Word: nears
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...exposure to the banks. We've dipped our toe in the water a few times now. USBancorp, I think, will be a survivor and will thrive. But we've got quarters of difficulty. The hardest part of this is figuring out when people will start looking beyond the near-term. We've tried to take small steps into the riskier stuff. We ended up buying Bank of America again, since that worked out so well for us last year, but a smaller piece. The round-trip hasn't worked well, and we've lost some, but at these prices...
...Pfizer and Wyeth are facing a problem which is systemic and not isolated to their industry. Each expects revenue to fall in the near future as some of their largest-selling drugs lose patent protection. Putting the two companies together will allow them to fire tens of thousand of people and cut other overlapping costs. The firms are nearly identical, which makes expense savings certain...
...most newspapers, and in our personal ruminations. We want to understand what kind of environment would allow his decades long financial fraud to thrive. We want to understand why sophisticated investors chose to believe that any money manager could have a multi-year string of returns which is a near statistical impossibility. (See pictures of Bernard Madoff's demise...
...understandable given the apparently recession-proof recipe McDonald's has cooked up. Indeed, while most companies limped out of 2008 on slumping results that look likely to plummet in 2009, McDonald's on Monday announced earnings of $985.3 million in the fourth quarter of last year. While that near billion-dollar activity represented a 23% drop over the same period the previous year - due mostly to an extraordinary tax bonus accounted to 2007 books - McDonald's also revealed an 11% rise in fourth-quarter consolidated operating income to $1.5 billion on global sales gains...
...Great Deregulator has thus become a believer in regulation, at least in the messed up mortgage market. That's because the alternative to concluding that the mortgage market is in need of serious reform, Gramm said, is to conclude that financial capitalism doesn't work. And he's nowhere near ready to conclude that...