Operating at the Intersection of Technology and the Capital Markets
Tag: CSGP
Short-term Treasuries look attractive. The 1-month T-Bill offers a 4.67% yield. Beats cash and beats holding an equity index fund or ETF. I'm always a fan of owning Quality companies at an attractive price. However, I don't value equities as most investors do - I don't bucket stocks into "Value" "GARP" and "Growth" buckets. I … Continue reading Short-Term Paper, Quality Names and Gold
2023 is shaping up to be a tough year for the CRE and Housing markets as interest rates remain elevated. When I think of the pension funds that own CMBS debt I shudder. Pension funds that invested in alternative asset classes over the past 20 years will have to mark down their books for the … Continue reading 2023 Won’t Be Pretty For CRE & Housing
Small cap equities and international equities are generally good places for investors to begin their work of finding undervalued companies. In this age of ultra-low interest rates and overvalued assets it makes sense for public company investors to look for value in areas of the market that receive less investor attention than sectors that garner … Continue reading For Stock Returns, Look Where Others Are Not
We will say it until we are blue in the face: Management Teams Matter. A high quality management team starts with a high-quality CEO. Quality management teams build quality companies. They do the hard, tedious work required to build the best products and processes in order to deliver maximum customer value. CEOs of these companies … Continue reading Quality Companies Outperform Over The Long-Term
Based on the inbound traffic to our CEORater and TEK2day properties our best guess is that M&A due diligence is taking place for a deal between some combination of Fiserv (FISV), FIS Global (FIS) and Global Payments (GPN). The last time we saw this type of activity on our platform was in the several months … Continue reading Deals Brewing Based On CEORater and TEK2day Traffic?
CEORater began an experiment several years ago whereby we built a concentrated "buy and hold" equal-weight portfolio consisting of quality Enterprise Software names that would be held for a minimum of five years. The benchmark is the S&P North American Expanded Technology Software Index (SPNASEUP). CEORater is up 4.2% Year-to-Date vs. 2.0% for the benchmark … Continue reading CEORater Portfolio Ahead of The Benchmark
We published a piece in March 2020 entitled Battle-Tested Software CEOs, that highlighted a group of CEOs that we believed would hold the line and successfully navigate the COVID waters. Here is our updated thinking regarding that list. Tickers mentioned: AAPL, ADBE, CSGP, CVLT, FISV, MSCI, PYPL, SPGI, SQ, SSNC, VRSK Andy Florance. Founder & … Continue reading Update: Battle-Tested Software CEOs
Director & Officer ("D&O") insurance premiums spiked and coverage narrowed last year as a result of COVID-19. As vaccinations are distributed COVID-related underwriting risk will begin to soften which will be reflected in lower premiums and broader coverage. All of this is to say do not expect every mid-to-large-sized company to be fully back to … Continue reading Back To The Office Will Look Different Compared To 2019
We compared Product Development/ Research & Development investment as a Percentage of Revenue for 20 Technology companies across a variety of subsectors. Our comparison focused on the December quarter. Click HERE to download the table as a PDF. Tickers mentioned: AAPL ADBE ADSK AMZN CRM CSGP FB GOOG IBM ICE MSFT NFLX ORCL PYPL SHOP … Continue reading We Compared Product Development Investment for 20 Tech Companies
The three-headed Hydra of low labor participation, increased debt levels and higher taxes will cripple U.S. long-term Real GDP growth for decades. Labor participation is not going back to December 2019 levels. To believe that scenario is wishful thinking. For starters, 25% of restaurants and bars are permanently closed. Those jobs are not returning. Second, … Continue reading Brace for Anemic Long-Term Real GDP Growth
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