Archive

As regular Altimetry Daily Authority readers know, bear markets don't happen without credit issues... In October, we wrote about how the drop in the cost to borrow for U.S. corporations meant companies were able to refinance debt in 2019 that they hadn't been able to in 2018. The refinancing of near-term debt maturities eliminates the […]

Who loses half his money on advertising? Apparently, everyone does... I recently had a great debate with a reader over the origins of a favorite quote of mine: Half the money I spend on advertising is wasted, and the trouble is I don't know which half. It's attributed to two giants of advertising across the […]

• ADI
• AMD
• NXPI
• QCOM
• UL

The market still doesn't understand how cheap U.S. Steel (X) is... As we highlighted last week, U.S. Steel is currently priced for bankruptcy. When a company starts to trade at a significant discount to its assets – as U.S. Steel does – this tends to serve as a "floor" for valuations. Last Friday, the company […]

• AMZN
• BBY
• X

Joel's note: The Altimetry offices are closed tomorrow and Wednesday for the Christmas holiday, so look for your next Altimetry Daily Authority on Thursday, December 26. Have a great holiday, and we'll see you later this week! Is it the 'lay of the land'? Or 'how the land lies'? I was on the phone recently […]

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 […]

• AAPL
• BA
• KO
• PII
• SBUX

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 […]

• GM
• ORCL
• SAP.DE

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 […]

• GM
• ORCL

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, […]

• X
• XOM

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. […]

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 […]

• MSCI
• SBGI