Filter Archive
Garbage In, Garbage Out

Dear reader, My first job when I got my CPA license was as an auditor in Chicago. I'd travel across the Midwest as part of my role, and I kept track of the best steaks in every small city within 500 miles of Chicago. One of my fondest memories of the companies I audited was […]

Securities Analyzed
  • ADSW
  • AMZN
  • CWST
  • FB
  • RSG
  • WCN
  • WM
Even Smart Activist Investors Don't Always Get It Right

Dear reader, At the height of the dot-com bubble, Internet darling AOL could do no wrong... When the company announced it was joining with media conglomerate Time Warner in January 2000, many people thought the merger was a smart move. AOL would gain access to Time Warner's content and cable network, and Time Warner would […]

Securities Analyzed
  • T
Maybe the CEO Was on to Something...

Dear reader, It's rare that I laugh out loud when I'm listening to an earnings call... In general, these quarterly calls are dull affairs. For every time you catch something like the Lehman Brothers CFO swearing on the company's third-quarter earnings call in 2008 – and management having to re-edit the audio afterward to remove […]

Securities Analyzed
  • CLF
This Misunderstood Market Is Creating a Big Opportunity

Dear reader, Yesterday, we discussed why concerns about an imminent recession are misplaced. Thanks to the drop in the cost for corporations to refinance their debts since early 2019, debt maturities are starting to be pushed out. And without a debt crunch, there's no risk of a recession. But even corporations' reported costs to borrow […]

The Next Recession Begins on This Date

Dear reader, Earlier this year, we headlined our January report for our institutional investors: "A RECESSION IS COMING... in 18 months to two years if trends do not change before then." Trends have changed significantly in the past nine months. Many market strategists, financial journalists, and regular investors are calling for a recession by the […]

Answering Your Most Important Questions

Dear reader, I stayed up late last night... and woke up early this morning... just so I could keep reading your e-mails. Between Wednesday night and yesterday, we've received a ton of great feedback from both old and new clients about what we're rolling out at Altimetry. My favorites are the ones where folks are […]

Some of the Most Exciting News of My Career

Dear reader, Last night, I shared some of the most exciting news of my career... By launching Altimetry – and our new Altimetry's High Alpha newsletter – my team and I are bringing institutional-level research to the consumer, without the institutional-level fog that makes the information impossible to digest. With Uniform Accounting, we've been able […]

The Dark Horse in the Sportswear Market

Dear reader, When Bill Bowerman and Phil Knight founded Blue Ribbon Sports in 1964, they had no idea what they were about to start... Now known as Nike (NKE), the company started the sportswear revolution. Before Nike started making athletic shoes, there was very little progress in the market. It's hard to picture a world […]

Securities Analyzed
  • NKE
  • UAA
This Defense Contractor's Numbers Are Hiding Something

In early 2013, Edward Snowden made a decision that put him on national news. While working for the National Security Agency ("NSA"), Snowden leaked classified information to the press. You may have seen one of the countless articles about it... one of the few books... or even the 2016 movie. Snowden had various job descriptions, […]

Securities Analyzed
  • BAH
This Company Is Glad to Be a Middleman

You've heard about it in the news... In October 2018, Lion Air Flight 610 crashed into the Java Sea off the coast of Indonesia. Five months later, Ethiopian Airlines Flight 302 crashed in Ethiopia... just minutes after takeoff. The common factor? The Boeing 737 MAX. After the two accidents, aviation administrations around the world jumped […]

Securities Analyzed
  • AER
  • BA