Apologies for the lack of structured posts, but I've got to focus on topping up the Christmas Club account...
Here's another snapshot from the inner circle of hell - the iTraxx Europe Crossover moving above 1000. Without going into the tedious details, this is a proxy for the perceived creditworthiness of a basket of 50 sub-investment grade companies, which is reshuffled every six months. As we're talking here about spreads on credit default swaps, the higher the number, the uglier the picture - and 1,000 is a very high number. But the equity market is having a quiet rally...
A friend alerts me to a chilling montage of videos of Peter Schiff - it's quite edifying in hindsight to see the derision with which his predictions were received at the time, though it's all common knowledge today. I particularly like the commentator who touts Merrill Lynch at $76...
Currently working on a report on how telco assets can be best utilized in advertising and marketing, I happened to stumble across this little snippet of AT&T thinking outside the call-box. It's not particularly relevant to what I'm working on, but I found it oddly refreshing.
Seeing Carlyle's Hawaiian black eye brings to mind a conversation I had recently with a friend in the more mainstream telecom consulting world, who intimated that he is seeing more interest from PE backers of telco/cable assets. My reading, and only my reading, was that the backers are now expecting to be running these companies for longer than they originally thought, which I think is a safe assumption.
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