Apparently Vivendi (VIVHY) CEO Jean-Bernard Levy is preparing to step down.  This is good news for shareholders as it could potentially increase the odds of the company spinning off or selling some of their assets.  This conglomerate trades at a substantial discount to their sum of the parts value, and Levy has been an advocate...Read More

This is a really interesting article about the changes in supply and demand that are having transformational impacts on crude oil prices.  I’ve never been an advocate of the “Peak Oil” theory and with natural gas prices at historic lows I believe it makes sense to make a more dramatic shift so that the United...Read More

The Belgian brewer Anheuser-Busch Inbev’s possible acquisition of the remainder of Grupo Modelo is quite likely to draw antitrust scrutiny, as the combined company would control in excess of 50% of the U.S. beer market.  While the company could divest some of its inferior brands to offload market share, the costs of doing so should...Read More

It has been very compelling to see Warren Buffett’s Berkshire Hathaway (BRKA) acquiring local newspapers at an accelerated rate.  Much has been made of the steep declines in the newspaper business, as most companies have been unable to adequately monetize their assets on the shift to digital distribution.  Buffett is focusing on local, community oriented...Read More

This article discusses the merits of both Verizon (VZ) and AT&T (T) in this current low interest rate environment.  While both stocks offer attractive dividend yields, the multiples are quite high on both securities.  If you look across the pond to Europe an investor can find much more attractive payouts and earnings yields.  Obviously there...Read More

Wells Fargo (WFC) continues to utilize its financial strength to buy attractive loan portfolios from companies that are deleveraging.  The subscription finance portfolio offers relatively high yields without taking on unseemly credit risks.  These types of acquisitions are important for diversification, and to be fight off the low net interest margins that exist in the...Read More

Today’s housing news contributed to the market route but I don’t think the number were as bad as some people think.  Sales of existing homes were still up 9.6% from last year, and although they were down sequentially, inventories are low limiting sales opportunities.  It is going to be a tough slog especially with all...Read More

The disaster that is Moody’s (MCO) has finally struck again with a massive downgrade of five of the six largest U.S. banks.  These downgrades come despite some of the highest historical liquidity and capital ratios in the banks histories, and improving credit metrics.  Why Moody’s can operate in an oligopoly when their service is complete...Read More

Walgreen’s (WAG) made big news after spending $6.7 billion to buy 45% of Alliance Boots.  This acquisition doesn’t make sense to me unless Walgreen’s eventually ends up buying the whole company.  I understand that this acquisition should help the combined companies lower procurement costs, but it also increases the risks by doubling down on retail...Read More

Procter & Gamble’s (PG) struggles continue as the the company lowered its earnings guidance for the current quarter as well as for the 2013 fiscal year.  The problems aren’t just from a lackluster global economy but instead are also market share related.  The company announced that they are going to cut spending in emerging markets...Read More