Overview: Last month, we published a positive writeup on HCA Healthcare, Inc. (HCA). Our thesis was that the stock was trading at a discounted multiple due to uncertainty over when the hospitals would be able to return to high-margin elective surgeries. We noted that if the current wave of Covid-19 infections were to subside, the … Read more
Overview: On February 24, 2020, we published Net Short explaining that we had gone short against the market due to concerns about the coronavirus. Over the next 3 weeks, we wrote 3 additional pieces (here, here, and here) reiterating and amplifying our bearish position. During that period, the market fell 29%. More recently, we have … Read more
Two weeks ago, we published an updated report on Las Vegas Sands (ticker: LVS) recommending the stock. We’re pleased to announce that our work has been featured in Barron’s. Link here: https://lnkd.in/gW8ERSt . #lasvegassands#gamingindustry#casinogaming#investing #$LVS #decisionscience
Overview: A week ago, we published a second recommendation on Las Vegas Sands (LVS).During the company’s earnings call, CEO, Sheldon Adelson spoke about his optimism that the gaming market would come back from Covid-19-related shut-downs. The key element of our long thesis on Las Vegas Sands is that the company’s casinos are going from closed … Read more
Overview: On April 27, 2020, we published a piece on Las Vegas Sands.The stock was at $43 and we recommended buying it. On June 10th, we sold the position at $52. The stock had moved over 20% in under a month and a half, and we were concerned about an extension of the coronavirus lock-downs. … Read more
Overview: On February 24, 2020, we published Net Short explaining that due to concerns about the coronavirus, we had gone short against the market. Over the next 3 weeks, we wrote 3 additional pieces (here, here and here) reiterating and amplifying our bearish position. During that period, the market fell 29%. Following that, the Federal … Read more
Overview: During the first few weeks in February, we had an interesting debate with a friend on the topic of Anthem, Inc. (ticker: ANTM), the giant health insurance company. Our friend does high-quality research, and is a great stock-picker. We’ve debated stocks for years, and while we usually come to a resolution, we were unable … Read more
Overview: This is a follow-up piece for a full report we published in November on Royal Caribbean Cruises Ltd. (ticker: RCL). Benjamin Graham wrote about investing with a margin of safety explaining that you want to invest where the market price of a stock is trading at a substantial discount to the intrinsic value of … Read more
Last month, we posted a detailed writeup on Royal Caribbean Cruises Ltd (Ticker: RCL) on SumZero. That writeup was then published in Barron’s under the title:Royal Caribbean Stock Can Gain Nearly 40%: Portfolio Manager. In both cases, readers chimed in with concerns about the free cash flow at the company. One pointed to the increase … Read more
On November 1st, 2019, Princess Cruises, which is owned by Carnival Corporation & Plc (ticker: CCL) announced a 55th anniversary sale which included onboard spending money, room upgrades, a wine & dine package, and airfare credits for specific sailings. There’s nothing unusual about this. Like all leisure, gaming, and hotel companies, cruise lines regularly introduce … Read more
