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Wazzup – 12th June 2017
Theresa may have to eat crow when she dines with newly elected Macron tomorrow, but the more immediate driver to markets this week will be whether the Fed raises rates on Wednesday despite weak inflation, GDP and net job growth. For the UK, weak sterling and consumer expenditure growth figures from VISA suggest continued pressure […]
Continue readingMarks & Spencer – remaining in the GrowthRater portfolio, but what about the other two?
Marks & Spencer: getting closer to delivering the growth being priced into the stock, with speculative bid/mgt recovery thrown in for free! I added this stock it to my portfolio last summer and the stabilisation in revenues, particularly in Clothing & Home in Thursday’s (12 Jan 2017) Q3 sales IMS continues to support that decision. […]
Continue readingGrowthRater portfolio – closing longs on FedEx (+34% with +20% rel) and DMGT (+8% & +5% rel)
To pay for the Christmas presents, I’ll be closing a couple of long positions in the GrowthRater portfolio when markets open. One because it has done what I had hoped for and more (FedEx) and the other because it is increasing looking like dead money, or worse, in the face of deterioration in its markets […]
Continue readingVodafone – Recovery play or just a value trap?
Are super-low interest rates good for capital intensive businesses such as the Telcos? Intuitively, the answer seems obvious, in that lowering funding costs ought to improve the marginal returns from employing that capital. An analogy might be with fuel prices for airline stocks, with again a seemingly clear inverse relationship. In both cases however you might […]
Continue readingGrowthRater model portfolio: Adding FedEx (FDX) at $143
If you’re looking for a US cyclical to rotate into after Yellen’s performance of ignoring all her own data and refusing to put up rates, then I think FedEx may not be a bad home and as a consequence we are adding this stock as a long to our model portfolio with the shares having […]
Continue readingMind the Gap! Firstgroup cuts pensions by widening the CPI vs RPI gap
Back in 2011 when the government announced switching from RPI to CPI for determining public sector pensions we all should have known that this was just another ruse to use an even more unrepresentative inflation measure to cut expenditures. With the government’s lead it was also inevitable that this strategy would also be adopted by […]
Continue readingCanadian Pacific merger offer to Norfolk Southern
A year ago last month, Norfolk Southern’s (NSC) CEO, Wick Moorman was facing a proposed merger of one of its principal rivals, CSX, with Canadian Pacific (CP). At that stage, Mr Moorman was quoted as saying that a large railroad merger would be “highly problematic” and would face “far too many regulatory hurdles”. Â While conceding […]
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