Background: One of the biggest macro investment controversies is the state of the US consumer. Jobs data remain relatively strong, but confidence is low. The stocks exposed to the Consumer have materially lagged. Hence, we investigate the Consumer Discretionary and Consumer Staples sectors in today’s research. Stock ideas: We offer long / short Consumer Staples
Background: One of the biggest macro investment controversies is the state of the US consumer. Jobs data remain relatively strong, but confidence is low. The stocks exposed to the Consumer have materially lagged. Hence, we investigate the Consumer Discretionary and Consumer Staples sectors in today’s research. We continue to recommend investors’ Underweight Consumer Discretionary: Consumer
We did several meetings this past week, and as is always the case, sentiment lags price momentum by two weeks. Three weeks ago, when we spent two days doing meetings in Canada, sentiment was decidedly negative. The market had declined well more than 10% year-to-date, and emotions were running high. This past week we spent
For this week’s Level Set we were thinking of writing about the somewhat better Bank and Technology earnings so far in Q1 than previously expected, the lag between the tariffs and the fundamentals, and our view that on the margin we like risk-taking a bit less today than we did a week ago. We don’t
We considered the revenue cycle, gross margins, operating expenses, inventory, capital spending, factor efficacy, China, and AI. We even looked at valuation, even though it is not a particularly good reason to buy one Semiconductor over another. Read our latest research for our conclusion.
We considered the revenue cycle, gross margins, operating expenses, inventory, capital spending, factor efficacy, China, and AI. We even looked at valuation, even though it is not a particularly good reason to buy one Semiconductor over another. Our conclusion is…. Download
We think the consensus numbers need to be materially lowered, and the penalty for downward revisions has been harsh. This combination keeps us cautious with so many companies about to report earnings in the next two weeks. Our new estimates and judgment about where estimates are relatively more and less achievable are…
We have heard several times in our recent meetings, read articles, and watched scrolling on the screens of popular financial news media that this recent weak period likely marks the end of American exceptionalism in terms of the relative performance of US equities. There is a large and growing cohort of people that now think
We think the consensus numbers need to be materially lowered, and the penalty for downward revisions has been harsh. This combination keeps us cautious with so many companies about to report earnings in the next two weeks. Our new estimates and judgment about where estimates are relatively more and less achievable are… Download
Background: Given the substantial moves in the market and individual stocks in the last few weeks, we thought we would take a look at valuation and provide insights about key valuation metrics and their efficacy in today’s work. We can provide detailed information on each individual security or any market sub-group, so please don’t hesitate
