Flooding The Zone

Israel's 'Iron Dome' has always been vulnerable to a high-volume attack. This has become a problem.

BIG IF TRUE: This reads like an IDF press release but still... 

The gist: The IDF positioned troops for a ground assault, then tweeted the assault had begun. The plan was to prompt Hamas to put their troops into their defensive tunnels and bunkers, and then bomb them. Still assessing whether it worked.

Comments

[GUS]

UNPOSSIBLE. HAM ASS could not read TWEETS, because they are poor pooor victims (read animals) and the couldn't have rockets, because they are poor poooor victims (read animals). Tom, your new friends like these animals.

[henry]

As long as the Hamas dudes are masked and vaccinated, they are bomb proof. Fauci said so.

[clarice]

Heh, Henry.
Idf is creaming Hamas, roll out the proportionate response blather again.

[GUS]

Clarice, lobbing hundreds of rockets into Israel, specifically Tel Aviv is an attempt to murder children. The left is too stupid to comprehend this, because of the narrative. HAM ASS GOOD, ISRAEL BAD. One tiny little Jewish country, in the entire world. Maybe HAM ASS and it's peeps could move back to JORDAN. A country with the population of 9 MILLION cannot live in PEACE.
APARTHEID!!!!!!

[Narciso]

Heh clarice when i saw he was a 20 year veteran i suspected it was a feint

[MissMarple2]

If I were Netenyahu, I would wave all the dirt on Biden (that Mossad probably has) in Biden’s face and tell him to mind his own business.

Steady stream of customers, hot sellers are toys and baskets right now.

[jimmyk]

No doubt the UN will declare this a war crime by those wily Jews.

[Dave (in MA)]

In Twitter's sidebar,

A video and an image showing people storing gasoline in plastic bags were taken in Houston and Mexico in 2019, according to PolitiFact and Snopes

Maybe this was pointed out to float the idea that people wuz stoopider under Trump than they are under Dementia Joe.

[Narciso]

Right next to the bowl of tidepods
https://www.frontpagemag.com/fpm/2021/05/woke-cia-old-news-just-ask-hipsters-fidel-and-che-humberto-fontova/

[Neo]

Wait, the pandemic’s over?
The timing of today’s mask announcement seems…suspicious

https://spectator.us/topic/wait-pandemic-over-cdc-masks/amp/

Colds, Flu and COVID will be tapering off between now and mid-August, when it will then begin anew.
Looks like the Biden Administration is trying to declare it dead before mid-August.

This plan was noticeable when a couple of weeks ago, governors of blue states started to quickly rollback COVID related restrictions.

This all seems to be related to the success of Ron DeSantis in Florida. If the blue state Governors did nothing, Ron DeSantis would own the end of the pandemic.

The big gamble is that COVID won't reappear after mid-August, when the hope of a vaccine will have been spent. That's when Biden will own it.

Bet that jobs report helped to speed it along.

[Narciso]

For some reason typepad doesnt like cisa bulletins

[Narciso]

Much like saigon cree that believed halberstam and acted against diem accordingly.

[Ignatz Ratzkiwatzki]

Lix* Cheney attempts to prod those few Repukes who supported her to recant their votes.

*Proximity key typo, but I prefer it actually.

[henry]

The 9/11 theater must go on.

https://www.cnbc.com/2021/05/14/jan-6-capitol-insurrection-house-reaches-deal-on-commission.html

[Dave (in MA)]

ABC, PDQ, LOL,
https://twitter.com/i/status/1393212993744289795

[Dave (in MA)]

Chy-nah Mars lander

nailed it about as well as tracking the booster stage

— Salvation (@survive22morrow) May 14, 2021

[jimmyk]

The 9/11 theater must go on.

That was the one where, as I recall, they tried to stack it with Democrats. Now it's 5 and 5. But why do I not trust the Rs to choose their members? It wouldn't surprise me if a few them ended up being pro-impeachment Rs.

[Neo]

You gotta love it when the federal government says the U.S. needs to secure its networks when the whole world is at risk.

'Significant' ransomware attack forces Ireland's health service to shut down IT systems
https://www.zdnet.com/article/significant-ransomware-attack-forces-irelands-health-service-to-shuts-down-it-systems/

[Neo]

BREAKING: Republicans Elect Elise Stefanik To GOP Leadership After Kicking Liz Cheney To Curb
https://www.dailywire.com/news/breaking-republicans-elect-elise-stefanik-to-gop-leadership-after-kicking-liz-cheney-to-curb

[Neo]

86% of gas stations in Washington, D.C., are out of fuel today.

Welcome to the Green New Deal

[Manuel Transmission]

An interesting summary of the Benghazi fiasco:

Ambassador Stevens was sent to Benghazi to secretly retrieve US made Stinger Missiles that the State Dept had supplied to Ansar al Sharia in Libya WITHOUT Congressional oversight or permission. Sec State Hillary Clinton had brokered the Libya deal through Ambassador Stevens and a Private Arms Dealer named Marc Turi, but some of the shoulder fired Stinger Missiles ended up in Afghanistan where they were used against our own military. On July 25th, 2012, a US Chinook helicopter was downed by one of them. Not destroyed only because the idiot Taliban didn't arm the missile. The helicopter didn't explode, but it had to land and an ordnance team recovered the missile’s serial number which led back to a cache of Stinger Missiles kept in Qatar by the CIA. Obama and Hillary were in full panic mode, so Ambassador Stevens was sent to Benghazi to retrieve the rest of the Stinger Missiles. This was a "do-or-die" mission, which explains the Stand Down Orders given to multiple rescue teams during the siege of the US Embassy. It was the State Dept, NOT the CIA, that supplied the Stinger Missiles to our sworn enemies because Gen. Petraeus at CIA would not approve supplying the deadly missiles due to their potential use against commercial aircraft. So then, Obama threw Gen. Petraeus under the bus when he refused to testify in support of Obama’s phony claim of a “spontaneous uprising caused by a YouTube video that insulted Muslims.” Obama and Hillary committed TREASON! THIS is what the investigation is all about, WHY she had a Private Server, (in order to delete the digital evidence), and WHY Obama, two weeks after the attack, told the UN that the attack was the result of the YouTube video, even though everyone KNEW it was not. Furthermore, the Taliban knew that the administration had aided and abetted the enemy WITHOUT Congressional oversight or permission, so they began pressuring (blackmailing) the Obama Administration to release five Taliban generals being held at Guantanamo. Bowe Bergdahl was just a useful pawn used to cover the release of the Taliban generals. Everyone knew Bergdahl was a traitor but Obama used Bergdahl’s exchange for the five Taliban generals to cover that Obama was being coerced by the Taliban about the unauthorized Stinger Missile deal. So we have a traitor as POTUS that is not only corrupt, but compromised, as well and a Sec of State that is a serial liar, who perjured herself multiple times at the Congressional Hearings on Benghazi. Perhaps this is why no military aircraft were called upon for help in Benghazi: because the administration knew that our enemies had Stinger Missiles that, if used to down those planes, would likely be traced back to the CIA cache in Qatar and then to the State Dept’s illegitimate arms deal in Libya.

A Marine Colonel friend of a friend says:

This squares with what I knew in 2012. Believe it or not, former U.N. weapons inspector, and a Marine Intelligence Officer that I worked with in 1994-'95, Scott Ritter, was reporting this in open forum in 2013.

[Melinda]

Hah! So, She lied about it all::

"Max Nardou"
@MaxNordau
“REVEALED: Florida data scientist who said she was axed for refusing to alter COVID-19 stats NEVER had access to the data and was fired for insubordination”

“data scientist”

They tried, okay?

dailymail.co.uk/news/article-9…

https://twitter.com/MaxNordau/status/1393226692924256256

[Melinda]

10/2/92 Agenda 21 passes in Congress:

https://youtu.be/he7tbK7KC34

[rse]

Mel--

https://assets-global.website-files.com/5e72518058686ec4adae1482/5f64d9c8fa34609e041db51d_Liberatory%20Thinking%20Interactive%20200917.pdf

from CPS.

[Melinda]

Disclose.tv

NOW - Secret Service officers gathering on top of the White House (NBC)

hmmm…

https://t.me/disclosetv/2253

[Melinda]

Source: https://equity.cps.edu/

If that isn't Ericson Inst, I'll eat another hat.

[rse]

From https://equity.cps.edu/tags/liberatory-thinking mel.

Had one webinar this am and another coming up. definitely a convergence I can see because I intuited it and have been reading up and recognize exactly where the language came from even without any offered cite.

[Melinda]

No, my link was from the bottom of yours, and just fits everything Mrs. Bowman and Arne have been striving for all these decades.

Meanwhile, Switzerland is off my list, lest they grab everything on the way through:

Switzerland Cancels it Currency

May 14, 2021

I previously warned that Trudeau had a law passed as of January 1st, 2021 he can cancel the currency of Canada. Little by little, those countries who have joined Schwab’s World Economic Forum’s view that paper money must be eliminated and we must have only digital currency so everything is taxed. Now Switzerland, which has been the hedge in Europe against the euro, has without notice canceled its entire run of currency they call the 8th series which includes the 1,00SF note which has been perhaps the #1 large note used in hoarding.

The notes are NO LONGER legal tender and they are giving everyone until October 30th, to deposit them or lose 100%. Of course, moving for a one-world government headed by the UN, canceling all currency, and COVID lockdowns for a virus that may have been manmade, and a death ratio of just 0.028%, all of this is just a conspiracy theory if you try to connect any dots whatsoever. Our role in society is to play the fool. Just shut up, social distance for everyone is a threat with some disease, and stay in your home and just be ruled. Read the fake news and what fake TV programs that are the new cancel culture. And, btw, have no children. Drink and get drunk that is preferable.

https://www.armstrongeconomics.com/international-news/switzerland/switzerland-cancels-it-currency/

[Narciso]

Furthermore doherty and co, had been to all of the stans so they recognized who was showing up to the partv

My money on the ringleader was bin qumu since he was ensconced in gitmo freed by ccr sent to ali salem freed foolishly by saif muamars crown prince sent to train the rebels detaimed by haftars men nearly three years probably atuffed in an oven as is their custom over there

[Neo]

Not a Single State Reported a Sizeable Increase in Coronavirus Cases Last Week

[Narciso]

Why would mitre develop a software package like cobalt strike.

[Narciso]

Fair or harsh

https://spectator.org/israel-tlaib-omar-sanders-war-hamas-bombs/

[Davod]

.Marines Sank a Moving Ship When They Fired a Navy Missile from a Drone Truck

"The Marine Corps took out a moving ship by firing a Navy missile at it from the back of an unmanned vehicle on land -- a new weapon the service's top general says will make "an adversary think twice."

https://www.military.com/daily-news/2021/05/13/marines-sank-moving-ship-when-they-fired-navy-missile-drone-truck.html

[Neo]

Senator Burr asked Fauci, Peter Marks from the FDA, and
@CDCDirector
what percentage of their own employees are vaccinated.

Fauci probably a bit more than half, around 60%.

Marks said about the same.

Walensky dodged the question.

https://mobile.twitter.com/kerpen/status/1393022731373973504

[Narciso]

Well then

https://mobile.twitter.com/redsteeze/status/1393020916389404673

[Narciso]

Ok then

https://mobile.twitter.com/seanmdav/status/1392965775342850059

[Ignatz Ratzkiwatzki]

Relief for lumber prices n the way?
Under the hood of the University of Michigan Sentiment Survey, something really ugly appeared.
While homebuilder sentiment (as measured among realtors by the NAHB) remains near record highs, home-buying sentiment has utterly collapsed as surging home prices have overwhelmed any benefits from low rates as urban exodus dominates local purchasing power.

[Narciso]

Try again

https://tinyurl.com/2w47azd5

[Dave (in MA)]

Probably less demand for plywood until the next phase of Chauvin gets underway.

[Narciso]

Good point

https://freebeacon.com/national-security/palestinians-funneled-hundreds-millions-terrorists-state-dept-report-reveals/

[Narciso]

No fair, only the deep state can do if

https://www.google.com/amp/s/www.businessinsider.com/project-veritas-tried-to-undercover-expose-hr-mcmaster-nyt-2021-5%3famp

[Narciso]

One lone voice

https://mobile.twitter.com/julie_kelly2/status/1393255597794017280

[Narciso]

The ventilstors are probably upping the death toll

[Narciso]

In india,

[Davod]

Re. Masks.

They just want to give everyone a break, before reinstituting masks again, for cold, flu, etc.

[Narciso]

They just extorted 5 million dollars you know how cobalt strike packets that can buy.

https://mobile.twitter.com/NatashaBertrand/status/1392882691402604548?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

[henry]

Re cyber security at the pipeline:

https://www.designdevelopmenttoday.com/industries/energy/news/21427753/tech-audit-of-colonial-pipeline-found-glaring-problems

“We found glaring deficiencies and big problems,” said Robert F. Smallwood, whose consulting firm delivered an 89-page report in January 2018 after a six-month audit. “I mean an eighth-grader could have hacked into that system.”

[Jane]

ManTran,

Your 12:08 was great. Giving details on what we already knew, and as always, revealing no consequences. What a world we live in!

My iPad croaked a few days ago. It took me until now to get my laptop running. It's tough becoming dumb as a post!

[Melinda]

Hmm, I wonder what happened....

https://www.zerohedge.com/geopolitical/darkside-hackers-reportedly-closing-down-after-retaliation-routs-their-infrastructure

[Melinda]

Sunlight into Chicago's back office? What could possibly go wrong?

Becky Vevea
@beckyvevea
Tens of thousands of emails from Chicago Mayor Lori Lightfoot’s staff were posted online. Experts weigh in on what should happen next, @MariahWoelfel reports. wbez.org/stories/is-dum…

https://twitter.com/beckyvevea/status/1393267947158835202

[Davod]

AmmoGRRL's CIA ad for herself.

"...Hello, CIA. Well, here I am occupying my space, but frankly not much of it. I am a vertically challenged cisgender woman of pinkish-beige color. Like your poster girl, I also have Generalized Anxiety Disorder, although mine is so bad that it is in a category all on its own called Yucky Everlasting Godawful Anxiety Disorder Syndrome, or as it’s known in the nutjob trade: YE GADS..."

https://www.powerlineblog.com/archives/2021/05/thoughts-from-the-ammo-line-376.php

[Melinda]

Jesse Livermore @Jesse_Livermore
1h
The "rising rates" justification for growth stock underperformance is a great excuse to sell an overextended asset class, but the logic itself is totally off base.

THREAD below:

👇👇👇👇👇👇👇👇

Are rising interest rates contributing to growth stock underperformance? Trivially, yes, since people believe there's a relationship & have therefore been transacting in ways that have helped create one. But the fundamental justification itself is deeply flawed.

Here's a charitable "steelman" framing of the theory:

"The earnings that growth stocks generate arrive later in the future than value stock earnings. When discounted back to the present at higher rates, those later future earnings end up being worth less on a relative basis. Thus, growth stocks end up being worth less."

On the surface, the logic seems to make sense. But it's an entangled mess. I'm going to disentangle it in two ways: first, w/ an intuitive argument, and second, w/ an actual discounted cashflow analysis (DCF).

Intuitively, here's a good test for the fundamental legitimacy of any alleged mkt relationship. Assume the mkt permanently violates the relationship. Is there a way for u, the investor, to "arbitrage" the violation, make money off it? Can u turn it into a good deal for yourself?

If the answer is no, then the alleged relationship is probably superficial--a consequence of shared expectations that become self-fulfillingly true, rather than an outcome dictated by fundamentals.

To apply to the test to an example, consider the following alleged market relationship: "Increases in the projected future path of the Fed's short-term interest rate cause increases in treasury bond yields."

To test the fundamental validity of the relationship, suppose the Fed raises short-term rates to 20% & promises to keep them there for the next 30 yrs. But the mkt then violates the above relationship, holding 30 yr yld constant at ~2.5%. Can you make money from the violation?

Yes, obviously. You sell 30 year treasury bonds in your portfolio at the unchanged price and hold the proceeds as cash at the new 20% rate. Over the next 30 years, you'll make an extra 17.5% annually, without having to take on any significant risk.

As an additional example, consider a similar market relationship applied to equities: "Higher real interest rates on long-term bonds push equity prices and valuations down, all else equal."

To test for fundamental validity, suppose LT bond yields rise to 20%, but the market leaves current equity prices unchanged, in violation of the relationship. Can you convert this violation into a good deal for yourself? Yes--sell your equities & take the higher return in bonds.

If people are stupid enough, equity prices could keep rising, creating potential losses in the trade at various points. But the carry tailwind will be so powerful that it's almost impossible to imagine a scenario where you won't end up on top in the end.

You can probably see where this is headed. Let's apply this test to the alleged "rising rates hurts growth stocks" narrative. Does the narrative pass the test?

Well, suppose interest rates rise to 20% as before, but growth stocks fail to underperform value stocks. They both fall, but by the SAME amount, leaving the spread unch'd. With the alleged market relationship violated, is there a way for you to make money, get a good deal?

If Growth is three times as expensive as Value, and then rates go from 0% to 20% overnight, without any change in anything else, where is the alleged "arbitrage"? How does the rate increase translate into you making money or getting a good deal, on any horizon, by buying Value?

The answer is there is no arbitrage. In keeping the relative valuations of Growth and Value unchanged amid the rate increase, the mkt isn't giving you or anyone else anything. There's nothing that you can do to turn the market's rejection of the rule into a gain.

Now, a caveat. If a company has (1) a net cash pile or (2) excess cash flow, that company will offer advantages under higher interest rates relative to the opposite type of company, one that is illiquid & heavily-indebted.

The reason is obvious. Higher rates allow the cash rich company, or the investors that it pays its cash out to, to earn a higher return on that cash, when it gets deposited at the bank or used to buy a bond, etc.

Conversely, higher rates will mean that a cash poor company has to pay more to borrow the cash that it needs to operate, refinance its large debts, etc.

In that sense, the higher interest rates could conceivably create an arbitrage where you profit from buying cash rich companies and selling cash poor companies. Fair enough.

But this observation says nothing directly about Value vs. Growth. Value doesn't mean cash rich & Growth doesn't mean cash poor. What these terms mean, instead, is cheap relative to current fundamentals and expensive relative to current fundamentals.

A Value Company, i.e., a company priced cheaply relative to book, sales, eps, etc. can be cash poor. Think of a small cap energy E&P company. Similarly, a growth company priced expensively relative to those variables can be cash rich. Think Apple or Google.

Now, even if we wrongly stereotype Value companies as cash rich and Growth companies as cash poor, the impact of the kind of rate increase that has occurred over the last year--a roughly 1% rise in long-term treasury yields--is negligible.

A 20% hike in rates might boost the eps of cash rich companies vs. cash poor, but a 1% increase in treasury rates, which is what we're talking about here, will hardly make a difference to anything. In fact, w/ spreads falling, the actual funding costs have hardly risen at all.

For an illustration of the irrelevance of this consideration, look at an actual value vs. growth decision that an investor might make: GM vs. TSLA. Suppose that you have to invest in one or the other at current prices and hold for the next 40 years. Which would you choose?

One could argue that GM has greater capacity for operational cash generation than TSLA, and is able to pay you more in cash dividends over the near term. With a 1% rate increase, you'll be able to earn 1% more in income each year on that cash. But seriously, who cares?

Would this consideration have any effect whatsoever on your preference to own GM vs. TSLA? Of course not! It's ridiculous to even bring it up in the conversation.

Instead of wasting time trying to figure out what interest rate you can earn by depositing GM's dividends or using them to buy bonds, you'll be asking serious questions about the future prospects of the businesses and how those prospects are being priced. Questions such as:

"GM is cheap, but can it survive its legacy issues and the disruptive competition that it will face?"

"TSLA is set to become a major market leader, but can it live up to its OUTRAGEOUSLY high price?"

The rule therefore fails the test. If it's anything, it's just a superficial association that has arisen out of self-fulfilling beliefs, in contrast to a reliable relationship that has emerged based on fundamental considerations that actually matter to the final analysis.

Now, I haven't said anything about "discounting." Let's talk about that. The narrative asserts that bc growth stock earnings are back-dated relative to value stocks, that their present value shrinks more under higher discount rates. But this line of thinking is a confusion.

Here's the steelman of the logic, one more time:

"The earnings that growth stocks generate arrive later in the future than value stock earnings. When discounted back to the present at higher rates, those later future earnings end up being worth less on a relative basis. Thus, growth stocks end up being worth less."

This logic entails a misapplication of the concept of discounting. When using discounting to value something, the thing we're discounting is NOT the future earnings. It's the future distributed CASH--either a stream of future dividends, or some final payout.

We can think of a stock as a collection of future cash payouts, which come either as dividends or in the form of a final liquidation or buyout, etc. When investors purchase those future cash payouts, they are tying up their money in something that has risk.

Not just fundamental risk, but also mark-to-market risk, which can trap them in losing positions for years or even decades. For all anyone knows, sentiment could deteriorate after they buy, leaving them with no way to get the money out except at a loss.

That risk represents a cost, a burden, a negative feature of the investment. For investors to be willing to accept it, they need to get compensation, a return.

To get a return from the investment, they need to pay less cash now than they will get later via the payouts. That's where the "discounting" comes in, why it's necessary.

Buying the "future cash" today at a discount, and then receiving it later in full value, is precisely what makes for the return.

Now, in this process, "earnings" are NOT the same thing as payouts. They are not the right thing to be discounting.

If you try to discount the earnings of a company, i.e., if you put a company's projected future earnings into the numerator of a discounted cashflow analysis, you're going to DOUBLE-COUNT their value.

That's because companies *reinvest* a significant portion of their earnings. They use that portion to purchase future growth in earnings, which translates into higher future payouts.

By discounting a company's future earnings in a DCF, you're wrongly counting BOTH the earnings themselves and the future growth they're being used to purchase. That's the mistake that led G&H to target the notorious "Dow 36,000" in their 1999 book.

An additional problem with the logic is that it's misleading to say that the earnings of growth stocks "arrive later" in the future than the earnings of value stocks.

Both types of companies--Value and Growth--have whatever earnings they have, full stop. The difference between those earnings is not so much in their "arrival times", whatever that would mean, but in how fast they're set to grow, i.e., the growth differential.

You can price a fast-growing stock cheaply, making it a value stock. That will not make its earnings arrive any faster or slower, sooner or later. The value vs. growth distinction speaks to the price that YOU pay for the earnings, not to when they come into the company.

Now, mathematically, what matters to the relative valuation prescribed by a DCF analysis of a Value company vs. a Growth company is (1) the size of the growth differential b/t the two, and (2) the schedule of the payouts. Not the earnings, the PAYOUTS.

If you assume a given growth differential between two companies, and you keep their payout schedules the same, you can manipulate the discount rate in whatever way you want. Your manipulation will not change the relative valuation prescribed by the DCF.

To prove this point, we can just build an actual DCF model of a Value Company and a Growth Company, and tweak the discount rate to see what happens.

So, consider the following:

Value Company: $1 in current EPS. For the first 20 years, the $1 gets fully reinvested at an 8% ROI, yielding 8% annual EPS growth. Then, after 20 years, the company's reinvestment opportunities disappear, and the ensuing earnings get distributed as dividends forever.

Growth Company: $1 in current EPS. For the first 20 years, the $1 gets fully reinvested at a 30% ROI, yielding 30% annual EPS growth. Then, after 20 years, the company's reinvestment opportunities disappear, and the ensuing earnings get distributed as dividends forever.

These companies--the Value Company and the Growth Company--represent two different future payout streams.

The Value Company is a $0 stream for the first 20 years (the reinvestment period) and then a $4.66 stream paid out annually forever ($1*1.08^30).

The Growth Company is a $0 stream for the first 20 years, then a ~$190.05 stream paid out annually forever ($1*1.30^20).

To calculate prices for these companies, we discount all of their future payouts, from now to infinity, back to the present at a rate matching the return we're demanding. We then sum up all the discounted dividends to get the prescribed price. That price will deliver that return.

At a 7% discount rate...

The Value Company's price will be 17.21, which equates to a current P/E ratio of 17.21x, since its currentEPS is $1.

The Growth Company's price will be 701.61, which equates to a current P/E of 701.61x, since its current EPS is also $1.

As expected, the Growth Company trades at a premium current multiple relative to the Value Company (701.61x vs. 17.21x). The ratio b/t the multiples comes out to 40.77 (=701.61/17.21), which is to say, the Growth Company trades 40.77 times as expensive relative to current EPS.

Obviously, the basis for the difference in price relative to current earnings is the fact that the Growth Company has significantly higher future earnings growth in front of it. It's reinvesting at a 30% annual ROI, achieving 30% annual growth, vs. only 8% for the Value.

Now, let's change the discount rate. Let's assume that interest rates rise across the board by 1%, justifying a 1% increase in the discount rate from 7% to 8%. What will happen to the calculated prices and valuations of the Value Company & the Growth Company under the new rate?

At an 8% discount rate...

The prescribed price of the Value Company will drop to 12.50, a 12.50x P/E ratio.

The prescribed price of the Growth Company will drop to 509.69, a 509.69x P/E ratio.

The ratio b/t these multiples is 40.77 (=509.69/12.50).

Notice... that's EXACTLY the same ratio that we had before, under the 7% discount rate.

Turns out, you could make the discount rate 100% if you wanted. You would still get that same prescribed relative valuation: 40.77.

The images below show the results under the two different discount rates (Left = 7%, Right = 8%).

The ratio between the prescribed valuations is exactly the same under both...

https://twitter.com/Jesse_Livermore/status/1393278662137503747

Now, IF the companies have different payout schedules, i.e., if one company is going to start paying out dividends now, and the other company will only start paying out dividends 100 yrs from now...
Tip

...THEN higher discount rates will affect the relative valuation, depressing the later payer relative to the current payer.

[Melinda]

OOps, didn't mean to post that...Sorry!

[Davod]

Melinda. I woulda thunk that it was SOP for blackmailing hackers to quit all links/sites after a successful (or even unsuccessful) blackmail.

[Melinda]

This will definitely leave a mark::

https://www.zerohedge.com/commodities/did-china-just-kill-commodity-craze

[Melinda]

Nice map!

🇬🇧 𝔻𝕒𝕧𝕚𝕕 𝕀 𝔹𝕚𝕣𝕔𝕙
@dbirch214
Just look at that anomaly in NW Europe for May to date.
Just incredible.

https://twitter.com/dbirch214/status/1393269154854092802

[Melinda]

Noted diplomat and State Department Van Driver weighs in:

Channel 4 News
@Channel4News
Former Obama aide Tommy Vietor tells @mattfrei that the US needs to get involved in the Israel-Palestine conflict and says Biden should push for a message of de-escalation.

channel4.com/news/i-hope-bi…

https://twitter.com/Channel4News/status/1393287246418116610

[JohnH]

David, noticed your problems posting a pic the other day. Are you using an IPad/IPhone? If so i think that IOS is inserting some non-printable codes that screwup HTML. I have only once successfully posted a pic from my IPad and I had to create the text in another app and then C&P to Typepad comment box with no editing.

[Dave (in MA)]

Michael Knowles@michaeljknowles ·
*Maxine Waters
Robert Reich@RBReich ·
Folks, this is not complicated. If you harass and incite violence against your colleagues, you do not belong in Congress. Expel Marjorie Taylor Greene.

[henry]

Can you say conspiracy to commit vote fraud?

https://www.maciverinstitute.com/2021/05/democrat-mayors-may-have-violated-open-meetings-law-during-secret-election-planning/

[clarice]

short History of Arab-Israeli conflicts:(1) Arabs attack planning to throw Israelis into the sea;(2) Israel defends and counter attacks.(3) world sits by thinking (1) will be successful and there's no need to do anything. (4) Israel clobbers the heck out of the Arabs and looks to be winning. (5) world starts yammering about disproportionate force. (6) Clear loss to the Arabs in the making--world calls for immediate truce.
This time, I do not see (6) happening or at least not until Hamas is totally wiped out. Enough.

[henry]

So stupid it must be painful. Thread

@govmurphy

Dr. Fauci himself said yesterday that he thinks lifting indoor mask mandates at this time could lead to a rise in infections. So we’re not going to let up for the next few weeks as we keep pushing forward on our statewide vaccination goals.

https://twitter.com/govmurphy/status/1393289848526626816?s=21

[jimmyk]

Dr. Fauci himself said

It's like in the Wizard of Oz. "Fauci has spoken!!!" (Pay no attention that man behind the curtain.)

[Narciso]

Janus syndicate closed up shop, well thats convenient

Oh remember neera tanden, shes back!

[Narciso]

Omg

https://mobile.twitter.com/ggreenwald/status/1393257051321774084

[henry]

Forget the laws. Woke is more important.

@newsmaciver

.@DHSWI Sec. Karen Timberlake says she doesn't care if JFC said no to the new equity officer positions in the budget - she's going to hire one anyway. #WIright

https://twitter.com/newsmaciver/status/1393299748799590400?s=21

[clarice]

https://www.westernjournal.com/qualifies-government-pay-internet/ This may be of interest to you.MM

[Narciso]

Darksidec was on tor routers meaning the dark web the odds of cnn seeing it?

[Narciso]

Oh its even stupider than i thought. Theyre not on the dark web

[Jim Eagle]

Henry,

Press on Regardless is my motto.

[Narciso]

Sounds like the equifax hack that mandiant observed

[Melinda]

Chris 🇺🇸
@Chris_1791
Neera Tanden joins White House staff after OMB nomination derailed dlvr.it/RzgKwv via @nypost

https://twitter.com/Chris_1791/status/1393324886169292801

[Melinda]

Whoopsie!

Luigi Warren 😊😻
@luigi_warren
twitter.com/HansMahncke/st…

https://twitter.com/luigi_warren/status/1393320615407284224

https://usrtk.org/biohazards-blog/scientists-masked-involvement-in-lancet-letter-on-covid-origin/

[Dave (in MA)]

Neera Tanden joins White House staff after punching a journalist, outing an anonymous victim of harassment, calling a Senator a vampire.

[Melinda]

Kurt Schlichter
@KurtSchlichter
You suck

Gavin Newsom @GavinNewsom
CA is providing the LARGEST rental relief program. For those that need it, we will pay your back-rent, your rent for months to come, AND your utility bills.

https://twitter.com/KurtSchlichter/status/1393331071807197187

[Melinda]

Hunh.

Tom's Hardware
@tomshardware
Blackouts in Taiwan: Foundries & DRAM Makers Unaffected, Chip Packagers Halt Ops trib.al/o5mxlcN

https://twitter.com/tomshardware/status/1393332458318450689

[Melinda]

Tᴏɴʏ! Tᴏɴɪ! Tᴏɴᴇ́! 𝚂𝚝𝚊𝚛𝚔 (R.I.P.) 🕙
@StarkTTT
Dennis Miller voice: “There’s been such a sudden shift in favor of unmasking in this administration it’s like John Brennan joined the team.”

https://twitter.com/StarkTTT/status/1393328239087656961

[Davod]

JohnH.

Thanks. My problem is mainly with posting photos from other websites. I can post the link, but every time try to add the extra stuff, so the link appears as a picture, I seem to screw it up.

[Dave (in MA)]

DRAM Makers Unaffected

Pour one for me!

No need to be too fussy about the WEE part.

[Narciso]

Oh

https://mobile.twitter.com/rSanti97/status/1393259811559575554

[Narciso]

Hmm

https://mobile.twitter.com/SophiaTesfaye/status/1393277602161254401

[Narciso]

Civility

https://legalinsurrection.com/2021/05/rep-cori-bush-praises-st-louis-palestinian-activist-infamous-for-pigs-in-a-blanket-fry-em-like-bacon-chant-and-taunting-police-im-praying-for-your-death/

[Narciso]

The dam is breaking

https://mobile.twitter.com/chiproytx/status/1393267169673334784

[Narciso]

Seriously

https://mobile.twitter.com/josh_hammer/status/1393314732539527173

[Melinda]

donsurber's avatar
Don Surber
@donsurber
Firefox slapped this warning on my blog.
Fuck Firefox

https://twitter.com/donsurber/status/1393364778857414657

[Melinda]

Intertubes darkness coming…..

[Melinda]

It’s a list that just went live.

Don Surber
@donsurber
Firefox slapped this warning on my blog.
Fuck Firefox

7:37pm · 14 May 2021 · Twitter Web App

Doug Ross 🇺🇸 @directorblue
2m
Replying to @donsurber
Mine too.

Doug Ross 🇺🇸 @directorblue
1m
Replying to @donsurber
Happens on Chrome, too. My site was hit. Some kind of "blacklist" now influenced by the anti-free speech crowd.

Non-kneeling Yakov @yakovshap
1m
Replying to @donsurber
Use Brave browser

[Jane]

The capital police have hours of footage of the 1/6 capital “attack” and they refuse to release it. So far, federal judges are going along.

The things going on in this country, daily, are mind blowing.

[Melinda]

And Anita’s using that list with impunity tonight. Lots of people going bye-bye.

[Davod]

Surber.

Note. The advisory was provided by Google Safe Browsing.

[Narciso]

In a time of deceit...

[Melinda]

Meanwhile, Gruesome’s cronies are all cashed up for the recall from the $13.5B PG&E “Fire Victims” fund::

ai_jared's avatar
AI Jared Bot
@ai_jared
PG&E's Fire Victim Trust in charge of compensating survivors racked up $51 million in overhead costs last year. The Trust disbursed just $7 million to fire victims – less than 0.1% of the $13.5 billion promised + spent nearly 90% of its funds on overhead.
kqed.org/news/11872328/…

Sara G @SaraGreshock
2h
Replying to @ai_jared
They just keep stealing from the tax payers... deep state gonna deep state

Hot Summer Coming - Gird Your Loins @realmajordan
3m
Replying to @ai_jared @wfinalle57
@almostjingo 👀

https://twitter.com/ai_jared/status/1393331639158202372

[Narciso]

Of course

https://dailycaller.com/2021/05/14/fox-news-peter-doocy-jen-psaki-neanderthal-thinking-mask-mandate/

[Melinda]

I’m noting the irony of the great purge tonight with my burning of Benny Goodman’s famous 1938 Carnegie Hall Concert, 1950 re-release. Just before Europe’s purge….

[Narciso]

Oh

https://theconservativetreehouse.com/2021/05/14/anticipate-alinsky-styled-language-insurrection-deniers-to-be-main-element-of-current-democrat-narrative/#more-212006

[Narciso]

How did they lose in 2018

https://mobile.twitter.com/SwainForSenate/status/1393368109113774081

[Narciso]

Sure why not

https://mobile.twitter.com/JesseKellyDC/status/1393338666886569999

[MissMarple2]

Well, I am watching the season premiere of The A Team. Mexican drug lords and a snake journalist! Prescient!

[Narciso]

The a team had been framed for unspecified reasoms i never understood why robbing the bank of hanoi was an indictable offende