Filter Archive
Leasing Distortions Are Deceiving Investors About This Shipping Giant's Valuation

This tech behemoth is a case study in the issues with non-operating cash... On Tuesday, Apple (AAPL) reported impressive first-quarter earnings for its 2020 fiscal year, sending shares nearly 3% higher for the day. Its market cap broke $1.4 trillion as excited investors reacted to the company's positive outlook. But another part of Apple's release […]

Securities Analyzed
  • AAPL
  • CMCSA
  • CSCO
  • FDX
  • UPS
  • WFC
Printing Money by Solving Others' IT Problems

A world-class fund manager is showing the catch-22 of 'socially responsible' investing... TCI Fund Management was the highest-earning hedge-fund manager for its investors in 2019, bringing in $8.4 billion in returns. And Christopher Hohn, the company's billionaire manager and founder, is taking his activist playbook into a new world... TCI recently announced that it's focusing on […]

Securities Analyzed
  • NOW
This Company's Real Returns Are Almost 10 Times Higher Than What Wall Street Says

Even private equity is starting to suffer from "short termism"... On Monday, we talked about how the lack of private-equity activity in the mergers and acquisitions (M&A) market is part of the reason why we aren't concerned about overheating "animal spirits." Not only is private equity not as aggressive with acquisitions – even with its […]

Securities Analyzed
  • FII
Weathering a Recession Through Corporate Jets

We received some great reader feedback on the economic outlook for 2020... In Thursday's Altimetry Daily Authority, we highlighted that a significant amount of asset management firm AllianceBernstein's (AB) outlook for the market lines up with our own. And in that essay, we touched on the continued health of the credit markets. As a follow-up […]

Securities Analyzed
  • AB
  • BA
  • GD
  • RTN
What 'Animal Spirits' Have to Do With the Economy

The S&P 500 Index is near all-time highs... Most people would consider that a good thing. It's a sign of growth and prosperity. But investors are a different breed, and they tend to be more skeptical of good news. While this bull market has continued on for more than a decade, we often see investors […]

Powering the 'Pax Americana'

Earlier this month, I spoke at the CFA Society of India's 10th annual India Investment Conference... This was my first trip to Mumbai... and as far as the conference itself, it was an amazing experience. The audience of more than 500 had a real buzz about it. I had the honor of speaking a little […]

Securities Analyzed
  • NOC
A Promising Future as This Pharma Firm Puts Opioids Behind It

Asset management firm AllianceBernstein (AB) has long been a respected voice on the Street... The research it publishes and its investment strategy have generally been viewed as forward-thinking, all the way back to the company's roots at Alliance Capital and Sanford C. Bernstein in the 1960s and '70s. The co-heads of AllianceBernstein's equities department recently […]

Securities Analyzed
  • AB
  • JNJ
Another 'Loser' of the 'Streaming Wars'

The 'retail apocalypse' continues to take victims... In the December 26 Altimetry Daily Authority, we discussed how electronics retailer Best Buy (BBY) has survived the retail apocalypse in a way most companies have not. To compete with online retail, Best Buy offered price matching and focused on showrooms for product demos. But many other businesses […]

Securities Analyzed
  • BBY
  • DIS
  • NFLX
  • TGNA
One Trust That Roosevelt Wouldn't Bust

The 'cashless society' keeps consolidating... Back in October, we mentioned how credit-services giant Mastercard (MA) has profited from the move towards electronic payments. Not to be left out, competitor Visa (V) acquired fintech startup Plaid for $5.3 billion last week. Plaid's network allows for a seamless connection between a customer's accounts. For major players like […]

Securities Analyzed
  • DUK
  • MA
  • V
Misunderstood Performance Amidst the 'Retail Apocalypse'

Joel's note: The Altimetry offices are closed on Monday for Martin Luther King Jr. Day, so look for the next Altimetry Daily Authority on Tuesday, January 21. Ride-hailing company Uber (UBER) is under assault from the skies... The theme this week here at Altimetry Daily Authority can basically be summarized as "platform companies and all […]

Securities Analyzed
  • AMZN
  • GPS
  • GRUB
  • JCP
  • LB
  • M
  • UBER
  • WSM