We’ve mentioned our equity valuation paradigm before, but here is a brief review. Stock prices incorporate expectations about: Future trends in return on invested capital (ROIC). Most times you’ll see this shorthanded to “earnings...
We continue to look for opportunities in sectors hard-hit by the pandemic, especially with new stimulus checks on the way and Americans traveling more with vaccinations and warmer weather. Today, we’ll focus on the airlines and hotels to...
While Friday’s US Jobs Report got some pretty good press for its headline numbers, we saw it as overall neutral/disappointing. Given the pandemic shock last year, analyzing this data isn’t as straightforward as the typical cyclical...
All eyes will be on Fed Chair Powell today as he speaks at a Wall Street Journal virtual event ahead of the March 16-17th policy meeting. The central bank’s latest Beige Book out today offers a window into the business conditions that the Fed’s...
We’ll cast both a macro and micro net today in Data, but pull both together at the end of the discussion. Macro: Is US economic growth at 8 – 10 percent, or 2 percent, or flatlining? It all depends what data you want to use. The New York...
Marc Andreessen is fond of telling a story that describes his front-row seat to the Internet’s “original sin”. Back when he was running Netscape in the 1990s, he approached a variety of payment vendors to integrate that utility into the...
