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  • American Capital Ltd.: What A Share Is Worth
    Editors' Pick • Fri, Nov. 7 ACAS 30 Comments

    Summary

    • Accounting for dilution at options exercise, assets are worth $18.22 per share pre-split.
    • Impending separation into three entities will reduce confusion about value and improve pricing for the post-split asset manager.
    • Changes in regulatory treatment as a non-BDC will allow more aggressive compensation terms in management agreements, improving earnings growth.
  • Apple's Innovation: Proof It's Over, Or Reason To Buy?
    Tue, Oct. 21 AAPL 42 Comments

    Summary

    • Apple's post-news sell-off isn't unusual - but is it an opportunity?
    • Far from having lost some old lead gained from early innovation, Apple continues to develop differentiated products customers love.
    • Apple's competitive position in China has changed for the better.
    • Apple's Q4'2014 will be driven not only by holiday demand but huge order backlogs from Q3'2014.
  • American Capital Ltd.: Loving The Hate
    Mon, Oct. 13 ACAS 27 Comments

    Summary

    • News frequently characterizes ACAS' business-as-usual news as negative.
    • Complexity in ACAS' operations and reorganization plans precludes sound-bite synopses and headlines.
    • Until ACAS reorganizes to separate funds management from managed funds, marketplace confusion should persist regarding the company's outlook and valuation.
  • Apple's iPhone Launch: Predicting A Strong 2014 Holiday Quarter?
    Thu, Oct. 9 AAPL 21 Comments

    Summary

    • Apple's record-setting iPhone launch didn't include China.
    • Chinese demand for Apple's phones is high.
    • Chinese launch sales atop the holiday season sales suggest a new record quarter.
    • Apple Pay promises improved margins across Apple's entire product lineup from internal transaction processing.
  • Berkshire: Still Beating The S&P
    Tue, Sep. 9 BRK.B, BRK.A 48 Comments

    Summary

    • Berkshire's scale and diversity prevent it from acting like a nimble market participant.
    • Berkshire keeps tens of billions uninvested to support its liquidity policy.
    • Berkshire's productive businesses still beat the S&P.
  • Scale Is Opportunity At Apple
    Mon, Sep. 8 AAPL 33 Comments

    Summary

    • Apple's Fall shipping reservations echoes its holiday shipping for the first iMac, which displaced competitors seeking to make holiday sales.
    • Apple's volumes make possible capital investments that competitors can't easily match.
    • Apple's vertical integration prevents competitors from interfering with Apple's operations.
  • Apple's Quality Is A Competitive Advantage
    Fri, Sep. 5 AAPL 62 Comments

    Summary

    • Quality products support Apple's margins and its profit.
    • Apple's consistent top marks in satisfaction surveys mean customer retention, word of mouth, trust.
    • Apple's quality reputation makes iOS the priority platform even for cross-platform developers.
    • Apple's reputation for quality aids entry into new market segments.
  • Apple's Position Supports Payment Processing Enterprise
    Tue, Sep. 2 AAPL 29 Comments

    Summary

    • Apple's Passbook system grows its position as a payment intermediary, as suggested in 2011.
    • Apple's top-tier customers make its payment network as attractive to sellers as to existing payments firms.
    • Apple has deals underway with American Express, Visa and MasterCard.
  • American Capital: 2014 Mid-Year Update
    Tue, Aug. 26 ACAS 26 Comments

    Summary

    • Persistent NAV discount and continued NAV growth.
    • Reorganization plans clearer.
    • Update to prior ACAS coverage.
  • Some Math On ACAS' Capital Returns
       • Tue, Jan. 21 ACAS 19 Comments
  • Understanding American Capital After 2Q2013
       • Aug. 1, 2013 ACAS 22 Comments
  • Understanding American Capital's 4Q2012 Earnings Announcement
    Editors' Pick • Feb. 20, 2013 ACAS 21 Comments
  • Apple Scores By Skating Where The Puck Is Going Internationally
    Feb. 12, 2013 AAPL 28 Comments
  • Understanding Apple's Anemic Quarter
    Editors' Pick • Feb. 6, 2013 AAPL 50 Comments
  • Is Apple's Threat Real In The Living Room?
    Feb. 5, 2013 AAPL 118 Comments
  • Apple: Cheaper Phone Means Cheaper Stock?
    Jan. 16, 2013 AAPL 61 Comments
  • American Capital: Back In The Business-Building Business
    Editors' Pick • Jan. 11, 2013 ACAS 31 Comments
  • Mobile Manufacturers Part III: Apple Makes More Money
    Jan. 9, 2013 AAPL 59 Comments
  • Mobile Manufacturers Part II: Samsung Sells More Stuff
    Jan. 9, 2013 SSNLF 3 Comments
  • Mobile Manufacturers Part I: Killer Competition
    Jan. 9, 2013 MSFT 8 Comments
  • Understanding Google's Position In The Platform War (Part 2)
    Editors' Pick • Dec. 4, 2012 GOOG 27 Comments
  • Understanding Google's Position In The Platform War (Part 1)
    Editors' Pick • Dec. 4, 2012 GOOG 30 Comments
  • Apple After The Riot, Shortage, Strike, Etc.: Still A Buy?
    Editors' Pick • Oct. 9, 2012 AAPL 208 Comments
  • Research In Motion - Up, But Better?
    Editors' Pick • Oct. 5, 2012 BBRY 89 Comments
  • Normalcy Returning To American Capital
    Editors' Pick • Sep. 10, 2012 ACAS 25 Comments
  • Apple: Pricing Policy, Pricing Power, And Profit
    Editors' Pick • Sep. 3, 2012 AAPL 39 Comments
  • Has Apple Peaked?
    Aug. 29, 2012 AAPL 77 Comments
  • More Growth At American Capital Ltd.
    Editors' Pick • Aug. 10, 2012 ACAS 14 Comments
  • One Year Of American Capital Mortgage Investment Corp.
    Editors' Pick • Aug. 8, 2012 MTGE 8 Comments
  • Why To Buy Apple's Post-Earnings Drop
    Jul. 25, 2012 AAPL 21 Comments
  • Understanding American Capital's Future
    Jul. 23, 2012 ACAS 17 Comments
  • Accreditation Apoplexy At Bridgepoint Education
    Jul. 10, 2012 BPI 6 Comments