The guarantees would represent a big gift to bank stockholders; the purchases might not, if the price was fair — but prices would, The Financial Times reports, probably be based on "valuation models" rather than market prices, suggesting that the government would be making a big gift here, too.
This could even be based on valuation or transaction volume so as to protect small, bootstrapped startups.
"Our move to neutral here is based on valuation rather than fundamental concerns," the analyst, Douglas Anmuth, wrote in a note to JPMorgan clients.
"Our move to neutral here is based on valuation rather than fundamental concerns," Doug Anmuth wrote in Monday's note to JPMorgan clients, adding that he had a positive overall view on the company.
Pointing to the company's flagship fund, AHL, which uses a proprietary computer-driven strategy and lost nearly 6 percent last year, the analysts wrote: "Our upgrade to 'buy' is based on valuation, and because we believe AHL fund performance cannot get sustainably worse from here".
In each case, it felt the acquisition costs were based on valuations inflated by unusual and unsustainable conditions.Lehman's chief executive, Richard Fuld, may one day be tempted to flourish his cheque book.
Britain's residential-property tax, for example, is based on valuations from more than 20 years ago.
Both the bands and the place of individual homes within them are hopelessly out of date, since they are based on valuations done in 1991.A revaluation had been scheduled to take place this year, with bills based on these new figures first being issued in April 2007.
First, the algorithm is based on valuations of health experts instead of valuations of the general public.
The algorithm by Shmueli was based on valuations obtained from representative samples of the Israeli Jewish population [ 16], while Lundberg's algorithm was based on valuations from the Sweden populace [ 14].
