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This tidal shift works against debt-reliant growth companies , but works in favor of the companies that are usually categorized as value stocks. Just as the name suggests, this Vanguard fund holds familiar value names like JPMorgan , UnitedHealth , and Procter & Gamble. Enter the Vanguard Value ETF (NYSEMKT: VTV).
That to me, is the biggest surprise, but it's related to these big bank earnings. Many of us thought that with higher interest rates, corporations would be really hesitant to take on debt, but what we see is, if you're an investment grade borrower and you've got projects on the books. They want to help companies raise debt.
Jason Moser: I think it's with Goldman Sachs, Goldman is not the first bank I think that comes to people's minds when we think about consumer banking. Goldman, it's an investmentbank. You can only go so far before you get to start paying that debt off a little bit. That is debt. What are they reacting to?
Capital markets were vibrant in the first quarter, and customers turned to S&P Global to help power their investment, funding, and trading activities. Equity markets saw strong volumes from both IPOs and M&A, and we saw the highest level of debt issuance since 2021. Turning to Vitality.
Because I think it's especially pertinent right now, where we see a lot of investment firms, investmentbanks starting the year with these large scale market forecasts and they turn out to be very wrong, spectacularly the majority of the time. But first, I want to touch on some research that you've done.
So, yeah, I had a career in investmentbanking with Jefferies, and it was a really good professional experience because I do have the opportunity to work in M&A, equity and debt financing. I had the chance to be part of some very interesting transactions in the banking space. BERRUGA: You know, great question.
Investmentbanks were not really a known concept in the area where I grew up. So I went from being a publishing high yield research analyst to a distressed debt analyst and investor. SALISBURY: The high yield bonds quickly went to zero and then you’re buying the bank loans at discounted prices.
Most guys and gals who get into the business of working at a hedge fund, never mind you know founding and running one, you I think there’s a pretty typical track where they’re finance majors at top schools, they work at an investmentbank or an advisory bank, sometimes at a law firm, and then they make their way into the investing realm.
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. And anything above the par value of the total debt on the capital structure belongs to the equity guys. So let’s get long this debt, which is trading at a fraction of what it was issued for.
We also completed large index deals with two of the world's top investmentbanks, which Baer will discuss shortly. In two of our most notable index business wins, we expanded our relationships with a pair of large investmentbanks in the Americas. Greg Simpson -- BNP Paribas Exane -- Analyst Hi there. Thank you.
And eventually I got a job offer at Donaldson Lefkin Jenette, which is no longer here, but it was an investmentbank of, of some note at the time. There’s a million guys trying to do what you’re doing in addition to, to the hedge funds. There were all these mutualfunds. And it’s even bigger.
We have earnings out from JPMorgan, Morgan Stanley, Wells, Citi, Bank of America. If it's a bank, it probably reported in the past week. Commercial investmentbanking, pretty much everybody. Again, investmentbanking fees were big there, up 24%. A few things to be pessimistic about crushing national debt.
RITHOLTZ: Not the debt. DAMODARAN: The write-offs are going to be the banks writing it off. RITHOLTZ: So have we now gotten to the point where this sort of silliness is over, or are the venture capitalists and investmentbanks that bring these companies public, are they still playing that game? The hot hand phenomenon.
I can’t begin to tell you what it’s like to sit in a room with the Jeremy’s, Professor Jeremy Siegel and I keep calling him Professor Jeremy Schwartz, but he’s just Jeremy Schwartz, chief investment officer of the $75 billion ETF and mutualfund company, WisdomTree. I am just a fan of both of these guys.
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