THE INVESTOR’S PERSPECTIVE
Ideas, analysis, and opportunities across the world of investing.
Diageo has fallen about 60% from its peak and now trades near 13 times earnings, but a cut dividend and a turnaround CEO mean brand heritage alone is no longer a margin of safety.
Chevron and Exxon posted blockbuster Q3 profits, but refining margins did the heavy lifting while oil output slipped. Long-term owners should weigh dividends against mid-cycle, not peak, earnings.
Outdoor advertising is gaining share as online ad fraud and AI-generated noise grow. JCDecaux, the world's largest operator, pairs a 6.6% free cash flow yield with a 3% dividend.
Trian's $7.35-a-share bid for Wendy's, a 20% premium after a 65% two-year slide, shows how informed buyers price a franchise the market has written off.
Roughly $733 billion of commercial property loans come due in 2027, and higher refinancing costs are forcing a repricing. For patient investors, balance-sheet strength matters more than any single headline.
Electricity demand may rise ~50% in a decade as AI data centres sign multi-decade power contracts. Some contracted, inflation-linked utilities still trade at modest multiples.
A founding LTCM partner argues investors are no more sophisticated than 30 years ago. Before chasing complex funds, long-term savers should ask what they own, what it costs and what their edge is.
Nvidia has backed AI customers with tens of billions in guarantees, and credit stress at neoclouds is now testing that strategy. Long-term owners should read the footnotes as closely as the growth numbers.
BlackRock's Rick Rieder says high-quality corporate bond yields are at levels usually seen only in crises, without the crisis. Here is what long-term income investors should weigh.
P&G's 70-year dividend streak rests on strong free cash flow, not growth, with organic sales flat and guidance of just 1% to 3%. At about 22.8 times earnings, patience is being asked to do the heavy lifting.
Goldman, JPMorgan and Morgan Stanley captured about 80% of $67 billion in equities revenue this year by lending to AI-hungry hedge funds. The moat is real, but so is the leverage behind it.
Homebuilder sentiment just hit its lowest level since 2012 while stocks sit near records. Here is what that gap says about higher-for-longer rates.