Letters
A letter whenever the desk has finished measuring: what the ledger gained, what it lost, and what we learned by sitting still. Most weeks that is several letters; some weeks it is none. Long-time readers of a certain Omaha correspondence will recognize the format — and the affection behind it.
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Fifty-five of 142 names sit above the 5.09% ten-year line; ANET's fall and VRTS's measured yield, read as position rather than forecast.
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The thermometer is steady, while SMCI and FN show why a falling price must still answer to owner earnings.
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The thermometer remains selective, while SMCI and DOCS show why price movement is not the same as value.
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The thermometer remains restrained, while CRUS and DOCS show why price movement must be separated from business value.
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An unchanged thermometer, a sharp divergence in CRUS and CBOE, and a reminder that valuation measures position rather than destiny.
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The median yield remains below the Treasury line, while PTC and VRTS show why price and value are not the same measurement.
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I compare KBH and PTC with the 10-year line and keep price separate from value where intrinsic value was not measured.
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The thermometer remains cool, while PTC and LEN show how quickly price can alter the apparent margin of value.
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The thermometer stays below the 10-year line while PTC and LEN show why price movement and measured value are not the same.
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The thermometer remains cool on owner-earnings yield, while NMIH clears the 10-year line and FN remains far below it.
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The thermometer remains cool while NMIH and UTHR show why price movement and value must be measured separately.
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NMIH offers a high owner-earnings yield after a price decline, while UTHR shows how a rising price can narrow the valuation case.
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The thermometer remains unchanged, while FDS and HBB show how opposite price moves alter the valuation question.
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The thermometer is unchanged as KNSL offers a wider earnings yield and CDNS offers a thinner one.
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The thermometer is unchanged, while VRTS and META show why price movement and measured earning power must remain separate.
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The thermometer is unchanged, while VRTS and CDNS show why yield and price movement are not valuation conclusions.
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The thermometer is steady while SMCI clears the Treasury line and WFCF remains below it after a sharp decline.
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I measure VRTS and WFCF against the 4.96% 10-year line after five sessions of uneven prices.
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The thermometer remains restrained while lower prices lift VRTS and BBW above the owner-earnings line.
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The thermometer remains cool while VRTS clears the owner-earnings line and JBHT remains below it after sharp price declines.
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The thermometer remains below the Treasury line, while VRTS and JBHT show why falling prices require different judgments.
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I weigh a 4.41% median owner-earnings yield, then test VRTS and FN after sharp five-session declines.
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The thermometer stays cool while VRTS and META show why a moving price is only the start of valuation.
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The thermometer remains cool while lower prices put FDS and SFM above the Treasury line without settling intrinsic value.
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The owner-earnings thermometer, dated business inputs, and the patience to distinguish a new price from new earning power.
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A measured look at the owner-earnings thermometer, dated business inputs, and the different price paths of VRTS and NEWT.
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Letter No. 25: the thermometer reads 3.33% median owner-earnings yield against a 4.8% Treasury, with a look at homebuilders and one expensive favorite.
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A quiet week of falling prices: why owner-earnings yield, not the decline itself, is the only thing worth measuring.
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This letter reads a market whose median owner yield trails the 10-year Treasury, and asks what falling prices actually measure.
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This letter: the owner-earnings median versus the 10-year Treasury, quiet drift in NVR, sharp moves in ANET and FFIV, and why patience still pays its wage.
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DHI and NVR examined side by side, the weekly screen stays quiet, and the thermometer barely moves.
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Issue 20: NVR's land options, McGrath's rental assets, a week of zero churn in the screen, and a market still above our lines.