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Tax Reform

Dec 06 2019

Capex Beneficiaries “Delivered,” But Only On Price Action

  • Dec 6, 2019

With optimistic views on capex in late 2017, we built a thematic group of companies that appeared to be potential beneficiaries of higher spending going forward. This group has outperformed the market; but, the capex trend is disappointing and quite concerning.

Mar 08 2019

So Long Tax Cuts… We Hardly Knew Ye

  • Mar 8, 2019

Our earnings waterfall analysis for the fourth quarter tells a story consistent with the entirety of 2018: earnings growth was fantastic, boosted by the twin drivers of strong sales growth and a lower corporate tax rate. Chart 1 spotlights the quarter’s tally, which produced a healthy sales growth number despite some economic weakening.

Jun 07 2018

Cycles And Taxes And GICS, Oh My!

  • Jun 7, 2018

Analyzing quarterly financial results and developing insights about upcoming periods is always difficult, but the first quarter of 2018 was unusually complicated.

Apr 06 2018

Musings On Margins

  • Apr 6, 2018

Fourth quarter earnings were the last ones to be burdened by a 35% top marginal corporate income tax rate, and therefore seem to have been given a pass by the analyst community.

Feb 07 2018

Multiple Contraction—Just A Little Patience?

  • Feb 7, 2018

Things were bigger when you were a kid. Like that enormous sweatshirt your aunt gave you for your birthday or that hand-me-down ten-speed bike with the cross bar taller than your shoulders.

Dec 07 2017

Tax Reform Hits Factor-Land

  • Dec 7, 2017

Apparently tax reform wasn’t priced in.

Jan 07 2017

Impact Of Lower Corporate Tax Rate

  • Jan 7, 2017

A stock market wild card in 2017 is the potential for a significant reduction in the corporate tax rate. President-elect Trump’s desire to lower corporate taxes, if implemented, would have multifaceted impacts on businesses.

Nov 04 1986

Client Questions

  • Nov 4, 1986

Here again are some of the client queries we have had over the last month or so.

Jul 03 1986

View from the North Country

  • Jul 3, 1986

Australian Bond Update…TV Isn’t All Bad…Tax Reform…How’s Your Long-Term Investment Perspective? Take the Quiz…How to Make Over 50% On Your Money and Lose

Sep 06 1984

View from the North Country

  • Sep 6, 1984

Back to the Basics? We think individual stock analysis is becoming increasingly important… Tax Simplification Coming Soon: The 1984 additions to the tax laws (over 1300 pages) may be the last straw… A Potential Shortage in Treasury Bonds: I know this sounds absurd. However, in the upcoming financing, the Treasury is for the first time offering a 20-year bond that is callable in five years.

May 06 1982

View from the North Country

  • May 6, 1982

A recent visit to Washington D.C. prompts some thoughts concerning the insularity of the city and the unresponsiveness of government and politicians to the wants and desires of the electorate. The apparent lack of political interest in the flat tax is an excellent, timely example of this.