Discover and read the best of Twitter Threads about #Debt

Most recents (24)

๐๐ž๐ฐ ๐’๐ญ๐จ๐œ๐ค ๐ˆ๐๐ž๐š - #๐Œ๐Ž๐…๐’๐‹

Market Cap-8,610

CMP- 580

๐–๐ก๐ฒ ๐๐ฎ๐ฒ ๐š๐ญ ๐‚๐Œ๐ ๐ข๐ž ๐Ÿ“๐Ÿ–๐ŸŽ

๐Š๐ž๐ฒ ๐๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐ฌ

๐Ÿ.๐€๐ฌ๐ฌ๐ž๐ญ ๐Œ๐š๐ง๐š๐ ๐ž๐ฆ๐ž๐ง๐ญ

Read 9 tweets
(1/10) I just finished reading @StephanieKelton's #TheDeficitMyth. It's perhaps the most lucid popular exposition of #MMT theory around, a stick of dynamite in the foundations of deficit-phobia, a wake-up call to the dangers of austerity and a startling reminder of the
(2/10) huge fiscal space governments have to address climate change, and inequality. I could go on and on. I have one query though: #MMT seems to ignore what I think is an even stronger line than the need for #outsidemoney in the private sector (assuming a closed 2-sector model):
(3/10) the origins of money. The difference between economics and physics is not that economics is fake-science -economics is MUCH harder-, rather, it is a difference in COMPLEXITY and economics is closer to evolutionary biology than it is to physics.
Read 10 tweets
.#Juneteenth. I hope it becomes a federal holiday.
Its been celebrated in #Texas for 40 years today.
It is emancipation day.
A time for families to come together and remember hardships & be thankful for the #FREEDOM that we have.
It is a time of rememberance.
..Letโ€™s have a conversation.
#Slavery, the buying & selling of other human beings, human trafficking, has been around for thousands of years.

The flag of freedom in the US is stained as much with the institution of slavery as with the blood of those who fought to abolish it.
..No one should own anyone else.
No one should force another human being against their will.
#China has millions of #Muslim #Uighurs imprisioned.
Humans are #trafficked for money every single day.
Women & children (girls & boys) trafficked as sex slaves.
Regardless of race.
Read 21 tweets
Daily Bookmarks to GAVNet 6/14/2020-2โ€ฆ

Americapox: The Missing Plague - YouTube

#America #Europe #epidemic
Mutation Allows Coronavirus to Infect More Cells, Study Finds. Scientists Urge Caution. - The New York Timesโ€ฆ

#mutation #coronavirus
The American Press Is Destroying Itself - Reporting by Matt Taibbiโ€ฆ

#press #decline
Read 7 tweets
#WelspunCorp- Soon out of the Woods

#CMP - 60
#MarketCap - 1,565 cr
#Industry - Pipes & Plates
Biggest #COVID19 casualty

Post Jan2020, the #crudeoil prices collapsed 60-70%. The company has major dependence on global oil & gas players for its order book.
However, we feel Welspun Corpโ€™s strong cash & investment position in the #balancesheet and very low #longtermdebt will help the company withstand the current turmoil and bounce back stronger.
Read 25 tweets
1/7 In a statement issued Sunday, the banned opposition CNRP told RFA that the outbreak has cost millions of Cambodians their jobs and incomes, specifically highlighting the plight faced by those indebted to lenders.
#Cambodia #debt #SamRainsyโ€ฆ
2/7 โ€œThe most serious issue is that people are facing a debt crisis,โ€ the statement read, adding that based on research by nongovernmental organizations, some 2.5 million people owe money that they cannot repay.
3/7 โ€œThe CNRP has reiterated its appeal to the Phnom Penh government to put in place strict measures to delay or suspend the payment of debts to microfinance institutions or banks for at least three months and to protect properties from confiscation.โ€
Read 8 tweets
Gilt MFs - Busting the Traderโ€™s myth

These days many debt MF investors are looking at GILT funds for investment purpose - lets decode the GILT Funds (1/n)

#mutualfunds #gilt #debt
These funds invest in government securities of various maturity periods - thus too less credit risk but factors such as change in interest rate and gsec valuation etc. drive the volatility in NAV of these funds. (2/n)
When Govt of India needs money, the RBI issues fixed-term government securities. These are picked up by the gilt fund manager - he plays on coupon, duration and interest rate outlook. (3/n)
Read 14 tweets

Thread will analyze real #Wayfair โ€” heads Mgmt wins, tails you lose; ugly overvalued; cash burning; #ponzi of insider dealings.

1 Valuation
2 Cash burn
3 Insider dealing
4 Mgmt paid like rock stars
5 Comp Committee
6 Insider sales
7 Final word

Retail greater fools warned.

1. Valuation:

$17.8B mkt cap
$2B+ accumulated losses
Working cap deficits
$3.3B in LT debt & cap leases (includes recent $535M convertible @ $72.50)
EV ~ $21.1B

Growing EPS / Cash from Ops (CFO) losses:
2019 = ($10.68) / ($197M)
2018 = ($ 5.63) / $85M
2017 = ($ 2.81) / $34M

1. Valuation (cont)

EPS/EBITDA/CFO/FCF all negative; temptation to use P/S, but < profitable with scale.

1Q CFO 3x worse!

1Q20= $2.3B/($3.02)/($256M)
1Q19 = $1.9B/($2.20)/($81M)

2019 = $4.7B/($10.68)/($197M)
2018 = $3.4B/($5.63)/$85M
2017 = $2.2B/($2.81)/$34M
Read 19 tweets
The consequences of the #covidcrisis are the macroeconomic topic of the day. Many observers & researchers compare the situation to the global financial crisis of 2008. A key difference is the large rise of household debt & asset prices that pre-dated the financial crisis. 1/17
In a new paper w/ Alina Bartscher, @MSchularick & Ulrike Steins, we explore the drivers behind the built-up of household debt in the U.S. before the financial crisis. We exploit newly available long-run microdata on the financial situation of households from 1949 to 2016. 2/17
This threat summarizes our key findings from โ€œModigliani Meets Minsky: #Inequality, #Debt & Financial #Fragility in America, 1950-2016โ€ available hereโ€ฆ @ECON_tribute @UniBonn @ludwigstraub, @AtifRMian, @profsufi, @stef_alba, @GregWKaplan, @ben_moll, 3/17
Read 18 tweets
@VOLG_DE_DATA @wmiddelkoop 1) This is a very hard question to answer. US #gold has not been audited since the 1950's and there are rumours that much of the gold in Fort Knox has been replaced by fakes. Rob Kirby claims to "know folks who have copies of the original shipping docs".โ€ฆ
@VOLG_DE_DATA @wmiddelkoop 2) Hence the question to Q, with his interesting replay that the #US has the #gold and that it shall destroy the #FED.

What we know is that currently the #FED is printing dollars #Weimar style, which can be expected to result in #hyperinflation.
@VOLG_DE_DATA @wmiddelkoop 3) Alan Greenspan warned about this a while ago and talked about returning to the #gold standard. Remarkably, he mentioned the time before 1913, when the #FED was established:โ€ฆ
Read 9 tweets
The global discussion around debt relief for low-income and fragile countries during #COVID19 is gathering momentum. There are various dimensions to the current debt situation, especially for #Africa. Hereโ€™s a short thread for those interested to follow the discussions 1/n
The World Bank and IMF recently issued a joint call to the G20 for temporary suspension of debt service payments by IDA countries (low-income and fragile countries) to help provide liquidity in these countries to tackle #COVID19 2/nโ€ฆ
A group of high-profile Africans (incl. Okonjo-Iweala, Thiam, Songwe) are calling for debt relief for African countries. Specifically, they are calling for a "two-year standstill on all external debt repayments, both interest & principal." 3/nโ€ฆ
Read 28 tweets
This will not have the impact on #housing that you think that it might. This is insufficient.
...โ€œwe can still get evicted after that moratorium is lifted if we're so behind on everything, that we don't have all of the back #rent ready? What if the landlord doesn't want to work with the tenant on paying them back in increments..?"
โ€œitโ€™s like a #rent โ€œloanโ€. It helps in the beginning, but you better hope you make 2-3 times the amount when you're allowed to go back to work -otherwise you'll be in rent debt. Itโ€™s basically kind of a #housing band-aid.โ€
Read 10 tweets
Why was Tara Reade trying to set up a new PayPal account one month ago?

That seems suspicious, especially for someone who has/had a lot of debt.

And as far as the #debt goes, we are talking in excess of $400k.

Again, just very weird someone would be massively in debt, start going by a pseudonym, began praising Putin and Russia, and making claims about Biden that are contrary to what she was saying before
And keep in mind, that is $400k in debt with a monthly income of $581 and monthly expenditures of $2,996.
Read 19 tweets
Finally rating agencies sprung into action on Future Group.

Reflecting upon the high debt levels of the Future Group, ICRA has downgraded the rating of its investment holding company (Future Corporate Resources Private Limited) by ONE notch below investment grade. (1/n)

The rating was already BBB (Negative), now stands at BB+ (Stable).ย 

In July 2019, CARE also changed the outlook to โ€œNegativeโ€ and then put it โ€œUnder Credit watch with Negative Implicationsโ€.

This was inevitable - why?

#Debt #Rating #Junk

The firm forayed into telecom, media and fabric business on the basis huge debt and Weakened performance of operating businesses since FY2018.
Read 8 tweets
******What not to buy *******

Donโ€™t buy psu stocks - Govt does charity, not for profits

Donโ€™t buy low PE stocks - Market give low PE for some reason (cyclical, CG, low growth, poor mgmt, unscalable, sector headwinds, etc.)

#Lessons #StockMarkets
Donโ€™t buy infra stocks - market leader L&T gave negligible returns in last decade, low margins, sector headwinds

Donโ€™t buy commodities stocks - it is for traders, cyclical, hard to buy at bottom and sell at top


#sensex #nifty
Donโ€™t buy high dividend yields stocks - if the company is paying all profits as cash, it implies that they donโ€™t want to invest in company due to low growth

Donโ€™t buy stocks where promoter holding is quite less - it should be minimum 50 to 60% if not 75%

#nifty #stocks
Read 13 tweets
For hose who still believe that economics is irrelevant to #SinglePayer #healthcare (or to any healthcare โ€˜planโ€™ thatโ€™s out there), I was once like you. But you and I, and everyone else like us, were/are a critical part of the problem.

Letโ€™s begin. #MMT 1/
No matter what your goal is (starting a business, fighting a war, designing a healthcare system etc) you need the resources neasesary to be successful and accomplish your goal. To the degree that you donโ€™t get the needed resources you will fail to meet that goal on some level. 2/
And how do we get access to resources? Money. ๐Ÿ’ฐis the legal means by which we get resources. So it matters who pays for any endeavor. How much ๐Ÿ’ด they can bring to bear is going to have a direct impact on acquiring the needed resources so you can succeed at your goal. 3/
Read 21 tweets
When someone says the word #SIP, most of us associate it with equity #mutualfunds. But did you know that SIPs are possible in the fixed income asset class as well?
#Debt SIPs can be one of the most useful ways to meet your short term goals, recurring goals, and asset allocation needs.
SIPs in #debtfunds can be used to meet yearly school fees, build an emergency reserve, your annual vacation, regular recurring expenses, working capital, etc.
Read 8 tweets
1/4 The #Tory government has put #disabled & chronically ill people through hell the past 10 years. The reason? To stop fraudulent benefit claims and reduce cost. The outcome? Thousands of us died and thousands more suffered humiliation, #poverty & devastating health implications
2/4 The kick in the teeth is; the benefit reforms and #DWP errors actually cost more than the original fraud. On top of this, the Tory's removed all funding for vital services that many vulnerable people in society relied upon. #ToriesOut #Tories #Health #Benefits
3/4 Austerity measures were supposed to reduce debt and save the UK from financial crisis, yet National #debt is the highest it's ever been. The #NHS is on it's last breath, and many of us fear we will not survive another 4 years of #Tory lies, neglect and abuse. #VoteLabour
Read 5 tweets
India's Bond market is both growing and contracting at the same time. Here's the how and why: (1/n) #bonds #Debt #Banking #StateofIndia
In value terms, bond market (outstanding value of corporate bonds), has grown at around 8.5% YoY in the first half of FY20. That is a slowdown from ~12% growth in FY19, but it is still growth. And overall credit growth in the economy itself has slowed. (2/n) #bonds #StateofIndia
In volume terms though the bond market (outstanding issues of corporate bonds) has been declining for 7 consecutive quarters. The number of outstanding issues are down almost 10% from the peak in September-2017! (3/n) #bonds #Debt #Banking #StateofIndia
Read 9 tweets
"Up #debt creek without a paddle"
#Iraq's budgetโ€™s structural imbalance between current & investment expenditures, as ever-increasing current expenditures will overtake revenues, needs debt to fund this gap.

Data in chart: 2010-2024 IMF estimates & projections.

#Iraq has been fortunate that higher oil prices & exports led to a budget surplus of over $27.5bn by end of Jul 2019. Revenue-expenditure gap is pushed forward in time. But, it is only a matter of when, not if, expenditures will overtake revenues.

This structural imbalance needs time be addressed, in the meantime there will be an urgent need to finance both.

The social contract, re-public employment, cannot be broken without creating the conditions for private sector growth to absorb an ever-growing labour force.

Read 10 tweets
The double Ds - demographic & debt - & how that leads to the triple Ds - DEFLATION.

#demographics World population growth rates are expected to slow, w/ contraction in many places (think Europe, East Asia - Japan, China, South Korea, etc).

We will grow at the slowest pace than anytime since 1950. Growth rate peaked in 1965-1970 ๐Ÿ‘ˆ๐Ÿป
#demographics Breaking this down into regions - very clear that Asian population peaking & will fall.

Look at Sub-Saharan Africa. Note that this is a projection & we shouldn't take anything beyond 2050 too seriously. The UN revises this very often but still useful for trends.
Read 25 tweets
Corporate Bond Market in India - A snapshot

Corporate Bond Market comprises of all the debt fund-raising/ financing/ fund mobilisation activities by Corporates through debt capital market instruments - Debentures or Bonds. Read on to know more about this market. Thread 1/12
As per SEBI data, the total outstanding corporate bonds in India aggregate to ~ Rs. 30.63 lakh crore.

This is about one third the size of the G-Sec market as well as the aggregate of Bank credit (i.e. total outstanding loans of banks). 2/12
The accumulated value of all the Corporate Bonds outstanding is only about 16% of the GDP.

In comparison, the size of the US corporate bond market to GDP is ~124%. It shows that the corporates in India rely heavily on banks. 3/12
Read 18 tweets
State Government Debt Risk - a history that repeats too often!

As the work on building Amravati, the new capital city AP, comes to a grinding halt, concerns emerge about Amravati (APCRDA) bonds held by Franklin MF (~Rs. 1000 Cr) and Birla MF (Rs. ~300 Cr). Thread 1/11
During the Chandrababu Govt, Amravati received political as well as financial patronage. Now, with Jagan Reddy being incharge of the state, the project is in shambles. World Bank & ADB pulled out of the project and the Government is looking for reasons to scrap it. 2/n
The bonds issued to support the financing needs of the project were subscribed by Franklin MF and Birla MF. The bonds are guaranteed by the AP Govt but it's not sure if the Govt would keep servicing the bonds. The risk of lending to a state govt has again come to the fore. 3/11
Read 19 tweets

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