FedEx Corporation's (FDX) share price has been under pressure as it faces headwinds resulting from the current trade war. I view FDX as a leader in the Air Delivery and Freight Services industry. Its current attractive valuation presents long-term investors with a window of opportunity to invest in a high quality company which should benefit [...]
I am in agreement with Chris Wood, Global Head of Equity Strategy at Jefferies Group LLC, who currently views North American equity markets with a great deal of skepticism. There is certainly a difference of opinion as it relates to current North American equity market conditions. Some investors argue the broad North American market is [...]
I highly encourage you to listen to this brief Howard Marks (co-founder of Oaktree Capital) interview in which he shares his thoughts on how to invest in overpriced markets. I don't like to be on the receiving end of radio silence and I suspect you are similar in nature so I am providing this very [...]
Howard Marks may not be a household name but sophisticated investors know that when Mr. Marks has something to say it is well worth paying close attention. I share a link to this 'Talks at Goldman Sachs' interview in late 2018 wherein Mr. Marks shares his insights on the forces shaping the market cycle. In [...]
United Technologies Corporation (UTX) and Raytheon Company (RTN) have recently announced a proposed merger of equals. Regulatory approvals are still required but because the companies are complementary in nature with less than 1% overlap in sales, management is optimistic the transaction can close in the first half of 2020. Summary United Technologies Corporation and Raytheon [...]
The J. M. Smucker Company (SJM) released Q4 and FY2019 results and FY2020 guidance on June 6, 2019. Although SJM is slowly transforming its product portfolio to better match consumer preferences it does not possess any major competitive advantages and faces significant competition. I currently view shares as richly valued and intend to once [...]
Waste Management, Inc. (WM) is the largest industry participant in the North American waste management industry. WM has recently announced its intent to acquire Advanced Disposal for $4.9B which would widen the gap between WM and the #2 and #3 industry participants by market cap (Republic Services and Waste Connections). I currently view WM as [...]
Union Pacific Corporation (UNP) is North America's largest publicly traded Class 1 railroad. Barriers to entry in this industry are extremely high. The G55+0 initiative and Unified Plan 2020 have been implemented view the objective of being able to achieve a targeted 55% Operating Ratio within the next few years. I currently view UNP as [...]
This is my May 2019 FFJ Portfolio update. The portfolio was created in January 2017 for the purpose of demonstrating how investing in high quality companies with competitive advantages and with a record of consistently increasing dividends can assist investors in reaching their long-term financial goals without the need to speculate or to chase dividend [...]
Intercontinental Exchange, Inc.'s (ICE) valuable intangible assets include the New York Stock Exchange brand. I view ICE as a vendor of proprietary data and anticipate the current ~60% of operating income generated from trading and ~40% generated from information services to move toward a 50-50 split over the next few years. I currently view [...]
