SID 0039 Mitel (MITL) - Part 1
Stocks-in-Depth
Mitel has assembled an interesting menu of cloud telephony services for businesses, small to large.
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SID 0038 Realty Income Part II
Stocks-in-Depth
Realty Income has a diversified portfolio by sectors within the single parcel commercial property market. What are the risks of each sector, and how does management approach each?
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SID 0037 Realty Income (O) - Part 1
Stocks-in-Depth
Realty Income operates in a commoditized industry, the ownership of standalone real estate parcels used by certain commercial retail enterprises. In this podcast, we discuss how Realty Income structures its business to provide diversification and attempts to differentiate its offering.
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SID 0036 Knowles (KN) Part III
Stocks-in-Depth
The future of speech recognition and MEMS microphones
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SID 0035 Knowles - Part 2
Stocks-in-Depth
Knowles' management has devoted a large percentage of revenue into R&D that might address new developments. In Part 2 of this podcast on Knowles, we discuss how it has positioned itself to capture new sources of demand from the internet of things (IoT), and how it has addressed greenfield needs in hearables, e.g. small earbuds, which require distributed processing power. We also discuss how the pendulum is swinging back to bare die design and manufacturing, and why packagers are suffering.
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SID 0034 Knowles (KN) - Part 1
Stocks-in-Depth
Is speech recognition changing the MEMS microphone industry?
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SID 0033 Free Trade Doesn't Work - Part 4
Stocks-in-Depth
Donald Trump is about to be inaugurated as the 45th president of the United States. As far as we can tell, every other country in the world advances a self-serving industrial policy, to the detriment of the United States, which embraces free trade. In this final episode of Stocks-in-Depth’s review of Ian Fletcher’s 2010-2011 book, Free Trade Doesn’t Work, we start by presenting the author’s case that China, Japan, and Europe have emphasized industrial policy over free trade for years. Fletcher’s solution for the U.S. is a flat tariff, which would eliminate the...
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SID 0032 Free Trade Doesn't Work - Part 3
Stocks-in-Depth
Institutional investment strategists follow economic and market data closely, and tend to weave together a narrative that explains the current trend. Presently the US dollar is rising, like it has two times before in the last few decades. In this podcast, we sample the perspective of Brown Brothers Harriman currency strategist Marc Chandler, whom we believe mistakenly thinks the rising dollar is proof that the U.S. trade deficit is benign. In Part 3 of our series, Free Trade Doesn’t Work,” Stocks-in-Depth pulls apart the numerous assumptions behind Chandler’s thesis,...
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SID 0031 Free Trade Doesn't Work - Part 2
Stocks-in-Depth
The historical record shows that countries that rise to economic greatness did so through a strong industrial policy, which incorporates tariffs and non-trade barriers. Moreover, at their apex these powers tended to adopt free trade, some vainly thinking that in doing so they might change the world for the better, but nevertheless be able to kick away the ladder upon which others might follow to industrial might. In Part 2 of this special edition of Stocks-in-Depth, we review what economist Ian Fletcher calls the “forgotten history” of trade, and show how it contradicts the...
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SID 0030 Free Trade Doesn't Work - Part 1
Stocks-in-Depth
History is replete with unanticipated events: Pearl Harbor, the dismantling of the Berlin Wall, the 2008 credit meltdown, and now the improbable ascendance of Donald Trump to America’s highest office. Yet there are many who previse change, but whose ideas are so unorthodox that they are never see the light of day until after the fact. With this in mind, Stocks-in-Depth introduces a little known economist, Ian Fletcher, and his 2010/2011 book, Free Trade Doesn’t Work: What Should Replace It and Why, in this four-part podcast. In Part 1, we present the last chapter of his...
info_outlineIn part 1 of our discussion of Taser International stock, we explore how there are two segments. Its conductive electronic weapons (CEWs) enjoy extraordinarily high profitability with mid-30's operating margins fully burdened, and competition barely exists. The other segment is Axon, which contains its emerging evidence.com cloud-based evidence management system, which reduces paperwork for police officers, helps manage the multi-million dollar risks of large civil settlements, and organizes cases prosecutors advance to convict criminals. Institutional managers of equities might pass over shares of Taser, because they appear expensive based upon the combined corporate earnings from both segments. We believe such an approach is deficient, because profits in CEWs are undercut by losses in Axon, where the company is accommodating large trials with cities such as New York and London that might soon purchase a subscription to evidence.com. In our opinion, Taser showcases how GARP Research has found interesting opportunities for its institutional equity research clientele through intensive fundamental research and deep understanding of how to analyse stocks through modelling financial statements and segment details.