Archive for March, 2012

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Why Losing the Individual Mandate is Good for HMOs, and other Earnings Consequences of Various Supreme Court Outcomes

We expect the Supreme Court to rule on the Affordable Care Act (ACA) this June/July (i.e. to find the Anti-Injunction Act does not apply), and to let the Medicaid expansion stand (driving a 13 percent gain in Medicaid spending, &

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Quick Thoughts: Apple Kicks the Can Down the Road

  –          Apple’s announced dividend and buyback plan barely slows the growth of its cash hoard –          Apple has never done a big acquisition and it is probably foolhardy for them to start now – they are easy to get

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Television Networks: Betwixt and Between a World of Change

  The cable era broke the domination of the broadcast networks, ushering choice to consumers and diluting audiences.  In the emerging online era, content creators, advertisers, and viewers are all gaining leverage over the traditional multichannel model, which puts an

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Accelerating Growth in Hospitals’, Physicians’ Offices and Other Care Settings’ Labor Hours Signals Improving Healthcare Demand

Reported earnings are a surprisingly weak indicator of near-term changes in healthcare demand; the dominant settings of care (hospitals, physicians’ offices) are vastly under-sampled   In contrast, monthly aggregate labor hours offer a timely and broad-based sample of activity in

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Quick Thoughts: A Busy 24 Hours in the Cloud

  –          The New iPad – Not a game changer, but the current game is a pretty good one for Apple –          Netflix looks to establish itself as the HBO of the on-line video era, but what if the on-line

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4Q11 Earnings Update: Plenty of Runway for Cloud Leaders

4Q11 results revealed continued strong growth for TMT companies that we believe are poised to lead a comprehensively disruptive shift to the cloud that could open hundreds of billions of dollars in new opportunity.  Nonetheless, valuation for these companies and

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