On Saturday morning, February 24, 2018, Warren Buffett’s much anticipated 2017 Letter to Shareholders was released; Buffett’s Shareholder Letters dating back to 1977 can be accessed here. By the time I compose this post (the afternoon of February 25, 2018) I have already read his letter three times; I will undoubtedly read it several more [...]
Due to my extreme reluctance to publicly disclose all our holdings it has dawned on me that it is quite possible readers will look at the FFJ Portfolio and will think ‘Ho Hum!’. Fair enough. In an effort to address the perception some readers may have, I have put together the following snapshot of screen [...]
Summary On February 22, 2018 HRL released its Q1 2018 results and increased FY2018 EPS guidance. Q1 2018 reported revenue growth in the Grocery Products: $613.87M (+1%), Refrigerated Foods: $1.18B (+5%), International & Other: $150.32M (+19%) segments but Commodity turkey breast markets remain at multi-year lows thus resulting in weak results at Jennie-O Turkey Store: $390.65M [...]
In a recent interview with Nick McCullum from Sure Dividend I share the investing and personal finance strategies I used to retire in my mid-50s from a career in Canadian banking. Subject matter in this podcast includes: how I got my start in the world of equity investing; thoughts on mutual funds, ETFs, and other [...]
Summary GPC reported strong FY2017 results on February 20, 2018 but the stock price pulled back ~5.2% as the stock was overvalued. The EIS and Motion businesses have been combined into one $6B industrial group as of the beginning of 2018. The rationale for combining these two segments is to provide economies of scale and [...]
Summary WMT reported FY2018 results February 20, 2018 and its stock price dropped ~10%; results were solid but investors had bid up WMT’s stock price to an unreasonable valuation. It continues to generate strong FCF and management is deploying its resources so that WMT can adapt to the evolving retail landscape. WMT announced a ~2% [...]
Summary Coca-Cola is facing declining sales and FCF due to changing consumer preferences. A turnaround plan has been implemented but I suspect positive results will take time to be evidenced. The Tax Cuts and Jobs Act (TCJ) will positively impact KO but there will be no positive net cash impact for several years. The days [...]
Summary BAM has generated a compound annual total return of ~17% (dividends reinvested) since 1997 versus ~7% for the S&P 500. Management is cognizant of short-term performance but the business is managed for the long term with a goal to generate 12% - 15% compound returns over the longer term. BAM partners with institutional investors [...]
Summary PEP released its Q4 and FY2017 results on February 13, 2018. Organic revenue, which excludes the impact of various items, grew 2.3% versus 3.7% in FY2016, and 5% in FY2015. FY2017 Adjusted EPS amounted to $5.23 versus $4.85 in FY2016. PEP’s adjusted EPS includes a one-time $1.70/share benefit from a provisional net tax expense [...]
Summary Broadridge released its Q2 and 1st half of FY2018 results February 8, 2018. Projections have been revised upwards for the remainder of 2018. Changes in the US Tax Law have resulted in BR revising its FY2017 – 2020 Growth Objectives in Adjusted EPS from the 9% - 13% range to the 14% - 18% [...]
