F-22 entered service 2005
Air to air kills since entered service:
2005-2022: 0
2023: 3 (all in last 7 days)
687 karma · joined April 18, 2022
Air to air kills since entered service:
2005-2022: 0
2023: 3 (all in last 7 days)
Apple relies a lot on contractors. Those 2 IR folks likely have 2-3 comms firms on retainer. Those 7 treasury folks likely have an entire team staffed at a major bank.
Some companies decide to source labor in house, others don’t.
Air to air kills since entered service:
2005-2022: 0
2023: 2
Since I can’t paste screenshots from my terminal, you can see the sector P/Es on page 6:
https://www.spglobal.com/spdji/en/documents/performance-repo...
There’s a bunch of speculation on why this happens: https://www.ft.com/content/1cc17824-3077-4e39-9a99-cbccc83a2...
Wang, A., Nguyen, D., Sridhar, A.R. et al. Using smart speakers to contactlessly monitor heart rhythms. Commun Biol 4, 319 (2021). https://doi.org/10.1038/s42003-021-01824-9
https://www.oig.dot.gov/sites/default/files/FAA%20Actions%20...
Once the fundraising completes for a fund, no “new” money is allowed into the fund. New investors can invest with a PE firms in 2 ways: invest in a new fund, or purchase shares of an existing fund on the small secondaries market [2].
So no, in most cases PE portfolio managers are not going to track “new” vs “existing” money within a fund.
There are exceptions, ie there are PE asset classes that are open-ended (ie. The infamous Blackstone REIT [3]). Open ended funds are more common for public equity hedge funds.
[1] https://www.investor.gov/introduction-investing/investing-ba...
[2] https://www.institutionalinvestor.com/article/b1zspcywbpn2h7...
1. ASC 842 states that lease liabilities should be measured by lease terms that are non-cancellable. In this case, these are Amazon’s non-cancellable leases.
2. The average lease term remaining is ~9-11 years for Amazon.
3. Lease liabilities are present value calculations, ie. They are not as you suggested 50 years x $1M/yr. They represent the present value of the discounted cash flows. The discount rates are disclosed.
Leases notes from latest Amazon 10-Q: https://www.bamsec.com/filing/101872422000023/1?cik=1018724&...
Also, Amazon has ~$69B in long term lease liabilities. That’s about ~3x the combined long term lease liabilities of Walmart and Costco (~$20B combined). Walmart and Costco are the world’s #1 and #3 retailer, Amazon being #2.
From the beginning when Jassy took the job, the problem has always been the cost of the excess warehouse capacity. Once they realized the true demand from this holiday season, they can now rightsize capacity for 2024 and beyond. Until then, they need to tighten the belt. Just like if you realized you swallowed a bigger mortgage than you can handle.
“The last issue relates to our fixed cost leverage. Despite still seeing strong customer demand and expansion of our FBA business, we currently have excess capacity in our fulfillment and transportation network. Capacity decisions are made years in advance, and we made conscious decisions in 2020 and early 2021 to not let space be a constraint on our business.”
- Brian Olsavsky CFO Apr 28, 2022 earnings call
The vast majority of corporate debt (bonds) is unsecured. There is no collateral.
https://corpgov.law.harvard.edu/2020/01/27/the-decline-in-se...
https://www.bloomberg.com/opinion/articles/2022-05-26/elon-c...
Like most corporate debt, the debtor must service the debt repayment schedules while following financial covenants (addition rules on performance ratios). If debtor fails to make payment or breaches covenants, it can lead to a technical default.
In this case, most of Twitter’s LBO debt haven’t been syndicated (ie. The banks still hold them and haven’t securitized them to be sold to other investors.) Twitter no longer has a credit rating (Moody dropped them in Nov, S&P dropped them in Dec; both citing insufficient information to assess credit risk). Without a credit rating, most bond investors simply won’t buy the debt because it wouldn’t meet their investment guidelines.
Also, there can absolutely be margin calls on equity holders of private equity if their stakes were financed on margin. ie. If a hedge fund (most are leveraged at least 100% for financial reasons) chipped in, their margin creditor (ie their prime broker) can absolutely request the fund to post more collateral.
Using this logic, in an infinitely large universe, your comment’s importance effectively rounds down to zero. Arbitrary picking economy output to measure regulatory regime efficiency is ludicrous.
How ironic, so a crypto exchange wishes the U.S. government, an immensely powerful centralized entity crypto was designed to omit, makes everyone else play nice on the global stage. How would the US do that? Hmm… guessing regulating flow of dollars.
Ha!
New management is important, and in this case Wells Fargo has had 4 CEOs since the scandal, and multiple board chairpersons. There has been significant turnover on its board and executive team. [2]
[1] https://www.spglobal.com/marketintelligence/en/news-insights...
[2] https://www.reuters.com/business/finance/wells-fargos-long-r...
It’s widely accepted that sell side search (like this) reflect on average the market view. As a result, most of these insights on average are likely priced in. You won’t “create alpha” from following them. However, most dumb money just want to track the market, thus it’s perfectly fine for them to follow sell-side research in aggregate.
Also, on your comment comparing BlackRock YTD performance to XLF, that’s not a valuable comparison. XLF composed mostly of banks, which are highly levered (by definition of fractional reserve banking). BlackRock is not a bank, it does not have the same leverage as JP Morgan.
ie. Chase has $3.7T in assets, $3.5T in liabilities (mostly deposits), and $400B in market cap (shareholders equity).
Liabilities to equity is ~8.75.
BlackRock has 115B in assets, 77B in liabilities, ~100B in market cap (shareholders equity).
Liabilities to equity is 0.77.
Leverage is risky, higher risk firms demand higher returns, this is the very foundation of capital asset pricing.
It’s definitely a liquidity risk given the short term and principal swaps requirements, hence mostly a central bank issue as a backstop. But potential losses in economic terms seem smaller.
Also because FX swaps are collateralized with up front principal, the leverage is very low. The primary risk is short term liquidity and not default risk, which makes this a central bank issue, hence the BIS warning.
Layoffs are labor level reductions amid ongoing or expected periods of excess labor capacity. It’s almost a classic supply chain/operations management problem. Classically an Amazon core competence and problem at Amazon [1].
There are both shortage and excess costs to labor levels (ie. labor inventory) vs labor demand, combined consider as a supply-demand mismatch cost. To minimize this cost is to create a perfectly coordinated supply chain/inventory system through minimizing shortages and excesses.
Statistically speaking, it is incredibly difficult for a company to perfectly return to that optimal level of supply in 1 single action because the optimal level is difficult to measure in the short run. Therefore, by monitoring supply and demand of labor over time, you are able to make more precise adjustments to return to optimal level of labor.
Sadly, this strategy implies Amazon likely used a lower percentile estimate of required labor reductions for initial layoffs, meaning the mean/median estimate of required labor reductions is likely higher than already announced.
[1] https://www.vox.com/recode/23170900/leaked-amazon-memo-wareh...
An involuntary termination contract: https://www.bamsec.com/filing/156459018003046/2?cik=1418091
P-values do not measure the probability that the studied hypothesis is true, or the probability that the data were produced by random chance alone.
Yes, that’s right, most accused do not “make a plea deal”. The prosecution offers the deal to avoid a labor intensive trial.
Also, prosecution is allowed to deceive (lie) to trick the accused to accept plea deals. There is no evidence burden once the accused pleas guilty. For example, the prosecutor can legally claim they have a mountain of evidence, and once the accused pleas, there’s no requirement for the “evidence” to be provided. https://readingroom.law.gsu.edu/cgi/viewcontent.cgi?article=...
Yea, they can refuse the offer. For an accused that cannot afford bail, they may have 2 options: take the plea deal and start serving the sentence right away, or refuse the deal and be incarcerated for an undetermined amount of time awaiting trial.
Either case, many accused faces incarceration whether they accept the deal or not.
97% of federal and 94% of state convictions are not convicted through a trial. They are convicted through plea deals. Plea deals function as the shadow justice system of the U.S. where prosecutors have overwhelming coercive advantages to shape the crime and punishment. They play judge and executioner.
https://www.nbcnews.com/think/opinion/prisons-are-packed-bec...
https://www.npr.org/2022/03/04/1084452251/the-vast-majority-...