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Recent Articles
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Why You MUST Stay Active in Investing
Mar 25, 2021
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Image: Active domestic equity mutual funds and ETFs represent just 15% of the stock market, hardly enough data to make any conclusions about the merits of individual stock selection. Source: ICI.
I don’t care what kind of indexing propaganda you show me. I’m never playing Russian roulette with my money. I want to know the cash-based intrinsic values of the companies in my portfolio, and that's something worth paying for, regardless of the performance of active versus passive. I care more about what could have happened as a measure of risk than any measure of actual standard deviation. That’s why active management is so valuable. It should help you sleep at night.
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Valuentum Wins Bronze at 2021 Axiom Business Book Awards
Mar 24, 2021
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Value Trap's thought-provoking cry for financial stability wins it a bronze medal at the 14th Annual Axiom Awards. Previous Axiom Business Book Award medalists include Nobel laureate Robert Shiller, former U.S. Secretary of State Condoleezza Rice, and world-renowned historian and Pulitzer Prize winner Doris Kearns Goodwin.
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Two Railroad Operators to Join Forces, Creating the First Fully Integrated Canada-US-Mexico Railroad Network
Mar 24, 2021
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Image Source: Canadian Pacific Railway Ltd, Kansas City Southern – March 2021 Acquisition Presentation.
On March 21, Canadian Pacific Railway Ltd announced it was acquiring Kansas City Southern through a cash-and-stock deal worth ~$29.0 billion by enterprise value (factoring in assumed debt). The combination will create the first fully integrated Canada-US-Mexico railroad operator with ~$780 million in annualized synergies expected within three years of the deal closing. Once this two-part transaction is complete, the new entity will have a US Class 1 railroad network that spans ~20,000 miles with ~20,000 employees supporting its operations. The pro forma company will be renamed Canadian Pacific Kansas City (‘CPKC’).
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ViacomCBS Makes Big Bet on Streaming
Mar 24, 2021
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Image Source: ViacomCBS Inc – Fourth Quarter of 2020 IR Earnings Presentation.
After Viacom and CBS were reunited in December 2019, the new entity ViacomCBS Inc has finally started to gain some traction on the video streaming front. The service CBS All Access, which has since been rebranded as Paramount+, was largely a dud and did not gain the level of attention that Walt Disney Company’s Disney+ service, AT&T Inc’s HBO Max service, or Netflix's namesake service were able to generate. For background, ViacomCBS’s operations include various TV network and cable TV assets, TV and movie studios, various streaming services, and a book publisher. That includes various CBS networks (CBS, CBS Sports, CBS News), CBS studios, MTV, Comedy Central, Paramount, Nickelodeon, Pluto TV (another video streaming service that is free and ad-supported), BET, CMT, POP TV, half of CW (AT&T owns the remaining 50%), COLORS (focused on India), telefe (focused on Spanish-speaking content), SHOWTIME, and the book publisher Simon & Schuster. However, with ViacomCBS launching Paramount+ this month in the US and various Latin American markets, the service now has a larger slate of content than CBS All Access and is supported by ViacomCBS’ vast library (and most importantly, ViacomCBS has plans to produce dozens of original series for Paramount+ going forward). Paramount+ is leaning on properties such as Star Trek and SpongeBob SquarePants along with reboots of shows like iCarly to create engaging original content. Content is king. The combination of Viacom and CBS helped address that issue and provided the new entity with the scale required to be competitive in this business.
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Register for This Educational Webinar Series!
Mar 23, 2021
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Image: Valuentum's Brian Nelson sharing his investment knowledge with individual investors.
Nelson is hosting a multi-part online education webinar where, in addition to teaching financial statement analysis, he will show how to use the discounted cash-flow model on companies of your choosing. An unparalleled learning experience -- where you get to pick the date/time and part of the content (models)!
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