Insult to Injury Part II

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Earlier this month in a post about BAC and YHOO rallying upon executive departure I talked about how HPQ sits like a coiled spring waiting for news of Apotheker’s departure.  Sure enough, even a rumor of his ouster is enough to make … Continued

Dollar Rally

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Just checking in on the trade weighted dollar, which has seen a slight move higher recently, especially since the beginning of September.  The “Broad” Index is effected by the Euro, but less so than the DXY which is primarily a … Continued

Still No Sign of Life in Housing

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Housing starts were reported this morning at 571k for August.  Although down 5% from the previous month, the number is in line with the tight range that has developed over the past several years.  Housing continues to bounce along the … Continued

The Effect of Food as Fuel

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CF industries produces fertilizer, an important input when growing corn.  The company presented at a conference this week and included the following slide showing the dynamics of the current corn market.  It’s pretty amazing how much corn production is being … Continued

Good trade for NFLX CFO

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One of the first chinks in the NFLX armor came back in December when its CFO unexpectedly left the company having exercised $20m worth of options.  For a while it looked like a bad trade as the stock ran another … Continued

EQR Rent and Occupancy Levels

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One more chart from EQR showing rent and occupancy levels.  High occupancy levels give EQR pricing power.  From the chart, rents have risen about 16% over the last 20 months (funny how this hasn’t shown up in CPI).  Turnover in … Continued

Echo Boomer Demographics

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Courtesy of Equity Residential (the apartment REIT), two charts.  The first shows the demographic bubble of the “Echo-Boomers” those aged 20-34 through 2020.  The second shows household formation vs. multifamily building permits over the last decade. Click to Enlarge

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