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The week in bankruptcies: Connacht Corp. dba Colorize of Pittsburgh, Lucas Auto Transport Inc. and 1 more

Pittsburgh area bankruptcy courts recorded three business filings - including one with total debt above $1 million - during the week that ended November 19, 2021. Year to date through November 19, 2021, the court recorded 46 Chapter 7 or Chapter 11 business bankruptcy filings, a -10 percent decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business….....»»

Category: topSource: bizjournalsNov 25th, 2021

A Food Industry Reset Can Cut At Least 10% Of Global Emissions

S&P Global Ratings’ most recent report has found that the food system is responsible for about one-third of global GHG emissions, including up to 10% from lost or wasted food. Food supply disruptions due to the pandemic and extreme weather have further brought this issue into the spotlight. However, if it optimises its food production […] S&P Global Ratings’ most recent report has found that the food system is responsible for about one-third of global GHG emissions, including up to 10% from lost or wasted food. Food supply disruptions due to the pandemic and extreme weather have further brought this issue into the spotlight. However, if it optimises its food production and supply chain by adopting more efficient systems, the food industry could reduce food waste which would, in turn, help pave the way to a more sustainable future. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Key Takeaways Each year, a staggering one-third of food produced globally--worth almost $1 trillion--is lost or wasted, with unconsumed food contributing up to 10% of global greenhouse gases (GHG) in addition to emissions from farming, processing, and other activities. More efficient food systems will help eliminate food loss and waste while reducing the impact on the environment, especially since about 14% of the world's food is lost before reaching supermarket shelves. With the U.N.'s 2030 target for halving per capita food waste fast approaching, we believe the food industry can create a path to more sustainable food production and supply through closer collaboration and process integration. Companies able and willing to adjust their business models and adopt sustainable agronomic practices can strengthen their resilience to operating setbacks and reduce food-related emissions, while delivering higher margins through value-added product offerings. Studies suggest that the food system is responsible for about one-third of global GHG emissions, including up to 10% from lost or wasted food. This stands out when compared with about 12% from manufacturing and construction and 14% for the transportation sector, according to data from the World Resources Institute (WRI). Food supply disruptions, especially over the past two years due to the pandemic and extreme weather, have brought this issue further into the spotlight. Last year, for example, one of the warmest on record according to the World Meteorological Organization, thunderstorms, wildfires, plagues, and drought destroyed millions of hectares of crops and displaced thousands of people. In addition, COVID-19-related restrictions severely hampered the transport of agricultural commodities over air, land, and sea. This increased the amount of food lost or wasted at the production and retail stages, already vulnerable to storage capacity, freight availability, and political instability among other factors. S&P Global Ratings believes agribusinesses can strengthen the food production and supply chain through closer collaboration at every stage, both downstream and upstream. There are meaningful gains to be had, for example by companies expanding into advanced food ingredient technologies to improve product shelf life, or by integrating transport with processing and sales. Some companies are already rethinking their long-term strategies, putting greater emphasis on managing environmental and social risks. We believe they stand to gain a competitive advantage using this approach. The big question is whether they can do enough to have a visible impact on food-related emissions by 2030. The High Cost Of Food Loss Although limited data is available, the Food and Agriculture Organization (FAO) estimates (2016) show that, excluding retail and households, about 14% of the world's food is lost between the harvest and retail stages. Before and during consumption, the highest food loss and waste per capita occurs in Asia, according to a World Economic Forum report, followed by North America and Europe. The report states that "if food waste were a country, it would rank behind only the U.S. and China for greenhouse gas emissions." The UN Environment Program (UNEP)'s Food Waste Index indicates that, in 2019, 61% of food waste came from households, 26% from food service, and 13% from retail. A large share of food waste stems from consumers, food providers, and retailers in developed markets. In North America, the U.S. Department of Agriculture estimates that, in 2010, 31% of the domestic food supply was lost, to the tune of about $161 billion. Seven years later, a report by the National Conference of State Legislatures showed that about 40% of food produced in the U.S. is wasted throughout the supply chain, from farms to households, while 41 million Americans faced food insecurity in 2016. In the U.K., despite considerable progress in this area, estimates show that households and businesses still waste around 9.5 million tonnes (mt) of food per year (70% intended for human consumption) valued at over £19 billion. The edible portion of this food (6.4 mt) would have been enough to feed the entire U.K. population three meals a day for 11 weeks. Food is wasted in many ways. Here are just three of them: Edible fresh produce not meeting certain criteria, for example in terms of shape, size, and color, is dumped during sorting operations. Foods that are close to, at, or beyond the "best before" date are often discarded by retailers and consumers. Large quantities of edible food not eaten by households and restaurants are often thrown away. More Businesses Need To Focus On Sustainability While the world is focusing on the energy transition, the U.N.'s 17 sustainable development goals (SDGs) are keeping the attention on issues such as hunger, poverty, climate action, and sustainable cities and communities. Resolving these clearly also support the reduction of GHG emissions. In particular, SDG 12 is to ensure sustainable consumption and production patterns, including a target (SDG 12.3) to halve--by 2030--per capita food waste at the retail and consumer levels, while reducing food losses during production and supply. Over 190 countries formally agreed to the SDGs, set in 2015, as part of the U.N.'s 2030 Agenda for Sustainable Development. Yet only 1% of food companies' business models support responsible consumption and production, according to a September 2020 Trucost survey of 3,500 companies representing 85% of global market capitalization. And not much time is left before 2030. The Trucost report also states that about 90% of the companies it examined provide products and services related to food logistics, including taking products from harvest through to consumption. Among the largest global food corporations working with farmers, retailers, and other organizations in support of the SDGs are market leader Cargill, which has launched several initiatives under its Sustainable Supply Chains program (beef, cocoa, corn, and cotton, among others). Similarly, ADM (food and beverage ingredients) has SDG-aligned environmental targets it aims to achieve by 2035, including a 25% drop in GHG emissions. Nestle (more than 2,000 food and beverage brands) has committed to tackling emissions through 100% deforestation-free supply by 2022, 100% recyclable or reusable packaging by 2025, and food loss/waste reduction targets. Bunge (the world's largest oilseed processor) has an ambitious goal that includes a deforestation-free supply chain by 2025. Mondelez (brands include Cadbury, Philadelphia, and Oreo) reports that it's on track with its 2022-2025 sustainable-ingredients targets. Danone (including Activia, Alpro, and Silk) has pledged a 50% reduction of food waste from the 2016 level, plus 100% next-generation, recyclable, biodegradable packaging by 2025. There Are Many Possible Solutions Several global companies plan to effect changes to reduce the environmental impact of their own activities, but this is not enough to transform the entire food production and supply chain. Successful collaboration and consolidation won't be easy, but food companies have several options open to them. Support for farmers and the local salesforce through better data, technology, and training. We believe direct links with farmers and closer relationships with salespeople where crops are grown are increasingly important to limit loss at production. In large crop-producing regions such as the eastern coast of Latin America, South East Asia, and the Black Sea, local currency inflation and volatility often mean that farmers make storage, sale, and process decisions every week, depending on trading data. Such fragmented decision-making means that transport companies operating with long-term contracts might see their freight capacity underutilized if farmers renege on supply contracts. This is a particular risk if the monetary penalty for farmers is small relative to the potential gain of diverting the sale. Value-added products in food processing can help reduce waste further down the line and offer agribusinesses opportunities for profitable growth. Innovative technologies can help reduce waste at consumer level by improving the shelf life and appearance of staple foods. In addition, they can promote more efficient crop use by improving the taste and texture of more environmentally friendly plant-based food. Many companies are investing in this are also looking at new materials, to be used, among other things, in food handling and packaging. Collaboration with retailers is key to cutting distribution inefficiencies and food waste at households. This will enable large agribusinesses and consumer product companies to reap the full benefits of their measures to tackle food waste. Grocers, for instance, can play a huge role in influencing consumers' food choices and attitude toward waste. In recognition of this, leading agribusinesses, consumer products groups, and food retailers have joined the WRI's "10x20x30" initiative since it launched in 2019. The program aims to drive progress on SDG 12.3, using a "whole chain" approach, with participating companies pledging to engage with at least 20 of their suppliers and--together--halve their food loss and waste by 2030. Adoption of the "Target-Measure-Act" strategy can help track sources of waste/loss, find solutions, and record progress. The strategy was launched by U.K. sustainable resources advocate WRAP and the IDG (Institute of Grocery Distribution) in 2018 as part of the country's Food Waste Reduction Roadmap, which is geared toward the U.N.'s SDG 12.3 target. Three years into the program, nearly 200 companies, including top global names like Unilever, Nestle, Mondelez, and PepsiCo have committed to using the Target-Measure-Act method to speed up food loss/waste reduction in their operations, and make the results public. U.K.-based Tesco was the first retailer to use the approach, inviting 27 suppliers to take part in 2017. WRAP has also called on COP26 delegates to adopt to Target-Measure-Act to tackle climate change. The U.K.'s September 2021 Food Waste Reduction Roadmap progress report showed that businesses had lowered food waste by an estimated 17%--worth £365 million--over the previous year. The U.K. is the first nation to create a plan to achieve SDG 12.3's target of reducing food loss and waste by 50% by 2030. Increased use of processed food byproducts and restaurant waste for renewable fuels. Animal fats and meal resulting from meat processing, well as cooking oils from food-service establishments, are increasingly being used to produce renewable fuel, thereby reducing the amount of waste as well as reliance on fossil fuel. Under initiatives such as the U.S. National Renewable Fuel Standard Program, gasoline refiners are required to increase their blend of such biofuels into the gasoline supply, with production mandates for renewable and biofuels expected to increase by more than 20% in 2022 compared with 2020 levels. Continued biofuel demand growth will also increase the economic value of such byproducts for recycling into fuels. In fact, a market for various grease grades (for example yellow grease, choice white grease, and poultry grease) already exists, with prices rising more than 100% year over year in the quarter ended Sept. 30, 2021, according to the Jacobson Index. What Food Companies Are Already Doing We see global agri-commodity companies consolidating their agricultural platforms (such as for grain, coffee, and cotton), while pursuing geographic expansion and shifting their product mix toward more sustainable alternatives. Scale and cost efficiencies should enable them to deliver affordable products. However, they are increasingly recognizing that to improve supply chain sustainability, they have to invest upstream as well as downstream to reduce reliance on less sustainable food inputs even though they may be more cost effective. The related investments typically stop short of direct ownership of farmland and crop production, but look at all parts of the food system's infrastructure. This includes partnering with growers and supporting them with new sustainable technologies and processes. Such an approach could entail optimizing drying, storage, and quality controls, land transit, and the high volume of crops passing through port terminals. Article by S&P Global Ratings Updated on Nov 17, 2021, 11:56 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkNov 17th, 2021

Inflation In The U.K. Hits A Record 4.2% Amid Soaring Energy Prices

Inflation in the U.K. reached 4.2% in October, its highest level in nearly 10 years, due to the rise in fuel and energy prices. According to the Office for National Statistics (ONS), the consumer price index (CPI) had increased by 3.1% the previous month. Q3 2021 hedge fund letters, conferences and more Inflation In The […] Inflation in the U.K. reached 4.2% in October, its highest level in nearly 10 years, due to the rise in fuel and energy prices. According to the Office for National Statistics (ONS), the consumer price index (CPI) had increased by 3.1% the previous month. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Inflation In The U.K. Soars To Record As reported by Sky News, the rising CPI in Britain puts pressure on the Bank of England as the energy price cap grew by 12% on household bills in October, followed by spikes in education, transport, dining out, and fashion. According to ONS chief economist Grant Fitzner, “This was driven by increased household energy bills due to the price cap hike, a rise in the cost of second-hand cars and fuel as well as higher prices in restaurants and hotels.” “Costs of goods produced by factories and the price of raw materials have also risen substantially, and are now at their highest rates for at least 10 years,” he added. Earlier in November –in a shock move– the Bank of England had held interest rates stable, as it now predicts inflation is bound to hit 5% by the spring of 2022 and then tail off to reach the 2% target in late 2023 –once fuel prices stabilize and consumer demand tames. What Lies Ahead Samuel Tombs, the chief U.K. economist at Pantheon Macroeconomics, was quoted as saying on CNBC that a 5% peak is a strong possibility, since “The jump in the headline rate in October, to its highest rate since December 2011, was driven primarily by the 12.2% increase in Ofgem’s default tariff price cap.” “In addition, motor fuel prices jumped by 3.0% month-to-month in October, but fell slightly a year ago, with the result that its contribution to the headline rate increased by 0.1pp. Food CPI inflation also rose to 1.2%, from 0.8%, closing the gap with producer prices.” Sarah Coles, personal finance analyst at Hargreaves Lansdown, asserts that statistics may prompt the Bank of England to intervene, as “Savers may be spoiling for a fight that they hope will boost their rates, but waiting for the fur to fly before switching your savings is a risky move.” Yael Selfin, chief economist at KPMG UK, concludes: “While not unexpected, confirmation that inflation is moving further away from its 2% target may seal the Bank of England's resolve to raise rates in December, following the strong labor data released this week.” Updated on Nov 17, 2021, 9:26 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkNov 17th, 2021

Tesla has shed around $200 billion in market value since Elon Musk starting dumping stock

It's been a volatile period for Tesla stock, with Elon Musk kicking up Twitter storms and selling close to $8 billion worth of shares. Tesla CEO Elon Musk has sold $7.8 billion of the company's stock in recent days.Maja Hitij/Getty Images Tesla's market capitalization has fallen around $200 billion since Elon Musk started selling stock over a week ago. That's roughly the entire value of some of the US' biggest companies, such as Morgan Stanley. Musk has now sold around $7.8 billion worth of stock – and kicked up some Twitter storms on the way. Tesla has lost around $200 billion in market value since its chief executive Elon Musk started selling billions of dollars of stock more than a week ago and kicking up a series of Twitter storms.That's more than the total value of some of the biggest US companies, such as Morgan Stanley, which is worth around $180 billion.Tesla's market capitalization hit a record high of $1.25 trillion on November 4, when shares peaked at $1,243.49. It then stood at around $1.23 trillion on November 5, at the end of the week.But Tesla stock has since tumbled around 15%, taking the market cap as low as $1 trillion on Monday and around $1.05 trillion on Tuesday. During that time, Musk has sold around $7.8 billion worth of stock in the company.On top of the share sales, Musk's antics on Twitter have also appeared to drive the sell-off. He first asked his followers more than a week ago whether he should dump 10% of his holdings in Tesla, which was worth around $21 billion at that point, leading to a drop in the share price as soon as the markets opened.The stock also fell on Monday after Musk criticized Senator Bernie Sanders on Twitter this weekend and threatened to sell more shares."Elon Musk can often flitter between hero and villain status, with the entrepreneur seemingly willing to talk down assets even if it comes at his own expense," said Chris Beauchamp, chief market analyst at London-based trading platform IG."Shareholders will hope that near-term volatility ultimately resolves into another push towards record highs for the world's most valuable car company."Musk is no stranger to controversy when it comes to his tweets and Tesla stock. JPMorgan on Monday filed a $162 million suit against Tesla in a dispute about Musk's 2018 tweet in which said he was considering taking Tesla private at $420 a share.Ed Moya, senior market analyst at trading platform Oanda, said the drop in the stock may not all be to do with Musk."Tesla is now a profitable auto manufacturer that is facing rising competition, which is having some institutional investors reduce their Tesla holdings in favor of EV and charging station bets," he said. "The growth potential is far more attractive with Rivian, Lucid, and even GM."However, Tesla stock remains more than 150% higher than it was a year ago, with investors betting that the company will lead the green revolution in transport. The stock was up 3.1% to $1,044.52 on Tuesday.Tesla did not immediately respond to a request for comment.Read more: Uber's biggest electric car problem could be solved by the startup that's gotten $50 million from Blackstone this yearRead the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 16th, 2021

Janet Yellen On Inflation, Biden Agenda, And The Supply Chain Crisis

Following is the unofficial transcript of a CNBC interview with United States Treasury Secretary Janet Yellen and CNBC’s Sara Eisen on “Worldwide Exchange” (M-F, 5AM-6AM ET) today, Friday, October 29th. Following is a link to video on CNBC.com: Q3 2021 hedge fund letters, conferences and more Treasury Secretary Janet Yellen On Inflation, Biden Agenda, And The […] Following is the unofficial transcript of a CNBC interview with United States Treasury Secretary Janet Yellen and CNBC’s Sara Eisen on “Worldwide Exchange” (M-F, 5AM-6AM ET) today, Friday, October 29th. Following is a link to video on CNBC.com: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Treasury Secretary Janet Yellen On Inflation, Biden Agenda, And The Supply Chain Crisis SARA EISEN: Good morning, Courtney. And good morning to the Treasury secretary, Janet Yellen, who is joining us this morning from Rome at G20. It's great to see you. Wish I could be there on the rooftop. JANET YELLEN: Thanks so much, Sara. SARA EISEN: So, so, Secretary Yellen— JANET YELLEN: Thanks so much, Sara. SARA EISEN: You're welcome. I just wanted to start obviously with the plan that you call transformational, the, the framework that President Biden announced yesterday. House leaders scrapped a vote last night. President Biden arrived in Rome heading toward G20, heading toward COP26. How big of a blow is it that he comes empty handed? JANET YELLEN: Well, I believe that pretty soon hopefully next week, Congress will pass both the reconciliation or Build Back Better bill and also the infrastructure package. There seems to be strong support for it in both houses of Congress. As I say, it's transformational. And I believe these will become, become law. And they contain so many, so many programs that will be so important for the American people. Two additional years of early childhood education that will be universal. Remarkable support that will make childcare affordable, help women participate in the labor market. Historic investments in health care for seniors, for the elderly, for those who are disabled. Support that will make health care affordable. And of course, an historic investment in climate change, which is really an existential threat. And the infrastructure package, you know, not only has investments in roads and bridges but what we need to have a modern, efficient society: broadband, ports, modern transport that's efficient and climate friendly investment in research and development and climate change, the grid. SARA EISEN: You, you have said that this, these plans will add to growth and be stimulative for the economy. Any sense of how much and for how long? JANET YELLEN: Well, I think that it really helps us invest in physical capital that's public infrastructure that's important to productivity growth. There's investment in people or human capital. There's investment in research and development. And the supports that families will receive that will help them participate in the labor market that'll, that will boost labor supply. All of those things boost the economy's potential to grow to, to my mind, certainly over the long run, over a decade, several tenths of a percentage point. SARA EISEN: Will it drive up short-term inflation even more? JANET YELLEN: No, I don't think that these investments will drive up inflation at all. First of all, they're fully paid for. They're and not by imposing higher taxes on anyone earning under $400,000 but by asking corporations, high-income individuals to pay their fair share, and by investing in the Internal Revenue Service so that they can boost compliance, which has fallen to low levels. We have a huge amount of uncollected tax revenue, a tax gap that's estimated at $7 trillion over a decade. And the spending that's involved, it, it occurs slowly over the course of a decade so unlike the American Rescue Plan which was attempting to address the impact from the pandemic and involved a lot of spending in a short time, the infrastructure and Build Back Better packages are spending that's really small relative to the economy in any year and spread over ten years and as I said, it will boost the economy's potential to grow, the economy's supply potential, which tends to push inflation down, not up. And, you know, for many American families experiencing inflation, seeing the prices of gas and other things that they buy rise. What this package will do is lower some of the most important costs: what they pay for health care, for childcare and it's anti-inflationary in that sense as well. SARA EISEN: You mentioned the pay-fors, and I did, did want to ask you about that because it, it looks like you didn't get the billionaires' unrealized gains tax, which was somewhat controversial and unprecedented. Didn't do the elimination of stepped-up basis. And really avoided the whole tax avoidance by the wealthy in terms of their investments, which is something that I know you were hopeful for and that you promised to do. So, was that a disappointment? JANET YELLEN: Well, we, we proposed what we thought are good and appropriate tax policies. We do need to be able to muster the votes to get these bills through the House and through the Senate. And we tried to design a package of revenue raisers that would be acceptable to members of Congress. So, we pared back on some rate increases that weren't acceptable to members of the Senate. And I think the, the raisers that we have though are appropriate, fair. And while there isn't a mark-to-market billionaires tax I think it's been agreed that in, in individuals earning high incomes, more than $5 or $10 million will pay a surtax on their income tax rates and that hits really high-income individuals. SARA EISEN: Sure. And on the corporate front, I know part of this is, is what you're there to do in Rome, in G20, in this, this framework for the, the global minimum tax for corporations, something you've worked hard on. You've gotten a ton of agreement, 140— JANET YELLEN: Yes. SARA EISEN: Countries, including Ireland, which is a big accomplishment. I'm, I'm just wondering how that tax, when it's implemented, will impact global economic growth. Could it have a dampening effect on foreign direct investment and, and companies expanding overseas because their tax rates are gonna go up in a lot of these countries? JANET YELLEN: Well, I don't think it's going to have any meaningful impact on direct investment on investment anywhere around the globe. These are relatively modest increases in taxes. And what it will provide is a level playing field globally where companies and countries compete, can compete on the basis of their innovative ideas, fundamentals, the quality of workforce, and the, their business environments. And it will provide an environment of much greater tax certainty than we've had in a very long time. It will do something to close the loopholes associated with tax havens that have allowed many multinational corporations, those based in the United States and elsewhere, to avoid paying their fair share. And this is an important agreement because countries around the globe have decided that in order to finance the public infrastructure investments that they need, and to invest in their people, and not to have all of the burden of raising taxes fall on workers, that this is a way to make sure that all countries in a fair way can collect more from corporations so they pay their fair share too. SARA EISEN: So speaking of multinational corporations, Apple last night reported earnings, said it said it took a $6 billion revenue hit in the quarter because of the supply chain issues, and, and projects that that's gonna be even worse in this coming quarter. How much do you think these bottlenecks and shortages are holding back our economy? JANET YELLEN: Well, I think they are holding our economy back somewhat. We saw that this quarter with slower growth of GDP. You know, I think GDP growth will pick up, but we do have shortages of semiconductors. The, you know, switch in demand from services to goods and the pandemic itself that led to work from home really boosted the demand for semiconductors that are embodied in almost all the goods that consumers buy and it will take a while. There is clearly a supply response in train, but it will take a while to boost supply. Although to some extent supply shortages reflect the pandemic in places like Malaysia. So it, it will take a while to boost semiconductor supply, but I do expect that it will be addressed over the medium term. SARA EISEN: You, you just said you expect growth to pick up now toward the end of the year. I'm curious about your forecast for next year because the Fed is about to start tapering its emergency stimulus and could look ahead toward interest rate hikes next year. At the same time, where a lot of that front end-loaded fiscal stimulus is wearing off, and a lot of the reopening momentum is going to wear off. So, what does that add up to for next year? JANET YELLEN: Well, it, it's true that some of the fiscal stimulus will wear, wear off. There'll be less fiscal stimulus next year for sure. But households have amassed a lot of saving. Wealth has increased. They have stashed away some of the income that they earned and didn't spend during the pandemic. And I expect consumer spending and investment spending to remain quite healthy. And, of course, the Federal Reserve is also, you know, while focusing on inflation, wants to achieve full employment. You know, while GDP has now surpassed its pre-pandemic peak, we're still about 5 million jobs below the pre-pandemic level. And while due to retirements, labor supply may not go back to its previous level. I think as the pandemic ease, eases and concerns about health diminish, people will go back to work, labor force participation will improve, and, you know, I expect unemployment to fall further and labor force participation to rise, to rise again. SARA EISEN: Have you stopped using the, the "T" word, the "transitory" word, which we don't hear as much from Fed chair Powell and, and some of the other Fed members? Are you still using it? JANET YELLEN: Well, I, I think it's still fair to use it in the sense that even if it doesn't mean a month or two, it means a little bit longer than that. I, I think it conveys that the pressures that we're seeing are related to a unique shock to the economy. And as the United States recovers and as vaccinations proceed globally and the global economic activity revives, that pricing pressures will ease. Monthly inflation rates have already come down considerably from where they were just four or five months ago. And that process is also is continuing. You know, year-over-year inflation rates remain high and will for some time simply because of what's already happened in the, in the first months of the year. But monthly rates I believe will come down. And in the second half of the year, I think we'll see a return to levels close to 2%. SARA EISEN: We know you have to get to, to some important meetings, Miss Madam Treasury Secretary. Thank you so much for your time this morning in Rome. JANET YELLEN: Thanks so much, Sara. Nice to be with you. SARA EISEN: Always good to have you. That is the Treasury secretary, Janet Yellen right there in the middle of Rome for G20, where she is there and now joined by President Biden. Courtney, I'll send it back to you. Updated on Oct 29, 2021, 10:15 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 29th, 2021

Learning From Trader Joe’s, Joe Coulombe

It’s a rare person who can run their own business, and rarer still are those who can do it well. And in a world of stiff competition and consumer fickleness, those people who’s businesses can both survive and thrive in that environment are probably the rarest of them all. Q3 2021 hedge fund letters, conferences […] It’s a rare person who can run their own business, and rarer still are those who can do it well. And in a world of stiff competition and consumer fickleness, those people who’s businesses can both survive and thrive in that environment are probably the rarest of them all. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more If you choose a manager to whom you entrust your capital, in the words of Charlie Munger, choose a ‘business fanatic.’ Such individuals live, sleep and breathe their businesses. They’re not bound by the same restraints as most business people; constantly pushing boundaries, trialing new approaches, thinking outside the box, challenging conventional wisdom and always looking for business improvements. If you’re in business, these are the last type of people you want to compete with. One man that epitomized such fanaticism was the late Joe Coulombe, founder of the convenience store chain that carried his name, Trader Joe’s. “Edward H. Heller, a pioneer venture capitalist used the term ‘vivid spirit’ to describe the type of individual to whom he was ready to give significant financial backing. He said that behind every unusually successful corporation was this kind of determined entrepreneurial personality with the drive, the original ideas, and the skill to make such a company a truly worthwhile investment.” Phil Fisher Joe tells his story in the book, ‘Becoming Trader Joe - How I Did Business My Way and Still Beat the Big Guys.’ It contains a wealth of wisdom, particularly when it comes to thinking about running a successful retailer. Over more than a quarter of a century, Trader Joe’s sales grew at a compound rate of 19% per year and the company’s net worth grew at a compound rate of 26% per annum over the same period - no mean feat for a commodity business that’s hard to differentiate. Furthermore, the business never lost money in a year and incredibly each year was more profitable than the last. When the competitor 7-Eleven extended it’s footprint into California in the 1970’s, Pronto Markets, the precursor to Trader' Joe’s, already enjoyed the highest sales per store of any convenience operator in America by a factor of three. A high wage policy, strong locations, a few liquor licences, and the beginnings of a differentiated strategy through product knowledge was the core of their success. One of the mental models I particularly enjoyed in the book was Joe’s concept of ‘Double Entry Retailing.’ A form of second level thinking, Joe recognised that making changes to Demand Side factors had an influence on Supply Side factors which aren’t always obvious. A striking example was the introduction of orange juice freshly squeezed on the premises. While a great Demand Side success - customers embraced the product - it was a total nightmare to administer because of the Supply Side issues; the great variation in sweetness of oranges over the course of a year, difficulty in ensuring machines squeezed the right amount and disposal of the leftover rinds. As a result it was eventually phased out. You’ll recognise many of the characteristics that form a common link with the other great businesses we’ve studied. I’ve included some of my favourite extracts from the book below. Harnessing Demographic & Technological Change ‘The clue, the keystone of the arch of Trader Joe’s, was a small news item in Scientific American in 1965. When we left Stanford, my father-in-law, Bill Steere, a professor of botany, gave me a subscription to Scientific American. In terms of creating my fortune, it’s the most important magazine I’ve ever read. The news item said that, of all the people in the US who were qualified to go to college in 1932, in the pit of the Depression, only 2 percent did. By contrast, in 1964, of all the people qualified to go to college 60 percent in fact actually did. The big change, of course, was the GI Bill of Rights that went into effect in 1945. A second news item, one from the Wall Street Journal, told me that the Boeing 747 would go into service in 1970, and that it would slash the cost of international travel. In Pronto Markets we had noticed that people who travelled - even to San Francisco - were far more adventurous in what they were willing to put in their mouths. Travel is, after all, a form of education. Trader Joe’s was conceived from those two demographic news stories. What I saw here was a small but growing demographic opportunity in people who were well educated. 7-Eleven, and the whole convenience store genre, served the most basic needs of the most mindless demographics with cigarettes, Coca-Cola, milk, Budweiser, candy, bread, eggs. I saw an opportunity to differentiate ourselves radically from mainstream retailing to mainstream people.” Obliquity “I hope you’ll consider the following, my favourite quote from my favourite book on Management, ‘The Winning Performance’ by Clifford and Cavanaugh,’ ‘The fourth (general themes in winning corporations] is a view of profit and wealth-creation as inevitable byproducts of doing other things well. Money is a useful yardstick for measuring quantitative performance and profit and an obligation to investors. But … making money as an end in itself ranks low.’” A Bias to Action & Tenacity “In 1962, Barbara Tuchman published ‘The Guns of August’, an account of the first ninety days of WWI, It’s the best book on management - and, especially, mismanagement - I’ve ever read. The most basic conclusion I drew from from her book was that, if you adopt a reasonable strategy, as opposed to waiting for an optimum strategy, and stick with it, you’ll probably succeed. Tenacity is as important as brilliance.” “Trying to find an optimum solution in business is a waste of time; the factors in the equation are changing all the time.” Value, Empower & Pay Employees Well “You’ve got to have something to hang your hat on. The one core value I chose was our high compensation policies, which I put in place from the very start in 1958… This is the most important single business decision I ever made: to pay people well. First Pronto Markets and then Trader Joe’s had the highest-paid, highest benefitted people in retail.” “Time and again I am asked why no one has successfully replicated Trader Joe’s. The answer is that no one has been willing to pay the wages and benefits, and thereby attract - and keep - the quality of people who work at Trader Joe’s.” “[I was asked,] ‘But how could you afford to pay so much more than your competition?’ The answer, of course, is that good people pay by their extra productivity. You can’t afford to have cheap employees.” “Equally important was our practice of giving every full-time employee an interview every six months. At Stanford I’d been taught that employees never organise (join unions) because of the money; they organise because of un-listened-to grievances.” “The [store] Captains had the salary plus a bonus that theoretically had no limit. The bonus was based on Trader Joe’s overall profit, allocated among the stores based on each store’s contribution. In 1988, several Captains made bonuses of more than 70 percent of their base pay. Unless a bonus system promises, and delivers big rewards, it should be abandoned.” “My idea, often stated to everybody, was that the [store] Captains should have the chance to make more than executives in the office. In a traditional chain store, managers aspire to become bureaucrats with cushy, high-paying jobs in the office. I wanted to kill such aspirations at the start.” “Part timers .. at a time when the minimum wage was $4.35, we often paid $13.00 per hour because these people were worth it.” “Productivity in part is a product of tenure. That’s why I believe that turnover is the most expensive form of labor expense.” “We instituted full health and dental insurance back in the 1960's when it was cheap. When I left, we were paying $6,000 per employee per year!” “Each full-timer was supposed to be able to perform every job in the store, including checking, balancing the books, ordering each department, stocking, opening, closing, going to the bank, etc. Everybody worked the check stands in the course of the day, including the [store] Captain.” “In thirty years we never had a layoff of full-time employees. Seasonal swings in business were handled with overtime pay to full-time employees, and by adjusting part-time hours. The stability of full-time employment at Trader Joe’s was due in part to caution opening new stores, and insisting on high volume stores.” “Cost of goods sold is the dominant expense. The funny thing is that grocers seem to spend more effort squeezing payroll than squeezing Cost of Goods Sold, though there is at least five times more opportunity in the latter.” Retail & Real Estate Decisions ‘First we upped the investment ante by taking only prime locations, which could generate the most sales, even though the rents were higher. A lease is an investment, perhaps the most serious and certainly the least changeable a retailer can make. Financially, a lease is simply a long-term loan… Most retail bankruptcies come from bad real estate leasing decisions… Early in my career I learned there are two kinds of decisions: the ones that are easily reversible and the ones that aren’t. Fifteen-year leases are the least-reversible decisions you can make. That’s why, throughout my career, I kept absolute control of real estate decisions.” “The keys to management are strong locations with good people.” “People often ask me, how many stores did we have at such-and-such time? It’s the wrong question to ask. What’s important is dollar sales. For example, from 1980 to 1988, we increased the number of stores by 50 percent but sales were up 340 percent.” “My preference is to have a few stores, as far apart as possible, and to make them as high volume as possible.” “Too many stores, to many irreversible leases, too much geographical saturation was a recurrent theme in the failure of American retail chains in the twentieth century.” “Ancient Mariner Retailers claim that ‘volume solves everything.’ If it’s profitable volume, they’re right. Things go most sour in the lowest-volume stores. It’s like riding a bicycle, the faster it goes, the more stable it is. The ‘normal distribution’ of most chains is 20% dogs, 60% okay stores, and 20% winners. I believe in ruthlessly dumping the dogs at whatever cost. Why? Because their real cost is in management energy. You always spend more time trying to make the dogs acceptable than in raising the okay stores into winners. And it’s in the dogs that you always have the most personnel problems." “I believe that the sine qua non for successful retailing is demographic coherence: all your locations should have the same demographics whether you are selling clothing or wine.” “I liked semi-decayed neighbourhoods, were the census tract income statistics looked terrible, but the mortgages were all paid-down, and the kids had left home. Housing and rental prices tend to be lower, and more suitable for those underpaid academics. Related to this, I was more interested in the number of households in a given area than the number of people in a ZIP code. Trader Joe’s is not a store for kids or big families. One or two adults is just fine.” “Computerisation has radically upgraded the statistics available: I’d probably do it more formally now. But there’s no substitute for ‘driving’ a location to ferret out traffic problems. And do it at night, too.” “I hardly need to mention that a trading area is rarely determined by a radius. It’s determined by geographical barriers, boulevard access, and where the demographics lie.” “Let’s go back to the question of number of stores. How do you space them? Here are some parameters: You need to have enough stores in a trading area to economically amortise the radio advertising. You need enough stores in an area to have a large enough pool of employees. My rule was that distance between stores should not be measured in miles but in driving time. I wanted no less than twenty minutes between stores. That pretty much avoided the dread word, cannibalisation. Could a given trading area support more Trader Joe’s? Almost certainly! I figured we could break even at ten thousand core residences. But I wanted super-volume stores. If the credo that super-volume stores have the fewest operating problems is valid, then the overall health of the chain, in the long run, is maximised.” “How many trading areas should you enter? As long as you can preserve the culture of the company, and as long as logistics don’t kill you, go ahead.” “Never, never, never sign a lease with a ‘continuous operation’ clause. That clause means you must stay open - you can’t ‘go dark’ and just pay the rent.” Product Knowledge “The buyers at the supermarket chains knew nothing about what they sold, and they don’t want to know. What they did know all about was extorting slotting allowances, cooperative ad revenue, failure allowances, and back-haul concessions from the manufacturers.” Four Tests “The advantage of hard liquor merchandise was that it met three tests: a) A high value per cubic inch, essential to a small store format b) A high rate of consumption c) It had to be easily handled If we could have added a fourth test, it would be that we had to be outstanding in the field. Still trying to maximise the use of a small store, I looked for categories that met the Four Tests; high value per cubic inch, high rate of consumption; easily handled; and something in which we could be outstanding in term of price or assortment. For example, diamonds met the first test but flunked the second. Fruits and vegetables met the first and second but flunked the third because produce requires constant reworking. Fresh meat flunked the third test even more.” Purpose “Most of my ideas about how to act as an entrepreneur are derived from ‘The Revolt of the Masses’ by Jose Ortega y Gasset, the greatest Spanish philosopher of the twentieth century. I believe it offers a master ‘plan of action’ for the would-be entrepreneur, who usually has no reputation and few resources. Ortega offers an explanation of how such a person can get an enterprise started. In the context of the career of Julius Caesar, an entrepreneur who started without power, Otega says of the state: ‘Human life, by its very nature, has to be dedicated to something, an enterprise glorious or humble, a destiny illustrious or trivial .. The State begins when groups, naturally divided, find themselves obliged to live in common. The obligation is not of brute force, but implies an impelling purpose, a common task which is set before the dispersed groups. Before all, the State is a plan of action and a Programme of Collaboration. The men are called upon so that together they may do something .. It is pure dynamism, the will to do something in common, and thanks to this the idea of the state, is bounded by no physical limits.” Most of my career has been spent selling ‘plans of action and programmes of collaboration.’ If you want to know what differentiates me from most manager’s that’s it. From the beginning, thanks to Ortega y Gasset, I’ve been aware of the need to sell everybody.” Radical Transparency “Throughout my career, my policy has been full disclosure to employees about the true state of affairs, almost to the point of imprudence. I took a cue from General Patton, who thought that the greatest danger was not that the enemy would learn the plans, but that his own troops would not.” Growth “Growth for the sake of growth still troubles me. It seems unnatural, even perverted. This helps explain why I went from 1974 to 1978 without opening another store. To keep sales increasing during the mid-1970s, we relied on new ideas implemented in existing stores. This was my favourite form of growth. I don’t think that any given store ever fully realises its potential.” Smallness & Empowerment “We developed a prototype [Trader Joe’s] store of 4,500 square feet. Here’s a good question: Given my need to get away from convenience stores, why did I stick with small stores? The answer was verbalised for us in ‘In Search of Excellence,’ Tom Peter’s best-selling book on management. He called it ‘The Power of Chunking’: ‘The essential building block of a company is the section [which] within its sphere does not await executive orders but takes initiatives. The key factor for success is getting one’s arms around almost any practical problem and knocking it off… The small group is the most visible of the chunking devices.’ The fundamental ‘chunk’ of Trader Joe’s is the individual store with its highly paid [store] Captain and staff; the people who are capable of exercising discretion. I admire Nordstrom’s fundamental instruction to its employees: use your judgement. Trader Joe’s finally settled down at an average of about eight thousand square feet in the 1980’s, but the concept of a relatively small store with a relatively small staff remains in force.” Marketing & Customers “At all times I wrote the Fearless Flyer [marketing newsletter] for over-educated, underpaid people. This requires two mindsets: Trader Joe’s Fearless Flyer Newsletter 1) There are no such things as consumers - dolts who are driven by drivel to buy stuff they don’t need or even want. There are only customers, people who are reasonably well informed, and very well focused in their buying habits. 2) We always looked up to the customers in the text of the Fearless Flyer. We assumed they knew more than they did, we never talked down to them. 3) Given the first two assumptions, we assumed that our readers had a thirst for knowledge, 180 degrees opposite from supermarket ads. We emphasised ‘informative advertising.’ Originally, we distributed the Fearless Flyer only in stores and to a small but growing list. [Later,] by mailing to addresses rather than to individuals - by blanketing entire ZIP codes - we were able to tremendously expand the distribution of the Fearless Flyer. The ZIPs to which we mailed, of course, were chosen on the basis of the likely concentration of over-educated and underpaid people.” Word of Mouth “Word of Mouth: The Power of True Believers. As everyone knows, word of mouth is the most effective advertising of all. I have been known to say that there’s no better business to run than a cult. Trader Joe’s became a cult of the over-educated and underpaid, partly because we deliberately tried to make it a cult and partly because we kept the implicit promises with our clientele.” “There aren’t many cult retailers who successfully retain their cult status over a long period of time. A couple in California are In-N-Out Burger and Fry’s Electronics. But across America, in every town, there’s a particular donut shop, pizza parlour, bakery, greengrocer, bar, etc. that has a cult following of True Believers.” Pricing “One of the fundamental tenets of Trader Joe’s is that retail prices don’t change unless costs change. There are no weekend ad prices, no in-and-out pricing… I have always believed that supermarkets pricing is a shell game and I wanted no part of it.” Retailing “The fundamental job of a retailer is to buy goods whole, cut them into pieces, and sell the pieces to the ultimate consumers. This is the most important mental construct I can impart on those of you who want to enter retailing. Most ‘retailers’ have no idea of the formal meaning of the word. Time and again, I had to remind myself just what my role in society was supposed to be.” “[We decided] no outsiders of any sort were permitted in the store. All the work was done by employees.]” “From 1958 through 1976, we tried to carry what the customer asked for, given the limits of our small stores and other operational parameters. Each store probably had access to ten thousand stock keeping units (SKUs), of which about three thousand were actually stocked in any given week. By the time I left in 1989, we were down to a band of 1,100 to 1,500 SKUs, all of which were delivered through a central distribution system.” “Along the way not only did we drop a lot of products that our customers would have liked us to sell, even at not-outstanding prices, but we stopped cashing checks in excess of the amount of purchase, we stopped full-case discounts, and we persistently shortened the hours. We violated every received wisdom of retailing except one: we delivered great value, which is where most retailers fall.” “[We were] willing to discontinue any product if we were are unable to offer the right deal to the customer.” “Instead of national brands, [we] focused on either Trader Joe’s label products or ‘no label’ products like nuts and dried fruits.” “We wouldn’t try to carry a whole line of spices, or bag candy, or vitamins. Each SKU had to justify itself as opposed to riding piggyback into the stores just so we had a ‘complete’ line. Depth of assortment was of no interest.” “Each SKU would stand on its own two feet as a profit centre. We would earn a gross profit on each SKU that was justified by the cost of handling that item. There would be no ‘loss leaders.’” “Above all we would not carry any item unless we could be outstanding in terms of price (and make a profit at that price) or uniqueness.” ‘I do not believe in keeping ‘spoils’ in the back room until some salesperson comes by to pick them up. I believe that products should move in only one direction, never back up the supply chain. When a bottle was broken, a can dented, or a ‘short fill’ was discovered, it went to the trash bin.” “A guideline: No private label product was introduced for the sake of having a private label. This is 100 percent contrary to the policy of most supermarkets… Each private label product had to have a reason, a point of differentiation.” “The willingness to do without any given product is one of the cornerstones of Trader Joe’s merchandising philosophy.” “No bulky products like paper towels or sugar, because the high-value-per-cubic inch rule still prevailed.. We simply went out of business on the ‘bulkers’ and did not replace them with private labels.” “I believe in the wisdom that you gain customers one by one, but you lose them in droves.” “Back in 1967, [we] made a bet that rising levels of education would fragment the masses, that a small but growing group of people would be dissatisfied with having to consume what everybody else consumed… This philosophical approach put us in conflict with the mainstream of American retailing, which emphasises continuous products. Thus when a supermarket promotes Coca-Cola it doesn’t have to explain that Coca-Cola is a secret formula for a soft drink created a century ago in Atlanta.. Wines have not been popular in America because, intrinsically, they are not continuous products. You can’t just order up some more sugar and chemicals and make another batch. In 1987, I outlined to the buyers where I thought we should go: 1) we want continuous products. Any sane person does. We want continuous products which are profitable without creating a high-price image. 2) to create such products, they needed to be differentiated at least in order to avoid direct price comparison. 3) products in which we had an absolute buying advantage. For example, we were the largest seller of cheap Bordeaux blanc in the United States. 4) I was willing to continue to indulge in the spectacular ‘closeout’ sales of branded products, but I wanted to do so in the context of much greater overall sales, principally generated by continuous products, most of them private label.” “I don’t think that the internet grocery store will successfully invade food retailing because you’re dealing with four different temperatures: dry grocery, refrigerated products, frozen products, and ice cream when you try to home-deliver foods.” “Showmanship is the sum total of all efforts to make contact with the customer. It’s the most ephemeral, the most difficult, and the most important of the Demand Side activities.” “All the research on whether people turn to the left or the right, or whether you can ‘force’ people to the rear of the store, is irrelevant if you’re a value retailer.” Win-Win “Honour thy vendors: After all, these are the guys you’re buying from. They should not be treated as adversaries. Five year plan 1977 said, ‘Buying, therefore, is not just a matter of trying to beat down suppliers on price. It is a creative exercise of developing alternatives.’ Many of our best product ideas and special buying opportunities came from our vendors.” “Vendors should be regarded as an extension of the retailer, a Marks and Spencer concept. Their employees should be regarded almost as employees of the retailer. Concern for their welfare should be shown, because employee turnover at vendors sometimes can be more costly than turnover of your own employees.” “Tenants who enter negotiations with the idea of beating the landlord at the objective future game usually get the kind of landlords they deserve. And vice versa.” “Other non-merchandise vendors are very much extensions of Trader Joe’s and should be treated as much. Since we owned no trucks, warehouses, etc., I asked our people to keep track of the outsourced drivers and do their best to see that our contractors were paid reasonable wages with reasonable working conditions. Turnover is the most expensive labour expense!’ Committees “I want to make it quite clear that I called all the shots. I reject management by committee.” Economies of Scale “The point where the ‘buying power’ and ‘selling power’ curves cross each other creates the magical physical thresholds. There are two magical physical thresholds that a retailer must achieve to be competitive: the truckload, and the ocean container load. These thresholds mark the limit of most economies of scale.” Focus & Outsource “We tried to stay out of all functions that were not central to our primary job in society: namely, buying and selling merchandise.. [We’d] been getting rid of all functions except those buying and selling. We got rid of our own maintenance people, we sold off almost all the real estate we had acquired during the 1970’s, we never took mainframe computing in-house, etc. Some choice quotes from Dr. Drucker: ‘In-house service activities have little incentive to improve their productivity .. The productivity is not likely to ramp up until it is possible to be promoted for doing a good job at it. And that will happen in support work only when such work is done by separate, free standing enterprises.’” Business Problems “All businesses have problems. It’s the problems that create the opportunities. If a business is easy, every simple bastard would enter it.” “This is one of the most important things I can impart; in any troubled company the people at lower levels know what ought to be done in terms of day-to-day operations. If you just ask them, you can find answers.” Adapt, Challenge the Status Quo “Believe me, you have to have a system for everything that has to happen in your business - you just may not be conscious of it. And you probably have still other systems that are not needed. That’s why The Winning Performance calls for a ‘continued contempt for business as usual.’ To practice ‘constitutional contempt,’ you have to arrive every day with the attitude, ‘Why do we do such-and-such that way?’ Better yet, why do we do it at all? Usually the answer is, ‘We’ve always done it that way,’ ‘That’s the way we did it at my last job,’ or ‘All our competitors are doing it.’ Mental Model - Double Entry Retailing “I hit on the idea of using double entry accounting as an analogy, what I call Double Entry Retailing. On the left side of the ledger is the business in terms of how its customers see it: I call this the Demand Side. On the right side of the ledger are the factors that limit or determine the retailer's ability to satisfy those demands: the Supply Side. All businesses, whether manufacturing, wholesaling, services, etc., have [the] fearful symmetry of both Demand and Supply sides. And all businesses are subject to the ultimate supply-side constraint of cash: you can do anything, no matter how stupid, within that fearful symmetry, as long as you don't run out of cash. From my view, the Demand Side of Retailers can be analysed in terms of five variables: The assortment of merchandise offered for sale. Pricing: stability and relative to competition. Convenience: geographical, in-store, and time. Credit: the accepted methods of payment. Showmanship: the sum of all activities that result in making contact with the customer, from advertising to store architecture to employee cleanliness. Here are factors on the Supply Side: Merchandise Vendors Employees  The way you do things: "habits" and "culture" Systems Non-merchandise vendors Landlords Governments Bankers and investment bankers Stockholders Crime As in double entry accounting, the change in any factor must be matched by a corresponding change in another factor. For example, a decision to increase geographical convenience (Demand Side) obviously involves some change of policy with landlords (Supply Side) including the amount of rent you're willing to pay. Consider how Barney's paid through the nose because they thought they had to offer the geographical convenience of being in Beverly Hills. How big a factor was this in Barney's subsequent bankruptcy? Was it Demand Side success at the price of Supply Side failure? The lists above aren't much different from other businesses. What distinguishes retailing is the asymmetry of the fearful symmetry: the huge number of customers (Demand Side) vs. the number of suppliers. This is the exact opposite of a government defence contractor. This lopsided butterfly may cause a retailer to act as if the only people they have to ‘sell’ to are customers: the Demand Side. That’s a major mistake. All the people on the supply side have to be sold, too.” “One of the smartest things we ever did was to cut the hours of Trader Joe’s. This is mostly a Supply Side question, but the quality and attitude of the employees handling our customers is a Demand Side factor.” Employee Ownership “From the beginning of Pronto Markets, one of my basic principles, one of my basic goals, was employee ownership of the business. Getting there, however, was complicated.” Summary I found the similarities between Trader Joe’s approach to retailing and the German retailer Aldi strikingly similar. Despite being on opposite sides of the world, both businesses evolved complementary retailing practices: a focus on private label, above market wages for employees, a win-win mentality and continuous innovation. It’s little wonder the Albrecht family were attracted to the business. Aldi acquired Trader Joe’s in 1979 and retained Joe as the independent manager for another ten years. Paying staff well, empowering and sharing information with them and maintaining smallness are consistent themes across many of the successful business stories we’ve studied. When it comes to the specifics of retailing, the analogy of super-volume stores better able to provide balance is a useful one. As are the insights into economies of scale, pricing strategy, jettisoning poorly performing stores, the power of word-of-mouth marketing and the means to abolish bureaucracy through the outsourcing of non-essential functions. Every business has its own quirks and idiosyncrasies. Identifying what they are and how they contribute to a firm’s success can provide clues in our own quest to find compounding machines; in the long run, it’s business success which determines share prices. The more businesses you study, the larger the toolkit of mental models you’ll have to apply in your investment endeavours. Source: 'Becoming Trader Joe - How I Did Business My Way & Still Beat the Big Guys,’ Joe Coulombe, Patty Civalleri. Harper Collins. 2021. Follow us on Twitter : @mastersinvest * NEW * Visit the Blog Archive Article by Investment Masters Class Updated on Oct 26, 2021, 1:11 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 26th, 2021

The best home gym machines and equipment for your garage or living room in 2021

The right selection of workout gear can transform your living room into a fitness studio. Here's the best home gym equipment that'll help you do it. ProForm; Amazon; Everlast; Alyssa Powell/Insider Table of Contents: Masthead Sticky Working out at home can be just as effective as going to the gym - so long as you have the right equipment. When outfitting your own home gym, consider how much space you have and the kinds of workouts you plan on doing. Below are 10 of our favorite pieces of home gym equipment including dumbbells, treadmills, and resistance bands. Working out at home is more popular now than ever, and it's the growing prevalence of home gym equipment that's one of the main reasons why. With just a few pieces of gear, you can uniquely customize your living space to function as well as, if not better than, your local gym. Maybe you pair a set of dumbbells or resistance bands with a treadmill to work on building strength and maintaining your cardio. Perhaps you'd prefer something a little more comprehensive like an all-in-one home gym. The ability to tailor your home gym to exactly what you need is invaluable.As the fitness editor for Insider Reviews, I'm constantly sweat-testing just about anything that can be considered home gym-worthy. This includes things like kettlebells and jump ropes, as well as yoga mats, cable machines, and exercise bikes.Below are 10 of my favorite pieces of equipment that are staples of my weekly fitness routine. Instead of rushing out and buying all of them, I recommend you first consider what it is you want to accomplish and the workouts you want to do, then pick and choose the gear that fits that best.At the end of this guide, you'll also find answers to a few home gym FAQs, as well as insight into how I tested everything. Here's the best home gym equipment:Best treadmill: ProForm Pro 2000Best exercise bike: NordicTrack S22iBest all-in-one gym: Tempo StudioBest cable machine: MaxProBest resistance band: TheraBandsBest dumbbells: PowerBlock Sport 24Best jump rope: Crossrope Get Lean SetBest slam ball: Everlast Flex Slam BallBest yoga mat: Rumi Earth Sun Yoga MatBest pull-up bar: Garren Fitness Maximiza Pull Up Bar Best treadmill for home ProForm The ProForm Pro 2000 Treadmill is a versatile at-home option that's great for racers, casual runners, and anyone looking to keep up with steady cardio exercise. Pros: Strong construction, great features, iFit compatibility, ProShox cushioning for soft landingsCons: Expensive, takes up spaceThe beauty of a treadmill is that no matter where you're starting from, it accommodates your current fitness level and will adapt as your capacity changes. You can walk, jog, or run all at your own speed and preference.The ProForm Pro 2000 Treadmill is an excellent choice no matter your fitness level or skill. It may remind you of the treadmills you see in a brick-and-mortar gym, as it has the same type of features. There's the ability to incline up to 15%, decline down to negative 3%, as well as a 7-inch color screen that's compatible with a range of interactive workouts from iFit. This treadmill also has a reliable 3.5-horsepower motor, a wide belt deck that's great for almost all runners, and a soft belt that helps reduce the impact of each stride. There's even a music port for plugging in a music player and fitness app access. What else we recommend:NordicTrack's Commercial 2950Read our full guide to the best treadmills Best exercise bike for home NORDICtrack NordicTrack's S22i Studio Cycle is like having your own personal cycling coach and the bike's auto-resistance and incline/decline means all you have to do is focus on the ride.Pros: Globe-spanning video content; large variety of ride types, including mountain bikes, road bikes, and casual rides; automatic resistance and incline/decline controlCons: ExpensiveThe S22i Studio Cycle from NordicTrack is our favorite at-home stationary bike for a number of reasons, mainly the fact it has an extensive library of globe-spanning rides and features automatic resistance and incline/decline control. This means that while you're riding, all you need to do is pedal away and the bike makes all the necessary changes for you.Regarding its content library, NordicTrack features the iFit suite of workouts (same with its treadmills and row machines). What iFit offers is more than just the standard in-studio rides (though it does have that, too), but also the ability to choose a wide variety of locale-based routines. This means that you could bike up Mt. Fuji one day while following along a mountain bike course in Chile the next. And each ride is led by one of iFit's many trainers, most of which are professional cyclists. Not only does this add more variety and diversity than a trainer trying to motivate you from a dimly lit room while techno blasts in the background, but it's also a refreshing change of pace that allows you to still get a damn good workout. Its large onboard screen provides crisp video playback while showing you where you stand against other riders who've ridden the same course — and the interface keeps track of how many miles you've done each week, the number of hours you've been on the bike, and how much elevation you've gained. There's even a built-in fan you can use to keep you (mostly) cool while riding. Though the S22i Studio Cycle isn't exactly cheap (it retails for $1,999), it does offer a comprehensive solution for anyone who wants a full-featured cardio machine in their home. It's been one of our favorite stationary bikes for some time, and a staple of our at-home workouts.What else we recommend:Stryde Exercise BikeRead our full guide to the best exercise bikes Best all-in-one gym Tempo The Tempo Studio is the definition of an all-in-one gym — it has hundreds of guided workouts with helpful trainer feedback and a wide selection of weights in one package.  Pros: Like having an entire gym in your living room, all components are premium in quality, trainer feedback on form and technique is really helpful, so many unique workouts and classes, touchscreen is bright and easy to useCons: Expensive, somewhat of a steep learning curve for new users who haven't put weights on a dumbbell or barbell beforeThe Tempo Studio cabinet is one of my absolute favorite things I've tested in the last several years. It came around at a time when I couldn't access my local gym yet it quickly showed me that I didn't need to even worry about that in the slightest — it had literally everything I needed to continue my exactly gym workouts from the comfort of my apartment. In essence, it's like the Peloton of an all-in-one gym. It features a large onboard screen that provides access to hundreds of newly uploaded classes across a variety of types. This includes HIIT routines, strength training, core workouts, low-impact classes, cardio boxing, and yoga, among others. Then there's the cabinet and its bevy of weights, which includes two dumbbell handles and a full barbell. To use these, you just slide a weight on either side (each routine that requires this clearly states it prior to any workout). C0llars are also included to avoid the weights from flying off, too. The entire package is a masterclass in quality, effectiveness, variety, and fun — and at around $2,200, it's not much more expensive than the top-of-the-line treadmills or exercise bikes. If you prefer lifting weights to indoor cardio, the Tempo Studio cabinet is absolutely for you.What else we recommend:NordicTrack VaultRead our full review of the Tempo Studio Best cable machine MaxPro The MaxPro machine is the ultimate resistance training device that's not unlike what Tonal offers, albeit in a much more portable (and cost-effective) package.Pros: Resistance up to 300 pounds, can support everything from cardio and strength training to suspension and HIIT workouts, weighs just 9 pounds, easily portable, comes with a compatible smartphone app for suggested workoutsCons: Little bit of a learning curve for new users, some exercises require the purchase of a separate benchIf you're looking for a more versatile resistance training workout, consider the MaxPro, a device that's a cross between Tonal, TRX's training straps, and traditional resistance bands. The device itself weighs just nine pounds but offers resistance from as low as five pounds on up to 300 — which is plenty no matter how big your goals are. What I've liked most about using the MaxPro is its simple portability. The machine easily folds up and can be used just about anywhere. I've taken it with me while traveling, used it at a friend's house, and even set it up both in the living room of my apartment and on my back patio, and using it in each location delivered a similar experience. One of the biggest prerequisites of using a device like this is being interested in a resistance-only type workout. We've written before about how resistance bands offer a better workout than dumbbells, and the same is true with the MaxPro — so long as you're using it correctly. What helps bridge the knowledge gap between someone who's used to resistance training and those just starting out is its companion coaching app. Instead of just having to develop resistance routines on your own, the app allows users to input fitness goals and some personal info before it spits out uniquely tailored routines. This reduces the learning curve significantly. Price-wise, the MaxPro isn't cheap but compared to other systems like it, it's relatively fair. The device by itself costs around $800 via Amazon (which is a sale price off its normal $900 price tag, and a great deal), while the Elite bundle, which comes with a bench, a backpack for storage, and an installable wall track system, runs roughly $1,400.What else we recommend:HyGear Gear 1 Best resistance bands Amazon TheraBands' resistance bands are thin and lightweight, yet offer a surprising amount of resistance perfect for a variety of home workouts.Pros: Inexpensive, lightweight, offers a wide range of resistanceCons: Might not be suitable for someone looking for intense resistanceResistance bands are simple pieces of workout equipment that offer a wide range of uses, and this kit from TheraBands is the perfect addition to any home gym. They allow for a weight range of 2.4 pounds on up to 21.3 pounds, giving you the ability to add minimal resistance to a high-intensity routine or ramp it up for deadlifts or upright rows.Each resistance band is lightweight and thin but still delivers durable performance (even if it feels like it might tear). Also, their latex-free design means anyone with a latex allergy needn't be worried. The TheraBands resistance band kit is also highly portable. Void of any handle or extra material, each band folds down compact enough to throw into a small gym back for easy transport or storage. And at $14, they're inexpensive, too. This makes them an easy addition to anyone's home gym, whether you're looking to add another layer to your strength training or increase the intensity of your cardio workouts. What else we recommend:TB12 At-Home Looped Band KitRead our full guide to the best resistance bands Best home dumbbells Powerblock PowerBlock's dumbbells offer weight up to 24 pounds in each hand, feature a comfortable, balanced grip, and allow for a variety of exercises.Pros: Max weight of 24 pounds per hand, relatively affordable compared to similar dumbbells, sturdy and comfortable gripCons: Awkward weight-changing mechanism, can feel a bit long when at max weight, max of 24-lbs might not be enough for heavy liftersDumbbells are a crucial addition to any home gym. Not only do they do well for anyone trying to improve their curl form, but they also work well for a variety of lifts including squats, shoulder presses, lunges, and pushups (among others).But snagging a pair of adjustable dumbbells is a smart way to save space and reap more versatility for your workouts. The key to finding a good set rests with how comfortable they are to use and how much available weight they allow. PowerBlock's dumbbells do well to check each of these boxes.They feature a handle centered on the device to allow for a comfortable feel and grip, as well as a design that makes them incredibly easy to stow.Though a set of PowerBlock dumbbells sets you back roughly $500, its ability to allow for multiple exercises across a large range in weight makes it one of the best options for any home gym. What else we recommend:Bowflex SelectTech 560Thompson Fat BellsRead our full guide on the best dumbbells Best jump rope Crossrope The Crossrope Get Lean Set is a versatile jump rope that comes with two different ropes and app compatibility for targeted workouts and weekly routines. Pros: A great workout, perfect for travel, smooth performance, multiple weight options of the ropeCons: Jumping rope is high-impact, so if you have problems with your knees or back, it might be too intense for you.According to the American Council on Exercise, jumping rope not only torches calories in the moment, but it also increases the resiliency of your lower-leg muscles, improves balance and coordination, and ups your cognitive skills. When it comes to getting one for your home gym setup, the Crossrope Get Lean Set is an excellent choice. Featuring ergonomic handles, two different weighted ropes (1/2-pound and 1/4-pound), and a companion smartphone application, the Get Lean Set is a great way to improve your cardio or add to an existing full-body or HIIT routine. What else we recommend:WOD Nation Speed Jump RopeFitskuad Jump RopeRead our full guide to the best jump ropes Best slam ball Everlast The Flex Slam Ball provides an easy and effective method for improving your strength, flexibility, and explosiveness, and can be incorporated into any at-home fitness routine.Pros: Available in a variety of weights, easy to use, contributes to a full-body exercise when used properlyCons: Buying multiple sizes can get expensiveSlam ball workouts may seem basic but when done correctly, they provide an excellent full-body workout. Whether this means adding weighted lunges to your routine, utilizing the ball as a base for side-to-side pushups, or just doing a few tried-and-true ball slams, a slam ball, in general, is a worthy addition to any at-home gym setup — and it's something I use every week.My personal favorite is the Flex Slam Ball series from Everlast. The brand has historically made durable gear and that's especially true here.The Flex Slam Ball is available in a range of weights options from 6-pound, textured slam balls up to a 50-pound traditional ball. Each sand-filled ball provides a comfortable grip, durable exterior, and a shock-absorbing design.What else we recommend:Amazon Basics Slam Ball Best yoga mat for home Amazon Rumi Earth's Sun Yoga Mat is made of a blend of both cotton and natural rubber sap which makes it comfortable underfoot (or hand), and it's great for seasoned yogis or amateurs alike. Pros: Comfortable to use, made of non-toxic and eco-friendly materials, available in a variety of sizes, comes from a minority-owned small businessCons: NoneA quality yoga mat makes home workouts that much better and the Sun Yoga Mat from Rumi Earth is one of our absolute favorites. It features a blend of cotton and natural rubber which give the mat a comfortable feel for all types of yoga practices and moves — which is especially appreciated if you're someone like me who falls out of a pose every so often. What also makes this mat great is its open-cell design, so anyone who sweats a lot while practicing yoga will appreciate not slipping when changing poses or moving around. Our reviewer put this feature to the test and found that despite dripping with sweat, she never had a problem with traction. This mat's 4.3mm thickness (compared to most other mats' 3mm thickness) only adds to its comfort and makes it a great choice for anyone with joint pain. It's not so thick that it's extremely noticeable, either. And lastly, Rumi Earth is a minority-owned athleisure company that prides itself on being eco-friendly and using non-toxic materials. Each mat sold by the brand is biodegradable, too, as if you needed more of a reason to support it.If it's a more complete set of yoga accessories you're after, consider the Complete Yoga Kit Set from Clever Yoga. This not only comes with a quality mat but also a set of blocks, a towel, a cotton strap, and a carrying case to pack it all into. What else we recommend:Yogi Bare Teddy MatComplete Yoga Kit Set from Clever YogaRead our full guide to the best yoga mats Best pull-up bar for home Garren Fitness The Garren Fitness Maximiza Pull Up Bar is easy to install and gives you a great workout that can improve grip strength and help build muscle.Pros: Comfortable foam grips, unobtrusive, solidly builtCons: Installation requires drilling into a door jamb, foam grips may wear from heavy-duty useThe Garren Fitness Maximiza Pull Up Bar is made of chrome steel and comes with three sets of mounting hardware with two of the sets able to support up to 300 pounds of weight. The medium-duty door mount supports 150 pounds and is not recommended for use above waist height.You can also use the bar without door mounts for sit-up foot support and other light exercises. It's adjustable and fits doorways between 26 and 36 inches wide, and can be installed so that you can still close the door.The bar features non-slip, extra-long foam grips to ensure you won't easily lose your grip. You shouldn't have any trouble with installation, though it may take a little work to get it to the right length.What else we recommend:Ultimate Body Press Ceiling Mounted Pull Up BarStamina 1690 Power TowerRead our full guide to the best pull up bars FAQs Is home gym equipment worth the money?Yes, especially if you plan on using the equipment often.Outfitting your home gym doesn't have to cost a ton of money or take up a ton of space — even if you're intending to stock an entire garage full of gear. And you certainly don't need a garage or dedicated room — small devices that can be tucked under the coffee table or stored in the corner can go a long way to delivering a better burn without costing a fortune.It's can be cost-effective to stock up on affordable pieces of high-quality gear like resistance bands or a single set of dumbbells or kettlebells. Just because treadmills or exercise bikes are associated with physical gyms doesn't mean you have to have one (or spend the money on one) to officially deem your workout space a "home gym." Are home gyms effective?Without a doubt. And if you're intentional about the gear you purchase and know exactly how you want to use it, a home gym can be even more effective than a standard in-person fitness studio.Being able to fully customize the setup of your home gym lets you focus solely on the workouts and exercises that are beneficial to you, thus cutting away all the excess equipment often found at something like a 24-Hour Fitness.Plus, you don't have to wait your turn to use your equipment. You just use it whenever you want. That level of convenience is nearly impossible to replicate and only adds to a home gym's effectiveness.Are home workouts better than the gym?Just because you're not visiting a brick-and-mortar gym or fitness studio, doesn't mean you can't replicate the workouts they offer. Everything from high-intensity interval training and strength workouts to cardio routines and resistance training can easily be done at home.Here are a few basic exercise categories to familiarize yourself with before jumping into any home workout routine. Cardio exercise: Cardio exercise is defined by the American College of Sports Medicine as any exercise that raises your heart rate and breaths per minute while repetitively and rhythmically using large muscle groups. That's a fancy way of saying that cardio or aerobic exercise is anything that gets you moving fast and hard enough to break a sweat. Typical cardio exercises include running, biking, jumping rope, etc. The benefits of aerobic exercise are many, including weight loss, stronger bones and muscles, better sleep, lowered levels of depression and anxiety, and even the reduced risk of many types of cancer, to name a few.The ACSM recommends adults get at least 150 minutes per week of moderate-intensity aerobic exercise, which can be broken down into multiple sessions as short as ten minutes.Strength training: Strength training — also called resistance training — is the use of exercise against resistance to build and strengthen muscle. That resistance might come from your own body weight, a dumbbell or other hand-held weight, or a wide range of resistance machines.Along with improved muscle strength and definition, resistance training helps develop bone density and assists with weight loss.The ACSM recommends healthy adults do strength training two or three times per week, engaging in eight to 10 different exercises focusing on a variety of muscle groups. Beginners should aim for eight to 12 repetitions of each exercise, using the amount of weight that leads to muscle fatigue within that set of reps.Balance and flexibility training: While various cardio and strength-training exercises help improve balance and flexibility, it's important to incorporate training that specifically targets these two functions. They make daily living much easier and help improve your overall health and mental well-being. Aim for at least two balance or flexibility workouts each week.What should I look for in home gym equipment?When shopping, it's smart to first develop a workout plan detailing what you want to attain. Though workouts of all varieties do well to work together to improve one's overall fitness, starting out by focusing on one or two areas helps you refine your goals.Perhaps you want to strength train; purchasing a set of resistance bands or dumbbells is likely where you want to start. If it's cardio or full-body toning you're after, maybe a treadmill or row machine is more appropriate.This initial research is important because there's so much more to stocking a home gym properly than attempting to mimic the studios you're used to. Study the differences between resistance bands and dumbbells to find what suits you best, download and stream a few at-home workout apps, or figure out the best time to work out each day.Doing this not only informs how exactly you prefer keeping fit and the best methods for doing so but it ultimately teaches you which equipment is right for you and your home gym.  How we test home gym equipment Each piece of home gym equipment featured in this guide went through a series of tests to help determine its effectiveness, ease of use, portability, and value. I considered each piece's feasibility for use in a home, whether there was a steep learning curve, its relative value, how portable or easy to stow it might be, and how practical it is for every day or every week use.Of course, not all home gyms have the ability to be created in an equal fashion, so the equipment I tested covers a wide variety of use cases that anyone can pick and choose to their liking (and, perhaps most importantly, for what fits their home workout space). This means that if you have the space for a treadmill, you likely won't also be in the market for a stationary bike or an all-in-one gym.Some of the testing experience I used in compiling this list also took place during the creation of other guides (like our guide to the best treadmills or the best dumbbells). Where necessary, I also included similar equipment that was tested, as well as plenty of links to more focused equipment buying guides on Insider Reviews. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 25th, 2021

EV Roundup: HMC EV Ambitions in China, SOLO-Bosch Partnership & More

While Honda (HMC) announces plans to go all-electric in China by 2030, ElectraMeccanica (SOLO) seals a deal with Bosch for repair and maintenance services for its flagship SOLO model. The electric vehicle (EV) revolution is speeding up, with legacy automakers leaving no stone unturned to establish a strong foothold in this domain and setting ambitious targets to electrify their fleet. In this regard, last week, Japan-based auto biggie Honda HMC pledged to sell only electrified vehicles in China, the world’s largest auto and EV market, by 2030. Meanwhile, China Association of Automobile Manufacturers released new energy vehicles sales data in the country for September. Sales of battery-powered EVs, plug-in hybrids and hydrogen fuel-cell vehicles (FCEVs) more than doubled last month to 357,000 units, courtesy of favorable government policies. Per China Passenger Car Association, EV king Tesla TSLA sold 56,006 EVs last month in the country. Tesla currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Last Week’s Key StoriesElectraMeccanica SOLO inked a deal with Bosch to build a service network of independent auto repair shops to support service and maintenance operations for the EV maker’s flagship SOLO model. The company began the first commercial deliveries of single-seat SOLO EV early this month. With deliveries to reservation holders and fleet owners expected to increase, the partnership with Bosch for service and repair of the vehicles comes at the right time. The Bosch Car Service Network will be initially established in the western United States and gradually expand through the rest of the nation. Nikola NKLA collaborated with international multi-service flatbed transportation firm PGT Trucking. The alliance includes a letter of intent from PG Trucking to lease 100 Nikola Tre heavy-duty FCEVs post the completion of the Nikola Tre FCEV demonstration program. Deliveries of the FCEVs to PG Trucking are expected to commence in 2023 after production begins at Nikola’s Arizona manufacturing plant. The deal will enable PG Trucking to offer advanced transport solutions, as it intends to reduce its carbon footprint.Arcimoto FUV released third-quarter 2021 stakeholder update. The company notified that it produced 78 vehicles in the quarter under discussion, reflecting a decline from 85 vehicles manufactured in the second quarter amid the global chip crisis. The final production figures will be unveiled in its third-quarter SEC filings. Meanwhile, sales hit a record of 64 units, more than doubling from the last reported quarter. The EV maker also announced the launch of its marketing trip, the Ride Of The Arconauts, which kicked off on Oct 16, to spread awareness of the latest and exciting EV models.Honda announced plans to sell only electrified vehicles in China beginning 2030. The auto giant will no longer introduce any fossil-fuel vehicles and electrify all upcoming models. In 2022, the firm will launch a new electric vehicle brand in China called e:N Series. Under this brand, Honda will roll out 10 new EVs in five years in collaboration with its partners GAC and Dongfeng Motor. The first set of e:N Series models, e:NS1and e:NP1, will hit the roads in spring 2022. New EV production plants are set to be established at both GAC Honda and Dongfeng Honda, with the commencement of production expected in 2024.Cummins CMI announced a 15-liter natural gas engine for heavy-duty trucks, in sync with its aim of reducing greenhouse gas emissions. The expanding product lineup focusing on greener solutions will enable the company to achieve PLANET 2050 environmental goals, per which, Cummins aims to reduce emissions from new products by 30% by 2030 and attain carbon neutrality by 2050.Price PerformanceThe following table shows the price movement of some of the major EV players over the past week and six-month period.Image Source: Zacks Investment ResearchIn the past six months, all stocks have increased, apart from Canoo and Lordstown Motors. Lordstown bore the maximum brunt, with shares declining 45.6%. In the past week, all stocks but Arcimoto have increased, with XPeng XPEV being the top performer.What’s Next in the Space?Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry. Also, investors are keenly awaiting third-quarter earnings of Tesla, which is slated to report on Oct 20, after the closing bell. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cummins Inc. (CMI): Free Stock Analysis Report Honda Motor Co., Ltd. (HMC): Free Stock Analysis Report Tesla, Inc. (TSLA): Free Stock Analysis Report Arcimoto, Inc. (FUV): Free Stock Analysis Report ElectraMeccanica Vehicles Corp. (SOLO): Free Stock Analysis Report Nikola Corporation (NKLA): Free Stock Analysis Report XPeng Inc. Sponsored ADR (XPEV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 18th, 2021

Can Wells Fargo (WFC) Maintain Its Beat Streak in Q3 Earnings?

While growth in non-interest income is likely to have supported Wells Fargo's (WFC) Q3 earnings, muted loan growth and mortgage banking revenues are expected to have been spoilsports. Wells Fargo & Company WFC is slated to announce third-quarter 2021 results, before the opening bell, on Oct 14. The company’s earnings are expected to have improved year over year, while revenues are projected to have declined.In the last reported quarter, the company’s earnings surpassed the Zacks Consensus Estimate on improved investment advisory and other asset-based fees, aided by higher market valuations as well as lower costs. However, reduced net interest income (NII) on lower rates and lower loans was the undermining factor.Over the trailing four quarters, Wells Fargo’s earnings have surpassed the consensus estimate on all four occasions, the surprise being 31.3%, on average.Wells Fargo & Company Price and EPS Surprise  Wells Fargo & Company price-eps-surprise | Wells Fargo & Company QuoteIn late August, Wells Fargo announced the combination of its Treasury Management and Global Payment Solutions businesses under the Global Treasury Management umbrella.Legal hassles escalated for Wells Fargo in early September when the Office of the Comptroller of the Currency (“OCC”) assessed a $250-million civil money penalty on the company on the grounds of “unsafe or unsound practices” related to the home-lending loss mitigation program. With the failure of the program, which required the bank to repay customers, who were charged excessive or improper fees, the company has violated the terms of the 2018 consent order that condemned its risk management systems. The penalty is likely to have escalated the company’s expenses for the third quarter.In addition to the hefty fine, the banking giant has been slapped with an enforcement action, limiting it from acquiring certain third-party residential mortgage servicing, while ensuring that borrowers are not transferred out of its loan portfolio until the remediation actions are executed. In the following week, U.S. Senator Elizabeth Warren addressed a letter to the Fed, urging the central bank to revoke Well Fargo’s license as a financial holding company.The senator stated that the $250-million fine against the bank shows it to be an "irredeemable repeat offender". Hence, the company’s core traditional banking activities should be separated from its other financial services and Wall Street operations. The bifurcation, if executed, will ensure that the bank’s customers stay protected until its transition is completed.Legal woes aside, lets now look at the other factors that might have influenced Wells Fargo’s quarterly performance:Muted Net Interest Income and Margin Growth: Overall growth in loans was moderate in the third quarter. Per the Fed’s latest data, real estate, consumer loan, auto loan and card loan portfolio growth has supported the lending business. In the third quarter, the yield curve spread widened, with the 10-year Treasury yield rising significantly at the quarter end, thereby, likely propelling NII. Additionally, the deposit balance is likely to have been stable or grown modestly, supported by government stimulus. This too is likely to have aided NII.Conversely commercial and industrial loan portfolio remained weak as the low-interest rate environment has made borrowing through other avenues like capital markets more attractive. Also, high levels of pay downs and payoffs as well as uncertainty surrounding tax, regulatory and economic backdrop have likely been dampeners.Amid these considerations, the Zacks Consensus Estimate for Wells Fargo’s NII is pegged at $8.9 billion, suggesting a 4.6% decline from the prior-year quarter’s reported figure.The bank’s net interest margin is expected to have continued to be affected by the low-rate backdrop, excess bank liquidity being invested in cash-like investments offering low yields, muted loan growth and competitive loan pricing landscape.Declining Mortgage Banking Revenues: Mortgage originations, both purchase and refinancing, continued to normalize in the third quarter. Mortgage banking revenues are facing tough comps from the origination boom in 2020, thanks to ultra-low mortgage rates.In the quarter under review, mortgage rates increased sequentially. Mortgage origination activities are estimated to have decreased dramatically, with rising rates discouraging refinancing activity. Nonetheless, given the strong housing market conditions, homebuying activities continued in the quarter under review. Hence, purchase originations are likely to have offered some relief.Management expects mortgage originations to decline in the third quarter, with retail origination volumes declining less than the industry on the back of its efforts to improved capability to cater to the mortgage financing needs.The Zacks Consensus Estimate for Wells Fargo’s mortgage banking revenues is pegged at $1.19 billion for the third quarter, which suggests a 25.4% decline from the prior-year quarter’s reported number.Overall Non-Interest Revenue Growth: Equity markets held strong in the third quarter, boosting market-driven revenues. This is expected to have supported wealth, trust, trading and asset management revenues.Moreover, with additional stimulus and continued economic reopenings; card fees are anticipated to have supported consumer spending in the quarter under review. Deposit service charges should have continued to normalize as the pandemic-related concessions continue to retract.High volatility in the equity markets in September due to the Fed meeting is expected to have spiked trading volumes in equities, providing decent support to trading revenues. This is likely to have been offset by low fixed-income trading activities.Similar to the past several quarters, deal-making continued at a faster pace in third-quarter 2021. This was primarily driven by robust macroeconomic expectations, companies deploying their cash reserves and increasing confidence in the economic recovery.High Expenses: Wells Fargo’s costs are expected to have continued to flare up in the quarter under review, given its franchise investments in technology and digitalization efforts. Additionally, customer remediation expenses and ongoing litigation hassles are anticipated to have resulted in elevated legal costs in the quarter to be reported.Asset Quality:  Card delinquency rates and commercial bankruptcies were low in third-quarter 2021. Given the backdrop of continued improvement in credit trends, Wells Fargo is expected to have witnessed additional reserve releases in the third quarter.The company’s second-quarter results were supercharged with the impact of a $1.6-billion decline in allowance for credit losses, backed by an improving economic environment and lower net charge-offs. This is likely to have continued in the third quarter as well, supported by hefty government stimulus.Here is what our quantitative model predicts:Wells Fargo has the right combination of the two key ingredients — a positive Earnings ESP and Zacks Rank #3 (Hold) or higher — for increasing the odds of an earnings beat.You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Earnings ESP: The Earnings ESP for Wells Fargo is +1.15%.Zacks Rank: Wells Fargo currently carries a Zacks Rank of 3.Prior to the third-quarter earnings release, Wells Fargo’s activities during the July-September period were adequate to gain adequate analyst confidence. Notably, the Zacks Consensus Estimate for third-quarter earnings has been revised upward to $1.04 over the past month. Also, it suggests a year-over-year increase of 86%.However, the consensus estimate of $18.7 billion for quarterly revenues indicates a marginal decline from the prior-year quarter’s reported number.Stocks That Warrant a LookHere are a few bank stocks that you may want to consider as these have the right combination of elements to post earnings beat in their upcoming releases, per our model.The Earnings ESP for JPMorgan JPM is +1.77% and it carries a Zacks Rank #2 (Buy) at present. The company is slated to report third-quarter 2021 results on Oct 13.Bank of America BAC is scheduled to release third-quarter results on Oct 14. The company currently carries a Zacks Rank #3 and has an Earnings ESP of +0.30%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. U.S. Bancorp USB is scheduled to release earnings on Oct 14. The company, which carries a Zacks Rank #3 at present, has an Earnings ESP of +0.93%. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC): Free Stock Analysis Report Wells Fargo & Company (WFC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report U.S. Bancorp (USB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 8th, 2021

How Long Will It Take To "Normalize"... And What Will "Normal" Look Like?

How Long Will It Take To 'Normalize'... And What Will 'Normal' Look Like? Authored by Bill Blain via MorningPorridge.com, “Don’t waste October sun…” Christmas is cancelled as supply chains crumble, stagflation mounts and jobs are lost… How long will it last, will there be a buying opportunity, and what will a new normal economy look like?   Opening with a line from a China analyst report this morning: “Boosting domestic thermal coal production is critical, the sources said.” Nephews, nieces, god-children and the two not-quite-as-young-as-they-think adults masquerading as our kids have already been warned there is unlikely to be much Christmas this year… If they are lucky they might score an Amazon gift card, but that’s not quite as satisfying as a new cuddly toy or x-box game. Turkey? I hear the queues have already started, next to the ones for petrol. Pretty dismal reading in the financial press over the weekend – supply chain crunches, and “stagflationary headwinds” of rising labour costs, transport failure and missing deliveries being the latest way to describe the post-pandemic consumer recovery that’s been stopped in its tracks. Much of the crisis apparently stems from China – where the globe’s manufacturing centre seems to have closed. This is too simplistic. Naturally its more complex; for a good explanation of the multiple points of friction can be found in the Saturday Thunderer: “Tidal wave of chaos engulfs global supply chains.” It examines months of delays in the delivery of Standup Paddleboards to a shop in Devon which  will finally arrive this week – assuming they can find a lorry and driver to pick up the container from the other side of the UK – just as the late autumn storms settle in. For want of a nail the shoe was lost and all that kind of stuff. But… the current dislocation is probably temporary. How to price the risks during a period of uncertain transition is the critical thing. Over the coming months the supply chains will repair themselves, shortages will be rebalanced and worked around, equilibrium will be restored – a favourite economist response to any exogenous supply-side shock. The questions include: How long will it take? What are the consequences of ongoing delay? Will there be a buying opportunity if the global economy stumbles into a recessionsary/stagflationary puddle? Will there still be a surge in repressed consumer demand to drive growth? How long… is a piece of string? When the UK’s petrol crisis started over a week ago everyone assumed it would correct itself in days. Its not happening. Consumer fears remain elevated as drivers continue to keep their tanks full. My Rangey is still sitting on the drive with 30 miles in it… but She-Who-Is-Mrs-Blain is intending to go hunting diesel later today… Some companies are doing better than others. Despite the shortages which have crushed other automakers (who are mothballing plants around the globe), Tesla managed to increase production and deliveries through Q3 – 241k cars were above the most optimistic expectations. It has struggled with delays, but coped and even found ways to retrofit components as and when they become available. Further good news for Tesla is a Pew research survey suggesting nearly 40% of Americans will now “seriously” consider an electric vehicle.   Rising fuel costs will also help boost adoption, but more and more competitors are getting into the EV space – where Tesla clearly has first mover and pioneer status.. (Regular readers will be shocked I am saying nice things about Tesla…) (As an aside from this morning’s theme of supply chains…. Some analysts suggest Tesla is due a spectacular price gain – Piper Sandler are on the wires saying 50% up to $1200! If it’s such a rosy outlook why has Cathie Wood’s ARK dumped Tesla? (Well, sold about 10% of her position.) I don’t know – ask her, but I suspect it’s the realisation the value of Tesla has never been its leadership in innovating and selling EVs (a simple margins game which Tesla is still struggling with), but the perception it was about the deliver autonomous driving – which remains, (like nuclear fusion) a tomorrow and tomorrow project – which will never happen. Tesla has a bright future as a leader in the EV autospace, and should be priced accordingly as a leading auto manufacturer with a premium price relative to others – inferring about a 80% downward correction in its current stock price. And, that’s me being nice about Tesla…) Meanwhile, the supply chain crisis is not a static force on markets. There is a general rising sense of tension and uncertainty. As the Chinese airforce buzzed Taiwan in force this weekend – and decried a rather elderly British frigate for its “evil intent” in traversing the straights – one can’t but help if the Chinese are looking to distract their people from the unfolding Evergrande delinquency. The rising tension means every missed delivery has magnified consequences when reacting to other economic forces.  This month we will get interesting employment data from the UK – despite the skills shortages across logistics, transport and hospitality, but how many of the 1 million workers who were still on furlough at the end of September will have jobs to go back to? The longer supply chains remain in turmoil the higher inflation will go – rising demand and falling supply has only one possible outcome: higher prices. You can imagine an economy where central banks are forced to hike rates even as unemployment rises – not everyone can retrain to drive a truck.. (That said one of my mates who got his HGV licence years ago got a very nice letter from the government last week offering him attractive gainful employment in freight haulage… hmm.. hedge fund manager or trucker? That’s a tough one…) Is there likely to be a buying opportunity ahead of normalising supply chains? That rather depends on how the market prices in the rising inflationary threat relative to holding low yielding bonds. The complex and non-intuitive maths of bonds means rising interest rates will actually force many bond buyers to buy more bonds to match duration and liabilities! And central banks know an inflationary spike in interest rates could trigger a market meltdown, a crisis in the investment management industry and a hit to voter pension savings, causing  governments to demand they step back in to back markets… Personally – if a crunch comes, I will be a selective buyer! So… let’s assume the global economy gets through the broken supply chains, and price inflation/stagflation, and in about a year or so’s time we reach a new equilibrium? Will consumers be back in the demand driving seat? Maybe not. Inflation looks very real. Companies are not minded to pay more for staff as trading conditions deteriorate. The only groups of workers getting pay rises are the strongly unionised ones – by-in-large in the public sector. Their pay – financed by increasing taxes on private workers – is rising. Their guaranteed state final salary pension schemes will be pumped up to cover any losses – again financed by rising taxes on private workers. All of which means that in a few months time most of us will be living on greatly reduced real incomes with struggling pension pots, and the only workers able to consume will be on those working for public bodies… Dang… I should have stayed in the Civil Service (my first job on leaving University) instead of joining the City… Ouch.. Tyler Durden Mon, 10/04/2021 - 08:05.....»»

Category: dealsSource: nytOct 4th, 2021

Inflation And The Unloved, Under-Owned Fossil Fuel Sector

For weekend reading, Louis Navellier, while commenting on the fossil fuel stocks, offers the following commentary: Q2 2021 hedge fund letters, conferences and more Unloved Fossil Fuel Stocks As the world’s technologies and investment capital pour into renewable sources – including solar, wind, biomass, hydropower, and tidal energy – Wall Street and most of the […] For weekend reading, Louis Navellier, while commenting on the fossil fuel stocks, offers the following commentary: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Unloved Fossil Fuel Stocks As the world’s technologies and investment capital pour into renewable sources – including solar, wind, biomass, hydropower, and tidal energy – Wall Street and most of the institutional and retail investment communities have lost that loving feeling for fossil fuel stocks. In fact, many investment funds have restricted the purchase of oil and gas stocks as ESG guidelines are added to their funds’ investment by-laws. While the virtues of renewable energy are well and good, the reality is that fossil fuels supplied 84% of the world’s energy at the end of 2019. On a global basis, renewables made up only 5% of energy usage. By comparison to the global picture, the U.S. is making great strides towards replacing fossil fuel with renewables, where utility-scale electricity generation is seeing the greatest advancements. As of 2020, fossil fuels accounted for 60.3%, nuclear 19.7%, and renewables 19.8%. The U.S. is clearly making faster progress than most of the rest of the world, but despite all the hype and headlines surrounding renewables, 19.8% is a long way from the grid being anywhere near independent from fossil fuels. There are basically five energy-consuming sectors, in this order of consumption: The industrial sector [32% of all energy consumption, including electricity] includes facilities and equipment used for manufacturing, agriculture, mining, and construction. The transportation sector [29%] includes vehicles that transport people or goods, such as cars, trucks, buses, motorcycles, trains, aircraft, boats, barges, and ships. The residential sector [20%] consists of homes and apartments. The commercial sector [18%] includes offices, malls, stores, schools, hospitals, hotels, warehouses, restaurants, and places of worship and public assembly. The electric power sector consumes the rest [1%], in the form of primary energy to generate most of the electricity consumed by the other four sectors. Source: www.eia.gov Natural Gas Consumption Forecast While many thought that fossil fuel consumption would decline in proportion to more renewable sources coming online, it might come as a surprise that the U.S. Energy Information Agency (EIA) is forecasting higher consumption of natural gas both this year and next. Industrial gas consumption is estimated to exceed 23.8 billion cubic feet per day in the second half of 2021, representing record consumption rates, with the forward trajectory in demand looking very bullish for natural gas prices, which are already at multi-year highs, closing last Friday at $5.14 MMBtu. Rising Oil Prices Oil prices are also being supported by recovering demand around the world, while inventories are being drawn down. U.S. crude inventories last week fell by 3.5 million barrels to 414 million barrels, the lowest since October 2018. Difficulties by OPEC members struggling to raise output with shortages causing a supply crunch in Europe and Asia added price pressures. WTI crude is about to take out previous highs. It certainly seems that the politics of pursuing renewable energy at the expense of diminishing fossil fuel inventories is bad policy. Weaning the U.S. and the rest of the world off oil & gas is a noble endeavor, but it should be done in a manner that doesn’t compromise affordable supply. The Biden administration and the progressive wing of the Democratic party are stifling oil & gas production, which is fueling inflation. Until renewable energy can be a bigger percentage of the grid and fuel needs of the transportation sector, there should be a much more responsible approach to meeting the energy needs of the U.S. and the rest of the world. Pushing oil and gas prices intentionally higher so they are comparable to the cost of renewables isn’t fooling anyone. It’s negatively impacting the middle and lower-middle classes the most. Based on current demand trends of a recovering global economy heading into holiday travel and winter heating seasons, these elevated oil and gas prices look anything but transitory. It’s a stark reality, not yet fully appreciated by the market, that most fossil fuel energy stocks are trading well off their 2021 highs. For what it’s worth, the Energy Select Sector SPDR (NYSEARCA:XLE) pays a dividend yield of 4.25%, and its top holding, ExxonMobil Corp. (NYSE:XOM), sports a yield of 6.04%. Exxon also just happens to be the second-largest natural gas producer in the world. For investors seeking inflation-sensitive assets with blue-chip dividend yields trading at pretty sizeable discounts with the underlying commodities showing further upside pricing momentum, consider the oil and gas sector. Over the long-term, renewables will win out, I don’t think anyone refutes this, but sometimes an unloved sector that is responsible for supplying over 80% of the world’s energy needs makes for a powerful intermediate-term investment proposition. Navellier & Associates owns Exxon Mobil Corp. (XOM) in managed accounts.  Updated on Oct 1, 2021, 5:45 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 1st, 2021

Headliners Week of 11/28 – 12/4

RISMedia Vice President of Online Editorial Beth McGuire delivers this week's Headliners, a video recap of the week's top stories in real estate. The post Headliners Week of 11/28 – 12/4 appeared first on RISMedia. News Catch Up on This Week's Biggest Stories /wp-content/uploads/2021/12/Headliners_120421_OPT.mp4 RISMedia Vice President of Online Editorial Beth McGuire delivers this week's Headliners, a video recap of the week's top stories in real estate. Share on FacebookShare on Twitter Read This Week's Top Stories Permanent Living Transforms Resort Towns, Vacation Homes By Jesse Williams  December 2, 2021 They say if you love what you do, you won’t work a day in your life. But what if you... Read more Year-End Outlook: Price Growth to Cool as Affordability Challenges Persist By Jordan Grice  December 2, 2021 Editor’s Note: RISMedia’s Year-End Outlook series provides an in-depth analysis of the housing market’s leading indicators for economic health, and... Read more Shorewest, REALTORS® Celebrates 75 Years of Relationship Building By Liz Dominguez  November 29, 2021 Organizations that have been part of the fold of real estate for several decades understand how the tides change, bringing... 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Previous Headliners Headliners Week of 11/14 – 11/20 By Brit Owen December 3, 2021 RISMedia Executive Editor Maria Patterson delivers this week's Headliners, a video recap of the week's top stories in real estate.... Read more Headliners Week of 10/31 – 11/6 By Brit Owen November 6, 2021 RISMedia Associate Online Editor Jesse Williams breaks down this week in news for ‘Headliners.’ In focus: Zillow drops out of... Read more Headliners Week of 10/24 – 10/30 By Brit Owen October 30, 2021 RISMedia Associate Online Editor Jordan Grice delivers this week’s ‘Headliners,’ a video recap of the week’s top stories in real... Read more Headliners Week of 10/17 – 10/23 By Kevin Kirwan October 29, 2021 RISMedia Managing Editor Paige Tepping delivers this week’s ‘Headliners,’ a video recap of the week’s top stories in real estate.... Read more Headliners Week of 10/10 – 10/16 By Kevin Kirwan October 22, 2021 RISMedia Content Editor Paige Brown delivers this week’s ‘Headliners,’ a video recap of the week’s top stories in real estate.... Read more Headliners Week of 9/26 – 10/2 By Kevin Kirwan October 30, 2021 RISMedia Senior Online Editor Liz Dominguez delivers this week's Headliners, which provides an overview of the week's most significant market... Read more Headliners Week of 10/3 – 10/9 By Kevin Kirwan November 5, 2021 RISMedia Blog/Social Media Editor Jameson Doris, delivers this week’s ‘Headliners,’ a video recap of the week’s top stories in real... 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The post Headliners Week of 11/28 – 12/4 appeared first on RISMedia......»»

Category: realestateSource: rismedia18 hr. 56 min. ago

Today’s Plunge Is Next Week’s Bounce, Strategist Says

In his Daily Market Notes report to investors, while commenting on a likely bouce, Louis Navellier wrote: Q3 2021 hedge fund letters, conferences and more A Bounce Next Week Is Highly Likely The technical weakness in the market is disturbing right now. There are a lot of stocks meandering lower, and the selling pressure is […] In his Daily Market Notes report to investors, while commenting on a likely bouce, Louis Navellier wrote: .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more A Bounce Next Week Is Highly Likely The technical weakness in the market is disturbing right now. There are a lot of stocks meandering lower, and the selling pressure is persistent. But the volume is also light and a bounce next week is highly likely. But on the bounce, we're probably going to have to retest the lows. Despite the bad payroll report today, which was approximately 300,000 less than the ADP payroll report on Wednesday, it's interesting how the unemployment rate fell from 4.6% to 4.2%. It's an apparent contradiction that the unemployment rate can fall if job creation is slowing down. The answer is the shrinking workforce. I think the Fed has fulfilled its unemployment mandate and it's time to pivot and fight inflation. Despite the Fed's talk of raising rates and curtailing the quantitative easing, which is reducing the tapering, the ten-year treasury yield is at 1.4% and was well below that for a while today. That's a very favorable interest rate for people buying stocks. You can get a much higher dividend yield than if you have money in the bank, and the dividends are taxed at much lower rates. So the foundations of the stock market continue. The Market Is Technically Very Weak Goldilocks continues, which is low-interest rates and strong earnings. But the market is technically very weak. It got grossly overbought and it has refused to stay overbought, and now it's oversold. But anytime it goes down, it has to bounce and retest. And all of this is happening on light volume. It's very important that buying pressure reemerges which I think will be most likely in the last week of December and then in January when we get new pension funding. The unusually weak market is bothering a lot of investors. But it is just sheer seasonality. Investors have other things on their minds. Markets are being neglected, but they can't be neglected forever. Smart money always comes back in the market. We're going to have a lot of tax selling this year because a lot of people want to realize losses and offset their gains before they pay their taxes. Let the market bounce and retest. Let the tax selling get out of the way. Enjoy the holidays and get ready to invest in the last week of December. Good stocks always bounce. And if you do sell, I do recommend you sell into strength. Hang in there and I think we're going to have a nice bounce next week. We'll have a nice year-end rally and a good start to the new year. Updated on Dec 3, 2021, 2:53 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk18 hr. 56 min. ago

A Jefferies analyst sees Tesla rising 30% in 12 months, even as Elon Musk sells stock. Here"s why he has the most bullish call on Wall Street.

Tesla could become the 'everything energy company' in the same way Amazon is the 'everything store,' according to Jefferies' Philippe Houchois. Tesla CEO Elon Musk walks in front of a Model Y image in Shanghai.Aly Song/Reuters Jefferies' Philippe Houchois has the most bullish Tesla forecast on Wall Street, seeing a 30% rise in the next 12 months. He says Tesla could eventually become the "everything energy company," in the same way Amazon is the "everything store." Houchois thinks Tesla's profit margins will stay strong, even as it takes on legacy auto rivals by releasing cheaper models. Elon Musk may be selling Tesla stock at a rapid pace — but one veteran strategist sees the share price jumping another 30% over the next 12 months and recommends that investors buy it.Philippe Houchois, autos analyst at Jefferies, has the most bullish 12-month price target on Wall Street at $1,400. That compares with Tesla's Friday morning price of $1,074.He reckons Tesla will continue to rapidly scale up production and maintain strong profit margins, even as it produces cheaper models to better compete with legacy car companies.In the future, Houchois told Insider, Tesla could even become the "everything energy company," in the same way Amazon is the "everything store."Tesla's stock price has skyrocketed roughly 1,500% over the last two years. Investors, flush with cash from the huge coronavirus-era stimulus packages, have piled into the company, betting that it will lead the green revolution in transport.There is still an army of skeptics who say that Tesla's stock price — it's now the biggest carmaker in the world by market capitalization — is all out of proportion. Critics argue that Tesla has a long history of underdelivering, and that its market valuation is based on highly speculative predictions about future sales.Yet Houchois said: "​​The way Tesla is structured — or their strategy — is they basically challenge, at multiple levels, the way the industry operates: the way cars are designed, the way cars are sold, the software."He's been impressed with Tesla's recent results. It delivered its ninth-straight profitable quarter in the third quarter, with an operating margin (a key measure of profitability) of 14.6%, up 10 percentage points from two years earlier.Houchois pointed out that Tesla is more than twice as profitable as Volkswagen. And he sees numerous factors, including Tesla's direct-sales model, as helping preserve its strong margins.The analyst said Tesla's self-professed aim of ramping up production to 20 million cars by 2030, from an estimated 890,000 in 2021, is "outrageous" and won't happen. That said, he's willing to consider a scenario where Tesla produces more than 8 million cars by that point, giving it a roughly 10% share of the global market.Houchois, who's worked on Wall Street for more than 15 years, said Tesla's plans to produce a cheaper car would help it seize market share from older companies.The automaker has long planned a $25,000 car, which could come in 2023. But critics say Tesla's history of delays — the Roadster 2, Cybertruck, and Semi rollouts have all been pushed back — mean it's far from certain to arrive any time soon.Tesla is a clean-energy company as well as a car company, however, and Houchois said this gives it an edge in a world fast transitioning away from fossil fuels, with the two focuses complementing each other."It's almost like the way that Amazon, from a book-seller, became the 'everything store.' Then the long-term bullish story is Tesla becomes 'everything energy.'"Many others on Wall Street are far from convinced. JPMorgan analyst Ryan Brinkman, for example, has a 12-month target price of $250.He said in his last note in October that Tesla's target to deliver 20 million cars by 2030 is "extreme blue-sky" thinking. "And yet, something much more than this seems already baked into the shares, given Tesla's market capitalization today."Read more: GM and Ford are behind Tesla and nearly all their competitors in the race to go carbon neutral, a new report reveals — but the automakers have plans to change thatRead the original article on Business Insider.....»»

Category: topSource: businessinsider18 hr. 56 min. ago

The week in bankruptcies: Eatertainment Milwaukee LLC

Milwaukee area bankruptcy courts recorded one business filing - including one with total debt above $1 million - during the week that ended November 5, 2021. Year to date through November 5, 2021, the court recorded 11 Chapter 7 or Chapter 11 business bankruptcy filings, a -54 percent decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to….....»»

Category: topSource: bizjournalsDec 4th, 2021

Here"s Why Momentum in Consumer Portfolio Services (CPSS) Should Keep going

Consumer Portfolio Services (CPSS) could be a great choice for investors looking to make a profit from fundamentally strong stocks that are currently on the move. It is one of the several stocks that made it through our "Recent Price Strength" screen. When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock alive.Our "Recent Price Strength" screen, which is created on a unique short-term trading strategy, could be pretty useful in this regard. This predefined screen makes it really easy to shortlist the stocks that have enough fundamental strength to maintain their recent uptrend. Also, the screen passes only the stocks that are trading in the upper portion of their 52-week high-low range, which is usually an indicator of bullishness.Consumer Portfolio Services (CPSS) is one of the several suitable candidates that passed through the screen. Here are the key reasons why it could be a profitable bet for "trend" investors.A solid price increase over a period of 12 weeks reflects investors' continued willingness to pay more for the potential upside in a stock. CPSS is quite a good fit in this regard, gaining 43.7% over this period.However, it's not enough to look at the price change for around three months, as it doesn't reflect any trend reversal that might have happened in a shorter time frame. It's important for a potential winner to maintain the price trend. A price increase of 9.8% over the past four weeks ensures that the trend is still in place for the stock of this auto lender.Moreover, CPSS is currently trading at 81% of its 52-week High-Low Range, hinting that it can be on the verge of a breakout.Looking at the fundamentals, the stock currently carries a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises -- the key factors that impact a stock's near-term price movements.The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Another factor that confirms the company's fundamental strength is its Average Broker Recommendation of #1 (Strong Buy). This indicates that the brokerage community is highly optimistic about the stock's near-term price performance.So, the price trend in CPSS may not reverse anytime soon.In addition to CPSS, there are several other stocks that currently pass through our "Recent Price Strength" screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.Click here to sign up for a free trial to the Research Wizard today. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Consumer Portfolio Services, Inc. (CPSS): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksDec 3rd, 2021

Oil Prices Soar Ahead Of OPEC+ Over-Supply Policy Decision

Oil prices increased on Thursday ahead of OPEC’s last meeting this year, in which it must decide whether to modify its current strategy of gradually increasing its production. The higher price is influenced by the omicron variant and investors’ adjusting their positions ahead of the reunion. Q3 2021 hedge fund letters, conferences and more Oil […] Oil prices increased on Thursday ahead of OPEC’s last meeting this year, in which it must decide whether to modify its current strategy of gradually increasing its production. The higher price is influenced by the omicron variant and investors’ adjusting their positions ahead of the reunion. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Oil Prices As reported by Reuters, Brent crude futures went from $1.24 to $70.11 by 0748 GMT, having tailed off 0.5% in the previous session. Likewise, U.S. West Texas Intermediate (WTI) crude futures jumped $1.13 to $66.70 a barrel, after a 0.9% fall on Wednesday. Tsuyoshi Ueno, senior economist at NLI Research Institute, said: “Investors unwound their positions ahead of the OPEC+ decision as oil prices have declined so fast and so much over the past week.” Last Friday, while stocks fell due to news of new omicron cases, oil prices followed the same trend due to fear of a harsh impact on mobility –it fell about 12% that day. As a consequence, the monthly drop was higher than 16% for Brent –a benchmark in Europe– and 21% for U.S. crude West Texas Intermediate (WTI). Ueno added, “Market will be watching closely the producer group's decision as well as comments from some of key members after the meeting to suggest their future policy.” New Levels Oil prices are still well above from a year ago and barrel price is higher than before Covid. In fact, the annual “rally” is close to 40%. A Brent barrel is trading at $71 and the WTI is close to $69. In this context, the OPEC countries and their allies –including Russia– are once again setting the course for the price. Crude oil has started December with increases in anticipation of OPEC+ reducing production levels due to fear of new confinements and the ensuing drop in demand. Until now, the main oil-exporting countries had agreed to increase their production volume by 400,000 barrels a day –still lower than before the pandemic. When countries closed their borders, the oil demand plummeted and so did the price while OPEC slashed its supply to make up for the losses. Countries decide on a higher or lower volume depending on the profitability –this depends on the type of crude and its cost of production. As a result, some countries choose not to produce oil a low price does not offset the costs. Updated on Dec 2, 2021, 10:09 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkDec 2nd, 2021

These Are The Ten Best Performing Stocks In November 2021

November has historically been one of the best months of the year for the S&P 500 since 1950. However, this year’s November proved a bit different. The month started off well and the robust performance continued until the last few days, when concerns over the new COVID-19 variant pushed many investors away. Still, there were […] November has historically been one of the best months of the year for the S&P 500 since 1950. However, this year’s November proved a bit different. The month started off well and the robust performance continued until the last few days, when concerns over the new COVID-19 variant pushed many investors away. Still, there were many stocks that were able to stay in the green despite the pull back in the final few days of the month. Let’s take a look at the ten best performing stocks in November 2021. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Ten Best Performing Stocks In November 2021 We have used the monthly return data (from finviz.com) to come up with the ten best performing stocks in November 2021. For our list, we have only considered mega cap stocks, i.e. those with a market cap of $200 billion or more. Following are the ten best performing stocks in November 2021: Broadcom (>6%) Founded in 1961, it is a technology company that designs, develops and supplies semiconductor and infrastructure software solutions. Broadcom Inc (NASDAQ:AVGO) has the following business segments: Semiconductor Solutions and Infrastructure Software. Its shares are up over 26% YTD but are down almost 1% in the last five days. Broadcom shares are currently trading over $547, while it has a 52-week range of $398.10 and $577.21. It is headquartered in San Jose, Calif. AbbVie (>6%) Founded in 2011, it is a research-based biopharmaceutical company that develops and sells pharmaceutical products that focus on treating chronic conditions. Its shares are up over 8% YTD but are down over 2% in the last five days. AbbVie Inc (NYSE:ABBV) shares are currently trading over $116, while it has a 52-week range of $101.55 and $121.53. It is headquartered in North Chicago, Ill. Meta Platforms (>6%) Founded in 2004, it is a social technology company that develops social media applications. Formerly known as Facebook, Meta Platforms Inc (NASDAQ:FB)'s list of products include Facebook, Instagram, Messenger, WhatsApp and more. Its shares are up over 13% YTD but are down over 8% in the last five days. Meta Platforms shares are currently trading over $311, while it has a 52-week range of $244.61 and $384.33. It is headquartered in Menlo Park, Calif. Danaher (>7%) Founded in 1969, it is a medical company that designs, makes and markets professional, medical, industrial, and commercial products and services. Danaher Corporation (NYSE:DHR) has the following business segments: Diagnostics, Environmental & Applied Solutions and Life Sciences. Its shares are up over 40% YTD and over 1% in the last five days. Danaher shares are currently trading over $319, while it has a 52-week range of $211.22 and $333.96. It is headquartered in Washington, DC. Adobe (>7%) Founded in 1982, it offers digital marketing and media solutions. Adobe Inc (NASDAQ:ADBE) has the following business segments: Digital Experience, Publishing and Digital Media. Its shares are up over 30% YTD but are down over 1% in the last five days. Adobe shares are currently trading around $656, while it has a 52-week range of $420.78 and $699.54. It is headquartered in San Jose, Calif. Home Depot (>9%) Founded in 1978, this company sells building materials and home improvement products. Home Depot Inc (NYSE:HD) has the following business segments: U.S., Canada and Mexico. Its shares are up over 50% YTD but are down over 2% in the last five days. Home Depot shares are currently trading over $401, while it has a 52-week range of $246.59 and $416.56. Costco Wholesale (>13%) Founded in 1983, this company operates membership warehouses to offer its members products across various product categories, including fresh foods, softlines and more. Costco Wholesale Corporation (NASDAQ:COST) has the following business segments: Canadian Operations, Unites States Operations and Other International Operations. Its shares are up over 40% YTD but are down over 5% in the last five days. Costco shares are currently trading around $519, while it has a 52-week range of $307.00 and $560.78. Pfizer (>21%) Founded in 1849, it is a biopharmaceutical company that discovers, develops, makes, markets and sells biopharmaceutical products globally. Its shares are up over 48% YTD and over 7% in the last five days. Pfizer Inc. (NYSE:PFE) shares are currently trading over $54, while it has a 52-week range of $33.36 and $55.70. NVIDIA (>33%) Founded in 1993, this company designs and makes computer graphics processors, chipsets, as well as related software. NVIDIA Corporation (NASDAQ:NVDA) has the following business segments: Tegra Processor, Graphics Processing Unit (GPU), and All Other. Its shares are up over 140% YTD but are down over 3% in the last five days. NVIDIA shares are currently trading around $311, while it has a 52-week range of $115.67 and $346.47. Qualcomm (>37%) Founded in 1985, this company develops, designs and offers digital telecommunications products and services. QUALCOMM, Inc. (NASDAQ:QCOM) has the following business segments: QSI (Qualcomm Strategic Initiatives), QTL (Qualcomm Technology Licensing) and QCT (Qualcomm CDMA Technologies). Its shares are up over 15% YTD but are down over 2% in the last five days. Qualcomm shares are currently trading around $172, while it has a 52-week range of $122.17 and $188.77. Updated on Dec 2, 2021, 10:57 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkDec 2nd, 2021

Hawks Triumph, Doves Lose, Gold Bulls Cry!

The hawkish revolution continues. Powell, among the screams of monetary doves, suggested this week that tapering could be accelerated in December! Q3 2021 hedge fund letters, conferences and more People live unaware that an epic battle between good and evil, the light and dark side of the Force, hard-working entrepreneurs and tax officials is waged […] The hawkish revolution continues. Powell, among the screams of monetary doves, suggested this week that tapering could be accelerated in December! if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more People live unaware that an epic battle between good and evil, the light and dark side of the Force, hard-working entrepreneurs and tax officials is waged every day. What’s more, hawks and doves constantly fight as well, and this week brought a victory for the hawks among the FOMC. The triumph came on Tuesday when Fed Chair Jerome Powell testified before Congress. He admitted that inflation wasn’t “transitory”, as it is only expected to ease in the second half of 2022. Inflation is therefore more persistent and broad-based than the Fed stubbornly maintained earlier this year, contrary to evidence and common sense: Generally, the higher prices we’re seeing are related to the supply and demand imbalances that can be traced directly back to the pandemic and the reopening of the economy. But it’s also the case that price increases have spread much more broadly and I think the risk of higher inflation has increased. Importantly, Powell also agreed that “it’s probably a good time to retire that word.” You don’t say! Hence, the Fed was wrong, and I was right. Hurray! However, it’s a Pyrrhic victory for gold bulls. This is because the recognition of the persistence of inflation pushes the Fed toward a more hawkish position. Indeed, Powell suggested that the FOMC participants could discuss speeding up the taper of quantitative easing in December: At this point the economy is very strong and inflationary pressures are high and it is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases, which we actually announced at the November meeting, perhaps a few months sooner, and I expect that we will discuss that at our upcoming meeting in a couple of weeks. What’s more, Powell seemed to be unaffected by the Omicron coronavirus strain news. He was a bit concerned, but not about its disturbing impact on the demand side of the economy; he found supply-chain disruptions that could intensify inflation way more important. That’s yet another manifestation of Powell’s hawkish stance. Implications for Gold What does the Fed’s hawkish tilt imply for the gold market? Well, gold bulls get along with doves, not hawks. A more aggressive tightening cycle, including faster tapering of asset purchases, could boost expectations of more decisive interest rates hikes. In turn, the prospects of a more hawkish Fed could increase the bond yields and strengthen the US dollar. All this sounds bearish for gold. Indeed, the London price of gold dropped on Wednesday below $1,800… again, as the chart above shows. Hence, gold’s inability to stay above $1,800 is disappointing, especially in the face of high inflation and market uncertainty. Investors seem to have once again believed that the Fed will be curbing inflation. Well, that’s possible, but my claim is that despite a likely acceleration in the pace of the taper, inflation will remain high for a while. I bet that despite the recent hawkish tilt, the Fed will stay behind the curve. This means that the real interest rates should stay negative, providing support for gold prices. The previous tightening cycle brought the federal funds rate to 2.25-2.5%, and we know that after an economic crisis, interest rates never return to the pre-crisis level. This is also what the euro-dollar futures suggests: that the upcoming rate hike cycle will end below 2%. The level of indebtedness and financial markets’ addiction to easy money simply do not allow the Fed to undertake more aggressive actions. Will gold struggle in the upcoming months then? Yes. Gold bulls could cry. But remember: tears cleanse and create more room for joy in the future. If you enjoyed today’s free gold report, we invite you to check out our premium services. We provide much more detailed fundamental analyses of the gold market in our monthly Gold Market Overview reports and we provide daily Gold & Silver Trading Alerts with clear buy and sell signals. In order to enjoy our gold analyses in their full scope, we invite you to subscribe today. If you’re not ready to subscribe yet though and are not on our gold mailing list yet, we urge you to sign up. It’s free and if you don’t like it, you can easily unsubscribe. Sign up today! Arkadiusz Sieron, PhD Sunshine Profits: Effective Investment through Diligence & Care Updated on Dec 2, 2021, 11:55 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkDec 2nd, 2021

Is the Office Dying? Of Those Who Quit During the Pandemic, One in Four Did So for the Flexibility to Work from Anywhere

New York, December 2, 2021…As many companies wonder why their workplaces remain ghost towns, a new survey reveals that COVID concerns are not what’s discouraging staff from coming into the office. In fact, they are working from home because of the greater work-life balance it purportedly offers. Indeed, workers place such a premium on this […] New York, December 2, 2021…As many companies wonder why their workplaces remain ghost towns, a new survey reveals that COVID concerns are not what’s discouraging staff from coming into the office. In fact, they are working from home because of the greater work-life balance it purportedly offers. Indeed, workers place such a premium on this balance, that a quarter of workers who changed jobs did so for the ability to work from anywhere. What’s more, Baby Boomers who left their jobs for this flexibility did so at twice the rate of Millennials. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more The survey findings also reveal that workplace flexibility goes a long way in supporting workers’ mental health. 70 percent of workers say that flexible hours and work location are the top policies businesses can enact to support their mental health. Conducted by The Conference Board, its latest workforce survey captured the thoughts of more than 1,200 US workers. Respondents weighed in on topics including career plans, factors driving them to pursue new job opportunities, opinions about remote work, mental health, and more. Additional key findings include: The Ability To Work From Anywhere Among workers who quit during the pandemic, a quarter did so for the ability to work from anywhere. If you voluntarily left your organization during the pandemic for another job, what were your reasons?  Among workers who recently changed jobs, nearly one in four (24 percent) did so for the ability to work from home/anywhere. Better pay and career advancement remain the top reasons for changing jobs, according to 37 percent and 31 percent of respondents, respectively. Only 8 percent found a new job because of concerns over vaccine mandates. Despite decades in the office, Baby Boomers are quitting for the option to work from anywhere—and at nearly twice the rate of their younger colleagues. If you voluntarily left your organization during the pandemic for another job, what were your reasons?  Baby Boomers quit for the ability to work from anywhere at nearly twice the rate of Gen Xers and Millennials: Baby Boomers: 17 percent Gen X: 9 percent Millennials: 9 percent For Millennials, greater faith in the trajectory of the new organization (10 percent) was as great a reason to change jobs as the ability to work anywhere (9 percent). Leaving Jobs For A Flexible Work Location Men left their jobs for a flexible work location at more than twice the rate of women. If you voluntarily left your organization during the pandemic for another job, what were your reasons?  For women, career advancement was a greater driver; for men, better pay, better job fit, and flexible work location policy were significantly greater. Flexible work location policy: Women: 9 percent Men: 21 percent Career advancement: Women: 35 percent Men: 29 percent “Story after story has covered the premium younger generations place on flexibility in the workplace,” said Rebecca Ray, Executive Vice President of Human Capital at The Conference Board. “But as these survey results demonstrate, that desire is not unique to Millennials. Indeed, at more than twice the rate of their younger counterparts, Baby Boomers left their jobs for the ability to work from anywhere—whether they are working from the comfort of home...or from an RV in Yellowstone.” COVID Concerns Debunked: COVID concerns are not the reason offices are empty. If you “work from home/anywhere,” what drives your decision to do so? 72 percent cited work-life balance as the reason they work remotely. Productivity and safety were also factors, albeit much less so. 50 percent of women are working remotely, compared to only 37 percent of men. If employed, what type of working schedule best reflects yours? Significantly more women are working completely remotely; more men are working a hybrid schedule or are completely on-site. Remote: Women: 50 percent Men: 37 percent Hybrid: Women: 39 percent Men: 47 percent On-site: Women: 10 percent Men: 14 percent “Businesses must ensure that remote workers—many of whom are women—receive the same developmental and promotional opportunities as those who are on-site,” said Amy Lui Abel, Vice President of Human Capital Research at The Conference Board. “Companies should be mindful of this potential pitfall, creating a level playing field for all workers as they develop their talent strategies in a world where less work is conducted in the office.” Return To The Office Why return to the office? It’s all about personal connection. The best reasons to bring employees back into in the physical workplace are: The top reasons to return to the physical workplace were: Connecting with team members: 74 percent Socializing and gathering with colleagues: 55 percent Brainstorming with teams: 48 percent Attending events and organizational activities: 39 percent Connecting with manager: 37 percent More than 1 in 6 (15 percent) see no value at all in returning to the physical workplace. Half the workforce is suffering from deteriorating mental health—even as the pandemic subsides. Compared to before the pandemic, my mental health has ____. More than half (51 percent) indicated a deterioration of their mental health since the onset of the pandemic. More women than men have seen a deterioration of their mental health since the onset of the pandemic. Women: 54 percent Men: 46 percent Supporting Workers’ Mental Health Flexibility is the most effective way to support workers’ mental health. Which of the following working conditions, programs, or offerings do you believe would be helpful in supporting employee mental health? Flexible official work hours and/or compressed work week: 70 percent Flexible/hybrid work schedule: 69 percent Work from home/anywhere: 63 percent New and different offerings can also support workers’ mental health. I would like my organization to offer… Programs on how to thrive and flourish versus simply building resilience: 77 percent Apps to address mental health challenges of workers: 55 percent Virtual reality (VR) solutions to address mental health challenges of workers: 29 percent VR solutions were requested equally by all generational cohorts. Setting Boundaries Drawing a line: Workers want organizations that set boundaries and leaders who respect those boundaries. Which of the following strategies would be most effective in setting work/life boundaries for you? 66 percent of respondents want their organizations to encourage employees to disconnect at the end of normal working hours. 60 percent want to be able to take “no-work” vacation days without guilt. “The survey also reveals that almost half of workers believe that their managers adequately address mental health concerns—but one in five do not,” said Dr. Srini Pillay, co-founder and Chief Medical Officer at Reulay, Inc. and former head of the Outpatient Anxiety Disorders Program at Harvard Medical School’s McLean Hospital. “An overwhelming majority agree, however, that organizations should offer training to managers so that they can better address the sensitive mental health issues of workers.” Tune into the podcast Mental Health and the American Worker: What Workers Want. Dr. Srini Pillay will join Rebecca Ray, PhD, Executive Vice President of Human Capital at The Conference Board, to discuss the findings of this latest survey. About The Conference Board The Conference Board is the member-driven think tank that delivers trusted insights for what’s ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org Updated on Dec 2, 2021, 12:27 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkDec 2nd, 2021

This week in bankruptcies: The Hills SF LLC

San Francisco area bankruptcy courts recorded one business filing - including one with total debt above $1 million - during the week that ended November 26, 2021. Year to date through November 26, 2021, the court recorded 91 Chapter 7 or Chapter 11 business bankruptcy filings, a -1 percent decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business….....»»

Category: topSource: bizjournalsDec 2nd, 2021