Its close enough to year end to check in on how the ideas I've presented during the year have performed, and to update where we stand on the various theses presented. The below table summarizes the overall performance of each idea since publishing, along with benchmark performance, and alpha (outperformance vs the benchmark). Note, this … Continue reading Taking stock of 2019: idea performance and thesis updates
AER
Is the market even semi-form efficient? The Aercap conundrum
Imagine I told you nothing about two different companies except their historical long-term earnings power (net income through the cycle; return on assets/equity %, etc) and capital structure (equity/total assets, debt/total capital, etc). I then told you they were both financial companies dependent upon access to capital markets for funding - making them somewhat comparable … Continue reading Is the market even semi-form efficient? The Aercap conundrum