…and Nobel Prize winner Ordinarily he was insane, but he had lucid moments when he was merely stupid. — HEINRICH HEINE, German critic and poet HOUSE_OVERSIGHT_013808
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…tish code-breaking ser- vice, GCHQ, which had achieved enormous success in World War II in using computers to crack the German Enigma cipher. This alliance expanded to include Canada, Australia, and New Zealand in the so- called Five Eyes Alliance. Because over 80 percent of inte...
…rs the PE- relatives for Banks and Insurance have also recovered much more than would seem justified by the move in the German 10-year yield. The sectors do screen cheaper versus history on PBV reflecting relatively depressed ROEs especially for Banks. Hence, we think PE multiple...