Archive

The Power of Branding

The Power of Branding

Aircraft leasing companies are benefiting from this troubled plane maker… In September, we wrote about how Boeing’s (BA) 737 MAX issues have been a boon to the aircraft leasing business. On Monday, Boeing announced that it wasn’t just further delaying how long it will be until the 737 MAX can re-enter service… but it’s also […]
Not All Growth Is Calculated Equally

Not All Growth Is Calculated Equally

Netflix’s (NFLX) desperation to break into the content business knows no bounds… Last Thursday, an article in the Washington Post highlighted how the video-streaming behemoth is arguably pushing ethical limits to curry awards favor as Oscar season approaches. While Netflix appears to be bordering on obsessed with getting recognition for its content initiatives, these are […]
A 'Fresh Start' Is More Dangerous Than You Think

A 'Fresh Start' Is More Dangerous Than You Think

In most contexts, getting a ‘fresh start’ is a dream come true… It’s like a real-life mulligan… a chance to put the past away and focus on the future. The concept of a fresh start also applies to businesses. Companies screw up from time to time and will often ask for forgiveness. Whether an ad […]
The Steelmaker That's Priced for Bankruptcy

The Steelmaker That's Priced for Bankruptcy

Back in 1998, I was asked to speak at a conference for credit investors… I was 28 at the time… and given that the conference was in Las Vegas, I quickly accepted. The one problem was that I knew very little about credit investing. At the time, most of my knowledge was in accounting and, […]
Inflation Hits More Than Just Your Wallet

Inflation Hits More Than Just Your Wallet

I remember as a kid reading the works of Howard Ruff, a financial adviser who discussed the dangers of inflation… The quote that stuck with me the most was, “Calling rising prices inflation would be like calling a hurricane falling trees.” Ruff wrote an investing newsletter and multiple books about investment strategy during the 1970s. […]
Growth Investing Through the Indexes

Growth Investing Through the Indexes

Last month, I kicked off the CFA Institute’s Equity Research and Valuation Conference… I opened the talk by citing two of legendary investor Benjamin Graham’s most seminal works: The Intelligent Investor and Security Analysis. Graham is known as the “Father of Value Investing,” and investors often regard these two works as the greatest books on […]
More Downside Is Likely Ahead for This Fad Stock

More Downside Is Likely Ahead for This Fad Stock

Low interest rates are great for borrowers, but they can send lenders into uncharted territory… In late September, we highlighted the low yields in the credit markets and how this meant companies and individuals could easily refinance their debt. You don’t see severe bear markets or recessions when yields are this low. When it’s easy […]
You May Not See the 'IoT'... But It's Everywhere

You May Not See the 'IoT'... But It's Everywhere

Warren Buffett and the Federal Trade Commission (‘FTC’) see eye to eye on Amazon (AMZN), but not like you’d expect… As we highlighted in the December 4 Altimetry Daily Authority, the legendary investor built a sizable position in Amazon earlier this year. He recognizes what Uniform Accounting data also highlights: Amazon is a company with […]
The 'Turtle' the Payment-Processing World Stands On

The 'Turtle' the Payment-Processing World Stands On

GAAP accounting is so noisy that companies aren’t even reporting when they restate their numbers… Last week, the Wall Street Journal reported that pizza chain Papa John’s (PZZA) restated its financial results back to 2009. That in and of itself was not noteworthy. The big story was that the company had restated its numbers by […]
A Trucking Shortage Ripples Through the Entire Financial System

A Trucking Shortage Ripples Through the Entire Financial System

The opposite of evolution is 100 years of financial statements… As I write this, I’m preparing a speech this Saturday titled “Frontiers of Accounting.” I’m covering how the calculation of earnings has changed so dramatically over time. In 1919, the annual report for automaker General Motors (GM) was just 19 pages long. I’m looking at […]