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Aftermath of Black Tuesday- 9/14/22

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I'm headed out into the streets of Paris and am running late! I will leave the erudite analyses to you!

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Meanwhile, the big picture:

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SOMETHING GOOD

The bond "vigilanties" (or should that be cuddly bond puppies) are sort of waking up from their sleeping beauty sleep.

Which is so long overdue.....

Because I am tired....so very tired....... of seeing good public companies...the ones that should be in portfolios....taken private by Private Equity carpet baggers...... using cheap/free leverage provided by the FED.

Two take privates have collapsed this week in Australia.,..because the debt has gotten more expensive....so the PE can't offer the usual 30% premium over market price to get the deal done.

All the good companies were being knocked off the exchange one by one.....

The ASX was being hollowed out.... 

The good companies that paid real dividends were leaving and being replaced by garbage wealth transfer vehicles......with no dividends and insane valuations.....

Hopefully this is all over.....

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2 hours ago, Jimbo said:

SOMETHING GOOD

The bond "vigilanties" (or should that be cuddly bond puppies) are sort of waking up from their sleeping beauty sleep.

Which is so long overdue.....

Because I am tired....so very tired....... of seeing good public companies...the ones that should be in portfolios....taken private by Private Equity carpet baggers...... using cheap/free leverage provided by the FED.

Two take privates have collapsed this week in Australia.,..because the debt has gotten more expensive....so the PE can't offer the usual 30% premium over market price to get the deal done.

All the good companies were being knocked off the exchange one by one.....

The ASX was being hollowed out.... 

The good companies that paid real dividends were leaving and being replaced by garbage wealth transfer vehicles......with no dividends and insane valuations.....

Hopefully this is all over.....

I have no clue if it is true but over the last few years one often saw an assertion that 10% of corporations were existing  on credit alone.  I certainly don't doubt it.  My failing mind recalled a seemingly antiquated term, Prime Rate, so I checked it's history. Here is a list. Not that such companies are Prime.

http://www.fedprimerate.com/wall_street_journal_prime_rate_history.htm

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2 hours ago, Jimbo said:

SOMETHING GOOD

The bond "vigilanties" (or should that be cuddly bond puppies) are sort of waking up from their sleeping beauty sleep.

Which is so long overdue.....

Because I am tired....so very tired....... of seeing good public companies...the ones that should be in portfolios....taken private by Private Equity carpet baggers...... using cheap/free leverage provided by the FED.

Two take privates have collapsed this week in Australia.,..because the debt has gotten more expensive....so the PE can't offer the usual 30% premium over market price to get the deal done.

All the good companies were being knocked off the exchange one by one.....

The ASX was being hollowed out.... 

The good companies that paid real dividends were leaving and being replaced by garbage wealth transfer vehicles......with no dividends and insane valuations.....

Hopefully this is all over.....

The LBO boom began with ever falling rates in the 80s, saw one of its early peaks with the RJR Nabsico "deal". All those KKR guys were at Bear Stearns before, which was probably one of the most ruthless assholic banks at the Street. Good that they went bk.

Best thing ablut those guys: First they steal it from the public and then they become "philanthropists". That's like driving with your golden Cadillac thru town, with your 5k suit on and giving a few dimes here and there to a few poor guys. "Here you have a dime you goddam poor bastard!".

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