Douglas R Terry, CFA

Tactical Update

This “recovery” is in its 4th year.  Unfortunately, we have yet to see robust growth in employment or incomes.  The recovery continues to be about low interest rates and abundant liquidity.  Cheap debt capital benefits equity owners.  Whether real or nominal, as revenues grow and the cost of capital becomes cheaper, the benefits flow to .. read more

Tactical Update

The great thing about leverage is that, while it works, it is very profitable and it feels really good.  The bad thing about leverage is that, when it doesn’t work, it can bankrupt you quickly and it feels very bad. This boom/bust scenario manifested itself in the housing market.  I’m fairly convinced that, given the .. read more

On April 7th, 2013, posted in: Global Opportunities, Investing, Markets, Model Portfolios by Tags:

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

On March 13th, 2013, posted in: Markets, Model Portfolios by Tags:

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

On February 9th, 2013, posted in: Global Opportunities, Markets, Stocks by Tags:

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

On February 7th, 2013, posted in: Global Opportunities, Investing, Stocks by Tags: , ,

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

On January 25th, 2013, posted in: Markets by