Archive

This 'Middleman' Company's Returns Are Twice as Strong as Wall Street Would Have You Believe

By Joel Litman

Wednesday, April 1, 2020

Think about paper losses versus realized losses… There’s a saying in the professional investing world – in particular among registered investment advisors (“RIAs”) – when talking clients off a panic-driven ledge: “You don’t actually lose any money in the stock market until you realize your losses by selling.”  The only people who actually lost money […]

This Under-the-Radar Tech Company Has Quietly Cornered Its Niche Market

By Joel Litman

Tuesday, March 31, 2020

Boaz Weinstein is at it again… Anyone familiar with Michael Lewis’ book The Big Short and the Great Recession – or who has worked in the credit markets since the late 2000s – likely knows how financial-services firm Deutsche Bank (DB) was almost sunk in the crisis. While he wasn’t mentioned in The Big Short, […]

Why Crashing Oil Prices Won't Cause an Economic Recession

By Joel Litman

Monday, March 30, 2020

We’re not the only ones saying now isn’t the time to panic… Regular Altimetry Daily Authority readers know we’ve been consistently saying that while the current environment is going to be volatile, it’s a time of opportunity.  Two gurus we listen to have been saying the same thing… and just last week, they both explained […]

The Market Is Pricing This Spinoff Like It's About to Default

By Joel Litman

Friday, March 27, 2020

How long can the economy really last in a shutdown? Earlier this week, I came across an interesting chart in an article from investment bank JPMorgan Chase (JPM). It was an analysis of the number of days of operating costs that small businesses of different types have in cash on hand to survive if there […]

The Market Mistakenly Thinks This Cell Tower Company Is Poised for Dominance

By Joel Litman

Thursday, March 26, 2020

Maybe flooding the venture-capital market with hundreds of billions of dollars wasn’t a sound investment strategy…  Japanese banking giant SoftBank is still facing the repercussions of its irresponsible dropping of helicopter money on the world of venture capital through its Vison Fund. Last week, the company announced it was seeking $10 billion to prop up […]

Buy the Parent, Forget About the Spinoff

By Joel Litman

Wednesday, March 25, 2020

Watch us explain our views on companies… for free! Altimetry Director of Research Rob Spivey periodically hosts webinars for our institutional clients. He takes them through Uniform Accounting insights using our institutional web application – the Valens Research app. It’s a significantly more complicated version of our Altimeter tool, with more bells and whistles. Each […]

This Medical Tech Firm Is Far More Profitable Than Wall Street's Numbers Suggest

By Rob Spivey

Tuesday, March 24, 2020

Sometimes success is just about being in the right place at the right time, whether intentionally or by accident… One of my guilty pleasures when I have a free moment is reading sports and entertainment site The Ringer. Just last week, I saw a great article that broke down the massive number of successful sports […]

This Nobel Prize Winner Can't Value the Market

By Joel Litman

Monday, March 23, 2020

Let’s take a quick pulse of the credit market… Back in September, we laid out some of the key drivers that cause credit crises – the catalysts for deep bear markets and recessions. One of these drivers is the high cost to borrow that freezes corporations out of the credit market. As we explained, the […]

Market Expectations Are Too High for This Chipmaking Behemoth

By Rob Spivey

Friday, March 20, 2020

Sometimes artificial reality can tell us a lot about the real world… As we deal with the global coronavirus pandemic, one of the biggest issues for epidemiologists and everyone else trying to contain the spread of the disease is understanding human nature and how people will react to the disruption. Fortunately, there aren’t a lot […]

Look at This Industry When Homebuilders Are Struggling

By Rob Spivey

Thursday, March 19, 2020

Here’s some perspective on the potential longer-term structural impact of the coronavirus outbreak… Earlier this month, The Economist published an interesting piece about some of the bigger changes we could see in the corporate world as a result of the virus. As more businesses encourage employees to work from home, companies may become more comfortable […]