Behind the Headline

Headline: HSBC, Europe's largest bank, announces a 4% drop in pretax profits

Behind the headline; Duh! U.S. companies, as a result of the new tax law, are repatriating hundreds of billions of dollars from overseas banks.

Afterward: In Q1 Warren Buffet's Berkshire bought 75 million Apple shares. Apple is now repatriating hundreds of billion dollars and, as a consequence, is to buy back $100 billion of its shares. Buffet is not stupid.  QED