Valuentum Exclusive Analysis for the Discerning Investor

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Sep 18, 2015

The Fed Freezes; Outlook as Bad as Feared or Worse?
The global economy may be far worse than even some pessimists believe, as the need for a continued ZIRP (zero interest-rate policy) remains the Fed’s tactic, at least for now.

Sep 17, 2015

Setting the Record Straight on Kinder Morgan
Let’s explain.

Sep 16, 2015

Altria Benefits from Major Beer Deal Talks
Altria, a holding in both newsletter portfolios, is reaping the benefits as a major deal brews in the global beer market.

Sep 16, 2015

Microsoft Raises Dividend in a Big Way!
Microsoft raises quarterly dividend 16.1%, to $0.36 per share.

Sep 15, 2015

As the World Turns
We’re keeping our eyes on a number of things. First, we’re monitoring property prices in Shanghai and in other larger Chinese cities to assess the potential calamity that falling housing prices and deflation would have on the country’s banking sector and the likelihood of contagion via the British banks, HSBC and Standard Chartered, and the US ones, namely Citigroup and JP Morgan. Second, we’re watching the price of crude oil closely, as its fall will have huge implications on the earnings trajectory of companies that benefit (airlines, restaurants) as well as the ones that suffer (upstream and energy services). The net effect of falling crude oil prices has thus far been negative for S&P 500 earnings, but this may change as the energy sector becomes an ever-smaller part of index construction. Third, who can forget about the Fed, the expected duration of any tightening monetary cycle, and the resulting implications on dividend-paying stocks as Treasury yields rise?

Sep 15, 2015

Major Grocers Growing Sales But Not Clean Stories
Major grocers reported solid top-line performance in their most recent quarterly results, but between overleveraged balance sheets and public relations nightmares, there are not many clean ideas. Asparagus water, anyone?

Sep 14, 2015

iPhone Demand Remains Strong
Recent concerns about Apple’s performance in China amid economic weakness in the country may be put to rest with the coming of the iPhone 6s and 6s Plus.

Sep 14, 2015

The Puzzling Attack on Alibaba
Alibaba is not a “dot-bomb” like the infamous blow-ups in the US in the late 1990s/early 2000s. The Chinese e-commerce giant is significantly profitable and free cash flow positive, and growth prospects are tremendous. Calling for a ~15 times multiple on next year’s earnings, as a large publisher has done, where next year’s earnings are but a fraction of the company’s earnings power 5-10 years from now is an attempt, in our view, to punish the stock at a vulnerable time when global economies are shuddering and the Chinese equity markets continue to face immense pressure. Our estimate of the firm’s long-term intrinsic value is significantly higher than its current market price, but the mounting proliferation of fear may very well hurt shares in the near term.

Sep 14, 2015

Dividend Increases/Decreases for the Week Ending September 11
Let's take a look at companies raising/lowering their dividends this week.

Sep 11, 2015

Business as Usual at Apple
Apple revealed its most recent product updates and advancements in its special event on September 9.