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  "documentTitle": "Health Management Associates (HMA)",
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  "authorName": "Larry Robbins",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "Uses a combination of a line chart and press clippings to highlight management's poor judgment.",
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      "text": "HMA's \"comfort\" has proven ill-advised as interest rates have moved higher since the CFO's May 3rd remarks.",
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      "text": "3/1/13: Remarks by Ben Bernanke... \"The basic message is clear--long-term interest rates are expected to rise gradually...\"",
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      "text": "Financial Times, Wall Street Journal, and Barron's headlines confirming rising interest rates.",
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      "text": "5/3/13 Q1 earnings call: HMA CFO \"I'm certainly comfortable in this rate environment being floating...\"",
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      "text": "Despite predictions from professional interest rate forecasters, and Fed Chairman Bernanke himself, that rates would rise over time...",
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      "text": "...HMA remained \"comfortable\" with its outsized floating-rate debt exposure",
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      "text": "\"The basic message is clear--long-term interest rates are expected to rise gradually over the next few years... The forecasts in chart 4 imply a total increase of between 200 and 300 basis points in long-term yields between now and 2017.\" — Ben Bernanke; \"I'm certainly comfortable in this rate environment being floating...I'm not sure that you are going to see much growth in interest rates. A ten-year treasury is at 1.64.\" — HMA CFO; \"The bond market is a bit of a disaster right now,\" — Prudential Fixed Income.",
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      "text": "1. \"Long-Term Interest Rates\", Ben S. Bernanke, p. 9-10. 2. HMA 1Q13 earnings call transcript.",
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      "text": "Suboptimal Capital Allocation Policy",
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