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July 17, 2013 – War on TV Part IV: The Biggest Pipe Will NOT Win

The first 3 parts of our “War on TV” series looked at how consumer electronics innovation, improving on-line content, and ad budget shifts are catalyzing a migration of viewers and revenues from TV. As the self-reinforcing cycle of viewers to

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The Practical Relevance of the Employer Mandate Delay

At most, the employer mandate would produce a roughly 40 bp gain in total national health spending. In reality the effect is likely to be even smaller. Less well compensated employees at smaller firms may continue to refuse coverage, and/or

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July 2, 2013: The War on TV Part III – Reductio “Ad” Absurdum

War on TV Part III: Reductio “Ad” Absurdum As we have written in “War on TV” parts I and II, the next generation of consumer electronics will make it much, much easier for viewers to find and watch increasingly compelling

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The SSR Healthcare Quarterly, Inaugural Edition

We intend the Quarterly as a periodic publication that: Brings together in one place our most current work on the major themes affecting US-listed healthcare names, Synthesizes our best thinking into a model portfolio consisting of specific weightings for healthcare

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June 19, 2013: The War on TV Part II – Streaming is Coming

  War on TV Part II: Streaming is Coming As we wrote last week, new devices are challenging for control of TV “Input 1”, aiming to put streaming on even footing vs. cable. However, even at a disadvantage, streamers are

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SSR Index of Current-Quarter Healthcare Demand Growth, Interim 2Q13 Estimate

We expect 3.0% (nominal) y/y growth in US health services demand during 2Q13, the product of 1.6% growth in unit demand, and 1.4% price growth. Unit demand growth remains very slow; the projected 1.6% rate is essentially equal tothe inherent

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Ethylene – Unlikely to Be a Quick Fix for Williams

Yesterday’s tragic incident at the Williams Ethylene facility in Louisiana should be put into context from an event perspective before it is possible to draw conclusions about its market impact.   Ethylene producers and consumers rallied in the market after the

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June 12, 2013: The War on TV – The Attack of the Boxes

New devices are stepping in front of TV set-top-boxes, wresting platform control of the living room from multichannel operators. The latest, MSFT’s Xbox One, raises the bar, delivering a powerful voice/gesture driven interface that puts on-line content on equal footing

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MMM – Increasing A Bet That The Industry Makes Poorly: Could 3M Do Better?

This week we saw 3M increase its R&D bet, raising the percentage of revenues that it directs towards R&D and raising expectations for what we consider to be a particularly meaningless index – the amount of revenues generated from products

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Discounting Complexity

In recent research we have written about the current market preference for good stories, over valuation and other more traditional metrics. We also suggested that there might be more interest in simplicity over complexity. The hypothesis being that the more

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