Falling Interest Rates Destroy Capital | Keith Weiner | Safehaven.com<\/a>.
\nComment:~ Keith Weiner makes an interesting point. Consider two companies. Both have liabilities of $500, but one pays interest at 5% and the other at 10% a year. The balance sheet of the company paying 10% would reflect a greater liability if valued at current interest rates. The counter-argument is that balance sheets often reflect historic costs and companies are more often valued using earnings\/cash flow that would recognize the difference in interest charges.<\/p>\n","protected":false},"excerpt":{"rendered":"The guiding principle of accounting is that it must paint an accurate and conservative picture of the current state of one’s finances. It is not the consideration of the accountant that things may improve. If things improve, then in the future the financial statement will look better! In the meantime, the standard in accounting (notwithstanding … <\/p>\n
Continue reading “Falling Interest Rates Destroy Capital | Keith Weiner | Safehaven.com”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[1855],"class_list":["post-4901","post","type-post","status-publish","format-standard","hentry","category-other","tag-interest-rate-cycle"],"yoast_head":"\nFalling Interest Rates Destroy Capital | Keith Weiner | Safehaven.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Falling Interest Rates Destroy Capital | Keith Weiner | Safehaven.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The guiding principle of accounting is that it must paint an accurate and conservative picture of the current state of one’s finances. 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We pointed out in recent posts that the rally in stocks is closely correlated with loosening financial conditions -- caused by depletion of Treasury's TGA account at the Fed. The Chicago Fed Financial Conditions Index\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-22-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-22-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-22-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":60275,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/01\/11\/us-jobs-report-warns-of-higher-rates-in-2025\/","url_meta":{"origin":4901,"position":1},"title":"US jobs report warns of higher rates in 2025","author":"Colin Twiggs","date":"January 11, 2025","format":false,"excerpt":"A strong December jobs report lifted long-term Treasury yields, while five-year inflation expectations have broken out above their narrow range, warning of a bond bear market ahead. Rising long-term interest rates are bearish for growth stocks trading at substantial premiums to current sales and earnings. They are less so for\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-10-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-10-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-01-10-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":43671,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/08\/27\/rising-long-term-yields-impact-on-financial-markets\/","url_meta":{"origin":4901,"position":2},"title":"Rising long-term yields impact on financial markets","author":"Colin Twiggs","date":"August 27, 2023","format":false,"excerpt":"It is uncertain whether we are going to see a soft landing or a hard landing in the next 12 months. Some investors are even betting on no landing at all. While outcomes may be uncertain, there are two things we can count on. First, is that the Fed will\u2026","rel":"","context":"In "Active Investing"","block_context":{"text":"Active Investing","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/active-investing\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-08-25-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-08-25-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-08-25-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":7527,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/22\/fed-watch-monetary-policy-and-financial-stability\/","url_meta":{"origin":4901,"position":3},"title":"Fed Watch: Monetary Policy and Financial Stability","author":"ColinTwiggs","date":"April 22, 2013","format":false,"excerpt":"Tim Duty quotes Minneapolis Federal Reserve President Narayana Kocherlakota, speaking at the 22nd Annual Hyman P. Minsky conference: ....unusually low real interest rates should be expected to be linked with inflated asset prices, high asset return volatility and heightened merger activity. All of these financial market outcomes are often interpreted\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58729,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/10\/26\/israel-strikes-tesla-spikes-and-gold-hikes\/","url_meta":{"origin":4901,"position":4},"title":"Israel strikes, Tesla spikes, and gold hikes","author":"Colin Twiggs","date":"October 26, 2024","format":false,"excerpt":"Mega-cap technology stocks lifted, led by a sharp jump in Tesla (TSLA), but large and small caps failed to support the rally. Israeli airstrikes pounded Iranian military facilities in retaliation for the earlier ballistic missile attack by Iran. The strikes avoided oil and nuclear facilities and Iranian leaders and are\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-25-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-25-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-25-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63290,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/29\/us-pricing-extreme\/","url_meta":{"origin":4901,"position":5},"title":"US Pricing Extreme","author":"Colin Twiggs","date":"November 29, 2025","format":false,"excerpt":"The gauge on the left indicates whether the market is in a bull or bear phase, and the one on the right reflects the current stock market valuation levels. Stock market pricing indicates whether stocks are cheap or expensive in relation to earnings, but it is a poor indicator of\u2026","rel":"","context":"In "US & Canada"","block_context":{"text":"US & Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"Bull\/Bear Market Indicator","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-08-06-us-bull-bear-gauge.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-08-06-us-bull-bear-gauge.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-08-06-us-bull-bear-gauge.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4901"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4901\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}