuver.

But these political considerations look a lot less compelling now than they did a few months ago. With Gary Cohn gone, it’s not clear that big business has any real pipeline into the White House (OK, polluters have an open line to Scott Pruitt, and predatory lenders a line to Mick Mulvaney, but these aren’t the groups who will stand up against trade war.) And Congressional Republicans, terrified of the Trump base, have proved unwilling to take a stand on anything, even if big money is at stake.

Meanwhile, trade decisions are being made at Trump’s whim, without input from anyone who knows anything about trade economics (Peter Navarro thinks he understands the economics, which is even worse.)

https://www.nytimes.com/2018/06/17/o...y-wonkish.html

[HY Spread]

А ако имаш още повече топки ще си купиш триваго и ще спекулирал че боокинг или праислине ще ги купи. Аиде путко и само Deutschland

[HY Spread]

Не виждам дъно. По някое време по тези въпроси ще се наложи да вземат политически решения на ниво ЕС. Ако имаш стратегия да купиш по някое време с цел да издебнеш краткосрочна корекционна възходяща вълна +100-150% може да го отиграеш, но ми се струва прекалено рисково. За съжаление това не са активи, които при крах може да забравиш дългосрочно и след години да се възстановят правейки огромна възвращаемост. Преди месец един приятел ми напомни за Priceline.Беше ги купил на смешните около 30 евро. До ден днешен не ги е продал. Това е актив, които може да държиш достатъчно дълго време без да те притеснява особено. Признавам си аз щях да съм ги продал много много отдавна.

Затова хората казват че акциите са за аматьори. Ако имаш тилкова топки ще си купиш акцията и ще продадеш Second Tier asset като coco bond. Да знам че не знаеш какво казвам. Тогава по просто: ще купиш един Deep Otm put това е все едно cds и ще купиш акцията или друга банка която би спечелил оттова. Аз така съм го отиграл. Некъди из дакс темата съм писал треида.

[Muller]

п.с. къде яиждаш дъното при банките , конкретно при DB, UBS, Unicredit

Не виждам дъно. По някое време по тези въпроси ще се наложи да вземат политически решения на ниво ЕС. Ако имаш стратегия да купиш по някое време с цел да издебнеш краткосрочна корекционна възходяща вълна +100-150% може да го отиграеш, но ми се струва прекалено рисково. За съжаление това не са активи, които при крах може да забравиш дългосрочно и след години да се възстановят правейки огромна възвращаемост. Преди месец един приятел ми напомни за Priceline.Беше ги купил на смешните около 30 евро. До ден днешен не ги е продал. Това е актив, които може да държиш достатъчно дълго време без да те притеснява особено. Признавам си аз щях да съм ги продал много много отдавна.

[Money]

Ето хора с какви профили се търсят в бизнеса с управленитето на активи...



Competition for employees familiar with environmental, social and governance issues is increasing as asset managers scramble to gain reputations as responsible investors. Rivalry between candidates who want ESG roles is also sharper as interest in responsible investment surges.




Michael Baldinger, global head of sustainable and impact investing at UBS AM, said candidates were strong but few individuals had the right balance of awareness of issues such as climate change combined with financial nous. “You can have a climate change expert but you need business sense,” he said. “It’s a war for talent.”

One head of responsible investing at a UK asset manager, who did not want to be named, said that, although the number of roles had increased, competition for the best candidates was fierce.

“There’s a lot of competition among asset managers for this skill-set,” they said. “It’s not your typical plain, financial analyst role. It requires a hybrid set of skills — reasoning, logic, communication and [the ability to] think about broader issues.”

[Money]

Абе остави ги ДБ. Не пипай там

Имат много ниско ROE в сравнине с другите банки и няма изгледи за подобрение. Американските инвестиционни банки са по-конкурентни и мачкат ДБ. ДБ мисля имат само един силен сегмент и той е корпоративни кредити, но това е много малка част от бизнеса им. В ритейла имат Deutsche Postbank - абсолютно неконкурентна. Но дори не могат да я разкарат, защото никой не иска да я купи.

[Protokol]

Гълъбче с такова държане и лира няма да получиш, да си купиш чай. А кой е пазара? Аз ти той тя то? Нагледал съм се на експерти с деривати като тебе. Ако ми отговориш на един въпрос. Ще те призная. Защо от 2016 та година започнаха процесите с DB. Отговора е един. Това е фундамент- Можеш да ползваш нета, помощ от приятел, гадаене на кълбо.

Опитвам се да си отговоря какви са "фундаменталните" проблеми на DB :
- откъде инкасират загуби ? ... при положение, че не се занимават с бамкиране на дребно , то нямат проблемите от естеството при Unicredit и др.....
-основно печелят като го играят посредник при големи сделки и клиенти - облихации и деривати. Но в тоя случай могат само да печелят , освен ако не губят доверие (внушено...) и съответно клиенти. Най вероятно остава да са се полакомили и влезли яко при различни дългови инструменти , които не допускам да са джънк...просто са огромен обем.
Значи ако устискат още 1 г да започнат увеличенията от ЕЦБ цената ще направи х2 ...поне. С две думи - при DB играта е двойно или нищо... Залагам на първото - по вероятно е ЕЦБ да не ги притиска относно качеството на капитала...
къде греша ???
п.с. къде яиждаш дъното при банките , конкретно при DB, UBS, Unicredit