In this instance, it worked to my advantage considering the bullish break never transpired thus the name never found its way onto my position sheet.

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This healthy free cash flow has enabled the company to pay down the debt from the Washington Group acquisition, leaving it with a strong balance sheet and a net cash position.

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Financially, Apollo Group is in stellar shape with a massive net cash position on its balance sheet, and significant free cash flow generation capabilities.

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When it does come into force, firms will have to include the full pension-fund position on their balance-sheet, which will generally reduce their net worth.

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Citigroup, which was in sixth place in 2011, vaulted to the top position partly by using its balance sheet.

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The company has taken advantage of its healthy balance sheet to make acquisitions and shore up its market position.

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Mr Fishman, therefore, knows Travelers inside out and so should be in a position to know that there are no nasty surprises hidden in the balance sheet.

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Challenge: Well-capitalized companies are in a good position to define their challenges and implement solutions because they will not be distracted by balance sheet stress.

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It is quite hard to be precise, because none of the banks report their current capital position on the transitional Basel 2.5 basis (ie the rules for measuring balance-sheet strength that will apply in 2015).

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