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Ghenghero

Ghenghero
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  • JPMorgan, BofA to hike salaries of junior bankers [View news story]
    Not sure where banks see junior banking employees shortage. It must be a senior management move to justify their own compensation package increase.
    Not very shareholder friendly.
    Aug 21, 2014. 02:47 AM | 3 Likes Like |Link to Comment
  • My Next Big Bet: Shorting The Yen [View article]
    What you write above is all true but incomplete. Japan net foreign assets stands at $3 trillion and Japanese private sector net worth is about $23 trillions. Japan does not have a debt problem but Japanese government does. This clearly needs to be addressed one day, unfortunately I am not so sure the day is near enough to take a short market position now.

    In addition, Japanese people are willing to make shared sacrifices to maintain the elements of daily life that they consider most important: social harmony and order. I cannot see them selling JGB if it is against their own society.
    Jan 25, 2012. 04:41 PM | 3 Likes Like |Link to Comment
  • Update: Unilever Reports Strong 2014 Results - Expect More This Year [View article]
    I think you are confusing Unilever with Nestle that it is indeed based in Switzerland.
    Jan 22, 2015. 08:09 AM | 2 Likes Like |Link to Comment
  • China Turns Japanese? [View article]
    "9. China had a stable government. Japan went throught 6 PM in 7 years."

    Sure! Also North Korea has a very stable government.
    May 15, 2014. 10:19 PM | 2 Likes Like |Link to Comment
  • A Once-In-A-Decade Buy In Corporate Bonds [View article]
    If you like this kind of game you can buy NCV (AGIC Convertible & Income Fund). You can collect 12% a year in dividends (paid monthly) plus potential capital appreciation from a well diversified portfolio. In addition to this you can have an additional kicker from the optionality component of the bonds.
    Jan 22, 2012. 06:37 AM | 2 Likes Like |Link to Comment
  • Understanding Bond Yields: A Primer Against Fundamentalism [View article]
    Defaulting by currency devaluation was the strategy pursued by UK.
    The financial disaster for investor was even greater due the QE that kept yields artificially low and inflation high. Long live german approach!
    Nov 26, 2011. 08:34 AM | 2 Likes Like |Link to Comment
  • European QE: Implications And Investment Opportunities [View article]
    European Real Estate sector will definitely be a winner.
    For people who are interested in taking exposure to the sector: iShares ETF: IPRP
    For people who enjoy stock picking, I would add to the author's list:
    DIC ASSET AG (Germany), Hispania Activos Inmobiliarios (Spain), Beni Stabili (Italy)
    Feb 2, 2015. 08:54 AM | 1 Like Like |Link to Comment
  • Philip Morris Is Addicted To Dividend Increases [View article]
    hugh01, I assume you are a non-US shareholder.

    Dividends paid by a U.S. corporation to a non-U.S. shareholder ordinarily are subject to U.S. withholding tax at a rate of 30%. However, in the case of dividends paid by an "80/20 company" to a non-U.S. shareholder a certain part of the dividend payment is exempt from U.S. withholding tax.

    An "80/20 company" is a U.S. company, 80% of whose gross income for a specified period is generated from active businesses outside the United States. Because nearly all of its income is earned in active businesses outside the United States, PMI has determined that it qualifies as an 80/20 company for U.S. tax purposes.

    PM has determined that 98% of any dividend it declares in 2014 to a non-U.S. shareholder is exempt from U.S. withholding tax.

    This means that the remaining 2% of the total gross dividend is subject to U.S. withholding tax at the 30% statutory rate, unless the non-U.S. shareholder provides a Form W-8BEN claiming a reduced rate of withholding under an applicable income tax treaty.

    In the case of a non-U.S. shareholder who is not eligible for a reduced rate of withholding under an applicable income tax treaty, except in certain limited circumstances, a withholding tax at the 30% statutory rate will be applied to the remaining 2% of the total gross dividend.
    Sep 10, 2014. 08:30 PM | 1 Like Like |Link to Comment
  • JPMorgan, BofA to hike salaries of junior bankers [View news story]
    A "junior banker" does power point presentations and photocopies.
    Aug 21, 2014. 03:02 AM | 1 Like Like |Link to Comment
  • Tesco's Price Drop Offers Excellent Value [View article]
    Overall a good article on Tesco and I also feel it is a reasonable bet. On Berkshire, while it still owns around 4% of Tesco, I would mention that last year Buffet cut Tesco stake by 20%.
    May 2, 2014. 09:13 AM | 1 Like Like |Link to Comment
  • Japan Is Running A Current Account Deficit. Where Is My JGB Collapse? [View article]
    JGB are not collapsing for the same reason that Treasuries and Gilts are not collapsing... massive QE! Short the yen and you cannot be wrong...
    Jan 18, 2014. 09:07 AM | 1 Like Like |Link to Comment
  • Deutsche Bank: Explaining The $12 Billion Loss That Never Was [View article]
    Everyone knows how to model Lev SS gap option risk, that problem is that NONE knows how to calibrate it or hedge it! and NONE includes GS. Deutsche Bank correlation trading desk had both knowledge and models, mismarking the books was simply the rogue activity of few individuals. PnL pressure can make people do stupid things... and when you get to exotic books, very few people in a bank fully understand the risk involved and for sure senior management is not one of them.
    Dec 9, 2012. 11:09 AM | 1 Like Like |Link to Comment
  • Is It Finally Time To Short Japanese Government Bonds? [View article]
    How can they default when the creditors are only Japanese, they can print money, there are $22 trillions of private savings (mainly in cash) in the country and $3 trillions of foreign assets? It will take a long time... Good luck with the short!
    Jun 3, 2012. 01:07 PM | 1 Like Like |Link to Comment
  • The ECB Is In Control And Winning The Battle Of The Euro [View article]
    I would like to know why rating agencies focus only on nominal repayment of debt and not real repayment of debt? How can they rate AAA a country like UK where you give 100 today for 10 year, you receive 2% of interest with inflation at 5% and at the end of the loan you receive back nominal 100 that in real term is worth half of it??
    Rating agencies do not understand sovereign debt as much as they did not understand CDOs!
    Jan 15, 2012. 10:58 AM | 1 Like Like |Link to Comment
  • The Collapse, Death, And End Of The Euro [View article]
    UK us a solid nation...ahahahahahaha...
    That was a typo, right?
    Dec 16, 2011. 05:13 AM | 1 Like Like |Link to Comment
COMMENTS STATS
26 Comments
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