Financials

PayPal: Too Many Issues To Reckon With (Archive)

PayPal’s growth and margins look fragile, making today’s cheap valuation a value trap risk.

Berkshire Hathaway: Do As Buffett Says Not As He Does (Archive)

Berkshire now looks fairly valued but faces worsening cash flows and looming underperformance.

Why Ares Capital Is Likely To Underperform The BDC Sector (Archive)

Defensive positioning and floating-rate exposure make Ares Capital poorly placed for easing rates tailwinds.

Ares Capital: It's Tough To Justify A Buy (Archive)

Fading rate tailwinds, sector headwinds and limited valuation cushion make ARCC difficult to buy.

Charles Schwab: Get Ready For Multiple Quarters Of Margin Expansion (Archive)

Margin tailwinds and cost savings set Schwab up for sustained earnings and valuation upside.

Berkshire Hathaway: Look At Consumers And Cash Flows (Archive)

Berkshire’s consumers face tailwinds, but weakening cash flows keep me neutral.

Ares Capital: Rising Rates Make Up For Activity Slowdown (Archive)

Rising rates turbocharge ARCC’s floating-rate portfolio despite a sluggish deal pipeline.