PPCC: Pisitófilos Creditófagos. Primavera 2024

[sudden and sharp]

Creo que está noticia es relevante por cuanto demuestra una manipulacion de precios a gran escala en Estados Unidos y que en España también existiria y estaría metido Idealista.com

https://www.xataka.com/magnet/eeuu-precios-alquiler-no-bajaban-han-descubierto-que-vivienda-esta-manos-algoritmos

Por cierto que según el articulo el FBI no habría investigado el asunto, cosa extraña y que me recuerda a como Asustadísimos siempre habla de la ecuación de intereses de los funcionarios de la Agencia Tributaria y en general de la AGE, que ya no se pueden pagar un piso en un buen sitio de Madrid.

Si consideras la vivienda como un hactivo... pues como la bolsa. (O los activos financieros en general.)

[Derby]

https://finance.yahoo.com/news/wall-street-is-divided-over-the-rise-of-private-credit-140058228.html

Wall Street is divided over the rise of private credit

The debate on Wall Street about the rise of private credit is getting louder.

On one side is the boss of the largest US bank, Jamie Dimon, who argues that increased lending by private equity firms, money managers, and hedge funds creates more opportunities to let risks outside the regulated banking system go unmonitored.

"I do expect there to be problems," the JPMorgan Chase (JPM) CEO said at a Bernstein industry conference at the end of May, adding that "there could be hell to pay" if retail investors in such funds experience deep losses.


JPMorgan Chase CEO Jamie Dimon. (REUTERS/Evelyn Hockstein) (REUTERS / Reuters)

On the other side are top executives from some of the world’s biggest money managers who aren’t hesitating to push back on that argument.

"Every dollar that moves out of the banking industry and into the investment marketplace makes the system safer and more resilient and less leveraged," Marc Rowan, Apollo (APO) CEO, said at the same Bernstein conference attended by Dimon. (Note: Apollo is the parent company of Yahoo Finance).


Apollo Global Management CEO Marc Rowan in Hong Kong last November. (Vernon Yuen/NurPhoto via Getty Images) (NurPhoto via Getty Images)

Private credit funds, their proponents argue, don’t face deposit runs and they don’t rely on short-term funding — a model that proved troublesome for some regional banks that ran into problems last year and had to be seized by regulators.

Instead, they lend money raised from large institutional investors such as pension funds and insurance companies that know they won’t get their money back for several years.

Another top executive with giant private lender Blackstone (BX) used the same Bernstein conference to cite the asset-liability mismatch that ultimately sank First Republic, the San Francisco regional bank that failed last May and was auctioned to JPMorgan.


Jonathan Gray, Blackstone's COO. (Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images) (CNBC via Getty Images)

"It had 20-year assets and 20-second deposits," Blackstone COO and general partner Jonathan Gray said.

"And if we can place these loans directly on the balance sheets of a life insurance company, that's better matching."

The rise of private credit

There is little doubt that private credit is on the rise as traditional banks pull back on lending during a time of elevated interest rates from the Federal Reserve and worries about a possible economic downturn.

The global private credit market, which accounts for all debt that is not issued or traded publicly, has grown from $41 billion in 2000 to $1.67 trillion through September, according to data provider Preqin. More than $1 trillion of that amount is held in North America.

The sum is still small compared to total loans held by US banks — over $12 billion — but the concern by some in the banking world is that any panic among borrowers could spread if things were to get ugly.



"I'm not sure that a one-and-a-half-trillion-dollar private credit market is particularly systemic, but the point is that these things can have a snowball effect," UBS chairman Colm Kelleher said in a Bloomberg interview earlier this year.

For now, private credit performance is solid despite the concerns.

For five of the past six quarters, private credit has brought higher investor returns than it has on average over the past decade, according to an aggregate private credit index created by Preqin.

It has also outperformed a similar index measuring aggregate returns in private equity for the same period.

"Everybody can look quite good when it's all going up to the right, but it gets tougher when you go through cycles," John Waldron, Goldman Sachs' COO, said at the same Bernstein conference.

'Dancing in the streets'

Private credit assets are varied. They can range from corporate loans to consumer car loans and some commercial mortgages. The loans are especially useful to midsize or below investment-grade borrowers in special situations like distress.

The terms are usually more flexible than what banks require, with adjustable interest rates, a potential advantage or dilemma for borrowers expecting interest rates to eventually drop.

Some bankers argue that money managers have an unfair advantage because they don’t have to operate under the same capital requirements as banks do. And bank regulators are preparing new rules that could make those capital requirements even stricter.

When those heightened standards were first proposed last year, Dimon quipped that private equity lenders were surely "dancing in the streets."

The lobby of JPMorgan headquarters is photographed through its front doors in New York May 11, 2012.  Stocks fell at the open on Friday after JPMorgan Chase & Co revealed a trading loss of at least $2 billion from a failed hedging strategy, dragging bank shares lower. 


JPMorgan competes with private lenders but also serves some as clients. (REUTERS/Eduardo Munoz) (REUTERS / Reuters)

But there are some signs that Washington could be preparing to intensify its scrutiny of these funds. The Financial Stability Oversight Council has voted to approve a new framework for labeling firms as "systemically important," a tag that triggers new oversight from the Fed.

The new framework creates an opening for firms other than banks to get that label. Funds argue they don’t present the same systematic risks as banks, and therefore the label is not appropriate for them.

The relationship between traditional banks and private asset lenders is complicated. They compete with each other, but many banks also lend money to those same asset managers.

Dimon acknowledged that, saying there are many "brilliant" private lenders. "I mean, I know them all. We bank a lot of them. They're clients of ours."

"We're just uniquely positioned to be in the middle of all of it and I think it's going to continue to grow," Troy Rohrbaugh, co-CEO of JPM's commercial and investment bank, said this past Wednesday at another conference.

[Derby]

https://www.aol.com/were-era-supply-chain-disruption-161128950.html

'We're in a new era' of supply chain disruption, HSBC analyst says

After a series of COVID-19 pandemic disruptions, ongoing geopolitical conflicts, and now a historic year in which more than 60 countries are holding elections, supply chain managers face a growing number of challenges.

"I would actually say that we're in a new era," HSBC Americas head of global trade solutions Marissa Adams told Yahoo Finance in a video interview. "I don't think that there is a normalization anymore. I think that what companies are now facing is that supply chain disruption is the new norm."

Supply chain disruptions have always been a part of global trade, even dating back to the Silk Road, which connected trade routes in Europe, the Middle East, and Asia. However, companies in the current market are more exposed to unexpected global events, which impacts their ability to trade effectively.

According to a new report from HSBC, there are several factors putting pressure on global supply chains this year. Products and global supply chains are more complex than ever before, and suppliers have to secure financing in an inflationary environment.

There are also issues particular to certain geographic regions that are causing ships to change their routes, such as the attacks in the Red Sea and drought affecting the Panama Canal. And globally, more than a quarter of the world's population is going to the polls this year.

"One of the things, for sure, is that trade continues to be a huge topic on the campaign trail," Adams said, adding, "Some of that is due to protectionism, nationalism, [and] other focuses."


A cargo ship sails through the Panama Canal on June 13, 2024, as authorities increase vessel transits through the waterway following drought-related restrictions. (AP Photo/Matias Delacroix) (ASSOCIATED PRESS)

A holistic view of supply chains

According to Adams, the COVID-19 pandemic provided a wake-up call to companies exposed to geopolitical incidents and other vulnerabilities. Previously, companies set up their supply chains to mostly focus on reducing costs and improving the bottom line, Adams said.

"We went from a world where goods were 'just in time,' and now we’re looking at people going, 'Just in case,'" Adams said, "and that’s really changed a lot of companies' balance sheets."

Supply chain strategies evolved to account for these new challenges as companies began moving their operations closer to home, adding security, and working to reduce supplies and shipping costs.

“Things that companies can look at is, firstly, ... taking a real, big deep dive into their supply chain,” Adams said. “Where do they see risk? Are there certain suppliers they have a concentration on, or are there countries where, potentially, there’s more risk around it?”

Adams also offered guidance on managing relationships with China’s business sector amid recently increased tariffs from the Biden administration, noting that companies should look at potential risks holistically instead of on a country-by-country basis.

“Supply chains are complex, and even when things are produced here in the United States, there’s a number of different components that are produced in Asia, in Europe, in other markets around the world,” Adams said. “What we’re trying to talk to our customers about is taking a look at the risks holistically. Don’t just look at one category of your products. Do you have a geopolitical risk in one country versus another? Is there a risk from a transport aspect in another country?”


President Joe Biden sits down to sign a document on May 14, 2024, imposing major new tariffs on certain products imported from China. (AP Photo/Susan Walsh) (ASSOCIATED PRESS)

When asked about how supply chain issues could impact investors’ portfolios, Adams pointed out three signs investors should look out for.

First, she said, keep an eye on senior leadership strategy. Is the CFO talking about supply chain resilience regularly? Are they focused on both the risks and costs?

Second, how concentrated is the company in key sectors and markets? For example, a lot of semiconductor production is based in Taiwan, but many companies are trying to bring those operations to the US, which would take time.

Lastly, Adams noted investors should evaluate a company's infrastructure investment and whether the company is investing in its supply chains in a diversified manner to avoid unnecessary risk.

[senslev]

Qué soberbia la del consejero, y cómo se ve que se la suda lo que pasa con la vivienda. Qué puto asco. Deprimente.

[https://www.youtube.com/watch?v=FGllIaj1ncc]

[Cadavre Exquis]

https://cincodias.elpais.com/companias/2024-06-15/el-corte-ingles-avanza-en-su-plan-inmobiliario-con-ventas-de-activos-por-660-millones-en-cuatro-anos.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/opinion/2024-06-15/en-el-adios-de-de-cos-al-banco-de-espana-transformacion-interna-y-reequilibrio-de-poder.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/companias/2024-06-15/el-colapso-del-oro-el-dolar-y-lo-que-no-aprenden-los-bancos-centrales.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/Cinco-Dias/20240615/page/2/textview

Musk cree que sus humanoides Optimus nos harán felices sin tener que comer perdices

https://cincodias.elpais.com/companias/2024-06-14/las-cuentas-de-elon-musk-para-que-tesla-gane-un-billon-de-dolares-al-ano-solo-con-sus-robots.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/mercados-financieros/2024-06-16/los-fantasmas-del-riesgo-politico-visitan-de-nuevo-europa.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/mercados-financieros/2024-06-16/mohit-kumar-powell-va-a-dar-prioridad-al-empleo-frente-a-la-inflacion-es-ano-electoral.html

Saludos.

[Cadavre Exquis]

https://elpais.com/economia/2024-06-15/draghi-defiende-subir-los-aranceles-en-la-ue-frente-a-la-sobreproduccion-de-china.html

Saludos.

[Cadavre Exquis]

https://elpais.com/economia/2024-06-15/mas-de-15-millones-de-hogares-pendientes-de-la-prorroga-del-bono-social-a-15-dias-de-que-venza.html

https://elpais.com/economia/2024-06-14/el-turismo-dejara-de-tirar-de-la-economia-espanola-en-2025-y-ralentizara-el-crecimiento.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/fortunas/2024-06-15/el-sector-del-lujo-mira-con-deseo-al-viajero-estadounidense.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/Cinco-Dias/20240615/page/31/textview

España se empieza a enganchar por fin a la compra de segunda mano

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/opinion/2024-06-15/la-prima-periferica-de-los-bancos-de-la-zona-euro-esta-aqui-para-quedarse.html

Saludos.