Introduction FL is one of the US’ largest shoe retailers, with brands such as Foot Locker, Champs, and Eastbay. They operate stores in 28 countries. The stock has done very poorly over the last year, down more than 50% from its peak in May mainly due to fear surrounding Nike’s push toward direct-to-consumer selling. Nike …
Introduction Alphabet (“GOOGL”) is a fantastic business, with minimal capital requirements, a strong moat and a debt-free balance sheet. They have one of the strongest monopolies I am aware of, with somewhere around 90% market share in their core market — search. GOOGL has grown revenues at ~20% compounded over the last 10 years, with …
Introduction Liberty Global (LBTYA) is the largest telecom company outside the US. It has operations primarily in the UK & Ireland, Belgium, the Netherlands, Switzerland, Poland and Slovakia. LBTYA is a holding company and most of its debt lies at the subsidiary level and is non-recourse to the parent or other subsidiaries. This is critical …
Introduction Over the last few years Intel has faced setback after setback in their R&D, causing them to fall behind their competitors. TSMC is now manufacturing at the 5nm node while Intel has just released their 10nm chips. This technological disadvantage has caused them to lose market share, as fabless chipmakers like AMD and even …
Introduction BHF is one of the largest providers of annuities and life insurance in the US, with $150.2 billion of annuity assets under management (“AUM”) and $568.1 billion of life insurance face amount in-force. Spun off from Metlife in 2017, the stock has been very much unloved, falling steadily from its debut at ~$60 to …
Introduction Prior to the financial crisis, C was the largest financial services company in the world and at one point, the 4th largest company in the world by market cap. By 2008, C was insolvent due to massive losses and asset impairments, but they were bailed out by the U.S. government. C has been on …
