It must be noted that your Chairman – always a quick study – required only 20 years to recognize how important it was to buy good businesses. In the interim, I searched for “bargains” – and had the misfortune to…
I have been expecting weakness in the housing market due to high mortgage rates and a weakening economy – but it isn’t showing up in the results of the home builders. DR Horton (DHI) reported earnings for the quarter ended…
Tesla (TSLA) reported 1Q23 earnings Wednesday afternoon and margins were squeezed by price cuts. TSLA cut prices to maintain volumes at the expense of profitability. That is probably the right long term decision but it resulted in a hit to…
Netflix (NFLX) reported 1Q23 earnings Tuesday afternoon and the results confirm for me that it is no longer a growth stock. NFLX’s hypergrowth phase is over – and the stock’s valuation multiple should start reflecting that. NFLX added 1.75 million…
I’m a big fan of used car retailer CarMax (KMX) – which reported earnings Tuesday morning. The company did a good job managing the brutal macro environment – and investors sent shares up 10% yesterday – but there’s only so…
Leading grocer Albertson’s (ACI) this morning reported a solid finish to its year ended February 25, 2023. For the full year, ID Sales increased 6.9% and ACI earned $3.37/share. The pending merger with Kroger (KR) may be hanging over the…
Semiconductor maker Micron (MU) reported one of the ugliest quarters I’ve ever seen on Tuesday afternoon – and the stock bounced. Revenue fell 53% in MU’s quarter ended March 2, 2023 – and they guided to -57% in the current…
One of my favorite smaller positions is the leading public egg producer Cal Maine Foods (CALM) – which reported earnings after the close Tuesday. The stock has been going sideways for at least six months now but the fundamentals continue…
The Gamestop (GME) episode will forever have its place in stock market lore – but that moment is over. GME reported 4Q22 earnings Tuesday afternoon and – unsurprisingly – no turnaround is in sight and the business remains in terminal…
I have no doubt that First Republic (FRC) is a superior bank. At the same time, any bank under a fractional reserve model is subject to a loss of confidence by its depositors resulting in a bank run. And an…