Analysis

Customers Pay this Company for the Right to Spend More in its Stores

November 20, 2019
Behavioral economics regularly highlights that humans are anything but the homo economicus that your introduction to economics professor so desperately wanted you to believe in. Humans often are
Recent Newsletters
November 19, 2019
The Real Reason for this Tech Superpower’s Name
If you’ve watched The Men Who Built America or studied the history of Dr. Nikola Tesla, you may know the famous story of Tesla and Thomas Edison’s falling out. Tesla was working for Edison at would eventually become General Electric, and had many innovative ideas. When Tesla proposed
November 18, 2019
One of America’s Great Business Builders
Most people would dream to create a single billion dollar business.
November 15, 2019
This Company is a Star of America’s Mittelstand
There are many factors that researchers point to as having helped fuel Germany’s impressive growth over the past twenty years.
November 14, 2019
I’m at the CFA Institute Equity Research & Valuation Conference Today
Hello from New York City. I’ll be presenting at the CFA Institute Equity Research & Valuation Conference today. My presentation is titled “NOT EVEN Apples to Oranges”, and I’ll be talking about how problematic GAAP and non-GAAP metrics are for investors
November 13, 2019
The Battle to be the Monte Carlo of the West
In the 1950s, Las Vegas’ position as the preeminent destination for gambling in the Americas wasn’t yet secure. The mob and others had heavily invested in Vegas and business was booming, but there was a rival constantly threatening Vegas. Most people now
November 12, 2019
Portfolio churn can destroy value for investors, and for companies
One of the first questions that an investor generally asks when they’re talking to an asset allocator is “what is your portfolio churn.” Investors worry that if a manager is constantly buying and selling stocks, transaction fees will
November 11, 2019
The most boring market in finance can also be its most terrifying
September 2008 was a truly terrifying month for anyone in finance. Fannie and Freddie went into conservatorship on the 7th. Bank of America bought Merrill Lynch on the 14th, to prevent it going under when
November 8, 2019
This company owns the discount retail world
There are so many choices for makeup when a woman walks into a CVS or a Wallgreens. There’s Bobbi Brown, Clinique, Estee Lauder, MAC, Glamglow, Becca, just to name a few. There are options for
November 7, 2019
What sharks and Russians have in common
A scary report emerged from Washington DC in 2018. It shed light on a concern that many in the national security apparatus have been aware of for decades. The Russian state is
November 6, 2019
Get Big or Die Trying
The local news business has been steadily under pressure for the past 5+ years, and really for some time before that. Data from MoffettNathanson shows that pay TV subscribers are shrinking. Viewership for local broadcasts in particular are
November 5, 2019
Not So Royale with Cheese
It’s not surprising that Vincent Vega didn’t go to Burger King to find out what the Whopper was called in Pulp Fiction. McDonald’s has long been the most ubiquitous of all the fast food chains, in the US and globally. This is why Vincent
November 4, 2019
You didn’t realize this company feeds all your pets
The spinoff of Adient was a huge deal for Johnson Controls (JCI)
November 1, 2019
A belief takes over Europe from the very spot a prior one was halted
The Muslim conquests following the death of Muhammad in 632 AD steadily built over the next one hundred years. The accumulation of victories began to take on an air of inevitability. From 638-642, most of the Byzantine empire’s
October 31, 2019
This company is the only winner from PG&E’s rolling blackouts
The Camp Fires in northern California in November 2018 were one of the worst wild fires ever recorded in California. The impact was massive. 85 people were killed, and 14,000 residences were destroyed
October 30, 2019
One of the Greatest Hedge Fund Managers Ever Lost His Investors More Than He Ever Made Them
In March 2000, Julian Robertson made the decision to return all Tiger Management’s investors' money. He shut down the hedge fund. One of Tiger’s funds, the Jaguar Fund, had dropped 14% in the first 2 months of the year, having lost almost
October 29, 2019
The defender of the internet’s walled cities
In 1099, the army of the Muslim Fatimid Caliphate thought they were secure behind the walls of Jerusalem. They were facing a Crusader army that had been decimated by hunger and thirst and were depleted from their siege of Antioch and journey inland
October 28, 2019
It Took a Maverick to Uncover This 7x Return Investment
When Mark Cuban bought the Dallas Mavericks on January 4, 2000, the team had had a 240-550 record the prior 10 years. Through the entire 1990s, the team went to the playoffs once, in 1990. They lost all 3 games in that playoff series
October 25, 2019
Assembly Required in the Oil & Auto Markets
On May 15, 1911, many people thought that one of the richest men the world has ever seen was just taken down. He wasn’t. John D. Rockefeller’s wealth peaked at $900 billion in today’s dollars in 1912, not because of the breakup of his empire, but because he started to give away his money. But the trust busters still won in 1911
October 24, 2019
Did A Hedge Fund Legend Play In The 1932 World Series?
It’s game 3 of the 1932 World Series, and the score is tied 4-4 in the 5th inning. October baseball is always special, but an at bat in a tied game in the World Series is a true pressure cooker. Babe Ruth strode to the plate for the Yankees, facing the Chicago Cubs in Wrigley Field
October 23, 2019
Sprint Predicted This Supplier’s Doom
In 2009, we knew Palm was doomed. For most of you, if you remember Palm at all, you remember it because of the Palm Pilot. The handheld personal device that was about 15 years ahead of its time. It basically created the market that is now the tablet and smart phone market