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SubscribeIn Part 2, we plan to do a full tear down at the company level and dive into our existing ideas and biases, and really stress test where we’re at with BKNG, ABNB, EXPE, and TRIP. Join to watch our wrap on this topic.
Globally, the world produces about 1,900 million mt of steel. Ukraine’s pre-war exports were typically than 1% of the total, a deficit to which markets can adjust with time and EU subsidies. Russia has continued to ...
We will move DE up to our Top Short, with ample data pointing to excessive optimism in this deep cyclical. For Machinery more broadly, higher rates, tightening credit, and falling capacity utilization spell the end of the...
A lot of questions linger around the travel industry at a crucial time. Will leisure travel continue to prove resilient in the face of consumer headwinds and a potentially deteriorating macro environment? Tune in.
While earnings at truckload carriers in 2H22 declined more than for the average Industrial sector constituent, the share prices have remained firm and often near all-time highs. Transportation data have deteriorated into ...
The ‘higher for longer’ dynamic is, for the most part, short-term positive for cyclical relative outperformance. On a market relative performance basis, cyclicals follow Fed tightening up and follow Fed easing back down...
With the passage of subsidies in the IRA and downswing in some housing related equities amid higher interest rates, we expect the HVAC names to become particularly compelling in the Industrials landscape. These are names...
Measures of perception, differentiation, and quality have dropped significantly in 2023…We’ll review these new survey results, the causes of brand erosion...
In our presentation we aim to walk through each GLL subsector, address the latest on industry drivers, data updates, and then boil it down into our estimates heading into the critical Q4 earnings season.
The setup for the cruise stocks is a unique and binary one, to say the least. It all comes down to yield growth and what kind of “catch up” the industry and companies might experience in ‘23. Join us, as we walk through it.