"To make hay while the sun shines" is an idiom that means to make good use of an opportunity while it lasts. In a financial markets or business context, "to make hay" is often synonymous with to make profits.
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https://t.co/Lv3Uz7Yohx
Great turn of phrase here from PGIM's Greg Peters regarding the 20-year Treasury bond, following soft demand in yesterday's auction: "The 20-year definitely is an orphan type of maturity bucket."
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https://t.co/Dk4TMcHHdm
George Saravelos, head of FX research at Deutsche Bank, yesterday said "The chart below speaks for itself: the JPY is strengthening even as US yields are rising. We consider this as evidence that foreign participation in the US Treasury market is declining."
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While much attention has been focused on the 2025 rise in long-term US Treasury yields, it has paled in comparison to the year-to-date surge in Japan's long-term JGB yields, as the BOJ has continued to scale back its purchases of government debt.
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On AMZN's Q4 earnings call, CEO Jassy said the AWS cloud unit's growth would be "lumpy" over the next few years. "Lumpy" is a euphemism for "inconsistent" or "volatile." CSCO CEO John Chambers used "lumpy" on a call in '07, and it has been a staple jargon term ever since!
Bitcoin at $3.2 mln by the end of '25? That is the high end of the range of a valuation model referenced by The Digital Chamber CEO Perianne Boring. The "base case" is a price of $800K. Apparently, she is being considered to head up the CFTC.
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https://t.co/47p8sBcMuI
AI is boosting productivity for biopharma companies by coming up with entirely new molecules to test. This approach is helping to counter the ballooning cost of drug development as described by 'Eroom's law,' that the cost of developing a new drug doubles roughly every 9 years.
Broadcom (AVGO) returned 110% in 2024 and joined the trillion-dollar market-cap club in December. This is a good article from The Economist on Broadcom's CEO Hock Tan, "tech's most ruthless operator."
https://t.co/S3jQ3rkuMI
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The 'MegaCap-8' has a forward profit margin of 25.3% vs. 11.9% for the rest of the S&P 500. The MegaCap-8 consists of Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, NVIDIA and Tesla.
(Yardeni Research via @dailychartbook)
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"The CRE CLO (commercial real estate collateralized loan obligation) market is the first shoe to drop in terms of defaults in the CRE debt markets."
-- Mark Neely, director of alternative investments at GenTrust
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https://t.co/JpXI0SMRKj
Buffett's '20 bet on Japanese trading companies has gone quite well. Here are some famous quotes from his past letters to Berkshire Hathaway shareholders. "We simply attempt to be fearful when others are greedy and to greedy only when others are fearful."
https://t.co/ogSveGyYTC
Private equity payouts at major firms in 2023 were down 49% from 2021. Investors are now shifting their focus from IRR to the metric "DPI." DPI stands for "distributed to paid-in capital," or the ratio of cash generated to what's invested.
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https://t.co/2WVHYPtfxD
There is an increasingly wide range of possible paths for the fed funds target rate according to option-implied probabilities.
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https://t.co/VTEBCMtKti
Chip designer Arm is +67% in the last couple weeks after reporting better-than-expected results. SoftBank's 90% stake in Arm ($118 bln) is worth more than SoftBank itself ($84 bln). Arm's small public float will make it hard for SoftBank to sell its stake.
https://t.co/VuAziXeSi0
OpenAI CEO Sam Altman is in talks with Middle East investors to raise funds to boost the world's chip-building capacity to power AI. The reported $5-$7 trillion target dwarfs the size of the semiconductor industry, which had sales of $527 billion in '23.
https://t.co/PPvaUOlPV5