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What’s In A House – Sadly Not Enough

In research published yesterday, we look at the US New Home business and how it impacts the Industrials and Basic Industries sectors.  We also introduce research on the Building Materials group for the first time. Housing is a bright spot

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It’s Easy to Argue against Opinion – Much Harder against Data – Ask Tom

It may be Tom Cruise’s opinion that his wife wanted to remain married, but it’s hard to argue against the divorce filing.  Somewhat definitive.  Not dissimilarly, we are bombarded by opinions on the markets’ movements, with the bulls making arguments

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Medicaid Post-SCOTUS: Nevermind Whether States Choose to Expand; It Appears States Have the Choice to Shrink

SCOTUS ruled that Congress cannot withhold all of a state’s Medicaid funding if the state refuses to participate in the Affordable Care Act’s (ACA) Medicaid expansion Many states’ Medicaid eligibility levels are well above the federal minimums, in large part

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June Review: Still No Overall Reason To Get Excited, Plus A Quick Take on the ISM

The problem with a blog is that it is often unclear where opinion takes over and facts get left behind.   As we start a more formal approach to an Industrials and Basic Industries blog, we have every intention of expressing

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Portable Devices: Parts is Parts

  Driven by the ongoing paradigm shift from traditional PCs, feature phones and cable boxes, we expect the global market for portable devices, including smartphones, tablets and ultrabooks, to grow at a better than 22.9% CAGR through 2016.  While this

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ACA Post-SCOTUS – What Matters Now

The Court’s rule modifying the Medicaid expansion (you can make the additional federal funds conditional on state participation in the expansion, but not all Medicaid funds) appears to be violated by the ACA’s Medicaid maintenance of eligibility (MOE) provisions MOE

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SSR Index of Current-Quarter Demand Growth; Raising Estimate to 3.3% from 3.1%

Hours worked in healthcare settings have grown more rapidly; this signals strong patient volumes, thus the increase in our estimate of unit demand from 1.4% to 1.6%. Our estimate of nominal pricing is unchanged at 1.7% We estimate only a

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The Mechanics of Commercial HMOs’ Gross Profits: Why MLRs Should Remain Stable

Estimates and share prices for the commercial HMOs imply rising medical loss ratios (MLRs); stable MLRs are more likely, thus the sub-sector appears under-valued   Since 1961, 5 of the 6 MLR peaks and 6 of the 7 MLR troughs

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TMT: Paradigm Shift! Which Side are You On?

  The TMT sector is in the midst of a comprehensive once-in-a-generation paradigm shift driven by the contemporaneous maturation of several key innovations that offer consumers and businesses new and significantly better ways to use information.  In this, we expect

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Sector & Sovereign Industrials & Basic Materials: Monthly Review June 2012

Despite a month of broad absolute and relative underperformance valuation changes in May did not do enough to alter our view. The Paper sector underperformed but remains very richly valued in our view, though commodity pricing in the sector is

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