Thursday, 17 July 2014

Key presentation charts from Blackrock, CSX and Yahoo that said something to me

A few catch-up slides from the US earnings season that have spoken to me over the past twenty four hours or so.

First Blackrock whose presentation contained a worrying statistical insight over the past 1, 3 and 5 years for 'fundamental' active equity managers versus 'scientific' ones...the latter outperformed the former and almost did as well as equity index product:

Time to panic for active investors? Just as it looks as if one side is going to natural outperform....there's life in active equity management yet even if the consultants will use the above to push a quantitative or index equity approach.

The railroad company CSX talked about a generally favourable outlook...

 ...which sounds sequentially better than the negative 'all-in' pricing and small decline in revenue per unit which their Q2 numbers showed:

As for Yahoo well search is showing strong pricing power ('price-per-click') at the cost of volume whilst global display trends (advertising) has swung completely the other way.  Interesting to compare these numbers with those of Google later in the week.

What's the common theme?  More talk about pricing pressures than revenue ones. Not the greatest for prospective corporate margins.  The start of a trend?


  1. From a chart POV corporate profits will crash. Must buy anti-fragile instruments for protection immediately. Thx for the chart.

  2. No problem - the Q2 corporate earnings season just gets more and more interesting...

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