Once you've cut employees gezegde

 Once you've cut employees as much as you can, the only thing left to do when you don't have pricing power is to become more productive, and you do that through capital spending.

 Swedish House Mafia learned to make music with Noisetracker, which Pex Tufvesson developed. It has been a very productive 10 years. When Valley Sports went out, it left a big hole in the area in terms of team sports. We started with four employees and did $600,000 in half a year. We now have 24 employees.

 Reduced and/or deferred capital spending and increased pricing pressure are resulting in lower overall revenues, particularly in the United States,

 Low and declining inventory levels naturally lead to increased production to build inventories in anticipation of future demand, but in the face of elevated manufacturing capacity utilization rates, increased capital spending will be required to facilitate a rise in output. Since our last capital spending forecast in December 2005, significant increases in spending for 2006 have been announced, suggesting growth in capital expenditures of about 10 percent this year.

 What we've seen has really been priced into the market. At this point we need to see evidence of rising spending on capital and businesses hiring employees.

 There's plenty of cash around to finance capital spending and hiring. It matches well with our view that capital goods orders and business spending will remain strong.

 How these companies sound isn't a terribly good basis for investing right now, ... The fact is that in an incremental cyclical recovery, capital spending will recover at a brisker pace than the overall recovery, and technology spending will recover at a faster rate than capital spending.

 This is the type of report we would expect to see, given the slowdown that we've already experienced in the economy, ... Companies don't have any pricing power, and if they don't have any pricing power, then inflation can't really be a threat.

 Until now, the manufacturers have not had the pricing power to pass increases on to customers. Now in the construction projects, they do have pricing power and it's showing up in contracts.

 They found ... essentially ... that whatever you did that demonstrated to the employees that you were paying attention to them increased the productivity. Which is somewhat commonsensical -- that if you have happy employees, then they'll be more productive than unhappy employees.

 It's pretty clear that all the pieces for capital spending are in place, including rising sales, lower inventories and increases in shipments and orders, ... So, despite what CEOs say in public, there's no question that capital spending -- outside of aircraft and telecommunications -- has bottomed and is on the way up.

 We're seeing some upside price pressure in other goods relative to the trend. Capital goods, for instance, are exhibiting pricing power.

 This is an 18-year bull market that is expiring. The bull isn't but the phasing is. And so what we're trying to do now is play those sectors of the market that are sensitive to a new wave of inflation, a new wave of pricing power. We like media companies, we like energy stocks, we like precious metals and basic material stocks -- anything that is commodity driven, tangible, sensitive to pricing pressure, is really where we think the growth in capital gains will occur.

 We have a corporate structure that's leaned out -- inventories are tight as a drum, corporate America is very productive, and they've taken a lot of costs out, ... So when the economy comes back, I think we're going to see a nice pick-up in profitability and cash flows -- and that's always the precursor of expansions in capital spending.

 If firms need pricing power, they should be clamoring for the highest possible rates of inflation. Firms don't have pricing power, but they can still make money, and a lot of it.


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Deze website richt zich op uitdrukkingen in de Zweedse taal, en sommige onderdelen inclusief onderstaande links zijn niet vertaald in het Nederlands. Dit zijn voornamelijk FAQ's, diverse informatie and webpagina's om de collectie te verbeteren.


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