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Barrick Releases Second Quarter Report Miner reports promising results
Barrick Gold Corporation (NYSE: ABX) released its second quarter 2016 results on July 27, which reported net earnings of $138 million (12 cents per share) and adjusted net earnings of $158 million, 14 cents per share, missing recent analysts' expectations by 0.01 cents. Read more...
Sam Isaly Swaps 3 Health Care Stocks in Second Quarter Investor reports latest quarterly portfolio
Samuel Isaly (Trades, Portfolio), manager of the Eaton Vance Worldwide Health Care Fund (ETHSX), invested in three health care companies and eliminated his position in three others during the second quarter of 2016. An active health care investor, Isaly seeks long-term capital growth in health care companies that have potential for high growth and increased market share. The portfolio manager generally has 80% of his assets in health sciences industries, including biotechnology, pharmaceuticals and medical equipment. Read more...
U.S. Market Indexes Flat After Lower than Expected GDP Data Second quarter GDP report lower than expected
U.S. market indexes were flat on Friday. For the day, the Dow Jones Industrial Average closed at 18432.24 for a loss of -24.11 or -0.13%. The S&P 500 was higher, closing at 2173.60 for a gain of 3.54 points or 0.16%. The Nasdaq Composite closed higher at 5162.13 for a gain of 7.15 points or 0.14%. The VIX Volatility Index was lower at 11.99 for a loss of -0.73 points or -5.74%. Read more...
The Carlyle Group Is a Screaming Buy The group is one of the world's largest, most successful investment companies
The Carlyle Group (NAS:CG) is one of the largest alternative asset managers (mostly private equity) with more than $170 billion of assets under management (AUM) across 125 funds and 164 fund of funds vehicles. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment companies, with more than 1,650 professionals in 36 offices worldwide. Read more...
What UPS Earnings Tell Us About This Logistics Behemoth The company's earnings indicate growth
United Parcel Service (NYSE:UPS) is one of my favorite stocks. Not because of the way the company latched itself onto explosive e-commerce growth, but mainly because it operates in one of the most capital-intensive industries in the world, yet remains extremely profitable as a company. Read more...
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Commentaries and Stories

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Dodge & Cox Stock Fund 2nd Quarter Commentary Market and stock commentary Dodge & Cox - Dodge & Cox Stock Fund 2nd Quarter Commentary
M A R K E T C O M M E N TA RY More...

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Barrick Releases Second Quarter Report Miner reports promising results  - Barrick Releases Second Quarter Report
Barrick Gold Corporation (NYSE: ABX) released its second quarter 2016 results on July 27, which reported net earnings of $138 million (12 cents per share) and adjusted net earnings of $158 million, 14 cents per share, missing recent analysts' expectations by 0.01 cents. More...

GOLD, MINING, BARRICK


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Ariel Investments' Charlie Bobrinskoy Discusses European Stress Test Results John Rogers' Ariel Investments does not believe European banks are a good investment John Rogers - Ariel Investments' Charlie Bobrinskoy Discusses European Stress Test Results
European banks released their stress test results Friday, and Ariel Investments, led by John Rogers (Trades, Portfolio), worries about their safety. More...

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Sam Isaly Swaps 3 Health Care Stocks in Second Quarter Investor reports latest quarterly portfolio Samuel Isaly - Sam Isaly Swaps 3 Health Care Stocks In Second Quarter
Samuel Isaly (Trades, Portfolio), manager of the Eaton Vance Worldwide Health Care Fund (ETHSX), invested in three health care companies and eliminated his position in three others during the second quarter of 2016. An active health care investor, Isaly seeks long-term capital growth in health care companies that have potential for high growth and increased market share. The portfolio manager generally has 80% of his assets in health sciences industries, including biotechnology, pharmaceuticals and medical equipment. More...

SAMUEL ISALY, HEALTHCARE


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U.S. Market Indexes Flat After Lower than Expected GDP Data Second quarter GDP report lower than expected  - U.S. Market Indexes Flat After Lower Than Expected GDP Data
U.S. market indexes were flat on Friday. For the day, the Dow Jones Industrial Average closed at 18432.24 for a loss of -24.11 or -0.13%. The S&P 500 was higher, closing at 2173.60 for a gain of 3.54 points or 0.16%. The Nasdaq Composite closed higher at 5162.13 for a gain of 7.15 points or 0.14%. The VIX Volatility Index was lower at 11.99 for a loss of -0.73 points or -5.74%. More...

U.S. FINANCIAL MARKET


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How Are We Doing?: A Second Look at Conn's This post is the first in an occasional series where we will review our previous analysis – the good, the bad and the ugly – to discern what we are doing right and what we can improve  - How Are We Doing?: A Second Look At Conn's
A key skill in improving our investment process is the ability to look a mistake squarely in the face and figure out what went wrong. We will start with the ugly, Conn’s (NASDAQ:CONN). CONN is down 55% since we wrote about it. At Punch Card, if we get something wrong, we go back into the data and we figure out why what happened happened, and why we got it wrong. More...

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Matthews China Fund Made 6 New Buys in 2nd Quarter 5 of the deals had impacts of at least 1% on portfolio Matthews China Fund - Matthews China Fund Made 6 New Buys In 2nd Quarter
The Matthews China Fund (Trades, Portfolio) made six new buys during the second quarter. Five had impacts of 1% or greater on the fund’s portfolio. More...

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The Carlyle Group Is a Screaming Buy The group is one of the world's largest, most successful investment companies  - The Carlyle Group Is A Screaming Buy
The Carlyle Group (NAS:CG) is one of the largest alternative asset managers (mostly private equity) with more than $170 billion of assets under management (AUM) across 125 funds and 164 fund of funds vehicles. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world’s largest and most successful investment companies, with more than 1,650 professionals in 36 offices worldwide. More...

PRIVATE EQUITY, CARLYLE, BLACKSTONE, ALTERNATIVE ASSET MANAGEMENT


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What UPS Earnings Tell Us About This Logistics Behemoth The company's earnings indicate growth  - What UPS Earnings Tell Us About This Logistics Behemoth
United Parcel Service (NYSE:UPS) is one of my favorite stocks. Not because of the way the company latched itself onto explosive e-commerce growth, but mainly because it operates in one of the most capital-intensive industries in the world, yet remains extremely profitable as a company. More...

LONG, UPS, INTERNATIONAL


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Linear Technology: We Hardly Knew 'Ya - Part Two A Nintai Trust portfolio acquired for second time in three weeks  - Linear Technology: We Hardly Knew 'Ya - Part Two
For the second time in three weeks, a stock in the Nintai Charitable Trust has been acquired. Analog Devices (NASDAQ:ADI) announced on July 26, that it was acquiring Linear Technology (NASDAQ:LLTC) for $60 per share in a cash/stock deal. The sale price was approximately a 29% premium to the closing price on July 26th. LLTC had been a holding in the Nintai Charitable Trust. More...

NINTAI, LINEAR, TECHNOLOGY


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Twitter's Not Getting My Money...Yet Twitter successfully adding subscribers, but it is still behind the curve  - Twitter's Not Getting My Money...Yet
The one number I wanted to see at Twitter’s (NYSE:TWTR) second quarter earnings was how many subscribers they had added. Twitter ended the first quarter of this year adding five million monthly active users to their base, taking their tally to 310 million users, surprising many as the company had added only 17 million users in 2015. More...

SOCIAL MEDIA, TWITTER


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Amazon on Fire Company continues to expand  - Amazon On Fire
Amazon (NASDAQ:AMZN) is the biggest Internet-based retailer in the United States and world by aggregate deals and market capitalization. Amazon began as an online book shop, later expanding to offer DVDs, blu-ray discs, CDs, video downloads, MP3 downloads, e-book downloads, programming, computer games, gadgets, clothing, furniture, sustenance, toys and games. The organization likewise creates purchaser gadgets— Amazon Kindle tablets, Fire tablets and Fire TV — and is the world’s largest supplier of cloud base administrations (IaaS).  More...

AMAZON, STOCK, SHOPPING, ECOMMERCE


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Value Investing Ends Losing Streak, Beats Growth This Year Value stocks leading gains Sarah Ketterer - Value Investing Ends Losing Streak, Beats Growth This Year
After eating the dust of growth stocks for a decade, the value investing strategy has come out ahead this year. More...

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These Small, Mid Cap Stocks Pay Big Time Four small, mid cap stocks that have big dividend yields, attractive valuations.  - These Small, Mid Cap Stocks Pay Big Time
There is no exact science as to what constitutes a small cap. The term ‘small cap’ is loosely defined, but it is generally viewed as a stock with a market capitalization under $2 billion. More...

LONG, DIVIDENDS, SMALL CAP, MID CAP


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SABMiller Board Responds to Offer Board backs higher offer from Anheuser-Busch, encourages investors to do the same  - SABMiller Board Responds To Offer
In response to the offer Anheuser-Busch InBev (NYSE:BUD) made Tuesday, the board of SABMiller PLC (LSE:SAB) encouraged shareholders to approve the offer increase of 45 pounds ($59) per share. The recommendation was announced Friday following China’s regulatory approval of the deal. More...

CHINA, EUROPE, MERGER, ALCOHOL, CONSUMER GOODS


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As Valuations Continue to Increase, Negative Returns Expected A summary of the total market valuation Warren Buffett - As Valuations Continue To Increase, Negative Returns Expected
As mentioned in the previous article, the stock market has been significantly overvalued as of July 1. However, the valuation continued to increase throughout July. As of July 29, the total market cap/gross domestic product ratio reached 123.5%, about 4% higher than the ratio as of July 1. Based on the current TMC/GDP ratio, the stock market is expected to average -0.1% per year for the next eight years. More...

WARREN BUFFETT


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DuPont and Dow Beat Earnings Estimates DuPont, Dow reporting strong results before merger  - DuPont And Dow Beat Earnings Estimates
DuPont (NYSE:DD) reported its second quarter earnings on Tuesday, July 26 before the opening bell. The company beat analysts’ average estimate for both revenue and earnings in the second quarter. For the quarter, revenue was $7.06 billion, beating estimates by $50 million. Earnings per share for the quarter were $1.24, beating analysts’ average earnings estimate by 14 cents. More...

MATERIALS


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Sarah Ketterer's Causeway Funds Commentary: The Price of Popularity Value looking more attractive in international markets than U.S. Sarah Ketterer - Sarah Ketterer's Causeway Funds Commentary: The Price Of Popularity
Successful value managers are accustomed to taking unpopular positions. Their best investments frequently begin with unloved and underappreciated stocks that may face short-term challenges, either perceived or real. Over time, the issues are surmounted and the market’s discount fades. By the time those stocks become more universally embraced, it is probably time to sell. But sometimes entire regions gain or lose popularity. At Causeway, we approach the developed world as bottom-up analysts. Top-down considerations play a role in our investment process, but only insofar as they affect a specific company: How will macroeconomic conditions impact sales and profitability of an individual stock in the foreseeable future? After incorporating various scenarios and valuation methodologies, is this stock still undervalued? And based upon the answers to these types of questions, we may be drawn to or away from geographies that exhibit more or fewer attractive value opportunities. Such has been the case for the past twelve months. Even before the Brexit vote on June 23, we witnessed a significant divergence in the relative performance of value stocks in the United States versus value stocks within Europe and Japan, the largest constituents of the MSCI EAFE Index (“EAFE Index”). In the US, value stocks have generally “re-rated” upward while growth stocks “de-rated” downward. However, in the EAFE Index, value stocks have struggled and are trading at a much larger (and widening) discount to growth stocks. Exhibit 1 reveals that from a forward price-to-earnings (“P/E”) perspective, as of June 30, 2016, growth stocks trade at an 18% premium to value stocks in the US, but growth stocks trade at a 47% premium to value stocks across the EAFE Index Universe. With a pure bottom-up approach to developed markets, we will naturally “follow” value to geographies in which it is most attractive. After the dramatic performance divergence in the past year, undervaluation is now much more prevalent in Europe and Japan than in the US. The dark green line in Exhibit 2 plots the valuation premium of the MSCI USA Value Index (“US Value Index”) relative to the MSCI EAFE Value Index (“EAFE Value Index”) over time. As of the end of June 2016, this premium stood at 35%. In the same chart, the blue line plots the active underweight of the US (versus the MSCI World Index) within a representative account using Causeway’s Global Value Equity strategy. A high correlation of 0.56 between the two lines demonstrates that, the more richly valued the US market, the lower our exposure. We actively seek to fill the portfolio with the best absolute value opportunities wherever they arise, and in the current environment, we are finding more attractive valuations outside of the US. Previous points in time when the US valuation premium exceeded 20% were quickly followed by reversions to premiums much closer to the long-term average of 12% (Note: Inception of the MSCI forward P/E data series is 2003). In terms of forward P/E, the US Value Index trades at the highest premium to the EAFE Value Index in recent history, even after removing sector composition effects. What about differences in sector composition? Relative to the EAFE Value Index, the US Value Index has more weight in Information Technology and Consumer Staples, while it has less weight in Financials. If we apply the sector weights of the MSCI World Index to both the US Value Index and EAFE Value Index, we find that composition explains only part of the premium. The yellow diamond in the chart above represents this “sector neutral” premium. At 25%, it also sits at an all-time high (matched once before in December 2003) and compares to an average of 7% since 2003. We believe that this sector-neutral premium may likely be even closer to zero over a longer period of history. For those curious about which sectors trade with the largest valuation disconnect, Exhibit 3 plots the forward P/E multiple premium for each sector in the US Value index relative to the EAFE Value Index. The current premium is displayed relative to the premium as of June 30, 2015 and the long-term average since 2003. In 8 out of the 10 sectors, this premium has increased from June 2015. Energy stands out from the others and is largely explained by the high proportion of Exploration & Production (“E&P”) companies in the US Energy sector and the larger presence of upstream activities within the largest stocks (Exxon Mobil and Chevron). Earnings for these stocks have collapsed in the past couple of years leading to much higher P/E multiples. Aside from the energy sector, the largest regional valuation premiums currently reside in the Industrials, Consumer Discretionary, Utilities, and Financials sectors. If sector composition does not explain all of the current valuation differential between the US Value and EAFE Value Indices, then what does? Most arguments gravitate around perceived differences in stability, growth potential or returns on equity. Investors may deem the US to be a “safer” place to invest to avoid any “tail” risks in Europe or Japan. A gap in the expected earnings growth rates may also explain part of the differential. According to MSCI, the long-term earnings growth (LTG) estimate for stocks in the US Value Index was 8.0% as of June 30, 2016 while the same estimate for stocks in the EAFE Value Index was 5.1%. Finally, the trailing 12-month return on equity (ROE) for stocks in the US Value Index was 9.9% compared to 6.8% for stocks in the EAFE Value Index. Despite the allure of these explanations, however, regression analysis fails to uncover consistent and statistically significant relationships among these variables historically. While some differential may be appropriate, active managers have a chance to prove their worth when the market indiscriminately becomes excessively optimistic or pessimistic about a geographic region without considering the unique prospects for individual companies. Causeway seeks out stocks that we believe have been unfairly penalized by market reaction and that deserve to trade at higher valuations, even after discounting their growth, earnings, and risk profiles. Stocks that ultimately make it through our in-depth investment process represent the investments we believe have the highest risk-adjusted return potential. Currently, we believe the historically wide discount assigned to non-US international markets is not supported by fundamentals, and provides a compelling opportunity for clients in our value strategies. Solely for the use of institutional investors and professional advisers. This presentation expresses the authors’ views as of July 29, 2016 and should not be relied on as research or investment advice regarding any investment. These views and any portfolio characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. “Correlation” ranges between -1 and +1. Perfect positive correlation (+1) implies that as the index moves up or down, the strategy will move in the same direction. Perfect negative correlation (-1) means the strategy will move in the opposite direction. A correlation of 0 means the index and strategy have no correlation. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 622 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US. The MSCI EAFE Value and MSCI USA Value Indices are subsets of these indices, and target 50% coverage of the MSCI EAFE Index and MSCI USA Index, respectively, with value investment style characteristics for index construction using three variables: book value to price, 12-month forward earnings to price, and dividend yield. The MSCI EAFE Growth Index and MSCI USA Growth Index are also subsets of these indices, with growth investment style characteristics for index construction using five variables: long-term forward earnings per share growth rate, short-term forward earnings per share growth rate, current internal growth rate and long-term historical earnings per share growth trend and long-term historical sales per share growth trend. The MSCI World Index is a free float-adjusted market capitalization index, designed to measure developed market equity performance, consisting of 23 developed country indices, including the US The Indices are gross of withholding taxes, assume reinvestment of dividends and capital gains, and assume no management, custody, transaction or other expenses. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. It is not possible to invest directly in an index. See the original with charts here. More...

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Second Quarter Sales Down for Coca-Cola Coca-Cola’s stock down following second quarter earnings report  - Second Quarter Sales Down For Coca-Cola
The Coca-Cola Company (NYSE:KO) reported its second quarter earnings before the opening bell on Wednesday, July 27. The Dow Jones Industrial Average company missed its revenue estimate and beat its earnings per share expectation. Revenue for the quarter was $11.54 billion, missing analysts’ average estimate by $100 million. Earnings per share for the quarter were 60 cents, beating analysts’ average estimate by 0.02 cents. More...

CONSUMER, COCACOLA, BEVERAGES


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Cost Reductions a Focus in Second Quarter for United Technologies Cost reductions help beat estimates for revenue, earnings  - Cost Reductions A Focus In Second Quarter For United Technologies
United Technologies (NYSE:UTX) reported its second quarter earnings results before the opening bell on Tuesday, July 26. The industrial company beat analysts’ average estimate for revenue and earnings. For the second quarter, revenue was $14.87 billion, beating estimates by $200 million. Second quarter earnings per share were $1.82, beating estimates by 14 cents. More...

INDUSTRIALS


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