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https://www.eleconomista.es/economia/noticias/12675210/02/24/diaz-prepara-un-golpe-de-mas-de-3000-millones-para-la-sanidad-y-la-educacion-privada.htmlSaludos.
https://www.pressreader.com/spain/el-economista/20240216/page/15/textviewHines venderá su proyecto residencial estrella en MadridSaludos.
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Nvidia is nuts, when’s the crash?A chip in every potBefore the AI fever breaks few will bet against Nvidia’s market value rising further as stock market investors swoon at thoughts of the bot-overlord future.This week Nvidia’s market cap passed the $1.8tn mark, leapfrogging Alphabet — whose 2023 net income was greater than Nvidia’s 2023 revenues — to become the third most valuable US company after Microsoft and Apple. Nvidia options have gone wild — Tesla wild.Nvidia’s chips are essential to the current generation of machine learning models and their associated services, and so will earn the company extraordinary profits for the foreseeable future. That seems to be the general idea at least. Pour cold water over it at your peril.Allow us instead to merely pass on a few back-of-the-envelope calculations about what that valuation implies from the tech-focused curmudgeons over at Chameleon Capital.Toby Clothier has pulled a dusty discounted cash flow model from a drawer and plugged in Nvidia’s numbers. To get to a $740 share price simply requires that the company maintain a monopolist-like operating profit margin of 55 per cent for the next decade, while also growing sales tenfold, from $60bn a year to more than $600bn.For context, the entire industry sold $527bn worth of chips last year, according to the the Semiconductor Industry Association.Over the past decade Nvidia did admittedly achieve a similar level of growth: in 2014 its sales were a mere $4bn. However, Clothier points out that Nvidia’s unusual profitability is a recent phenomenon related to the very high prices pushed through in response to overwhelming demand:CitarThe EBIT Margins were all over the place from 2014-2023 (range of 12-37 per cent) and certainly nowhere near a steady 55 per cent.So Nvidia shareholders are making a bet that the law of large numbers does not apply, and that competition, innovation, and pricing pressure will not come to bear until at least the mid-2030s. Good to know.Clothier’s discount rate is 10 per cent by the way. At a 15 per cent growth rate and 30 per cent sustainable margins his antiquated model cranks out a share price of $176 — purely as an example for discussion, not a target.Those who have made a fortune from Nvidia are very welcome to share their own assumptions in the comments.
The EBIT Margins were all over the place from 2014-2023 (range of 12-37 per cent) and certainly nowhere near a steady 55 per cent.
London’s Prime Homes Suffer Sharpest Price Drop in Five YearsThe market in exclusive neighborhoods has been hit by higher interest rates and increased supply.It’s a been bad start to the year for London’s luxury homes.Prices for properties in prime areas of London, defined as 34 exclusive neighborhoods including Belgravia, Mayfair and Kensington, were down 7.1% in January compared with a year earlier. That’s the largest decline in almost five years, according to data compiled by researcher LonRes. Sales, meanwhile, slipped 16% as higher interest rates affected demand and more supply came to the market.(...)
Liberalismo a la madrileñaCómo y por qué Madrid se ha convertido en la comunidad que más crece, más empleo genera, mejores servicios públicos ofrece, más recauda y más baja los impuestosMadrid está en boca de todos. Ha superado a Cataluña, convirtiéndose en la locomotora que lidera el crecimiento económico en España. Ha bajado los impuestos con tanto acierto que el crecimiento propiciado ha hecho que aumente la recaudación. Ha liberalizado sus mercados para incentivar el emprendimiento y la inversión. Ha consolidado un modelo de servicios básicos en el que el sector público se complementa a la perfección con el privado. Y ha combatido la pandemia del coronavirus evitando los confinamientos y apostando por conciliar salud y economía.Diego Sánchez de la Cruz, uno de los analistas económicos que mejor conoce el «modelo liberal» de la región, explica minuciosamente, en esta obra tan rigurosa y exhaustiva como amena, cómo Madrid se ha convertido en la capital del capitalismo europeo, repasando todas las reformas y medidas clave que lo han hecho posibleAdemás, el autor refuta punto por punto todos los mitos y la propaganda empleados por la izquierda y el separatismo para intentar tapar el creciente éxito madrileño. La efervescencia liberal madrileña tiene por fin su libro de cabecera, un manual en el que se estudia a fondo la verdadera revolución que ha vivido la región gracias a su vocación aperturista.