FROM AN ARTICLE PUBLISHED ON CNBC -----
PUBLISHED WED, OCT 21 202012:53 PM EDTUPDATED WED, OCT 21 20201:30 PM EDT
KEY POINTS:
· White House economic advisor Larry Kudlow maintained that the U.S. is in a V-shaped recovery.
· Multiple indicators show that the belief in a sharp rebound isn’t so, according to Ron Insana.
· Consumers are substituting goods and services, causing imbalances across the economy, Insana said.
Link to full article:
I keep hearing Larry Kudlow talk about the “V-shaped” recovery the U.S. is now (supposedly)in the midst of.
UH, WHAT IS HE TALKING ABOUT!!!???
Right now, the U.S. is experiencing…..
- Record unemployment
- Record deficit spending
- Record national debt
- Record number of small businesses closing
Article appearing on “FinancialPost.com” this morning….
“Bond defaults deliver 99% losses in new era of U.S. bankruptcies”
Bankruptcy filings are surging, and many lenders coming to realization their claims are almost completely worthless.
(
Bloomberg News. Jeremy Hill and Max Reyes, Publishing date:Oct 26, 2020)
Copied from that article….
"Bankruptcy filings are surging due to the economic fallout of COVID-19, and many lenders are coming to the realization that their claims are almost completely worthless. Instead of recouping, say, 40 cents for every dollar owed, as has been the norm for years, unsecured creditors now face the unenviable prospect of walking away with just pennies — if that.
While few could have foreseen the pandemic’s toll on the economy, the depth of investors’ pain from corporate distress was all too predictable. Desperate to generate higher returns during a decade of rock-bottom interest rates, money managers bargained away legal protections, accepted ever-widening loopholes, and turned a blind eye to questionable earnings projections. Corporations, for their part, took full advantage and gorged on astronomical amounts of debt that many now cannot repay or refinance.
The pandemic is upending industries like retail and energy, making it unclear how much assets like stores and oil wells will be worth in the future. The underlying problem for many companies, though, is that they have astronomical levels of debt after borrowing with abandon over the previous decade, then topping up with more to get them through the pandemic."
Link to complete article:
ARC | | | | 2020 to 2019 | 2020 to 2019 | |
2018 | 2019 | 2020 | | $ change | % change | |
Q1 | $ 97.71 | $ 97.10 | $ 88.40 | | $ (8.70) | -8.96% |
Q2 | $ 104.19 | $ 98.90 | $ 64.30 | | $ (34.60) | -34.98% |
1st H | $ 201.90 | $ 196.00 | $ 152.70 | | $ (43.30) | -22.09% |
Q3 | $ 100.47 | $ 94.10 | $ 70.00 | | $ (24.10) | -25.61% |
9 Mo | $ 302.37 | $ 290.10 | $ 222.70 | | $ (67.40) | -23.23% |
All figures are in millions (so, $97.17 = $97 million).
Green shaded-cell contains ARC’s estimate of Q3 Net Sales (per press release on Oct 19, 2020.)
Each year for the past five years, Big PictureMagazine recognized six successful business women in the wide-format digital print industry.
Congratulations to all!
Link to Bio’s of the awardees
https://www.bigpicture.net/channel/term/article-type/women-print
See Joel’s “back story” about VDP and Dave Cich below, in blue type.
From Durst’s Press Release:
Durst, manufacturer of advanced digital printing and production technologies, is strengthening its position in the US Graphics Industry with the acquisition of a majority stake in Vanguard Digital Printing Systems, headquartered in Lawrenceville, Georgia.
Vanguard Digital is a leading manufacturer of printing systems for the signage, decoration, corporate, industrial and packaging sectors. With the acquisition, Durst adds new printer classes to its large format portfolio, while Vanguard now has a global distribution and service network and technical resources to continue developing robust solutions.
"Vanguard Digital Printing Systems is a rapidly growing and very successful company in a customer segment in which we are currently not active," said Tim Saur, President of Durst North America. "Through the combination of high-quality products, a strong management team and absolute customer orientation, both companies are a perfect match."
As part of the agreement, the new company will operate as Vanguard Durst Digital Printing Systems with effect from October 1, 2020. David Cich remains CEO while Jim Peterson continues to serve as Vice President of Sales.
“It is with great humbleness and excitement that Vanguard Digital will now be a part of the world class industry leading Durst Group,” said David Cich, CEO of Vanguard Digital Printing Systems. “Becoming part of the Durst Group Family, provides Vanguard Digital the opportunity to expand its portfolio of innovative market leading UV Printers to the entire world."
"Vanguard's printing systems have rightly achieved rapid growth and high customer acceptance in the North American market," said Christoph Gamper, CEO and co-owner of the Durst Group. “Despite the global pandemic, we are positioning ourselves for the long term and are determined to invest in the large-format graphics market. In addition, with our technical expertise, Vanguard will continue to ensure that its products and services are industry-leading and a wider customer base will understand what it is like to be part of the Durst family.”
Joel’s “back story” about Dave Cich and Vanguard Digital Printing (systems):
Well, the first thing I want to mention is that, to me, Durst’s acquisition of VDP is a very big deal. I’d also like to congratulate David Cich and the other two founding partners of VDP on this deal.
I met Dave Cich many years ago when I was working out of L&R in Nashville, TN. At that time, he was running sales in the SE for OCE’s supplies / consumables business. Very knowledgeable guy! At that time, L&R was planning to add digital color services (large-format and small-format) to its already robust and very profitable digital b/w plans and specs business. I asked Dave if he knew anyone that might be available to run digital color production at L&R in Nashville, and he recommended that I contact a guy by the name of Mark who was, at that time, working for Imaging Technologies in Birmingham. Mark accepted the offer and relocated up to Nashville. L&R’s digital color business took off very nicely, exactly the outcome expected. Dave Cich’s recommendation was spot on.
Several years before the above happened, I was working in Los Angeles (actually, Culver City) for Ernie Chin. Ernie was the founder of Express Color. I only worked for Ernie for 1 year and 5 months. Ernie is a very nice guy, and a smart guy to boot. Years later, Ernie started a “large-format digital color equipment” business, known as “CET” importing equipment into the U.S. from China. Dave Cich was Ernie’s “junior” partner in that business, Dave having left OCE. I bumped into Ernie and Dave when they were at the CET booth at a trade show in Vegas. Years after that, and I really don’t know why or how this happened, I read that Dave, with two partners, had left CET and had founded a company – Vanguard Digital Printing. Competing with CET and OCE/Canon and others.
Durst, VDP’s acquirer, has been a very well known, very well respected player for many years in the “large-format color photographic equipment” business. Continued “good luck” wishes to Dave.
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