THE INVESTOR’S PERSPECTIVE
Ideas, analysis, and opportunities across the world of investing.
This is the only bull market since WWII with double-digit gains in each of its first four years, but it is also the priciest, at nearly 23 times forward earnings. Strong profit growth may justify the premium, yet last week's AI sell-off shows how thin the cushion can be.
Institutions are buying about a million acres of timberland a year even as quarterly returns sit under 1%. Patient investors should weigh the land, the carrying costs and the housing cycle before the romance.
Berkshire sits 1.4% below its all-time high, with $360 billion in cash earning real interest. The new Abel-era deal-making is the thing to watch.
Private equity funds are pushing portfolio companies to borrow so they can pay investors, as exits dry up and distributions fall from over 30% to about 12% of net asset value. The cash is real, but the exit problem behind it is not solved.
Consumer prices have topped 2% for about 65 straight months, and fresh data show pressure building. Long-term investors should focus on pricing power and real dividend growth.
With Treasuries near 5.2%, Verizon's 6.6% yield only works if free cash flow keeps outgrowing a $158 billion debt load. Here is what long-term income investors should track.
UnitedHealth raised its 2026 outlook to at least $20.50 a share as its medical cost ratio fell to 88.4%. The CFO's warning on stubborn medical costs is the part long-term investors should weigh.
Kroger pairs an 8.8% forward earnings yield and a 20th straight dividend raise with identical-sales growth of just 0.2%. Patient investors should watch whether that core momentum recovers.
Record assets and a 40-year dividend streak sit beside $6.5 billion in quarterly client outflows. Is a roughly 10x multiple a bargain or fair pay for risk?
High-yield bond yields have jumped to 8.1%, with stress concentrated in the weakest credits. Here is why equity investors should watch the signal.
Delta cut its 2026 profit outlook by about 24% as jet fuel nearly doubled, yet revenue grew 21% and premium sales surged 18%. The real test for patient investors: is the premium-cabin mix a durable moat, or just a good cycle?
Avery Dennison's 19.4% EPS growth looks impressive, but half the quarter's gain came from inventory stocking that's set to unwind. A 15-year dividend growth streak and 16x earnings multiple still make the long-term case interesting.