Tag Archives: Cyclical

[EFX] Equifax

[EFX – Equifax] Investment Implications of Breach Fiasco
September 18, 2017

When an apparently moaty company eagerly renders itself the object of public opprobrium, my greed[...]

Podcast Blurbs

Podcast Blurbs [Chinese internet, Consciousness, Passive investing]
September 18, 2017

Planet Money, Ep. #647 (Hard Work Is Irrelevant) “To get a job [at Netflix] and[...]

[CB] Chubb Ltd.

[CB – Chubb Ltd] A Port in the Storm
September 13, 2017

[Re: Harvey/Irma disaster relief efforts, here are three charities that have been given top marks[...]

[SNA] Snap-On Podcast Blurbs

Podcast Blurbs [Snap-On short, Amazon black hole, Illusory self, LP incentives]
September 13, 2017

Invest Like the Best, Ep. 53 (Meb Faber – Factors, Dividends, and Angel Investing) Meb[...]

[FAST] Fastenal Quick Blurbs

[FAST – Fastenal] Notes from CFO Convo; [ASHG – Ash Grove] Constructive Cement Pricing, Stock Is Cheap
September 8, 2017

[FAST – Fastenal] Fastenal’s dense branch network affords scale advantages in distribution and service relative to[...]

[GBX] Greenbrier

[GBX – Greenbrier] Valuation Update

Posted on by scuttleblurb
Greenbrier and Trinity (TRN) act as a duopoly in the North American railcar industry, together accounting for nearly 80% of total backlog, with both players taking market share over the last decade (GBX: 13% in September 2006 -> 33% today; TRN: 36% -> 44%; ARII: 21% -> 6%).  Needless to say, the railcar manufacturing and […]
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[DOOR] Masonite Intl

[DOOR – Masonite Intl] Reasonable Valuation, So-So Moat

Posted on by scuttleblurb
[DOOR – Masonite Intl] This stock got smoked last week post-earnings.  DOOR is now back to where it was at the start of 2014, when the company was generating less than half the pre-tax cash profits it does today. If you’re unfamiliar, Masonite and Jen-Weld (JELD) are vertically integrated duopolists in the US residential interior door manufacturing […]
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[AHT] Ashtead, [FAST] Fastenal, [URI] United Rentals, Quick Blurbs

Quick Blurbs [Ashtead, Fastenal, MSC Industrial, United Rentals, Zion Oil & Gas]

Posted on by scuttleblurb
[ZN – Zion Oil and Gas] Heard about this stock on a podcast; I doubt you can find borrow.  What is it?  Oh, just your run-of-the-mill $240mn+ market cap Nasdaq-listed oil and gas concern whose drilling activity is guided, nay, “inspired” by the Old Testament.  Here’s an excerpt from the company’s 2016 10K: Zion’s vision, […]
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[CBG] CBRE Group

[CBG – CBRE Group] Good Biz, Expensive on Normalized Earnings

Posted on by scuttleblurb
(2,377 words) CBG is a fine company but to claim that it is reasonably cycle-resilient post-GWS acquisition is an exaggeration.  Deriving 70% of fee revenue from contractual and purportedly recurring sources will not meaningfully cushion profits in the event of a commercial real estate swoon. From its roots as a regional commercial real estate broker founded in the aftermath of […]
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[GNRC] Generac

[GNRC – Generac] Value Come, Value Go

Posted on by scuttleblurb
(2,400 words) In between diaper changes and infant tantrums, I finally got around to looking at GNRC this past week. Given the stock’s ostensibly low earnings multiple and a share price that has gotten hammered over the last several years on what appears to be mostly cyclical reasons, I wanted to like the company but couldn’t […]
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