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Historians and journalists peg 1946 as the 'official' beginning of the Baby Boom... However, U.S. birth rates were already on the rise from 1941 to 1944, in the midst of World War II. This fact supports the research that wars don't necessarily create massive reductions in birth rates, as counterintuitive as that may be. For […]
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Too many equity investors fail to understand the credit side of the business... This dual focus is something that sets Altimetry apart from many of the big Wall Street firms. I'll always remember getting this sage advice from cross-capital investing great Mitch Julis of Canyon Capital: "To be a great equity investor, you need to […]
Clear communication requires a clear intent... Every week on our all-hands call, our global teams highlight something they've been working on that's relevant to the entire firm. The good updates are full of metrics and show how the project led to a higher performance in something specific and measurable. The better updates also make a […]
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Last month, we discussed 'Oil Major' ExxonMobil (XOM) from a credit perspective... We explained how credit-ratings agency Moody's (MCO) gave Exxon an investment-grade rating despite some huge risk issues. Exxon has weak cash flows, a large dividend, significant debt maturities, and sizeable capital expenditures ("capex"). As we said... Exxon is currently trapped between credit and […]
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The coronavirus pandemic has crushed many industries... None have taken a greater hit than the airline sector. Demand cratered in April, and the recovery has continued to stall. Experts see air travel for 2020 at only 60% to 70% of last year's level, at best. Some estimates don't see demand returning to pre-pandemic levels until […]
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The biggest change resulting from the 'At-Home Revolution’ has been where money is spent... We talked about this radical shift back in October regarding golf equipment manufacturer Callaway Golf (ELY). Since the coronavirus pandemic began, folks are spending more on goods and less on experiences. It's a big change from the trends over the past […]
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The holiday season is finally upon us... However, just like many aspects of life this year, it looks different than usual. Normally, we'd be talking about the strength of Black Friday sales. We'd see videos of consumers camped out in front of retail stores racing to win the best deals. Additionally, today's Cyber Monday is […]
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Today's Altimetry Daily Authority is a little different than usual... I heartfully and warmly wish all our readers a very Happy Thanksgiving weekend! We've been reserving our Friday Daily Authority issues for sharing opening remarks about the coaching topics for our global employees. As we aren't publishing this Friday, we thought the Wednesday before Thanksgiving […]
Home buying has been surging during the coronavirus pandemic... And September data show that the trend isn't letting up. As industry publication HousingWire explained late last month, existing home sales jumped more than 9% from August and more than 20% from a year ago. During fall and winter, housing prices usually round off and sales […]
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When investors buy bonds, they naturally hope that the underlying company doesn't go bankrupt... But even in the event of a bankruptcy, they do have some protection. One of the positives in bond investing is that creditors are reimbursed before equity holders if a company goes under. Between 2005 and 2019, the average bond holder […]