LauriPatterson/E+ via Getty Images Investment Thesis Fast-casual restaurant chains are having their moment in 2024. Usual suspects like Shake Shack (SHAK) and Wingstop (WING), along with category leader Chipotle Mexican Grill (CMG), have been on a tear since the start of October last year. This year, they were joined by fast-casual salad chain Sweetgreen (SG)….
ProQR Therapeutics N.V. (NASDAQ:PRQR) ASGCT Investor Webcast May 9, 2024 8:00 AM ET Company Participants Sarah Kiely – IRDaniel de Boer – Founder and CEOGerard Platenburg – Chief Scientific Officer Conference Call Participants Jon Wolleben – Citizens JMPSteve Seedhouse – Raymond James Sarah Kiely Thank you, and good day, everyone. We appreciate you joining our…
Roger Ver, a prominent early investor in Bitcoin and famously dubbed “Bitcoin Jesus,” has been indicted by the Department of Justice (DOJ) on charges of mail fraud, tax evasion, and filing false tax returns. Ver was arrested over the weekend in Spain based on these criminal charges, and the U.S. intends to seek his extradition…
Uwe Krejci/DigitalVision via Getty Images A Welcome Surprise After discussing GrafTech’s (EAF) challenges throughout 2022 and 2023, Groundhog Day came early in 2024, with the stock declining 39% in January. The selloff likely stems from indiscriminate selling by Brookfield Asset Management and shares distributed by BAM due to the fund ending. We were again left…
tadamichi Investors, For the first quarter of 2024, Deep Sail Capital Partners (the “Fund”) returned 13.0% net of fees while averaging 84% net long exposure. Please consult your individual capital account statements for your individual net returns. In the first quarter, the fund outperformed our benchmarks, the Russell 2000 index and the Russell Mid-Cap Growth…
Monty Rakusen/DigitalVision via Getty Images Growth through acquisitions has long been key to the Neogen (NASDAQ:NEOG) growth story, but the key to such a strategy is efficiently integrating those deals and the bigger the deal, the more crucial execution becomes. So far, the integration process of Neogen’s acquisition of 3M‘s (MMM) food safety operations can…
byakkaya Introduction Infrastructure plays are more and more part of the few key ideas I am building my portfolio. The property of key assets that are essential for an economy is a way to benefit from the overall economic activity of a certain area. Often, infrastructure businesses have a moat due to high barriers to…
VioletaStoimenova H2 2023 Results During the second half of 2023, the Saga Portfolio (“the Portfolio”) increased 40.2% net of fees. This compares to the overall increase for the S&P 500 Index, including dividends, of 8.0%. For the full year 2023, the Portfolio increased 204.6% net of fees compared to the S&P 500’s 26.3%. The cumulative…
Avalon_Studio “Even the most intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham Back to Back With the end of the first quarter in the books, the S&P 500 Index return in Q1 totaled 10.56%. This double-digit return follows the fourth quarter 2023 return of 11.69%. Since…
PeopleImages/iStock via Getty Images Introduction & Investment Thesis I initiated a buy rating on Teladoc (NYSE:TDOC) on January 24, 2024. However, since then, the stock has declined by 28%. The company reported its Q4 FY23 earnings, where it saw its revenue grow 8% YoY to $2.6B and Adjusted EBITDA grow 33% YoY to $328M. While…
deepblue4you/iStock via Getty Images Thesis Energy Transfer (NYSE:ET) continues to be undervalued compared to the bulk of the midstream industry. This discounted valuation is a result of negative shareholder sentiment as a result of a distribution cutback in 2020. It is my view that this stigma presents an opportunity to buy this high-yield stock with…
Dmytro Skrypnykov/iStock via Getty Images 1st Quarter 2024 Investor Newsletter March 2024 Introduction Since 1887, various groundhogs have been predicting future weather patterns in Punxsutawney, Pennsylvania. On February 2, Phil “the groundhog” predicted an early spring and an end to winter. While winter will officially end on March 19 at 11:06pm EST, Phil continues to…
Taiyou Nomachi Elevator Pitch I rate Rayonier Inc. (NYSE:RYN) stock as a Buy. Previously, my December 12, 2023 article touched on Rayonier’s corporate actions like asset disposals, shareholder capital return, and deleveraging. In the current write-up, I outline the takeaways from RYN’s disclosures at the recent Raymond James (RJF) 45th Annual Institutional Investors Conference on…
MarsBars Gold mining stocks represented by VanEck Gold Miners ETF (NYSEARCA:GDX) and VanEck Junior Gold Miners ETF (GDXJ) have been in the doghouse recently, down nearly 20% over the past two months alone: Data by YCharts The main headwinds for the sector seem to be: A growing consensus of higher-for-longer interest rates, which will likely…
Nastassia Samal/iStock via Getty Images Dear Co-Investor The SaltLight Worldwide Flexible Fund returned 30.8% in 2023 – the final quarter turned out to be a very strong finish for the year with a +15.4% return. What went in our favour? We were fortunate to have some exposure to some of the ‘Magnificent Seven’ – Amazon…
panida wijitpanya The bull market is in full force on the tailcoats of blowout earnings numbers from the poster child for artificial intelligence — Nvidia. This company makes the processors that power the development of AI. Its stock and those that are linked to the AI industry have risen to dizzying heights, raising concerns about…
Mama’s Creations, Inc. (NASDAQ:MAMA) Investor Day Presentation February 13, 2024 1:00 PM ET Company Participants Adam Michaels – Chairman and CEO Lauren Sella – Chief Marketing Officer Anthony Gruber – Chief Financial Officer Conference Call Participants Note: Transcript Provided by the Company. Adam Michaels Good afternoon. Welcome. For those online, I’m Adam Michaels, and am…
enot-poloskun Dear Gator Financial Partners: We are pleased to provide you with Gator Financial Partners, LLC’s (the “Fund” or “GFP”) 2023 4th Quarter investor letter. This letter reviews the Fund’s 2023 Q4 and 2023 annual investment performance, discusses our investment thesis on Robinhood Markets, and shares our thoughts about gross and net exposures. Review of…
sankai Dear Fellow Investors, The Fund 1 returned approximately 15% in the fourth quarter, bringing the full year returns to approximately 51%. Returns will vary by fund and investment class, so please check your statements for your actual returns. Our Q2 letter was themed around being “one day closer.” I wrote, “I believe that with…
franckreporter Investment briefing With the global risk appetite now showing signs of imminent recovery based on recent market trends, there is potential scope to add beta back into equity portfolios in our estimation. The consumer discretionary sector has led the way along with communications services and utilities so far in Q4 2023 earnings growth for…
Thos Robinson Billionaire Stephen A. Schwarzman recently attended the Davos World Economic Forum, where he made some very interesting remarks about what he thinks are great investment opportunities at the moment. In case you are not familiar with Steve Schwarzman, he is the co-founder and CEO of Blackstone Inc. (BX), which is the biggest private…
SweetBunFactory Through 2024, we expect further semiconductor industry growth driven by broad industry demand. Overview We believe the semiconductor industry is expected to continue to rebound significantly at a notable growth rate in 2024. The resurgence is driven by increasing demand from various industries and applications. While general optimism about the industry’s growth potential exists,…
satoshi takahata/iStock via Getty Images Dear fellow investors and friends, During the fourth quarter the fund gained 6.3% gross of fees 1. We do not have a stated benchmark in our Key Investor Information Document (KIID) and therefore cannot comment on relative performance. We leave it up to you to decide. We note the above…
Oselote/iStock via Getty Images To My Partners: Tourlite Fund, LP Founder Class returned 1.1% for the Fourth Quarter of 2023 and 8.8% for the full year. The fund has returned 14.3% since inception in April 2022, compared to 8.4% for the S&P 500 (SP500, SPX) and 0.5% for the Russell 2000 (RTY).1,2 Fourth Quarter 2023…
Xos, Inc. (NASDAQ:XOS) Xos & Electrameccanica Joint Investor Conference Call January 24, 2024 9:15 AM ET Company Participants Dakota Semler – Chief Executive Officer, Xos Susan Docherty – Chief Executive Officer, ElectraMeccanica Christen Romero – General Counsel, Xos Operator Thank you everyone for joining us. Joining the call with me today are Xos’ Chairman and…
champc What should a dividend growth investor buy in 2024? What a fascinating situation we are in; still plagued with high inflation – although it slowed down a bit in late 2023, it went back up in the U.S. and possibly Canada in December – and with high interest rates, yet we might not end…
takasuu The ProShares UltraPro QQQ ETF (NASDAQ:TQQQ) seeks daily investment results that correspond to three times the daily performance of the Nasdaq 100 Index. The ETF is typically used by bullish short-term investors to generate higher returns than simply owning the underlying market. It also offers an opportunity for bearish investors to gain exposure to…
xavierarnau By Andrea Deghi, Financial Sector Expert, Global Financial Stability Analysis Division, IMF’s Monetary and Capital Markets Department; Fabio M. Natalucci, Deputy Director, Monetary and Capital Markets Department; and Mahvash S. Qureshi, Assistant Director and Division Chief, IMF’s Monetary and Capital Markets Department The commercial real estate sector has been under intense pressure globally as…
shapecharge Dear Investors, The Headwaters Capital Management, LLC (“Headwaters Capital,” “Headwaters,” or the “Firm”) portfolio increased by +18.1% (+17.1% net) during Q4 2023 compared to a +12.8% return for the Russell Mid Cap Index over the same period. Full year 2023 performance for the Headwaters portfolio was +34.8% (+33.0% net) compared to a +17.2% return…
Michael Vi Investment Thesis BILL Holdings (NYSE:BILL) simplifies financial operations for SMBs through specialized automation software, including payables and receivables management. The stock isn’t overly expensive at 40x forward EPS. The problem here is twofold. Firstly, the business is slowing down at a rapid rate, and it’s difficult to know with certainty at what rate…
Exhibit IV News Highlighted News Latticework 2023 – MOI Global, “Christopher Tsai in Conversation with Peter C. Keefe”, The Yale Club, December 12, 2023 MarketWatch, “What Charlie Munger and Grandma Ruth Taught This Money Manager Whose Portfolio is up 50% This Year”, December 5, 2023 Good Investing Talks, “Interview with Christopher Tsai”, Part 2, October…
John Lamb Dear Friends & Partners, Our investment returns are summarized in the table below: Strategy Month YTD 12 Months 24 Months 36 Months Inception LRT Global Opportunities -5.27% +14.15% +14.15% -13.98% -0.03% +18.94% Click to enlarge Results as of 12/31/2023. Periods longer than one year are annualized. All results are net of all fees…
Spencer Platt Elevator Pitch I have a Buy investment rating for GoDaddy Inc. (NYSE:GDDY). GoDaddy’s share price went up by +42.0% (source: Seeking Alpha price data) after I raised my rating for GDDY from a Hold to a Buy with my October 10, 2023, write-up that highlighted several “potential value unlocking initiatives” for the stock….
The three major indexes, the S&P 500, the Dow, and the Nasdaq are enjoying a continued rally as the market hopes for rate cuts. The S&P 500, the Nasdaq, and the Dow Jones Industrial Average (DIJA) all closed higher, maintaining streaks of continuous increases. The Nasdaq hit 14,904.81 after adding 0.61%, while the Dow added…
Bryan Bedder Co-produced by Austin Rogers. It was not that long ago that the market believed the Federal Reserve’s narrative of “higher for longer” interest rates. Over and over again on financial media, pundits parroted the Fed’s narrative, helping them do their job of setting the market’s expectations. In contrast, we have been saying for…
Booking Holdings Inc (NASDAQ:BKNG) Nasdaq 49th Investor Conference Call December 6, 2023 8:00 AM ET Company Participants David Goulden – CFO Conference Call Participants Brian Nowak – Morgan Stanley Brian Nowak All right. Thank you everyone for joining us. From day two of the 2023 NASDAQ Investor Conference. We hope it’s been a productive couple…
ON Semiconductor Corporation (NASDAQ:ON) Nasdaq 49th Investor Conference December 5, 2023 9:00 AM ET Company Participants Hassane El-Khoury – President & Chief Executive Officer Thad Trent – Chief Financial Officer Conference Call Participants Joseph Moore – SeniorAnalyst Joseph Moore Welcome back. I’m Joe Moore. Very happy to have with us today the management team from…
zxvisual/iStock via Getty Images Shares of SL Green Realty Corp. (NYSE:SLG) popped over 6% on Monday in response to the company’s Investor Day, where it announced a slew of actions, including a dividend cut and asset sale, to strengthen its business amidst the ongoing downturn in office real estate. Shares are now actually higher than…
Pgiam/iStock via Getty Images Investment updates Investors should be fairly compensated for the capital they put at risk when investing with a company. Stock market investors are not providers of capital per se-unless in IPOs or secondary offerings, etc.-but they do provide capital indirectly through reinvestment of retained earnings. Consequently, investors mark the valuations of…
simonkr Intro We wrote about FONAR Corporation (NASDAQ:FONR) back in August of last year when we pointed to how the company’s significant balance sheet strength would ultimately result in share-price gains for the healthcare company. Although cash & shareholder equity numbers were growing meaningfully on Fonar’s balance sheet, shares at the time were testing underside…
Klaus Vedfelt/DigitalVision via Getty Images Investment Overview – From IPO To Present Day – Revance Fights For Approval Of Frown Line Injection Ever since its initial public offering (“IPO”) in 2014, which raised ~$96m via the issuance of ~6m shares priced at $16 per share, to fund development of botulinum toxin products for use in…
Dan Tapiero also shared insights into his bullish Bitcoin price prediction emphasizing on the cryptocurrency’s role as a monetary network and immutable, distributed ledger. Bitcoin has been flirting around $37,000 levels for a while and has left investors confused over what could be its next direction. Long-term investors continue to stay bullish over its future….
GlobalStock Dear Co-Investor In the dramatic theatre of business, relentless motion and constant change make an exhilarating narrative. At SaltLight, we approach investing as a serene nature documentary filled with patience and thoughtful observation. In our view, frequent portfolio reshuffling is not a badge of honour, but rather restlessness. Each portfolio adjustment is a step…
Garlinghouse emphasized the need for the SEC to reassess its regulatory approach, moving away from a pattern of enforcement through lawsuits. During the just-concluded Ripple’s Swell conference in Dubai, the company’s CEO Brad Garlinghouse shared his views regarding the United States Securities and Exchange Commission’s (SEC) role in protecting consumers against bad actors. In an…
Moderna, Inc. (NASDAQ:MRNA) Second Digital Investor Event November 8, 2023 8:00 AM ET Company Participants Lavina Talukdar – Head of IR Stephane Bancel – CEO Brad Miller – Chief Information Officer Dave Johnson – Chief Data and Artificial Intelligence Officer Wenhao Liu – Director of Software Engineering Brice Challamel – Empowerment VP Conference Call Participants…
Juanmonino/iStock Unreleased via Getty Images Dear Investor, As we round the corner and head into the fourth quarter of 2023, there are numerous economic factors flashing signs that could make the last quarter exciting and profitable for Old West clients. As you can see fromyour enclosed statement, our portfolios performed in line with or slightly…
gorodenkoff Merion Road Small Cap Fund IWM (Russell 2000) Barclay Hedge Fund Index MRCM Long Only Large Cap SPY (S&P 500) Annualized Since Inception 15.5% 7.5% 4.9% Annualized Since Inception 10.6% 10.1% Q3 2023 (3.1%) (5.2%) (0.4%) Q3 2023 (2.6%) (3.2%) 2023 YTD 0.3% 2.5% 3.9% 2023 YTD 25.9% 13.0% 2022 (16.9%) (20.4%) (8.5%) 2022…
This article was written by HORAN Capital Advisors is an SEC registered investment advisor that manages investment portfolios for individuals and institutions. Our firm utilizes a disciplined investing approach that should create wealth for our clients over time. Our investment bias is to invest in companies that generate a steady return over time, i.e., singles…
Ignatiev Investment Thesis SMART Global Holdings, Inc. (NASDAQ:SGH) presented investors with disappointing results. Initially, I was optimistic about the stock, anticipating that its operations would stabilize following the spin-off of its Brazil business. However, this expectation proved to be incorrect. Instead of doubling down on my rating, I have decided to disengage from this stock….
champc Dear Friends & Partners, During the month, the LRT Global Opportunities strategy returned an estimated -9.32%, bringing year-to-date returns to +36.58%, net of fees. Our investment returns are summarized in the table below: Strategy Month YTD 12 Months 24 Months 36 Months Inception LRT Global Opportunities -9.32% +36.58% +44.27% -1.19% +10.98% +21.37% Click to…