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Wholesale transfer pricing:

news.google.com/articles/CAIiE…

Every business sector has a value chain and profit pools. How much of the profit any one layer in the value chain (eg, landlord; tenant; food supplier) obtains is impacted by the wholesale transfer price of a factor (eg, rent)
French for “superior force” = force majeure. google.com/amp/s/www.natl…

news.bloomberglaw.com/corporate-gove…
Like restaurants, airlines have a value chain (eg, Mauboussin graphic below) and as part of their business they pay rent to airports to use gates. The rent paid for a gate has a wholesale transfer price. It is only one factor in the aviation value chain. research-doc.credit-suisse.com/docView?langua…
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Tren Griffin
@trengriffin
1/ Not reading Howard Marks at a time like this is bonkers.

"We have to consider the outlook and the appropriateness of value, in the context of unprecedented uncertainty and the total absence of guidance from analogies to the past." oaktreecapital.com/insights/howar…
2/ "The range of negative outcomes seems much wider [than GFC]. Social isolation, disease and death, economic contraction, enormous reliance on government action, and uncertainty about the long-term effects are all with us, and the main questions surround how far they will go."
3/ "My reaction to all the above is to expect asset prices to decline. You may or may not feel there’s still time to increase defensiveness ahead of potentially negative developments. But the most important thing is to be ready to respond to and take advantage of declines."
Read 3 tweets
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Tren Griffin
@trengriffin
"During 2020, Karoui expects the 12-month trailing default rate to increase to 13%. Over the next six months, he forecasts about $555B worth of bonds will likely be cut to high-yield from investment-grade, in addition to the $149B downgraded year-to-date." bloomberg.com/news/articles/…
2/ People love junk bonds because for some weird reason they feel [junk bonds] don’t have interest rate risk.”
“We try to be liquidity providers and get paid for that. What tends to support outperformance over time — buying when other people need to sell."25iq.com/2014/10/04/a-d…
3/ "I want fear. I want to buy things when people are afraid of it, not when they think it’s a gift being handed down to them.”
“There is one thing about being an asset manager. Timing is everything. The synonym for 'early' in the investment business is ‘wrong’.”
Jeffrey Gundlach
Read 3 tweets
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Tren Griffin
@trengriffin
washingtonpost.com/opinions/bill-…
Perhaps you have heard of a "Billg review." It is about as intense a review as is possible and then some. If you aren't fully prepared and on your game you are on the menu and will be eaten alive. He works hard and is as rational and as smart as anyone I have ever encountered.
Anyone in a Billg review will quickly understands that he has read everthing, is fully prepared and will focus like a laser on the most important issues. He has been out front on the dangers of Pandemics for years. Listen to what Bill is saying is what I am saying.
Read 3 tweets

Related threads

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Simran Jeet Singh
@SikhProf
11 Sikhs killed, 11 more injured in attack on gurdwara in Kabul, Afghanistan.

Harrowing images from the scene. Absolutely heart-breaking.
Eyewitness estimates about 150 Sikhs trapped in gurdwara during attack.

"The gunmen started their attack at a time when the Dharamsala was full of worshippers." - Narindra Singh Khalsa
aljazeera.com/news/2020/03/g…
Incredibly sad. Sikhs have made Afghanistan their home for centuries. But they have been pushed out in recent years due to religious intolerance. Is there anywhere Sikhs can live in peace?
reuters.com/article/us-afg…
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Zach Vorhies
@Perpetualmaniac
This is a weird story and the facts of the case are baffling.

news.google.com/articles/CAIiE…

This woman is an author and podcaster who talks about the coming end times. She also had a lot of people who have died around her (some may have been assassination)...
Her current husband is also an author of around 12 books. In interviews he’s been super nice and polite.

Yet the state of Idaho and Hawaii have been putting very intense pressure to bring this woman to “justice” - for the crime of not telling the authorities where her kids are..
It’s been reported that she is a fantastic mother by people that know her. So with so many people who have died around her... maybe it make sense that her kids are in hiding and she is concerned that they will be next and wants to maintain secrecy for their wellbeing...
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Ralph Cerchione
@Dry_Observer
@business .@business Very useful for Russia, Iran and the Saudi's Aramco IPO.

But just pointing out we could dump algae in biodigesters, produce unlimited natural gas & recycle the waste on 6/23/14 preceded oil prices peaking 6/24/14 & plummeting by 75%.
@business .@business To sum up:
Algae rotting in biodigesters can make all the methane (natural gas) that you need.

Conventional GTL (gas-to-liquid) technology converts NG to oil at $25/barrel *without* pricing in de facto free energy or feedstocks.
futureimperative.blogspot.com/2011/07/amazon…
@business .@business A biodigester is a covered trench lined with block, w/a slurry of waste & water decomposing inside. Not exactly the most difficulty engineering feat if you have the lined hole and a sheet of plastic.
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TMV 🌐 Research
@BanksyArtist
🔸Thread 1🔸
On Jeffrey Epstein and everything previously known about him, his disturbing past, friends, island etc.
Over a year's worth of research.

What the #FakeNewsMedia won't tell you about #EpstienIsland #EpsteinsBlackBook
#HumanTrafficking

threadreaderapp.com/thread/1147685…
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Jeffrey Epstein.
Ghislaine Maxwell.
Their friends and business involving.
Clintons + Obama + TerraMar etc.
threadreaderapp.com/thread/1150970…
🔸Thread 3🔸Jeffrey Epstein.
Today a judge will decide if Epstein will be let out on bond.
He has offered 75 Million $ and his brother to co-sign another 100 Million.

My prediction right now is NO bond. He is a high risk repeat offender. He has never stopped abusing kids.
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Christopher J. Hale
@chrisjollyhale
Since May 2: "Thug ni**er" texts, soliciting sex from interns, protecting & promoting a child sex abuser, allegedly attempting to illegally jail a black civil rights activist, an FBI probe of selling votes for money, two lawsuits for voter suppression.

Nat'l coverage? Little.
I forgot snorting a line from the State Capitol complex. My bad.
Here's a thread on some good articles to get caught up since the national media has more or less been AWOL.

newschannel5.com/news/newschann…
Read 15 tweets
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New Knowledge
@NewKnowledgeAI
Russia and Iran are engaged in disinformation campaigns aimed at US citizens. Twitter just released over 10 million tweets from over 4500 Russian and Iranian accounts engaged in influence operations dating back to 2009. We've analyzed the data. Here's what you need to know...
Russia's influence operations are far-reaching, aimed at a number of countries. This, of course, includes ops aimed at US voters in 2016, but also includes their own people. 58 Russian-language accounts tweeted regional "news" related to Crimea, Syria, and other military action.
44 US-directed local "news" accounts amassed over half a million followers. By using local-sounding news source names, they were able to dupe Americans from *other* regions to share what they thought was authentic news.
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#FakeNews #WINNING #Kerry #LifeLog #SecurityThreat #News #Murder #Trump2020 #PROPAGANDA #BoyCott #CRISIS #Climate #PANIC #MAGA #Cure #KAG #JusticeComing #ItsHappening #ReleaseFISA #TickTock #MAGE #Rally #Walkaway #Honor #DoIt

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