Zombie Apocalypse Research Paper

Thursday, October 28, 2021 9:07:57 PM

Zombie Apocalypse Research Paper



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Many people predicted a massive market correction if Biden won the election The recent semiconductor squeeze may catapult this firm into the spotlight. With recent shortages of semiconductor chips, a plethora of companies from Samsung to Toyota have spoken out regarding supply chain issues By sticking to the basics, this technology distribution firm made the most of the pandemic. Often, the flashiest industries and companies hog the investing news cycle, excluding companies in more mundane industries. Investors believe this company to be boring, propelling them to undervalue the business How cryptocurrencies and banking combine to make the next fintech revolution.

Investors and speculators are loving the recent boom in the cryptocurrency space. With the upcoming public offering for Coinbase, investors are looking for other angles to be exposed to the crypto space Today, we look at how one portfolio has ridden the wave of retail investor excitement in the stock market The entire communications equipment industry has benefited greatly from the macroeconomic tailwinds occurring. The rollout of 5G and connectivity of the Internet of Things IoT have renewed investor interest in the space This hedge fund legend has emerged with a new identity after overcoming previous scandals. But sometimes the company that emerges keeps what made it great, and can now leave behind the legacy of its prior poor decisions How the forgotten home expenses lead to successes for this market player.

Despite approaching a year since the At-Home Revolution has impacted the globe, investors are still missing out on some of the home tailwinds powering companies through This company provides an essential home need that will continue to be in demand through the year Ratings agencies are lettings sports and politics get in the way of good judgment. This simple rule used for years by asset managers is starting to break down. For years, investors had a simple rule of thumb to determine if the market was cheap. From asset managers to newscasters, it was an easy soundbite to repeat, and had enough basis in reality to anchor expectations How Warren Buffett is tackling the markets in Today, we look at how one of the greatest investors to ever live has performed since the onset of the pandemic Investors love to put their money behind long-term macro trends that promise to transform our world.

And yet, many investors neglect the companies supplying these trends In this market, investors are under the impression competitors are forced to fight tooth and nail for customers. The unspoken truth of investing in real estate. The real estate market has been blown open by the pandemic, with little sign of slowing down in Climbing real estate prices in a recession are unique, and it impacts spending in other related industries Ignoring the last two recessions, corporate America is in a secular uptrend Uniform Accounting shows the reason why Amazon went after Whole Foods in Today, constant access to power is a necessity as employees work from home, students learn from home, and more Whether or not cash will remain king, this company will continue thriving.

Inflation is a key part of equity market valuations. While the fund of funds structure can be incredibly profitable, it also means investors end up paying double the fees Of the industries surging during the pandemic, few have seen acceleration like the used car market. Heavy regulation is often associated with inefficiency, limited profits, and less attractive industries. Sometimes, government regulation has the opposite effect This simple recession indicator is flashing bullish for the stock market.

Over the past month, rates have swung wildly in both directions. Thanks to investor sentiment about inflation balanced with fears of hard times, rates are struggling to find an equilibrium point Bill Miller still knows how to pick great stocks. Many investors follow traditional strategies when creating their portfolios. Investors are forgetting the building blocks of the upcoming automation transformation. As the world continues to change, one sure bet is the company supplying this automation wave Investors are too quick to write off this established media company.

Adoption is often a messy process, and investors can often ditch a successful firm too early Companies across the world have been forced to go digital so employees can work from home. For many companies, this step is well outside of their core competence. This company is making itself more valuable from supporting this now essential service With this Hedge Fund demonized in the press for its GameStop short, we are taking a closer look.

While this hedge fund was the wrong side of history regarding the GameStop fiasco, it has many quality long-term positions This chemicals firm proves the value of completely dominating your niche. Investors are blind to the true profitability of this chemical company. It services a tiny but essential niche, which has helped it generate strong earnings in the past This tech firm has positioned itself well to be at the forefront of providing vital services This popular credit marker consistently gives investors the wrong signals. To understand the equity markets, investors must have a solid grasp of what is occurring in the credit markets. Many investors turn to credit default swaps CDS as a solid indicator of credit health in the market In April , we looked at one of the most successful hedge fund managers who helped create the hedge fund industry The mistake Alexander Fleming and rating agencies both made.

Some of the greatest innovations in the past have occurred by accident. Utility firms tend to be boring but steady names for investors to park their money in. The difference between a great company and a great stock. With the benefit of years to study the markets, we have a different view Investing in the tech industry can be lucrative, but only for the savviest investors. Industry knowledge and a rigorous investment philosophy are critical to avoid getting burned Investment gurus have stressed the importance of this resource over both oil and gold. Over the past 10 years, some of the biggest investing gurus have moved away from gold and oil into another natural resource used by billions of people daily In a fast moving environment, it can be difficult to measure the impact of economic cabin fever.

The term cabin fever originated during the settling of the frontier to describe those working deep in Northern Canada. Cabin fever is the mental or even physical ailments that arise when someone is cooped up in one place with little to do This investor opened my eyes to the credit world… and why all equity investors need to understand the credit market This med-tech company helps provide care to one of the most underserved markets in healthcare.

Drug trials often fail to test women as frequently or rigorously as men. This can lead to serious consequences for drug distribution Some bonds were yielding equity-like returns due to massive dislocations Investors need to tread lightly, though. By continuing to live on the edge, this fund manager has followed a strategy that has made him billions of dollars, despite almost sinking his career numerous times Consistent price competition is a major obstacle to any commodity industry. Without sustained innovation, firms can expect to see their temporary competitive advantages deteriorate over time Products like pet supplies and gardening have thrived during the pandemic. With more free time than ever, people are looking for both companionship and extra hobbies Data storage has become increasingly complex in recent years.

Today, a simple smartphone has more power and storage than some of the most complex computers in the world decades ago How we can gain insight about asset growth based on earnings calls. Sentiment is so important to understand. This activist investor took on Microsoft and won. Activist investing has gotten a poor reputation in recent years. Much of this reputation comes from some activist investors looking for short-term profits, harming long-term shareholders E-commerce has seen its biggest rise ever during the pandemic.

With many in-person stores closed, consumers are turning to online shopping to meet their needs. Companies with exposure to different aspects of the industry are thriving during this period Rating agencies are making a losing bet going against this casino operator. Las Vegas is known as the gambling capital of the world. It has the highest concentration of casinos and the oldest location for legal gambling in the U. However, casinos exist in other parts of the country as well This trading firm appears to be trading at a discount, but the market may already be clued in.

The commodity trading industry is a specialized part of the economy. The grain trading industry is an even more specialized niche. Some individual investors look at institutions to get a pulse on the market. Large institutions often are the driving force between price swings, so knowing if they are buying or selling is helpful to stay current The market has prematurely tossed away this well-established pharma company. Investing in biotech companies is tricky due to the complex nature of the drugs and exclusivity rights.

Companies bringing new products to market will often get a set period of time before generic alternatives can replicate the drug and enter the markets Some industries have thrived during the pandemic. One of these has been the homebuilding industry, due to more people moving to the suburbs. People are looking to leave cramped apartment buildings and want the space provided by suburban homes Understanding business capacity is necessary to know where we are in the business cycle. This cash management firm has has been minting steady cash flows. Cash management has long been a vital process for businesses. After making money, businesses must keep track of all the cash they receive from customers to avoid fraud or theft This company serves as a vital supplier to tech giants, but creditors see only danger ahead.

Asset-light business models are all the rage to investors these days. They tend to generate higher ROAs and can scale faster. However, capital-intensive businesses are often safer with steadier cash flows Customer relationship management CRM is essential for most companies. As such, there are many firms in the space helping companies manage their relationships with clients. However, the Healthcare sector has its own unique problems most CRM It is important to understand how management members think about their own companies. They are the ones driving company performance, so any insight into their thinking is helpful One of the greatest investors of all time attributes most of his investing success to learning under a failed playwright Products for your home are selling like hotcakes One of these has been the consumer goods sector, as people have been unable to spend their discretionary income on experiences like travel This semiconductor company makes a mint supplying the 5G and self-driving car megatrends.

Connectivity has been important during the pandemic. Two areas that are increasing connectivity are 5G and autonomous vehicles Quantitative investing models can only go so far. They are limited to the data they have access to, which they use to predict future trends. When unexpected events occur, like the pandemic, it can throw these models for a loop Companies in the same sector can end up having completely different returns due to competitive advantages and differing strategies Retail is usually one of the hardest hit sectors during a recession. People have less money to spend on discretionary items, negatively impacting retail store sales Uniform Accounting reveals how much the U. The threat of cyber attacks has spiked in recent years. These indicators show why we are confident in the health of credit markets.

In addition to looking at aggregate Uniform Accounting data, we like to look at other indicators to have a holistic view of the market. Many equity investors fail to consider how the credit market and its signals can help us understand the stock market Much like Indiana Jones, this hedge fund titan has spent his fair share of time in the classroom, but what has really made him famous is his success in applying his knowledge in the field The medical industry has been an interesting one to invest in this year.

Hospitals have been overwhelmed, but many elective procedures have been postponed this year. During periods of crisis, people tend to stock up on essential goods. We saw this during the pandemic when toilet paper was worth its weight in gold. During natural disasters, people make a similar run on Breakfast has long been considered the most important meal of the day by dieticians. As the pandemic has forced people to stay at home, people now have more time to consume a full breakfast in the morning.

Given how volatile this year has been, some investors are worried about how consumer credit could affect holiday shopping Quantitative hedge funds have seen a boom in recent years as technology continues to advance. Artificial intelligence and machine learning have begun to take over the roles of many traditional hedge fund analysts One of these has been the home improvement sector, as consumers are spending more time in their homes Many consumer staples like soup are overlooked by investors, giving diligent investors an edge.

Soup has long been the go-to food for people feeling under the weather. As the pandemic continues to accelerate Credit markets often hold the key to understanding the broader economy Factor investing involves using quantifiable attributes to explain and drive differences in stock returns. It has taken off over the past decade as computer algorithms become more advanced and can handle more data During the pandemic, RVs and other vehicles sales skyrocketed, as families take control of their vacations. Rating agencies miss the mark again by pegging this door maker as a risky homebuilder.

The fortunes of the real estate industry have significantly improved since the Great Recession. Firms related to home renovations have fared especially well Auto parts saw a surge in demand following the Great Recession. People were holding off from buying cars, instead looking to fix their existing vehicles The market may have overreacted to news about a coronavirus vaccine…. The news about a possible coronavirus vaccine pushed the stock market higher last week.

Thematic investing involves creating a portfolio of companies around particular market trends. If the theme outperforms, the best names within the theme will do well. By marking the universe of potential stocks to buy smaller, investors can rigorously For airlines, the loyalty program can be as valuable as the core business itself. The brick-and-mortar retail industry has been one of the most prominent impacted by the pandemic. However, not every company in this industry has been totally crushed Semiconductor production is a complex task, where small mistakes threaten to ruin the whole process. The election has dominated the news over the past week.

Investors may still be wondering what the outcome means for the stock market and economy This fund has found success investing in emerging markets, and Uniform Accounting shows why. International markets have become great places for fund managers to look for alpha. Many emerging markets are less developed than the U. Uniform Accounting gives us valuable insights on investing in the lumber trade.

Sometimes the most mundane industries can create tremendous value. Today, we will look at a company in the timber and wood products industry One of the less surprising ones has been the paper and packaging industry The At-Home Revolution has affected a swathe of different industries. Surprisingly, vehicles like ATVs and motorcycles have seen an uptick in sales. How a Democratic victory tomorrow could affect your portfolio. This fund is daring enough to invest well outside of its benchmark, and is being rewarded for it. The easiest path for any fund manager is to buy stocks within their benchmark. Innovation has led to the demise of many industries. From horse drawn carriages to typewriters, technology waits for nobody Online travel companies have been hit particularly hard by the pandemic.

Global travel is expected to take years to return to previous highs, and companies without solid liquidity may not survive the downturn Acquisitions have the ability to transform a company. Investors are worried about rising corporate reliance on debt. The idea of margin of safety was popularized by value-investing legend, Benjamin Graham. Its application was further promoted by the famous investor, Warren Buffett, who stressed the importance of preventing losses A recurring revenue model can be one of the most effective business strategies thanks to the consistent stream of income Companies that help students navigate these tests have seen surging demand as the admissions process becomes more competitive each year Addictive substances have a steady demand.

Investor sentiment can be vital to making sense of how the stock is going to move. At the end of the day, institutions push the market in either direction. Without knowledge of their strategies and their risk tolerance, it is hard to comprehend This investor uses informational advantages to follow in the footsteps of other investing greats This global research firm recently purchased a successful insights and technology company to boost its business Many companies are phasing pensions out of their benefit plans due to the high costs Bloomberg says insider selling may be a worrying sign, our mosaic tells a different story.

Executives know their companies better than anyone. That is why insider selling and buying can be such important indicators Many investors today do not have the time or resources to search for individual growth stocks to buy. This is why they invest in ETFs either exposed to a formulaic group of growth stocks across the entire market or a broad theme The basic materials sector usually does not have firms with sustainable levels of elevated profitability The crossover between investment grade and high-yield bonds provides interesting opportunities for well-versed credit investors. Many companies on the cusp of being classified as investment grade cannot be traded by investment grade portfolios due to their high-yield nature With the proliferation of masks, glasses wearers around the world have wondered if it is time to switch to contacts Many investors today do not have the time or resources to search for individual value stocks to buy.

This is why they invest in ETFs either exposed to the entire market or a broad theme In the late s, investors and economists faced a reality check on the strength and resiliency of the housing market. After a few rocky years and significant work to repair the credit for homeowners and home However, looking at as-reported numbers, it appears the acquisition has destroyed Our sound economic mosaic of data is giving us reason to not panic in the recent market pullback.

The economy is a hard beast to tame, and no one indicator is able to fully encapsulate what it is doing. That is why we at Valens like to look at the economy from as many points of view as possible However, looking at as-reported numbers, it appears the firm has negative returns The Great Recession was devastating for the automotive industry. Demand collapsed and with it, millions of jobs were lost as large corporations were forced to declare bankruptcy Data has become an essential part of the economy over the last few decades.

The previous bull market lasted from the Great Recession to the beginning of the coronavirus pandemic in America. Many investors today do not have the time or resources to pick individual stocks to try and beat the market This ski resort company has embraced the season ticket model fad to boost profitability Broadcast TV and cable companies have struggled to hold onto customers in recent years as consumers have cut the cord. This has led to declining cash flows and growing concerns about their ability to pay off heavy debt loads During the pandemic, people have had to adapt to new working and learning environments Inflation can affect the economy and markets greatly.

Although currently below long-term averages, it is beginning to pick up, and this could have significant implications for market valuations Hedge funds employ a variety of investing strategies to take advantage of market inefficiencies. One of the most popular is arbitrage investing, where investors look for relative mispricings between similar assets This information technology company is making life easier for employees all over the world Demand for industrial metals is heavily dependent on the demand for their end-markets. If demand increases for products like cars, planes, or homes, the metals used to produce them will also see huge benefits However, looking at as-reported numbers, it appears the firm has relatively average returns Macro hedge funds seek to take advantage of broad political or economic trends.

They make bets based on the outcomes of events such as potential rate cuts, other central bank actions, and elections This Consumer Staples company has historically seen remarkably consistent earnings. This means investors have typically used it as a benchmark for safe investment, but with little expectation for change. That is, until this year The current economic crisis is fundamentally different from the financial collapse During the pandemic, consumers have found lots of time to take up new activities A continuation of short-term unemployment trends could mean bullish signs in the economy. Unemployment provides insight into how the whole economy is running. The rate skyrocketed months ago, and now it is beginning to fall In the past, hedge funds would invest almost exclusively for high net-worth individuals.

Today, a large portion of invested capital in hedge funds comes from endowments and pension funds This advertising company is able to use older technology to succeed The rise of quantitative, or quant funds, comes with an increased need for data. These funds use advanced algorithms to sift through huge amounts of data and attempt to pick stocks Using the same earnings call analysis we use to understand what the Federal Reserve and Federal Open Market Committee FOMC are thinking can provide investors with great insight on monetary policy Factor investing is an investment approach that uses quantifiable characteristics to build portfolios.

This lighting company appears to be a boring, cost-of-capital business when viewed through the lens of as-reported accounting These companies are seeing increased demand and stronger future This discount store operator has a unique business model and an incredibly loyal following among its customers It is important to follow both the consumer and corporate credit signals People often classify investors into two buckets. The first is growth investors looking for fast growing companies with high multiples. The second is value investors searching for underappreciated This company is set to thrive off of disrupted food habits, despite what as-reported metrics say.

This indicator has reached all-time highs and provides businesses with much needed support. Historically, credit is the catalyst for economic cycles, both good and bad. A recession, outside of the current one, historically is caused by a lack of credit leading to credit, and therefore productivity destruction Modern Portfolio Theory has shaped understanding of asset allocation, due to its division of risk into idiosyncratic and systematic buckets One of our areas of focus at Valens is understanding how Incentives Dictate Behavior. This is the idea that people do what they are paid to do Last week, we discussed the possibility of inflation impacting stock market valuations For some investors looking to retire, they do not have the time or the capital required to create a tailor-made portfolio of stock ideas Using a leverage ratio is an easy way to measure the credit profile of a firm.

Firms with levels too high deserve higher bond yields since they are riskier. Better ratios warrant lower yields This timeshare company has recently followed the footsteps of its competitors in separating from its hotel counterpart Some economists are concerned about the possibility of inflation after the lifting of stay-at-home orders Large asset managers are forced to ignore firms under a certain market cap due to liquidity issues This company continues to be known as the most recognizable chocolate brand, seen at every grocery and convenience store In the beginning of the pandemic, many credit investors feared firms would be unable to pay their bills and be forced into bankruptcy Headlines and incorrect data are turning investor opinion wrongly against this pickaxe seller.

Over the past 30 years, total capacity utilization has been a vital metric in gauging economic health Investors love to look at and think about large-cap stocks because they are a proven force in their respective market Start-up companies are often avoided by equity investors due to their inherent risk and high valuations Higher education is a highly competitive industry, with over 4, institutions competing in the US When talking about macro trends, people often think of the market as one uniform entity Even the biggest companies start small. When it publishes its data, everyone pays attention. Bad results could mean the cancellation of your favorite TV show Commoditized businesses often get a bad reputation, and rightfully so. Everyone knows ESG is important, but sometimes the costs of implementing those strategies can be prohibitive.

In an industry where efficiency is paramount, being an The greatest investors in history make money by taking advantage of dislocations in the market. Many of those dislocations are created by human emotion As-reported financials mask how well this company has captured the cybersecurity wave. Cybersecurity is becoming a bigger and bigger part of everyday life. For creditors, the size of a company matters. Larger companies have larger market caps, revenue streams and typically, asset bases The idea of networks has been a hot idea to invest in over the last few years.

The reason makes sense since it transforms your business model Aggregate valuations are back above pre-pandemic highs—that may be as far as they go. With the stock market rebounding to almost pre-pandemic highs, and with massive amounts of new debt in Q1, Letter-writing campaigns not only allow grassroot activists to reach political representatives, it can also help activist investors influence company management Socially responsible investing or ESG investing has increased in relevance in recent years Investors often talk about the value of a spin-off for shareholders, yet spin-offs can be just as valuable for bondholders Startups generally have poor profitability, and therefore little to lose when they try new strategies Howard Marks and Oaktree have been highly respected for years.

As the world starts to reopen, there will be winners and losers of what we are calling the at-home revolution. In fact, we even wrote a whole report on the companies we think will win Faced with shrinking growth opportunities, this company has been able to add another line of business by rethinking how to monetize its assets differently Management confidence peaked right when the economy did in February. March and April brought higher levels of uncertainty from management teams Transformative mergers rarely work out. While equity investors look for upside to cash flows, credit investors just need to know that firms have the means to pay them back This company made a huge acquisition to expand its business and improve their operations.

Bankruptcy risk goes beyond just examining short-term operational solvency. So far, Wall Street analysts seem bullish that companies are already getting back on track for Q Paperwork is one of the most important processes in healthcare, ensuring that all medical and patient records are tracked and kept. However, this is a tedious process that takes up so much time Due to their steady volume demand and lack of switching alternatives for customers, utilities are heavily regulated by governments to avoid price gouging, thus limiting their profitability Did a hedge fund great play in the World Series?

The coronavirus pandemic highlighted the struggle of healthcare workers and the shortage of PPE Personal Protective Equipment Consumer staples companies like those in the packaged foods and meats industry are thought to be safe, especially in this environment when everyone is stockpiling on longer-lasting foods. After the recent market skid, valuations and embedded expectations have fallen to their lowest levels in years Spices have been one of the most valuable commodities for a number of centuries, especially during the Age of Exploration Special items give companies a chance to separate one-off and unusual items from operating performance GE, Tyco, United Technologies.

One of our most powerful recession indicators is flashing a surprisingly bullish signal. This lawyer turned infamous investor has had CEOs and country treasuries shaking in their boots for decades, applying a legal activism philosophy to get his way and create shareholder value Publishing is dying, but Uniform Accounting shows this name might be able to buck that trend. Print publishing is a dying industry and at first glance, it looks like all of the players in it are circling the drain. This includes a niche player that many might recognize as a leading player in its market The recovery from the Great Recession was an uneven one, as the wealthy recovered faster than the rest of the population.

An example of the struggle most Along with stocks, bonds, and cash, gold is one of the most popular asset classes for individual investors Much like his ancestors, this investing great has had to explore new investment landscapes to try to provide for his investors like he did previously Horizontally integrated and vertically integrated monopolies have been around for a long period of time Every quarter, executive management teams get onto a large conference call and deliver their earnings results to thousands of Wall Street analysts and investors It is never a good sign when a company needs to change its name because of a scandal Planet Fitness has been nailing the franchising strategy over the past couple of years Recent discussions about potential government bailouts have come with a laundry list In October, we looked at one of the greatest hedge fund managers of all time who helped Amazon has wreaked havoc on retail over the last several years.

Looking at the as-reported financials for this retail giant suggests this company got caught up Credit investors look smart in bear markets, and equity investors look smart in bull This HR industry leader has been mostly thought of as a payroll company with unspectacular and unsurprisingly low returns All of our analysis starts with adjusted financial metrics. However, not all adjusted financials are equally useful Throughout much of modern history, ratings agencies were considered some of the most powerful companies in the world This firm has a massive asset on the books that has dragged down returns recently.

However, it is in a prime position to monetize that asset and see returns get back to prior levels, or over double where they are now This key economic indicator continues to be a tailwind for U. Since the United States formally began inflation targeting in , the best economic analysts in the country have failed to accurately predict inflation Oil prices have been falling fast, and many investors are concerned This great investment has focused on investing in smaller things with bigger upside in both his personal and professional lives. The bet that small things can make big impacts has paid off for him for the past 50 years and more While the payment processing industry is notoriously profitable, not all segments of the market are able to share in that wealth A long-term focus on the right macro metrics shows why this market is deeply undervalued.

With recent market volatility, many investors are overly focused on the short term when they should be focusing on long-standing macroeconomic drivers that will drive stocks This influential hedge fund investor has followed the same rules to become a world class poker player that he used to become a well-known hedge fund star When Valens started looking at bond-specific trades, rather than just credit for equity analysis, we found far more cheap When Valens started looking at bond-specific trades, rather than just credit for equity analysis Companies with low valuations and high returns can look like an attractive value investment, but looks can often be deceiving Sometimes, the stock market can give conflicting signals.

We ran a piece in our Altimetry Daily Authority today, a daily report that we write for our individual investor clients today. For those interested, you can see what we normally write there, by clicking here Many utilities have struggled to reduce their carbon footprint without sacrificing profitability, and this firm has shown that renewable energy can lead to higher Credit agencies were largely criticized following the Great Recession for their inability to accurately portray the credit risk of mortgage-backed securities until after the market collapse Many people today do not know the origin of basic finance terms we use today. This hedge fund titan follows in the footsteps of one of the greatest traders of all time.

After first struggling to adapt to changing consumer needs, this firm has been able to recover to historically strong profitability levels by embracing new platforms Investors were caught off guard when MLPs—one of the most stable investment classes—struggled during the Great Recession. Banks were lending on the wrong metrics, and it had disastrous results If you can understand where credit markets are heading, you can understand what is likely to occur for the economy overall, and the equity markets This fund manager has lived by a less known Buffett quote about being a concentrated investor when you have all the information. It has both made him billions and almost sunk his career multiple times This company demonstrates that not all biotechnology firms either become moonshots or crash-and-burn While investors think all companies in the Aluminum business are commodity companies, this firm has been able to yield consistent returns and avoid Asset-intensive industries like telecom and cable require specific solutions to drive stronger returns True greats in any field stand on the shoulders of fellow giants.

Be it Plato building off his learnings from Socrates or this value investor, As a leader in its space, this firm has been able to yield phenomenal returns by expanding its reach to as many This company is part of the legacy of one of the greatest roll-up artists of this generation, and most Our focus on credit cycles is to make sure there is availability of corporate credit for companies to invest in growth. It is equally important to see This informational advantage-based investor follows in the footsteps of other investing greats. He also comes from one of the greatest banking dynasties ever, always focusing on being one step ahead of the market Despite never eclipsing its largest rival, this company has been able to enter new markets by leveraging a strong portfolio of brands The equity markets rewarded this company after a risky bet paid off, sending the stock three times higher over the last three years The great Ben Graham, father of value investing, talked in The Intelligent Investor about the importance of Earning Power for understanding in which companies to invest This investor taught me to open my eyes to the credit world… and its power when viewing the equity markets This company was the test case for a brand new business model that transformed its market This company has repeatedly been taken private and then gone public.

Risk averse credit rating agencies are focusing on that risk and refuse to rate the company as Tailwinds for this market with continued growth in the high frequency world, and cloud storage and SaaS solutions across all sectors mean that the market thinks this When the most secretive organizations in the world decide to publish their data, it often draws a lot of attention This company has been a prime example of how selling more stuff to more customers can lead to a sustained business transformation For many investors, relative performance and relative valuation analysis are key to knowing which stocks look expensive and cheap This company has created brands that have become synonymous with the categories it owns.

Because of this the company has been able to produce steady and strong profitability Thank you so much for having been a Valens Research Institutional Daily reader. While we were recommending the company in , we became exceptionally bullish Dwight D. Eisenhower was not just a great general, he was a visionary. This was a road test Up until the company had benefited from tailwinds from a rare Each year, we spend several weekends teaching classes in MBA programs across the US, and sometimes globally.

In the land of distribution, especially food distribution, inflation and volumes are king. The way a distributor makes money, quite simply, is by being the warehouse and logistics connection between sellers and buyers When a company is trading at the bottom of its recent trading range, it can be a sign it is time to dig in, as Mr. Market has overreacted about While some commentators and experts argued that the coverage of the problem largely amounted to scaremongering , [16] it was only the safe passing of the main event itself, 1 January , that fully quelled public fears. Some experts who argued that scaremongering was occurring, such as Ross Anderson , professor of security engineering at the University of Cambridge Computer Laboratory , have since claimed that despite sending out hundreds of press releases about research results suggesting that the problem was not likely to be as big as some had suggested, they were largely ignored by the media.

The practice of using two-digit dates for convenience predates computers, but was never a problem until stored dates were used in calculations. I used to write those programs back in the s and s, and was proud of the fact that I was able to squeeze a few elements of space out of my program by not having to put a 19 before the year. Back then, it was very important.

We used to spend a lot of time running through various mathematical exercises before we started to write our programs so that they could be very clearly delimited with respect to space and the use of capacity. It never entered our minds that those programs would have lasted for more than a few years. As a consequence, they are very poorly documented. If I were to go back and look at some of the programs I wrote 30 years ago, I would have one terribly difficult time working my way through step-by-step. In the first half of the 20th century, well before the computer era, years were handwritten, in full without abbreviation or an apostrophe.

In fact, cursive forms of the year may have actually looked like this: " After , it was impossible to mistake a two-digit year for a day of the month. This was the very beginning of the Y2K problem. With this practice, continued into the next century, two-digit year formats can easily be mistaken for a day or month for the first 31 years of a century. Business data processing was done using unit record equipment and punched cards , most commonly the column variety employed by IBM, which dominated the industry.

Many tricks were used to squeeze needed data into fixed-field character records. Saving two digits for every date field was significant in this effort. In the s, computer memory and mass storage were scarce and expensive. Early core memory cost one dollar per bit. Popular commercial computers, such as the IBM , shipped with as little as 2 kilobytes of memory. Over time the punched cards were converted to magnetic tape and then disc files, but the structure of the data usually changed very little. Data was still input using punched cards until the mids. Machine architectures, programming languages and application designs were evolving rapidly.

Neither managers nor programmers of that time expected their programs to remain in use for many decades. The realisation that databases were a new type of program with different characteristics had not yet come. There were exceptions, of course. The first person known to publicly address this issue was Bob Bemer , who had noticed it in as a result of work on genealogical software. He spent the next twenty years trying to make programmers, IBM , the government of the United States and the ISO aware of the problem, with little result.

This included the recommendation that the COBOL picture clause should be used to specify four digit years for dates. In the s the brokerage industry began to address this issue, mostly because of bonds with maturity dates beyond the year Despite magazine articles on the subject from onward, the majority of programmers and managers only started recognising Y2K as a looming problem in the mids, but even then, inertia and complacency caused it to be mostly unresolved until the last few years of the decade.

In , Erik Naggum was instrumental in ensuring that internet mail used four digit representations of years by including a strong recommendation to this effect in the internet host requirements document RFC While using 3 digit years and 3 digit dates within that year was used by some, others chose to use the number of days since a fixed date, such as 1 January Embedded systems with similar date logic were expected to malfunction and cause utilities and other crucial infrastructure to fail. Saving space on stored dates persisted into the Unix era, with most systems representing dates to a single bit word, typically representing dates as elapsed seconds from some fixed date , which causes the similar Y2K38 problem.

Storage of a combined date and time within a fixed binary field is often considered a solution, but the possibility for software to misinterpret dates remains because such date and time representations must be relative to some known origin. Rollover of such systems is still a problem but can happen at varying dates and can fail in various ways.

For example:. This date overflowed the bit field that had been used in the Decsystem 10 operating systems. There were numerous problems and crashes related to this bug while an alternative format was developed. Even before 1 January arrived, there were also some worries about 9 September albeit less than those generated by Y2K. It was thus possible that database programs might act on the records containing unknown dates on that day. Data entry operators commonly entered into required fields for an unknown future date, e. While fears arose that some programs might unexpectedly terminate on that date, the bug was more likely to confuse computer operators than machines. Normally, a year is a leap year if it is evenly divisible by four.

A year divisible by , however, is not a leap year in the Gregorian calendar unless it is also divisible by For example, was a leap year, but , and were not. Some programs may have relied on the oversimplified rule that a year divisible by four is a leap year. This method works fine for the year because it is a leap year , and will not become a problem until , when older legacy programs will likely have long since been replaced. Other programs contained incorrect leap year logic, assuming for instance that no year divisible by could be a leap year.

An assessment of this leap year problem including a number of real life code fragments appeared in Some systems had problems once the year rolled over to The main source of problems was confusion between hexadecimal number encoding and binary-coded decimal encodings of numbers. Both hexadecimal and BCD encode the numbers 0—9 as 0x0—0x9. But BCD encodes the number 10 as 0x10, whereas hexadecimal encodes the number 10 as 0x0A; 0x10 interpreted as a hexadecimal encoding represents the number Windows Mobile is the first software reported to have been affected by this glitch; in some cases WM6 changes the date of any incoming SMS message sent after 1 January from the year to The most important occurrences of such a glitch were in Germany, where upwards of 20 million bank cards became unusable, and with Citibank Belgium, whose digipass customer identification chips failed.

As a long integer in bit systems uses 64 bits, the problem does not realistically exist on bit systems that use the LP64 model. However, the fix for the timestamps would work only until the year Several very different approaches were used to solve the Year problem in legacy systems. Six of them follow:. When 1 January arrived, there were problems generally regarded as minor. Some programs were not active at that moment and problems would only show up when they were invoked.

Not all problems recorded were directly linked to Y2K programming in a causality ; minor technological glitches occur on a regular basis. Some software did not correctly recognise as a leap year, and so worked on the basis of the year having days. On the last day of day these systems exhibited various errors. These were generally minor. In addition to the Year problem, various issues have occurred due to errors involving overflows. It tracked time in one-tenth of a second increments, and so was lost on 11 August at when its internal clock reached exactly 2 32 tenths of a seconds since 1 January , the time value being stored in a signed bit integer which overflowed on the date and at the time in question.

Some software used a process called date windowing to fix the issue by interpreting years as and as As a result, a new wave of problems started appearing in , including parking meters in New York City refusing to accept credit cards, issues with Novitus point of sale units, and some utility companies printing bills listing the year Although only two digits are allocated for the birth year in the Bulgarian national identification number , the year problem and subsequently the Y2K problem were addressed by the use of unused values above 12 in the month range.

For all persons born before , the month is stored as the calendar month plus 20, and for all persons born after , the month is stored as the calendar month plus Norway and Finland changed their national identification number , to indicate the century in which a person was born. In both countries, the birth year was historically indicated by two digits only. This numbering system had already given rise to a similar problem, the " Year problem ", which arose due to problems distinguishing between people born in the 20th and 19th centuries. Y2K fears drew attention to an older issue, while prompting a solution to a new problem.

Romania also changed its national identification number in response to the Y2K problem, due to the birth year being represented by only two digits. Before , the first digit, which shows the person's gender, was 1 for males and 2 for females. Starting from 1 January , the Romanian national identification number starts with 5 for males and 6 for females. This put Uganda in the "top 20" out of national governments, and on a par with the United States, United Kingdom, Canada, Australia and Japan, and ahead of Germany, Italy, Austria, Switzerland which were rated as only "somewhat informative".

The report said that "Countries which disclose more Y2K information will be more likely to maintain public confidence in their own countries and in the international markets. The British government made regular assessments of the progress made by different sectors of business towards becoming Y2K-compliant and there was wide reporting of sectors which were laggards. Companies and institutions were classified according to a traffic light scheme ranging from green "no problems" to red "grave doubts whether the work can be finished in time". Many organisations finished far ahead of the deadline. In , the United States government responded to the Y2K threat by passing the Year Information and Readiness Disclosure Act, by working with private sector counterparts in order to ensure readiness, and by creating internal continuity of operations plans in the event of problems and set limits to certain potential liabilities of companies with respect to disclosures about their Year program.

The US government followed a three-part approach to the problem: 1 outreach and advocacy, 2 monitoring and assessment, and 3 contingency planning and regulation. GOV, many of which have become inaccessible in the years since Most industries had contingency plans that relied upon the internet for backup communications. However, as no federal agency had clear authority with regard to the internet at this time it had passed from the US Department of Defense to the US National Science Foundation and then to the US Department of Commerce , no agency was assessing the readiness of the internet itself.

The U. It was a liaison operation designed to mitigate the possibility of false positive readings in each nation's nuclear attack early warning systems. Funding was provided by the World Bank, and Bruce W. McConnell was appointed as director. IY2KCC's mission was to "promote increased strategic cooperation and action among governments, peoples, and the private sector to minimize adverse Y2K effects on the global society and economy.

The Y2K issue was a major topic of discussion in the late s and as such showed up in most popular media. A variety of fringe groups and individuals such as those within some fundamentalist religious organizations, survivalists , cults , anti-social movements, self-sufficiency enthusiasts, communes and those attracted to conspiracy theories , embraced Y2K as a tool to engender fear and provide a form of evidence for their respective theories. End-of-the-world scenarios and apocalyptic themes were common in their communication. Interest in the survivalist movement peaked in in its second wave for that decade, triggered by Y2K fears. In the time before extensive efforts were made to rewrite computer programming codes to mitigate the possible impacts, some writers such as Gary North , Ed Yourdon , James Howard Kunstler , [79] and Ed Yardeni anticipated widespread power outages, food and gasoline shortages, and other emergencies.

North and others raised the alarm because they thought Y2K code fixes were not being made quickly enough. While a range of authors responded to this wave of concern, two of the most survival-focused texts to emerge were Boston on Y2K by Kenneth W. Y2K was also exploited by some fundamentalist and charismatic Christian leaders throughout the Western world, particularly in North America and Australia. The Y2K crisis might incite a worldwide revival that would lead to the rapture of the church. Along with many survivalists, Mr. Falwell advised stocking up on food and guns". The Chicago Tribune reported that some large fundamentalist churches, motivated by Y2K, were the sites for flea market -like sales of paraphernalia designed to help people survive a social order crisis ranging from gold coins to wood-burning stoves.

She also noted that, "the cold truth is that preaching chaos is profitable and calm doesn't sell many tapes or books". It became clear in the aftermath that leaders of these fringe groups had cleverly used fears of apocalyptic outcomes to manipulate followers into dramatic scenes of mass repentance or renewed commitment to their groups, additional giving of funds and more overt commitment to their respective organizations or churches. Reputable preachers were advocating food storage and a "head for the caves" mentality.

No banks failed, no planes crashed, no wars or civil war started. And yet not one of these prophets of doom has ever apologised for their scare-mongering tactics. The remedial work was driven by customer demand for solutions. Software subcontractors were required to certify that their software components were free of date-related problems, which drove further work down the supply chain.

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