America’s companies are cash-rich, right? Then why have they started borrowing again?
Companies on a Borrowing Binge
Institutional Investor features Applied Finance – How a Small Manager Won a Huge Pension
Employing a strategy that is a little different from many of its peers, the value investor secured a mandate from GPIF — the world’s largest pension — in October, following a due diligence process that started that summer. Value has been underperforming since the global financial crisis, but started to come back in 2021. […more]