Danielle Ecuyer
speaker
864 appearances
2 recordings
1 series
first heard Oct 2021
last heard Nov 2022
Danielle Ecuyer’s voice in public audio — every appearance, attributed to the second.
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Appearances
So companies need to generate cash flow and they need to invest for the future.
And the problem is during the good times is that companies are
because management sometimes get remunerated, as we touched on in the first point, will drive short-term performance and they will reward shareholders, okay, with large chunks of cash.
So you're seeing it in the resources sector, you're seeing it in the coal companies at the moment.
And I think the problem and one of the problems that the Fed and central banks want to disincentivize is just constantly rewarding the shareholders with these extreme payouts, with the big buybacks.
And obviously, if you're an Apple or a Google or even up until recently, Facebook was generating massive amounts of cash.
That's all now going down the
the dystopian a la Claude Walker, metaverse.
But the point is, is good companies, really good companies, CSLs, the great, you know, all good companies need to invest for the future.
And they're the ones that can grow over time.
And I think sometimes we lose sight of that because when we're in the peak frenzy of a cycle of,
a la coal companies, a la energy companies at the moment where, let's say, we're transitioning, right, to decarbonisation.
So by definition, those companies have been starved of cash, so their resources become more valuable and you see these big price spikes, et cetera, as well as with the Ukraine war.
But the point is, shouldn't those companies maybe be thinking about the future where they should invest their money?
And I've used that as an example, but it would apply everywhere.
So in terms of spotting good long-term growers, they need to invest for the future because they need to get jobs.
which will come to those great moats, those great competitive advantages.
They need to invest to become the lowest cost at whatever they do.
They need to invest to make sure they're not disrupted going forward.
And I think that the problem for a lot of companies and a lot of our banks were a little fat like this.
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