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Subscribehe emergence of China as an economic power gave developed market manufacturers cheaper sourcing and commodity inflation in the early ‘00s. A good portion global industrial activity has subsequently, directly or indirectly...
Refreshing Our Short Thesis Across Cyclical & Secular Fronts
Transports investors are grappling with changing and often conflicting currents this year. Transport pricing has been broadly disinflationary, while labor, partly via union activities, and other input costs have remained...
Our analysis covers the backdrop and outlook for the US Housing Market with a particular focus on the two largest US Title Insurers, FNF and FAF.
As the country's two largest title insurance providers, we think both companies will experience attractive upside as easier comps, rebounds in order activity, and the rollout of strategic initiatives provide tailwinds.
In the presentation we plan to address the latest on industry drivers, stock and industry specific data tracker updates, and importantly, model and estimate updates. Potential idea and bias shifts could occur. Stay tuned.
Our presentation next week will cover a lot of ground and walk through the industry catalysts, scenario analysis, and reviews of stocks (estimates, valuations, upside / downside). Tune in to see what we are thinking.
On an absolute basis, the sector showed better returns in 1H 23 vs. 1H22, but the dispersion of those returns has been higher within the sector – selection has mattered. We expect 2H23 to bring a critical inflection for....
For 3 years, the bifurcation among the subsectors of the consumer space has been dramatic. Catalyzed by the pandemic and government action, Goods and Services trends have diverged unlike any period in US history.
Agriculture is as mature of an industry as industries get. We view the last ~15 years of robust sales in the Ag equipment market as an anomaly driven by ethanol / biofuel mandates and low / negative real interest rates...