Since 2010, US shale oil production has grown by over five million bpd – by far the largest single source of growth in the world While the world has been focused entirely on shale oil production, something very important has taken place in the rest of the non-OPEC world Since 2010, conventional non-OPEC crude oil […]
Completion of the merger in November 2017 between EQT and Rice Energy, created a world-class asset in the core of the Appalachian Basin, setting the table for peer-leading capital efficiency and returns Belief in the tremendous potential of EQT’s assets was underscored by the fact that we took ~80% of the merger consideration in EQT […]
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Not all companies can maintain their current levels of net operating profit after tax. For example, DVD, game, and video rental businesses and wired telecommunications carriers face secular decline. In these instances, you need to modify the steady-state value with a variation of the Gordon growth model: Steady-state value = Net operating profit after tax […]
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SQN is one of Yelp’s top five stockholders, beneficially owning more than 4% of the outstanding common stock of Yelp First invested in Yelp in August 2015 and have been consistent buyers of the stock,despite the Company’s prolonged underperformance Size and duration of our investment demonstrate the level of conviction we have in both Yelp’s […]
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What does EV/EBITDA multiple actually mean?
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Had a good quarter, rising 55.1% from 6/30/18 to 9/30/18 However, YTD return of 3.2% is below the index’s return of 10.6% Top 10 holdings, in order of size, are Walgreens, Citigroup, the Tesla short, NMI Holdings, Barclays, Viacom, Honda, State Street, CVS, and McKesson Tesla The drama with Tesla will hopefully be over in […]
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YTD 11/13/18, NAV increased by 9.7% compared to S&P 500’s 3.5% Starbucks Corporation (SBUX) Purchased at an average price of $51/share Built the world’s most valuable specialty coffee brand by first creating the category in the US and then expanding globally Brand is synonymous with premium products and a high-end experience for both customers and […]
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Bill Ackman: Starbucks – Doppio, October 9, 2018 Dan Loeb: Campbell – #RefreshTheRecipe, October 2018 Nelson Peltz: PPG – More Than a Fresh Coat of Paint, October 2018 Image Source: Getty Images
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Volatility is back. The Shanghai Composite is down -30% from its January high, and the broader MSCI Emerging Markets Index is also down -25% JD.com (JD) In early September, news came out that Richard Liu (Founder & CEO) was accused of sexual assault while completing a course at the University of Minnesota. Since initial reports, […]
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Review and Outlook In January, fueled by tax cuts and synchronized global expansion, PMIs rose, economic growth estimates were revised upwards along with corporate earnings, and stocks surged across the board, especially growth stocks In February, volatility spiked to record levels and stocks dropped precipitously after a series of technical dominoes fell into place After […]
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