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China vs. the World

in China/FP: Latest

 This paragraph, taken from a SocGen research report by Dylan Grice (one of the few sell-side folks worth reading, along with Albert Edwards, also at SocGen), sums up the dichotomy between how investors look at China and the rest of the world. Trading on a lowly 0.5x book value, Lloyds (LYG 5.1 ↓2.49%) is clearly…

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Dubai’s Shot to the Moon

in Else/FP: Latest

Virtually unlimited access to cheap money blurs lines between what makes economic sense and what doesn’t. If it can be financed it will be built. Dubai’s plan to diversify away from petrochemicals made sense. Maybe it is even destined to become the Las Vegas of the Middle East, the Mecca of business travel and luxury.…

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IMS Health is being stolen

in FP: Latest

It was announced Thursday that IMS Health was to be stolen from its shareholders for $4 billion or about $22 share; a private equity firm will buy them out. IMS Health should have free cash flows this year over $340 million (the actual number should be higher than $400 million, but is benefited by a…

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Q&A with Barron’s

in 5 Minutes of Fame/FP: Latest

  I was in interviewed in September 21 issue of Barron’s (see page 42). VITALIY N. KATSENELSON SPENT HIS YOUTH in Murmansk, a city in northwest Russia perhaps best known to Westerners as a setting for The Hunt for Red October. The Russian navy was a popular career track there. But Katsenelson, now 36, emigrated to…

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Obama’s First Econ Lesson

in FP: Latest

Mr. President is facing the first econ lesson of his presidency. According to a New York Times article Mr. President is trying to figure out what to do with shortage of doctors. He said “we are not producing enough primary care physicians”. Education is expensive, consumes a lot of time and the payoff is not worth the…

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