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Enron is more leveraged to natural-gas price increases, he said, than any other domestic gas company.
Utilities have a history of underperforming in bull markets, as companies more leveraged to economic growth excel, but since the market trough in 2002, the Dow Jones utility average has more than doubled the 80percentt gain of the Standard & Poor's 500-stock indeveneven with the sector's recent weakness.
They are more leveraged to rising revenues and sell at a lower valuation of prospective enterprise value.
And I think there was a growing sense on the street in that two week period among some reporters that were writing about it and other hedge fund managers that looked at the same things we looked at, that my God, these numbers were far worse than we thought, and the banks were far more leveraged to the most hard to value illiquid assets than we thought.
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Cigna disclosed yesterday that by the end of the year it will be more leveraged than it wants to be, and said that was one reason it had called off plans to borrow about $200 million.
For example, the current code rewards debt over equity, leading to more leveraged companies and a more fragile economy.
This is important because the market for new corporate loans to more leveraged companies has been kept alive by existing C.L.O.'s.
Consider that the Red Sox, among the game's more leveraged spenders, have refused to give Mike Lowell, their World Series M.V.P., a fourth contractual year that would have employed him at 37. Derek Jeter, signed by the Yankees for 10 years in 2001 at 26, has already exhibited worrisome signs in the field.
If the Nasdaq bid is successful, the new company would be more leveraged, thus Greifeld would have to slash expenses to make the numbers work, something he's good at, but its still a risk for buy-and-hold shareholders.
The trunk of his car was filled with winter coats, all donated through Akhuwat's Clothes Bank program to use the Islamic practice of zakat or giving to create more leveraged change.
That's partly because, other things being equal, the equity of more leveraged companies is more sensitive to downturns in business than less-indebted public companies.
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