Tactical Update
The 21st century, global, economic saga continues to provide plenty of nuance. The past few weeks, we’ve been introduced to a few new characters, Cyprus and Russia. There is a bit of a rogue element with Russia. Regardless, the same common themes are present for analysis: leverage, speculation, global capital imbalances and the accompanying political, .. read more
Strategic Rebalancing
Strategic accounts were rebalanced back to their target weights on Tuesday. The result was a purchasing of bonds and commodities and sale of equities and reits. As always please call with any questions or concerns. Click here to sign up for our free weekly e-newsletter. For information on Alhambra Investment Partners’ money management services and global .. read more
What’s up with Apple Q1, FY13
What has the street so spooked? The earnings report didn’t look too bad, at least on the surface. Sales and earnings both topped estimates. But there may appear to be issues, operating income shrunk from the same quarter last year and net income was up a minuscule .11% . This is despite an Q1/Q1 annualized 18% rise .. read more
Aflac Earnings, Q4 FY’12
Aflac’s earnings this week beat consensus estimates by a penny, $1.48 v 1.47, which equates to 2.1% growth . The commentary centered around positive operating execution, small write-offs in the investment portfolio and on-going challenges with global currencies. My sense is that the stock has reacted negatively to CEO comments which reiterated guidance but cautioned .. read more
Tactical Update
Here are a few good lessons. Perhaps describing his oracle, from Warren Buffett in 1979, “The future is never clear,” and ”You pay a very high price for a cheery consensus.” And from Frank Napolitano, the irascible head of the firm who bank rolled my trading career in 1996..”Dougie, always remember…Cash is King!” If you’ve been .. read more
Tactical Update
For clients in our Global Opportunities portfolio, we have seen quite a run in our largest holding, Visa. Visa has doubled in the last 18 months. This out-performance has pushed Visa’s exposure in the portfolio to close to 1.5 times it’s target weight. Though the stock has been a very good performer, concentration in any one .. read more
Google Earnings, Q4 FY’12
The main take away from this quarter’s earnings release is the following: Torrid top line growth. 32.5 yoy% 24.8 5yr CAGR% But, the growth has been expensive, lower margins (25.43% down from 32.22%): Therefore, bottom line growth has slowed. 10.8 yoy% 20.7 5yr CAGR% Google makes the majority of their money as an advertiser. .. read more
Tactical Update
The global economy is struggling. Markets are up significantly over the past year. The US Presidential election is a toss up. The fiscal cliff is a debate. Monetary policy is experimental. There is a certain lack of clarity. Adding to the uncertainty, the global economic challenges come with accompanying central bank interventions. A major area of .. read more
