Urupong/iStock via Getty Images Elevator Pitch I rate Wolters Kluwer N.V. (OTCPK:WOLTF) (OTCPK:WTKWY) [WKL:NA] stock as a Hold. My prior February 29, 2024 article touched on the company’s fiscal 2024 guidance relating to bottom line growth and capital allocation. This update looks at the potential for WOLTF to deliver an earnings beat in FY 2024…
In a new disclosure, investment management company Millennium Management has revealed holdings of almost $2 billion in spot Bitcoin ETFs. This revealing was made through a SEC 13F-HR institutional investment manager holdings report filed today, and disclosure underscores the increasing interest and investment in Bitcoin ETFs by major institutional players. JUST IN: 🇺🇸Millennium Management discloses it holds…
stevecoleimages/E+ via Getty Images ACCO Brands (NYSE:ACCO) is a manufacturer of consumer products largely focused on office and school environments, as well as certain electronic products which serve those markets and extend beyond into gaming. ACCO’s primary historical feature from an investment standpoint is as a perpetual value stock – regardless of cash flows and…
$100 U.S. banknotes in stacked bundles. photoman/iStock via Getty Images As my investment philosophy, I believe in picking quality businesses operating in industries with trends on their side. That is because, over the long run, such companies tend to deliver revenue and earnings growth. The global alternative asset management industry is one industry that appears…
helen89 Introduction Before we start breaking down BJ’s (NASDAQ:BJRI) first quarter 2024 results, I would like to highlight that this is an analysis intended to place greater emphasis on short-term operational patterns. Therefore, if you are interested in a more complete analysis, which aims to closely investigate both profitability, capital structure and other factors, I…
SusanneB This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory 13F Form filed on 5/2/2024. Please visit our Tracking Yacktman Asset Management series to get an idea of their investment philosophy…
Apollo Global Management, Inc. (NYSE:APO) Q1 2024 Earnings Conference Call May 2, 2024 8:30 AM ET Company Participants Noah Gunn – Global Head, Investor RelationsMarc Rowan – Chief Executive OfficerJim Zelter – Co-PresidentMartin Kelly – Chief Financial Officer Conference Call Participants Glenn Schorr – EvercoreAlex Blostein – Goldman SachsBrennan Hawken – UBSBill Katz – TD…
Yevhen Smyk Waste Management, Inc. (NYSE:WM), through its subsidiaries, engages in the provision of environmental solutions to residential, commercial, industrial, and municipal customers in the United States and Canada. We have published already three article on Seeking Alpha about the firm, starting in July, 2022, with a bullish coverage. Later on, in October, 2022, we…
Monty Rakusen Noritz (OTCPK:NRTZF) doesn’t report the majority of its materials in English, so note that the slides were machine translated for your convenience. Following up from our previous coverage of Noritz which speculated on possible ways in which shareholder remuneration could be improved, we have a look at the latest disclosure which does shed…
Supatman/iStock via Getty Images To our clients & friends, For the first quarter and year ended March 31, 2024, the Giverny Capital Asset Management (“GCAM”) model portfolio performed as follows:1 We’ve had an extended stretch of strong performance, with our model portfolio rising nearly 40% over the past year. Obviously, this feels pretty good. The…
Urupong Last year’s stock market momentum carried over into the first quarter, with growth stocks leading the charge (once again) across market caps and geographies. Investors seem complacent, as the fundamentals do not appear to justify the current levels of exuberance. Germany, the UK, and Japan are all either in – or teetering on the…
Galeanu Mihai/iStock via Getty Images By Samantha McLemore A Differentiated View on Diversification “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” – Misquote by Charles Darwin Patient Opportunity Equity strategy advanced 11.8% net of fees in the…
dragana991 Elevator Pitch I have a Hold rating assigned to The a2 Milk Company Limited (OTCPK:ACOPF) [A2M:AU] shares. My prior December 20, 2023 update was focused on a2 Milk’s stock price performance and the prospects for the Chinese Infant Milk Formula or IMF industry. I draw attention to the read-throughs from the latest management commentary…
Sumedha Lakmal/iStock via Getty Images The performance of securities mentioned within this letter refers to how the security performed in the market and does not reflect the performance attributed to the core equity portfolio. Please see the chart at the end of letter, which reflects the full list of contributors and detractors based on each…
carolthacker/iStock via Getty Images Six months since my last update on the company, the situation at Inogen (NASDAQ:INGN), a leading provider of portable oxygen concentrators (or POCs), is a little more interesting. The financials really haven’t improved and there are still valid concerns about the company’s strategic positioning, but the company has another new management…
helen89 For the last several years, I’ve been constructive on CVS Health Corporation (NYSE:CVS). In my most recent article, published on November 28, 2023, I encouraged investors to “play the long” game. A Brief History Lesson No later than 2016, ex-CEO Larry Merlo recognized the corner drug store business wasn’t going to age well. So,…
baona Thesis I rate Clear Secure (NYSE:YOU) as a ‘Buy’ due to its strong growth, prudent financial management, and modest valuation. Company Overview Clear Secure is a New York City-based developer of an identity verification platform. Clear aims to make identity verification a frictionless service. The company currently has two main product offerings: CLEAR Plus…
ilbusca Overview My recommendation for adidas (OTCQX:ADDYY) is a buy rating, as I have gained a lot of confidence in the current management’s ability to execute and deliver. Although regional performance on a headline basis seems poor, my view is that they are actually showing very strong signs of improvement that should start to be…
Sundry Photography/iStock Editorial via Getty Images Investment Thesis Union Pacific Corporation (NYSE:UNP) is rated as a buy as operations improve. We believe the new management will continue implementing significant improvements that will enable UNP to unlock superior shareholder returns. Previous management delivered a poor multi-year operational performance and at its current valuation, UNP is a…
RiverNorthPhotography Investment Thesis T. Rowe Price (NASDAQ:TROW) is a fundamentally solid asset manager with a long track record of outperforming relative benchmarks which has led to consistent growth in assets under management. Despite short-term challenges driven by rising interest rates which as led to net outflows over the past few years, I believe interest rate…
imaginima Exelon Corporation (NASDAQ:EXC) is a Chicago, Illinois-based electric utility – the largest in the United States – with nearly 11 million customers and six regulated utility subsidiaries. The firm primarily maintains a presence in Illinois and the US East Coast. Exelon Winter 2024 Investor Meeting Through these activities, Exelon has recorded FY23 revenues of…
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…
AzmanJaka There is a misconception, I believe, when it comes to generating market beating returns. Many people seem to think you need to buy into risky companies and/or firms that are growing rapidly in order to capture strong upside. But from my experience, some of the most boring, low growth companies offer the greatest potential….
Torsten Asmus Dear Clients and Friends: As 2023 draws to a close, we find ourselves reflecting on a year that vividly embodied the German phrase “Sturm und Drang,” which translates to “Storm and Stress.” Although the term is now used to describe turmoil generically, it originally identified a late 18th-century movement in German literature and…
AzmanL Overview I previously rated a buy rating for Jamf Holding Corp. (NASDAQ:JAMF) as I expected growth performance to remain strong despite the poor macroclimate. Since my post, the share price has rallied strongly to $21 (just $1 below my target price), but has now fallen back to ~$17 levels again. My recommendation for JAMF…
Eoneren Investment Thesis Navitas Semiconductor Corporation (NASDAQ:NVTS) is a rapidly growing small-cap semiconductor company specializing in gallium nitride “GaN” and silicon carbide “SiC” components for power electronics. GaN and SiC devices offer many advantages compared to legacy silicon and are increasingly replacing silicon semiconductors in a wide variety of applications, as well as enabling new…
bjdlzx Since I presented my ‘Buy’ thesis for Linde (NASDAQ:LIN) in my introductory article, the stock price has surged by more than 25%. The company released their Q4 FY23 result on February 6th, delivering 4% underlying revenue growth and 13.6% of adjusted profit growth. I reiterate ‘Buy’ rating for Linde with a fair value of…
deepblue4you The strength of the “magnificent 7” stocks has created an unrivalled amount of top-heaviness in the market, providing a boon to passive investors in 2023. However, diversification has historically proven more critical in times of excess market concentration, and the combination of a soft economic landing and rate cuts will likely allow for attractive…
Blacqbook Arbor Realty Trust’s (NYSE:ABR) Q4 2023 earnings call just came out. With it came an update on its financial results and the health of its multifamily loan portfolio, most of which is coming to maturity soon. I covered it twice in December, the first time giving my long-term view of the business and the…
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…
In a significant move to broaden its international reach, Bitcoin Magazine, in collaboration with White Rock Management, announced the opening of its new office in Lugano, Switzerland, on February 14, 2024. This strategic expansion into the heart of Europe underscores the publication’s commitment to fostering Bitcoin adoption and education across the globe. Lugano, a city…
thitimon toyai This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory 13F Form filed on 2/9/2024. Please visit our Tracking Akre Capital Management Portfolio series to get an idea of their investment…
Igor Kutyaev/iStock via Getty Images Dear Investors, In the second half of 2023, RF Capital returned +22.54%1 net of all fees. In comparison, the S&P 500 (SP500, SPX), Russell 2000 (RTY), and MSCI ACWI generated returns of +7.18%, +8.16%, and +7.10%, respectively, over the same period. For FY2023, RF Capital returned +56.07%1 net of all…
Fanliso/iStock Editorial via Getty Images Luckin Coffee’s (OTCPK:LKNCY) stock has been trading down in recent months. On Thursday, it even dropped 10%. I covered Luckin Coffee at the end of 2022 and was careful about the stock. After my article was published, the stock gained. However, right now it is trading near 52-week lows. The…
PUGUN SJ Introduction and investment thesis Okta (NASDAQ:OKTA) is a cloud-based identity and access management solution that outperformed the S&P 500 in 2023. While the company is expanding its profitability at a rapid pace, the company’s revenue slowdown is a matter of concern. Part of the reason behind the slowdown is tied to the security…
SusanneB This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Yacktman Asset Management’s regulatory 13F Form filed on 2/2/2024. Please visit our Tracking Yacktman Asset Management series to get an idea of their investment philosophy…
champpixs Investment Thesis Artisan Partners Asset Management Inc. (NYSE:APAM) just reported its Q4 numbers. I wanted to give an update on the company’s performance since my last coverage of the company, where I assigned it a buy, and since then the share price has appreciated 46% (dividends included) against the S&P 500’s (SPY) 24% appreciation….
cemagraphics/iStock via Getty Images Dear clients and fellow shareholders: If there was anything that economists were clear about a year ago, it was that the U.S. was in for a challenging 2023. More than two-thirds of the economists at the 23 large financial institutions that do business directly with the Federal Reserve predicted an impending…
BrianAJackson/iStock via Getty Images 2023 was another good year for Lyrical. Our CS composite returned 27.2%, outperforming the S&P 500 (SP500, SPX) by 90 bps. It was a particularly difficult year to outperform given the outsized performance contribution of the Magnificent Seven mega-cap growth stocks. We, as value investors, do not own any of the…
borzaya/iStock via Getty Images To Our Clients and Friends: For the fourth quarter and year ended December 31, 2023, the Giverny Capital Asset Management model portfolio, which is a Poppe family account 1, performed as follows 2: GCAM Performance Quarter ending Year-to- date ending One-year ending Three years ending *Annualized Since Inception 12/31/2023 12/31/2023 12/31/2023…
artplus/iStock via Getty Images Dear Partners Alluvial Fund returned 3.2% in the fourth quarter, bringing our return to 15.1% for the full year. What a market turnaround this quarter saw. Spurred by a change in tone from the Federal Reserve, small-cap stocks snapped out of their doldrums and roared 22% higher in November and December….
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…
Igor Kutyaev/iStock via Getty Images By Samantha McLemore “The big money is not in the buying and selling, but in the waiting.” Charlie Munger In this letter, we discuss the current environment and how we are responding. We also reflect on 2023: what we’ve done well and where we made mistakes. Before we get to…
damircudic Founded back in 1935, Webster Financial Corporation (NYSE:WBS) operates as a bank holding company and is headquartered in Stamford, Connecticut. Far from its all-time high of $65 per share, it is gradually making up for lost ground. However, in Q4 2023 it failed to meet analysts’ expectations in terms of EPS and revenue: Q4…
hallojulie The fourth quarter saw strong absolute and relative performance in our portfolio. In the quarter our strategy was up 16.05% while the S&P 500 (SP500, SPX) appreciated 11.69%. For the full year, our strategy was up 23.19% vs the S&P 500 up 26.29%. While we trailed the market, all of our underperformance was due…
MicroStockHub The Blue Tower Global Value composite returned 10.83% net in Q4 2023 (11.11% gross) bringing our full year 2023 return to 32.44% net (33.81% gross). Sanctions have frozen our Russian investments, leading to high levels of dispersion among accounts in the composite, so please rely on your account statements for your individual investment performance….
Andrii Dodonov By Peter Hayes and Sean Carney Our 2024 Outlook For Municipal Bonds BlackRock’s municipal (muni) bond experts share their market outlook and the actions you can take to raise your portfolio’s potential in 2024. 2023 – One Month Does Not A Year Make After initial optimism at the start of 2023 spurred strong…
fotostorm Investment action I recommended a hold rating for AppLovin (NASDAQ:APP) when I wrote about it the last time, as I was worried about a potential pullback after a strong rally as the market seemed to have elevated expectations for the stock. Based on my current outlook and analysis on APP, I recommend a hold…
Daniel Balakov Investment Strategy Outlook 2023 was a very strong year in global stock markets, with optimism being driven by falling inflation, tight labor markets, and a resilient consumer. Equities screamed higher in the fourth quarter (and particularly so in the U.S.), as the Federal Reserve’s December pivot toward 2024 interest rate cuts reignited investors’…
DKosig Introduction Despite wars in Europe and the Middle East, escalating tensions in Taiwan, recent attacks in the Red Sea, and eleven successive US Fed rate rises since March 2022, equity markets have reached new highs. It is as if nothing happened. The recent reversal of longer-term interest rates (the US 10-year Treasury (US10Y) yield…