Author Archive

Home »

Potash – Breaking Up Apparently Isn’t That Hard to Do

All discarded lovers should be given a second chance, but with someone else.” –          Mae West This morning, Belaruskali, the erstwhile cartel partner of Uralkali announced that it had reached a preliminary agreement with a Qatar-based fertilizer marketing company, Muntajat,

Read More

Additional Thoughts on the Disruption in the Fertilizer Market

The global fertilizer market remains in a state of shock in the wake of Uralkali’s announcement that it would abandon the output limits that have supported global potash prices. Uralkali announced that it was leaving the export cartel in which

Read More

Fertilizer Turmoil

It has been an interesting 24 hours for fertilizer stocks, to say the least.  Yesterday, Dan Loeb said in an investment letter that his firm had taken a stake in CF Industries (CF), North America’s largest nitrogen fertilizer manufacturer.  The investment

Read More

Providing Some Context for a Solid New Home Sales Number in June

We know it is the busiest day of corporate earnings, but there is more data out there than just EPS.  For example, new home sales (yesterday) rose 8.3% in June versus May to 497,000, the highest level since May ’08. 

Read More

Panera (PNRA) – Q2 Results and the Broader Group

Last week, we suggested that we were having a tough time finding value in the restaurant group given what we saw as an unappealing combination of “full” multiples across the sector and aggressive revenue and EPS expectations. We also suggested

Read More

McDonald’s (MCD) and Inflation

While commenting on quarterly results is something that we, as a firm, don’t do a heck of a lot of, we see value in highlighting data points from the various releases that are interesting and relevant to our broader thematic

Read More