Satyajit Das says the big four banks are more vulnerable than they appear

If Australia is an economic miracle, with more than 25 years uninterrupted growth, then its banks are its most visible sign of strength.

After a near-death experience in the 1990s, they’ve reformed and bounced back dramatically: returns on equity now average around 15 per cent, compared to single digits in the US share prices and dividends have risen strongly over the past decade. At around twice book value, market valuations are well above global levels.

Australian banks are also more vulnerable to outside shocks than they may first appear.

Their loan-to-deposit ratio is about 110 per cent. Domestic deposits fund only around 60 per cent of bank assets; the rest of their financing has to come from overseas. While that hasn’t been a problem recently, Australia’s external position is deteriorating.

The top four are among the country’s largest listed companies, accounting for more than a third of total market capitalisation. Their combined assets account for about 130 per cent of GDP.

Read more: http://www.smh.com.au/business/banking-and-finance/satyajit-das-says-the-big-four-banks-are-more-vulnerable-than-they-appear-20160529-gp6ucg.html#ixzz4ACLzhNEE
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All of you can do it, but I guarantee not many of you will do it.

He held up a stack of reports and trade publications he had brought with him and said “Read 500 pages like this every day.” That’s right, read 500 pages a day and he went on to say “That’s how knowledge works. It builds up like compound interest. All of you can do it, but I guarantee not many of you will do it.”

读500页书一次被问到如何变得更聪明。Oracle举起手中的一沓纸说:”每天读500页书吧。这就是知识积累的过程,像复利的产生一样。”巴菲特在每天醒着的时间里,用工作和休息时间的百分之八十阅读(财务报表、报告、杂志、报纸)。而一些人甚至一年也读不了500页书。

“我按时阅读和思考,这让我在工作中比其他人少做冲动的决定。”是的,读的书越多,知道的越多,盲目的冲动越少。

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Taubman, Pichai

Taubman, a former executive at Morgan Stanley and one of the world’s most successful mergers-and-acquisitions advisers, received most of his compensation in exchange for his ownership interest in PJT’s predecessor firm. About half comes from a stock award that pays out only if he can reach stock targets by 2021: PJT’s chairman and CEO would receive one-fifth of the award if the price more than doubles to $48 and all of the 3.05 million units if it more than triples to $79. PJT closed Wednesday at $22.36.