Cisco Systems, Inc. (CSCO) is a dominant supplier of switches, routers, firewalls, and complementary networking products. Its products are mission critical for network performance, stability, and security. It released its Q4 and FY2019 results and provided Q1 2020 guidance following the August 14, 2019 market close. The broad investment community was not pleased with results [...]
Zoetis Inc. (ZTS) is expanding its broad product portfolio through the internal development of new products and also by way of acquisition. It released its Q2 and YTD2019 results and updated FY2019 guidance on August 6, 2019. ZTS' current valuation suggests this is not an opportune time in which to be acquiring ZTS shares. Summary [...]
MSCI Inc. (MSCI) is the leader in providing global benchmarks to institutional investors. It released its Q2 and YTD2019 results and updated FY2020 guidance on August 1, 2019. Investors would be wise to refer to my August 9th 'Howard Marks' related article when considering whether to invest in MSCI at current levels. Summary MSCI is [...]
Legendary investor Howard Marks, chairman and co-founder of Oaktree Capital Management, has published two books in which he explains the keys to successful investing, the pitfalls that can destroy capital, and the importance of having a keen understanding of the reasons behind the rhythm of cycles. In my opinion, the current investment environment is such [...]
Broadridge Financial Solutions, Inc. (BR) released Q4 and FY2019 results and FY2020 guidance on August 1, 2019. BR's share price has retraced from its late July 2019 level and in this article I look at whether the current valuation based on FY2020 guidance presents a buying opportunity. In my opinion, the current market environment is [...]
The purpose of this brief FFJ Portfolio update is to disclose that I exited positions on July 31st and August 1st, 2019. Two of the positions I exited were held in 'Side Accounts' within the FFJ Portfolio. All other positions were held in one of the accounts for which I do not provide information. The [...]
Becton, Dickinson and Company (BDX) released Q3 and YTD 2019 results and reiterated FY2019 guidance on August 6, 2019. BDX's share price jumped but in the current environment I envision an impending share price pullback which should provide investors with an opportunity to acquire shares in this high quality company at a more favorable valuation. [...]
In this article I look at Mastercard Incorporated's (MA) current valuation based on guidance provided with the release of Q2 and YTD 2019 results on July 30, 2019. Summary Mastercard is an extremely high quality business with a superior business model that results in significant profits and Free Cash Flow. MA’s growth will come from [...]
This Automatic Data Processing, Inc. (ADP) article analyses Q4 and FY2019 results, FY2020 guidance, and amended FY2021 targets which were released July 31, 2019. Summary ADP should benefit from the evolving and increasingly complex relationship between businesses and their employees, changes in the US tax code, labor regulation and benefit compliance. Investors with a low [...]
McDonald's Corporation (MCD) released Q2 and YTD results on July 26, 2019. I anticipate further improvements from its Growth Strategy which was launched in 2017 and am optimistic in its long-term growth prospects in China where there is ample opportunity to increase penetration in a country of 1.4 billion people. Summary MCD’s top line has [...]
