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Quick Thoughts: More Mobile Cowbell

  Another month, another major industry event.  While these things usually offer nothing particularly earth shattering – the main reason we decided not to foot the bill for a week in Barcelona this year – this week’s news flow filled

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Quick Thoughts: Nokia and Microsoft

This morning, in an entirely telegraphed but still shockingly radical shift in strategy, new Nokia CEO Stephen Elop announced a comprehensive smartphone partnership with his former employer, Microsoft.  Most observers have been justifiably critical of both erstwhile innovation leaders’ efforts

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PFE decides to shrink; HHS ends AWP; Drug pricing hits a speedtrap

PFE’s R&D / sales will fall to 10.5% in 2012, down from 13.9% last year.  Strictly speaking, with R&D returns < WACC, the only ‘right’ R&D / sales ratio is zero.  Assuming R&D returns can be >= WACC (we believe

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Small Cap TMT: The Idiosyncratic Method

TMT investing has historically favored thematic strategies, as innovation repeatedly remakes the landscape in favor of those able to exploit the rapid pace of evolution in the sector.  This is doubly true amongst small cap stocks, as traditional value and

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Ranked Preferences across Healthcare, Sub-Sector by Sub-Sector

Suppliers of Commodity Consumables (e.g. BAX, BCR, BDX, COV, HSP, OMI, others ) and Labs (e.g. DGX, LH) are most preferred; both are levered to improving volume comps near-term and reform-related volume gains mid-term; Commodity Consumables in particular escape price

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Storage: Disrupt This!

The history of the data storage market has been marked by wrenching disruptions catalyzed by technological innovation.  We are in the midst of such a disruption at the device level, as the rise of portable devices and cloud applications is

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CES 2011: Tablets, Smart TVs, and 4G – Ready for Prime Time

  Taken as a whole, CES firmly supported our key market hypotheses.  Tablets and smartphones are the devices of the future, likely to crowd out PCs as consumers lead the market charge to portable platforms and cloud based applications.  Living

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On-line TV: A Cycle Ride to the Tipping Point

In the debate over the future of cable television, “cord cutting” is often presented as a static yes/no choice.  We believe this oversimplifies a complex chain of negotiations and choices by an evolving set of participants that are repeated in

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Co-Pay Cards and the Stalling of Drug Rebate Growth

For the first time, because of growth in both rebate percentages and brand drug prices, rebates paid for preferred formulary status now appear to roughly equal the spread in non-preferred (e.g. tier 3) and preferred (e.g. tier 2) co-pays Co-pay

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Protected: December 22, 2010 – Net Neutrality: The FCC Takes Over the Top Under its Wing

There is no excerpt because this is a protected post.

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