But, if a biotech succeeds in developing and commercializing a therapy with a large addressable market, the future cash flows can be enormous. Past performance is not a guarantee of future results.
Now this is not the end.
Rommel’s army has been defeated. I like to poke fun at Elon Musk as much as the next guy, but SpaceX in particular is inspiring and aspirational to me.I prefer the phrase written as “THEY are all MMTers now”As far as inflation is concerned I’ll share a story. The End of the Beginning (God Is an Astronaut album), or the title song, 2002; The End of the Beginning, a 1976 studio album by American singer Richie Havens; The End of the Beginning (Like a Storm album), or the title song, 2009 Particularly duration sensitive assets such as long bonds and growth equities.Some dominant themes/narratives I think we will grapple with as this evolves:Now, this idea of long duration growth bets merits some additional comment. General Alexander and General Montgomery fought it with one single idea. It’s a (linear) approximation of a bond’s price sensitivity to interest rates. But it is, perhaps, the end of the beginning.” I have not written much since the coronavirus outbreak blew up. It’s something that doesn’t get enough pixels, in my opinion. Ideally one that is not a revolution or a big war. “Now this is not the end. But it is, perhaps, the end of the beginning. I have no unique perspective to add regarding epidemiology or public health policy. The Churchill Society London.
A quotation from a 1942 speech by Winston Churchill concerning the Second Battle of El Alamein; Music.
These companies have no free cash flow in the present. Winston Churchill It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. I have not written much since the coronavirus outbreak blew up. Now, however, the bright gleam has caught the helmets of our soldiers, and warmed and cheered all our hearts.”“The late M. Venizelos observed that in all her wars England — he should have said Britain, of course — always wins one battle — the last. But it is, perhaps, the end of the beginning.” Winston Churchill, The Lord Mayor’s Luncheon, Mansion House, November 10, 1942.
Any action that you take as a result of information contained in this document is ultimately your responsibility. It has been routed. I can forgive people (myself included) for not grasping how monetary policy would impact financial market behavior post-2008. General Alexander, with his brilliant comrade and lieutenant, General Montgomery, has gained a glorious and decisive victory in what I think should be called the battle of Egypt. It would seem to have begun rather earlier this time. But I simply haven’t had much to say. The duration of this new regime is an open question. Certainly not relative to its importance. Start to liquidate some of the balance sheet? It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. It has been very largely destroyed as a fighting force.”“This battle was not fought for the sake of gaining positions or so many square miles of desert territory. Most investors are familiar with the concept of a fixed income security’s duration. If you follow me on the Twitter, you may recall my exhortation to “dare to be smart enough to be dumb.” Flexibility is key here. We have victory – a remarkable and definite victory.”:“Alexander and Montgomery turned back Rommel’s forces at El Alamein, thus winning what Churchill called “The Battle of Egypt.” I have never promised anything but blood, tears, toil, and sweat. When rates are high, and gravity is strong, valuation multiples collapse. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. It is not even the beginning of the end.
they meant to destroy the armed force of the enemy and to destroy it at the place where the disaster would be most far-reaching and irrecoverable….” Wealth inequality has the first order effect of depriving the rubes of resources they would need to be a real threat, but also the second order widening gyre/shrinking pie that keeps them at each others’ throats to hamper their ability to use what resources they do have to effect change. The End of the Beginning may refer to: .