Signal blog

Framework Investing's commentary separates the
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The Mouse Gobbles the Fox: Disney’s Big Gamble
December 14, 2017

When we did our original valuation of Disney in late-October / early-November of this year and published it to our members, one of the valuation drivers we struggled with was “Investment Level.” Our valuation framework...

FWI Reading List for the Week of December 4, 2017
December 9, 2017

Is it odd that any week that doesn't contain a high-ranking Administration official being charged with a felony or with an ultra-powerful member of the glitterati being accused of sexual impropriety seems like a slow news week? Th...

Five-Minute Valuation of Disney (DIS)
December 6, 2017

You can discuss Disney with other members on the Framework Forum. Transcript Last month, we published a valuation of Disney at the request of one of our members. Since then, the company has released its fiscal year 2017 statement,...

FWI Reading List for the Week of November 27, 2017
December 2, 2017

Unbelievable is all we could say as the week drew to a close. The impact of the headline news was too big to walk away from so much of our review this week looks at things on the front pages. Bitcoin. Flynn. North Korea. But, we'v...

Who is the Better Investor — Union Pacific ($UNP) or BNSF?
December 1, 2017

Over the past year and a half, I have been publishing research on U.S. rail giant Union Pacific (UNP) related to my bearish position in the company. With the recent upswing in the company's stock price, I have taken a close look a...

FWI Reading List for the Week of November 13, 2017
November 18, 2017

In the news this week is the continuing Machiavellian saga in Saudi Arabia. There's been plenty of coverage of the goings on there…and it doesn't bode well for stability in the middle east, particularly with the mess consumi...

FWI Reading List for the Week of November 6, 2017
November 10, 2017

I had always thought that I would be able to tell the collapse in value of Saudi oil reserves by the number of private jets leaving Riyadh for Geneva and London. The big story for this week involves the Crown Prince of Saudi Arabi...

Navigating a Sea of Investing Information
November 9, 2017

The amount of information that we’re exposed to now in the course of a day is as much as somebody from 15th Century was exposed to in their entire lifetime. – Rick Smolan, The Human Face of Big Data Engaged investors – t...

FWI Reading List for the Week of October 30, 2017
November 4, 2017

Some of the questions answered by our reading list this week include why did Jeff Immelt and Janet Yellen lose their jobs? Are we living in riskier times than 1987? And what can you do to retain what you've read better? Readers in...

Jim Chanos’ Best Ideas from Grant’s 2017 Fall Conference
November 2, 2017

As investors, our challenge is to make good investing decisions in a repeatable way – to have a process. Getting better at that process can be aided by studying successful investors as mentors. Jim Chanos, the famed short-s...

Quick Analysis of Union Pacific’s EPS “Beat”
October 30, 2017

In our review of Union Pacific's UNP third quarter earnings, we compared the company's actual results to our forecasts for each of the short-term fundamental valuation drivers: revenue growth rate, cash profitability (measured by ...

FWI Reading List for the Week of October 23, 2017
October 28, 2017

Yes, yes, we know that all you brilliant Framework members have newsfeeds, but we like to think we bring you some things you might not otherwise read and maybe spark some different ways of thinking about your investments. Friday m...

FWI Reading List for the Week of October 16, 2017
October 21, 2017

In our list of great reads this week, we look at the success of nations and how that comes about and then compare that to what we are seeing globally today – from the rise of divisions in Europe to the increasing stranglehol...

The Problem with Passive
October 19, 2017

Framework members know that we are proponents of constructing a “hybrid” portfolio that includes both broad market exposure (passive investments) and stock-specific exposure (active investments). Terrific active invest...

FWI Reading List for the Week of October 9, 2017
October 14, 2017

The Catalan secession crisis rolls on, threatening not only Spain, but also offering succor to various regional independence movements (we did not include any stories this week about Kurdistan, but this regional independence movem...

Margin Expansion at Nike ($NKE) to Drive its Value Higher? [Video]
October 11, 2017

You can find a transcript of the above video, complete with all the graphs used, on the Framework Investing website. Nike’s Profits Our Five-Minute valuation of Nike (NKE) was prompted by a question from a long-time Framework In...

FWI Reading List for the Week of October 2, 2017
October 7, 2017

We at Framework would like to take a moment to offer our condolences to families of those killed this week in Las Vegas and to offer our best wishes to those recovering from their injuries. Like many of you, we have read of and be...

FWI Reading List for the Week of September 25, 2017
September 30, 2017

The investing world was consumed with the US Federal Reserve's musings this past week, but we're looking around the globe at some other interesting items. First, the Indian railroads minister gave your faithful analyst an unpleasa...

How to Fail in Investing
September 28, 2017

We all have a hard-wired aversion to failure, especially when it comes to matters of money and investing. But failure is a natural and necessary part of learning – there is no impetus to improve one’s skill in a given field if...

FWI Reading List for the Week of September 18, 2017
September 23, 2017

In our Weekly reading list this week, you will definitely find things off the beaten path. There are some excellent pieces on investing foundations from the impacts of time horizons (by a giant in academic finance), to probabilist...

FWI Reading List for the Week of September 11, 2017
September 16, 2017

September 15, 2017…Amazing…The year seems to be flying by. With Erik's trip to Latticework last week and the big GE re-analysis this week, we've sparred nary a moment. Honestly this is the benefit to having a Framework...

Important CPG Insights and A Berkshire for the 21st Century – Latticework Conference 2017
September 15, 2017

Last week, Erik attended the 2017 Latticework Investment Conference, put on by Shai Dardashti and the good people at Manual of Ideas (MoI). MoI is a value-based third party research subscription service that has a strong reputati...

FWI Reading List for the Week of September 4, 2017
September 9, 2017

This weekend we are looking at RISK through the lens of a weather/natural disasters and other assorted bad actors. Harvey has impacted the Texas gulf and Irma is bearing down on Florida while Jose churns in the Atlantic. Southern ...

FWI Reading List for the Week of August 28, 2017
September 2, 2017

Happy Labor Day Weekend, everyone! It has been an interesting week in our world. If you'd have told me a month ago that North Korea could fire a missile over Japan and no one would really react to it beyond some “strong lang...

Lessons on Managing Risk and Finding Value from a Master Portfolio Manager
September 1, 2017

This week, I had the pleasure of attending Three Part Advisors' Midwest IDEAS Conference, highlighting promising small- and micro-cap companies that are often overlooked by research analysts at bulge bracket investment firms and ...

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