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Inflation, GLP-1s and weed have left a lot of wreckage in the supermarket aisle. I’ve been intrigued by a few names, but just about everything cheap has too much debt. Diageo $DEO, with its new CEO, seems like an interesting turnaround. And when was the last time Pepsi $PEP had a dividend yield above 4%? […]
The alcoholic beverage industry has been experiencing a secular decline since the pandemic boom. So, borrowing an expression from the Hormuz-constrained oil industry, are we nearing tank bottom? Molson Coors, the brewing giant formed through a 2005 merger, looks like a bargain by most standard metrics. Molson Coors had sales of $13 billion in 2025, […]
Chris Hohn’s interview with The Financial Times was sobering. He contends there are only about 200 companies in the world that are investable. These are the privileged purebreeds who can raise prices with impunity. Naturally, shares of these champions trade at massive premiums to the rest of the market. Exhibit A is Hohn’s largest holding, […]
A Substack went viral the other day talking about how a minority of published posts on the platform generate the majority of views. When no part of earth shattered at this revelation, the author pressed the argument by citing something called Price’s Law. Since it had an equation with a square root in it, the […]
I don’t know if they hand out awards for the most optimistic investor relations team, but the gang at Alexandria Real Estate Equities just opened 2026 with a banger that will surely make them the top candidate. Yes, it’s been a rough three years for the nation’s largest owner of buildings dedicated to the pharmaceutical […]
Evolution AB is a Swedish gaming company that trades on the Stockholm bourse. About 622 krona will buy you a share, and that price gives Evolution a market capitalization of about €11.6 billion. Evolution develops and operates games that “sit behind” many well-known gambling sites. They continually find new dopamine-enhancing ways to keep punters glued […]
Unlike most Hollywood scripts, media deals rarely live happily ever after. Disney is still healing from the acquisition of 20th Century Fox for $71 billion in 2019, which drew the ire of activist investor Nelson Peltz. The AOL-Time Warner merger of 2000 proved to be a fiasco. Even now, the heavy debt load carried by […]
RIP Bob Uecker. Unless you’re shopping for vacant office buildings in ghostly business parks or depleted central business districts, there aren’t many bargains in commercial real estate. Investment cap rates defy logic. Plentiful sources of capital chase yields that are often below the cost of debt. This “negative leverage” conundrum only makes sense if we […]
It was all going so well. Cigars and brandy around the hearth. Silk and cashmere. Fine Corinthian leather. The big industrial gas companies were having a jolly good time at the Oligopoly Club. Air Liquide, Linde, Taiyo Nippon Sanso and Air Products shared some laughs and enjoyed a few games of whist. But across the […]
I don’t have much time this week, so I’m in shallow water. I’ve got a little back-of-the envelope one for you. Healthpeak Properties Trust (DOC) is a Denver-based owner of outpatient medical buildings and lab space. The company merged with Physicians Realty Trust in 2024. The stock has not performed well, but the 7% dividend […]
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