tag:blogger.com,1999:blog-18079728.post1699877119943637917..comments2023-11-02T07:30:03.967-07:00Comments on Cassandra Does Tokyo: Edginess or Extrapolating The Unextrapolatable "Cassandra"http://www.blogger.com/profile/17412381249313151515noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-18079728.post-51676633135040592402014-05-09T18:00:10.773-07:002014-05-09T18:00:10.773-07:00The unease that I have is one you didn't menti...The unease that I have is one you didn't mention: Does safety reside in equities that have at least some claim on assets, or in fiat cash where the powers that be seem inclined toward perpetual low-level confiscation?<br /><br />Gold is at best a partial answer. Diversification among asset classes is more logical, but not comfortable given correlations being relatively high in stormy weather.RichLnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-71757376833371236282014-05-06T07:02:46.683-07:002014-05-06T07:02:46.683-07:00This is a great list of earnings growth "inpu...This is a great list of earnings growth "inputs" with sell-by dates. These inputs, though, either get retained or competed away. Over the past six years, it has been the latter. A martian would be forgiven for coming down to earth in 2014 and concluding that the GFC helped companies! It arguably lessened the degree of competition from already-low levels. Hence: peak margins. <br />Diego Espinosanoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-3952153212460228062014-05-06T05:32:37.462-07:002014-05-06T05:32:37.462-07:00Thanks for highlighting the distinction. In Japan...Thanks for highlighting the distinction. In Japan, gullible activists historically were attracted to large apparent cash-like assets flattering balance sheets, only to find that, (borrowing a zen onion analogy), when you peeled away the layers (Yakult, Olympus Gun-Ei, etc.) there wasn't anything there!!!!, "Cassandra"https://www.blogger.com/profile/17412381249313151515noreply@blogger.comtag:blogger.com,1999:blog-18079728.post-82874314284562390922014-05-06T00:05:18.043-07:002014-05-06T00:05:18.043-07:00Just regarding tax and US companies; my understand...Just regarding tax and US companies; my understanding is that companies provision on the basis that earnings will be repatriated. Therefore, the real benefit comes in the inflated 'cash' on the balance sheet, not in the earnings (which gullible analysts like to remove, giving P/E 'ex-cash' multiples).roberthttps://www.blogger.com/profile/18252096528698024915noreply@blogger.com