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
Play The Course And Attempt To Avoid The Hazards
With Joe in South Carolina playing God’s game, I am reminded of the picturesque backdrop behind the 18th green of Harbour Town Golf Links. There stands a gleaming red and white light house, a historic structure designed to guide maritime travelers. For the past year, investors brave enough to venture for open water have been .. read more
Tactical Update
Apple was rebalanced to target weight after dropping below technical support. Click here to sign up for our free weekly e-newsletter. For information on Alhambra Investment Partners’ money management services and global portfolio approach to capital preservation, Douglas R. Terry, CFA is reachable at: dterry@alhambrapartners.com
Tactical Update
The Fed has indicated the willingness to buy securities from savers and investors until we get job growth. But what does this really mean? Can the Fed induce hiring from further quantitative easing? Bernanke to investors of capital: “take risks today, lend money to entrepreneurs so they can hire. Act now, because we are buying .. read more
