Jon As I was saying the 15K grub is only 900 away.... I know Tom D will be watching..... and Henry Volquardsen... is observing from a distance..... always vigilant.....always curious...... That's how he came to Citi
after 1 day working at his father's little deli in New York.....
start as a file clerk..... like starting in the mail room.... and he ended up in Greenwich.....and putting together global swap Portfolio's in a joint venture between the biggest SWISS BANK and the Largest... Market Cap.. US insurance company... that s AIG.... and yet.. AIG.....was at Ground ZERO and was bankrupt 33 times over... due to Management's not understanding... the intricacies of Credit Default Swaps and Collatoralized Debt Obligations.....
NY LIFE is the Best Insurance company in the US...... they have over 2000 executives ie... Huge Rainmaking producers... who are members of the "Million Dollar Round Table".... they have been # 1 for 58 consecutive years...
yes NY LIfe dating back to 1845.... the Nautilus Company
As my buddy Tom Wallace.... who worked with bonds.... Credit Instruments and Geo time cycles at Bankers Trust in NY told me 100 times....."Hubris is the Fall of Man"
and the Insurance Industry Solvency Study is done....
Time permitting I do want to go through the ACE Q 2 conference call... which was given pre market on April 23rd.... Working on it... and evaluating the insurance industry as a whole.... has been a been the project from Hell....... especially when overlaid with the Affordable Health Care Act ...
(No one knows what is happening with that... I guarantee you that... and I will be talking about that at substantial length as I know am one of Less than 700 people in Texas who has passed the TDI --TEXAS DEPT of INSURANCE exam.... that enables me to have a "Insurance Advisor" License.
... enough insurance already..... just go get a copy of..."The History of RISK"............ After all it is
AGAINST THE GODS....
Against the Gods: The Remarkable Story of Risk [Paperback] Peter L. Bernstein
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time to roll up the sleeves and get back on track with some good old fashioned Technical Analysis and time for a very serious review of where we are in the Global Macro Picture......
The Market Labratory is now back to business as usual...... so I and my coworkers at GFA are all on the same wavelength ..... and we are now preparing for June and the Summer Season and Seasonality.... and also grooving up for the Post Labor DAY.... New Year and Day of Atonement.... buy Rosh Hassana and sell Yom Kippur..... or the other way....
actually that axiom became to wildly known about and stopped working.
( Joe S. and as well as Geoff, Stephen Haines... Jorge S..... Joe L. of XOM... and a couple of others are working on the almanac for Q3 and Q4.... we'll also check out and discuss how well the Bradley Siderograph is working this year....)
Jon K: Yes CNBC was pointing out how US individuals with 9 or 10 Milliion Plus where holding something like 2/3 in cash or near cash equivalents.... and as you point out...
and Mr. Iddamsetty gets a GOLD STAR FOR pointing out at the bottom of the article that there IS A CORRELATION,
JJP
The Big Number : $565 Billion
That’s the amount of free-cash flow recorded for 2012 by 1,000 of the largest U.S. public companies.
Companies have less cash available for debt reduction, acquisitions, innovation programs and dividend payments this year, says Dan Ginsberg, associate principal at REL Consultancy.
The amount of free-cash flow recorded by 1,000 of the largest public companies in the U.S. by revenue fell to $565 billion for 2012, down 14% from 2011, according to REL, a division of Hackett Group. Free-cash flow measures the cash that companies have after they have paid off all their expenses. The decline recorded between 2011 and 2012 is the first since 2007.
“It’s very significant,” says Mr. Ginsberg. He says last year’s drop coincided with a decline in free-cash-flow margins -- which measure free-cash flow as a percentage of companies’ revenue -- to 5% in 2012 from 6% in 2011.
That means companies became less efficient in converting their revenues into cash in 2012, reversing a trend that began in 2009, when businesses hit by the recession began to get more efficient as revenues fell.
Prathima Iddamsetty, a senior manager at REL, says that companies have replaced some of their free-cash flow with debt, which rose 10% for the 1,000 companies examined to $3.98 trillion in 2012. Much of that increase has to do with friendly debt markets.
“For companies, it takes effort to generate cash from operations. It’s harder to do so than borrow from the debt markets,” Ms. Iddamsetty says. “We believe there’s a correlation.” |
