Value

Energy shares have been obliterated. So too, banks. Once muscled-up bulwarks of the broader index, the mighty have since been dumped in the ditch. ‘ExxonMobil booted from the Dow after close to a century’ headlined the FT in late August, tying a pretty pink bow on the whole sorry affair. For banks, down almost 40%… Read More Value

American Eagle

“And above all, watch with glittering eyes the whole world around you because the greatest secrets are always hidden in the most unlikely places….” So whispered the late, great Roald Dahl the peerless author of children’s literature. There is, though, nothing so great about the recent trading environment for American Eagle, the lifestyle clothing retailer… Read More American Eagle

Size matters

There’s a lot of whistling through teeth and taut chops on the rolling and the scrolling of the 24-hour financial TV channels, whose editors, given the hunger for anything breaking on Covid, the Fed or the steamy inbound election, have enough material to frighten even the most confident of bulled-up investor. There is, for those… Read More Size matters

Zimmer

“So, can you hear me okay?” so said Bryan C Hanson, kicking off a recent Morgan Stanley investor call. Behind ZOOM cameras, idling in board shorts and flip flops, the listeners murmured into their muted mics: yes, they could. Which was good news, as the CEO of Zimmer Biomet had a few things to say,… Read More Zimmer

50 days…

…and counting, to possibly the greatest show on earth. The US Presidential election. The Superbowl has drama mixed with Taylor Swift, and side servings of popcorn; but this year’s tussle for the White House has more. Much more. Trump, the cavalier incumbent, versus Biden, the seasoned pretender. Ahead of the election, economic data is likely… Read More 50 days…

BWX Technologies

In what is likely to be a fractious, spittle-flecked election run-in there are not many things that both Republicans and Democrats appear to agree on. There are a few: bad schools, unaffordable healthcare and perhaps concerns over not enough dollars in retirement pots, but not much else. It’s blue, or red. And nothing in between.… Read More BWX Technologies

Rotation

Read recent FT headlines: ‘Fomo feeling’ is sending Indian investors into the stock market; Apple’s value ‘vaults over entire US index of small cap stocks’; and, perhaps, the shiniest of all suggesting that ‘This US stock bubble could rank among the biggest in history.’ And all this on one page, below the lead piece on… Read More Rotation

XPO Logistics

The Tour de France is brutal. Unforgiving. A 3,500 km blitz, lasting twenty three days, across a country with a topography so diverse the eyes go wide at the thought. It is also a logistical bun fight. Twenty odd teams, eight riders each, support staff, sponsors, thousands of journalists and lots and lots of hangers… Read More XPO Logistics

Gold

As the ten-year yield has edged higher over recent weeks the sheen has come off gold. The air has started to hiss in one of the best performing asset classes year-to-date. Selling pressure picked up post Chairman Powell’s Jackson Hole speech, as the curve broke higher. What ultimately drives the price of gold remains a… Read More Gold

Apple

The numbers are astonishing: $2 trillion market cap. Give or take, about the same as the entire market cap of the FTSE 100. Daily moves in the share price amount to the GDP of small countries. Sri Lanka one day, Bulgaria the next. Indeed there are now not many countries with a GDP bigger than… Read More Apple