Musings on Markets

OCTOBER 4, 2023

We started the year with significant uncertainty about whether the surge in inflation seen in 2022 would persist as well as about whether the economy was headed into a recession. The NASDAQ also gave back gains in the third quarter, but is up 27.27% for the year, but those gaudy numbers obscure a sobering reality.

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Marketability Start-ups Risk Premium Treasury 120

Musings on Markets

JANUARY 27, 2022

Inflation: Measurement and Determinants As the inflation debate was heating up in the middle of last year, I wrote a comprehensive post on how inflation is measured, what causes it and how it affects returns on different asset classes. Rather than repeat much of that post, let me summarize my key points.

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Risk-free Rate Treasury Price to Book Start-ups 99

Musings on Markets

SEPTEMBER 27, 2022

In my early 2021 posts on inflation, I argued that while the higher inflation that we were just starting to see could be explained by COVID and supply chain issues, prudence on the part of policy makers required that it be taken as a long term threat and dealt with quickly. in the NY Fed survey. in the NY Fed survey.

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Risk Premium Treasury Start-ups Equity 97

Musings on Markets

SEPTEMBER 20, 2024

The place to start to dispel the “Fed sets rates” myth is with an understanding of the Fed Funds rate, an overnight intra-bank borrowing rate is one that most of us will never ever encounter in our lives.

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Banking Treasury Start-ups Marketability 122

Musings on Markets

JULY 17, 2023

At the start of the year, the consensus of market experts was that this would be a difficult year for markets, given the macro worries about inflation and an impending recession, and adding in the fear of the Fed raising rates to this mix made bullishness a rare commodity on Wall Street.

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Marketability Risk Premium Start-ups Treasury 98

Brian DeChesare

JANUARY 4, 2023

In March, the Fed finally started hiking rates, and in May and June, the pace accelerated; the federal funds rate ended the year in the 4.25% – 4.50% range, the highest level since 2007. Here it is as of January 3 rd , with differences vs. the start of 2022 in brackets: Equities: 31% [Down 7%]. Treasuries: 19% [Up 19%].

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Musings on Markets

AUGUST 5, 2023

As part of that obsession, since September 2008, I have estimated an equity risk premium for the S&P 500 at the start of each month, and not only used that premium, when valuing companies during that month, but shared my estimate on my webpage and on social media.

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Risk Premium Equity Start-ups Treasury 97

Brian DeChesare

JUNE 15, 2022

If you look online, you’ll find many threads, articles, and blog posts saying that back office (BO) and middle office (MO) jobs are “the worst” and that if you end up there, your career is over. Example Jobs at a Bank: Risk management, treasury, some legal/in-house counsel roles, counterparty credit, and some types of quant jobs.

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Musings on Markets

JANUARY 21, 2023

I will follow up by looking at the mechanics that connect stock prices to inflation, and examine why the damage from higher inflation can vary across companies and sectors. The Year in Review At the start of 2022, the S&P 500 was at 4766.18, up from 3756.07 at the start of that year. Stocks: The What?

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Equity Risk Premium Start-ups Dividends 93

Musings on Markets

JANUARY 17, 2024

While stocks had their ups and downs during the year, they ended the year strong, and recouped, at least in the aggregate, most of the losses from 2022. Stocks ended the year well, with November and December both delivering strong up movements, and while this left investors feeling good about the year, it was a rocky year.

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Risk Premium Start-ups Equity Treasury 79

Brian DeChesare

MARCH 13, 2023

So, past a certain point, they need to issue or save up more equity if they want to issue more loans (I’m simplifying; there are dozens of ratios and requirements, but most relate to common equity ). SVB started selling these AFS securities to raise cash, and it revealed that it took a $1.8 Deposits up to $250K are insured in the U.S.,

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Banking Start-ups Equity Treasury 123

Simply Treasury

AUGUST 26, 2021

As we have seen, in the latest EACT survey, European treasurers clearly ranked the digitization of the treasury function as their second priority for the next 12 to 24 months. Sometimes starting from scratch is easier than renovating, as in the construction of a building." It is therefore an unanimously shared objective.

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Musings on Markets

JANUARY 24, 2024

As we start 2024, the interest rate prognosticators who misread the bond markets so badly in 2023 are back to making their 2024 forecasts, and they show no evidence of having learned any lessons from the last year. The Fed Effect: Where's the beef?

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Treasury Risk Premium Start-ups Risk-free Rate 52

Simply Treasury

NOVEMBER 2, 2020

How to best choose your IT treasury solution in a complex and competitive environment? The strategic and key role of treasury teams has increased steadily over last decade. At treasury level, the central technology is the calculation and processing power of Treasury Management Systems (i.e. Tech dependency of Treasury.

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Treasury Technology Start-ups Finance 52

Brian DeChesare

FEBRUARY 22, 2023

they don’t profit from investing in stocks and betting that prices will go up or down). Support” Roles: Corporate finance, corporate strategy , investor relations , risk management, treasury, and… arguably some back-office jobs (??). Unfortunately , the ubiquity of these terms has also made them more confusing.

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Finance Marketability Banking Corporate Finance 130

ThomsonReuters

JULY 19, 2022

Uber’s website explains that drivers can cash out up to five times per day. Treasury Department’s annual “ General Explanations of the Administration’s Revenue Proposals ” publication addressed the treatment of on-demand pay arrangements or EWA programs. How EWAs work. per employee in 2021). The 2022 U.S.

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Start-ups Treasury Banking Technology 98

Global Finance

JULY 2, 2024

MT101 and MT103 sent via FIN over a Financial BIC (FI) will require validation and face increased charges starting November 2025, but do not have a set date of decommissioning. Corporate BIC owners will be supported on FINplus starting November 2024. This enhances financial evaluation and speeds up decision making at lower costs.

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Banking Start-ups Treasury Technology 64

Value Scope

JANUARY 13, 2021

This is often when litigation picks up. Oil and gas production is a supply chain that ends up in a place where the commodity is changed into something that is useful, like fuel, rubber, or natural gas that is dry and safe to burn in a power plant. Click to Download: Update on Oil & Gas Royalties Litigation-Key Valuation Issue s.

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Fair Market Value Discounted Cash Flow Treasury Marketability 130

Brian DeChesare

SEPTEMBER 14, 2022

The commonality is that they can be useful side doors into the finance industry, especially if you got started late , earned lower grades , or did not complete enough internships : What is a “Credit Analyst”? Normal Company: It’s most common to move around to other areas in corporate finance, such as FP&A, Accounting, or Treasury.

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Finance Banking Corporate Finance Start-ups 95

Musings on Markets

MAY 5, 2023

First, to the extent that some deposits are not interest-bearing (as is the case with most checking accounts), banks that have higher percentages of non-interest bearing deposits start off at an advantage, lowering the average interest rate paid on deposits.

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Banking Equity Start-ups Treasury 97

Musings on Markets

JULY 1, 2022

To put risk capital in perspective, it is best to start with a definition of risk that is comprehensive and all-inclusive, and that is to think of risk as a combination of danger (downside) and opportunity (upside) and to consider how investments vary in terms of exposure to both. Risk Capital: What is it?

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Marketability Risk Premium Start-ups Equity 99

Chris Mercer

MAY 19, 2023

Was it just the long-term Treasury Securities that everyone has talked about. The bank was “profitable” and attractive for those eight years, up to the time that they announced underlying asset quality problems. Assuming they started with $100 million in total assets, that represented an 18% CAGR over the period.

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Banking Treasury Start-ups Marketability 98

Brian DeChesare

JANUARY 3, 2024

My portfolio did “OK” (up 10% for the year), but it greatly underperformed the S&P 500 , which was up 24%. With better decisions, I could have been up 15 – 20% for the year and slightly above my levels from 2 years ago. Gold did well (up around 13%), but I had 10% or less in it the whole time. Treasuries.

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Marketability Start-ups Equity Dividends 59

Musings on Markets

MAY 20, 2022

In general, higher and more volatile inflation has negative effects on all financial assets, from stocks to corporate bonds to treasury bonds, and neutral to positive effects on gold, collectibles and real assets. I then examine how equities have performed in the less than five months of 2022, where inflation has returned to the front pages.

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Price to Book Dividends Beta Equity 102

Reynolds Holding

SEPTEMBER 29, 2024

The Treasury Department and the IRS have released long-awaited proposed regulations (the “Proposed Regulations”) on the 15% corporate minimum tax on the book income of certain large corporations (the “CAMT”), more than two years after the CAMT was created as part of the Inflation Reduction Act. [1]

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Treasury Dividends Start-ups Fair Market Value 45

ThomsonReuters

JUNE 7, 2024

“We started [FlexWage] in 2009, and really in earnest in 2010,” Dombroski started. “The topic of constructive receipt never came up at any time during that conversation,” Morris stressed. “We view on-demand pay as kind of a stepping stone or a lifesaver for these employees,” Dombroski started.

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Treasury Compliance Start-ups Banking 52

ThomsonReuters

APRIL 25, 2023

For 2022, EV sales were up by more than 60% with a representation of just about 6% of all sales in the U.S. ” The Golden State offers a rebate of up to $7,000 to buy or lease certain EV vehicles. Treasury Department updated its stance on what types of EVs may qualify for the $7,500 tax credit. trillion funding bill.

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Treasury Start-ups Marketability Technology 52

ThomsonReuters

MARCH 10, 2021

Permits the Treasury Secretary to waive for failure to deposit penalties on “applicable employment taxes” if the failure to deposit is due to an anticipated credit. The current 10-day limitation runs from the start of the credits in 2020 through March 31, 2021. 501(c)(1) and exempt from tax under Code Sec.

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Treasury Start-ups Finance Marketability 105

ThomsonReuters

APRIL 12, 2022

The most well-funded payroll tax departments could hardly keep up with the changes in the law let alone the changes made to the payroll tax form itself (we counted no less than 6 changes to Form 941 in the last two years). Start your 7-day free trial of Checkpoint Edge today. Rest assured, no finger-pointing here. for reference).

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Start-ups Treasury 98

ThomsonReuters

AUGUST 16, 2022

Starting with their tax years that begin in 2021 (the 2021 tax year) pass-through entities with items of international tax relevance must contend with a number of new forms and instructions. Sign up for a free 7-day trial today ! Will the IRS Provide Additional K-2 and K-3 Relief?

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Treasury Compliance Start-ups 98

Reynolds Holding

OCTOBER 6, 2024

Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). [1] Pre-existing entities must report beneficial ownership information by January 1, 2025, unless exempt, and newly created or registered entities starting next year will have only 30 days to file. of Treasury, et al. , May 29, 2024). [3] 4, 2024). [5]

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Treasury Compliance Start-ups Finance 45

Value Scope

JANUARY 13, 2021

This is often when litigation picks up. Oil and gas production is a supply chain that ends up in a place where the commodity is changed into something that is useful, like fuel, rubber, or natural gas that is dry and safe to burn in a power plant. It is a price-taker business.

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Fair Market Value Discounted Cash Flow Treasury Marketability 100

Musings on Markets

MARCH 25, 2021

The first has been the steep rise in treasury rates in the last twelve weeks, as investors reassess expected economic growth over the rest of the year and worry about inflation. for the year are at war with its concurrent promise to keep rates low; after all, adding those numbers up yields a intrinsic risk free rate of 8.7%.

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Equity Risk-free Rate Treasury Start-ups 52

Brian DeChesare

NOVEMBER 9, 2022

People usually start this discussion by comparing S&T exits to investment banking exit opportunities and saying that S&T exit options are “worse.”. Of all the hedge fund strategies , global macro is the best fit for most traders because: It matches up directly with popular desks like rates trading , FX, and commodities.

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Banking Equity Start-ups Marketability 93

ThomsonReuters

FEBRUARY 7, 2023

While Google can be a good starting point for basic research, there are advantages to leveraging an industry-specific tax research platform. Improve your tax research process As noted earlier, Google can be a good starting point for basic research. Users can work with Microsoft Word, Adobe Acrobat, or manual tracking.

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Start-ups Treasury Technology 59

Reynolds Holding

MAY 9, 2022

The retail public started to invest, in part thanks to that Uncle Sam advertising. When my dad was coming of age, the world started to turn to the U.S. A generation after my dad started his business, I had to make my own career decision: law school or Wall Street? 11] We also observed challenges in the Treasury market.

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Marketability Treasury Start-ups Banking 45

ThomsonReuters

FEBRUARY 28, 2024

These numbers can really add up as you source more and more goods,” said Roy. So, oversight is required around how the relationships between the buyer, the seller, and the factory are set up, plus there must be a clear audit trail to demonstrate the actual price charged between companies. There are caveats, however.

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