L Brands officially spun off Victoria Secret and now Bath & Body Works (BBWI) is an independent company. This is great news to me as I think BBWI is a “Secret SaaS” business, a topic which I discussed before and will get into here. Why do I like BBWI? High …

I have a picks-and-shovels play on semiconductors. While it may not look “optically” cheap, I think Entegris can compound earnings at a very fast rate thanks to the secular growth in semiconductors as well as changes in semiconductor technology that will require more products from Entegris. While I say Entegris …

There are certain businesses that investors have washed their hands of: Retailers, OEM auto suppliers, anything in the way of ESG… many others… And this trade probably worked well for the last 5 years. I recently wrote up at least three names that are counter to these trends, but there …

Strattec just reported FQ1’22 with sales of $100MM vs. $126MM PY and basically break-even on the net income line vs. $8MM PY. The stock is down ~7% on the news. I am a bit surprised this wouldn’t be priced in more pre-earnings, but I get it: it is a microcap …

I last did a “don’t miss the forest for the trees” post on Big Lots. That company went on to rally from when I posted it (not because of me, but because the reaction was way too negative). Unfortunately, supply chain concerns have created new pressures on BIG. In a …

This update will be brief, but I wanted to highlight that ABM recently reported last week, following its M&A announcement that I covered in this note. When I first wrote about ABM stock, I said (i) guidance was way too low, and I expect a lift in guidance across the …

Tax loss harvesting is something I tend to think about after a strong year of equity returns. I find myself asking if I should reduce risk in some names or at least re-balance the portfolio. The problem is that this can create significant capital gains. That said, if you are …

“Past performance is not indicative of future results” you say as you read this post. But it can be a tool for analyzing what asset allocation performed the best. The markets are particularly tough to apply history to, though, because of the wide amount of factors involved. Interest rates, valuations, …

No surprises here, when volatility reared its head throughout 2018, the “safety” classes outperformed risk. That should make intuitive sense, especially when considering the S&P500s 18.7% return in 2017 (and 21.4% when including dividends). But as we all should know, it pays in the longer term to have some diversification. …