Jason Moser: Welcome to Industry Focus, the podcast that dives into a different sector
of the stock market each day. It's Monday, November 26th. I'm your host, Jason Moser.
On today's show, we're going to talk small-cap financial stocks. We'll tackle some listener e-mails.
We'll tap into Twitter, of course, and give you One to Watch for the coming week.
But we begin this week talking about the king of e-commerce as Amazon continues to pursue
the massive market opportunity not only in e-commerce but out there in payments. We talk
a lot about payments here, as you know. Joining me in the studio this week, as usual, is certified
financial planner, Matt Frankel. Matt, how's everything going?
Matt Frankel: Pretty good. We took the kids up to my family in Maryland and just got back
from that. I actually had a chance to use Amazon Pay for some Black Friday shopping last.
I'm really looking forward to talking about that.
Moser: I have a feeling we're going to be digging into that a little bit. You guys had
a nice Thanksgiving weekend, it sounds like. Frankel: We did. The trip was surprisingly
smooth for a 10-hour car ride with two small children.
Moser: Holy cow, 10 hours! How many times did you have to stop for that trip?
Frankel: We've got little kids, one of whom is potty training, so...
Moser: Well, we're glad to have you back here and joining us. You mentioned Amazon Pay,
so let's kick right off here talking about Amazon. There are a few different points to
this discussion we want to get to. We're talking primarily about Amazon's effort to gain more
share in the payments space. That's through Amazon Pay. We can couple this discussion
also with the fact that according to Adobe Analytics, Black Friday pulled in a record
$6.22 billion in online sales, which was up almost 24% from a year ago. It was the first day
in history to see more than $2 billion in sales stemming from smartphones.
That's where I really want to pick this conversation up here. Not only are we living in an e-commerce world,
we're certainly living in a mobile world, as well.
For a lot of us, Amazon Pay probably isn't top of mind, yet we're reading now that they're
really making efforts to gain share, it seems like initially with companies that are not
necessarily direct competitors, like gas stations or restaurants or what have you. It does seem
like they're trying to take a little bit more of that role in the transaction, much like
we've seen Apple do to date with Apple Pay. But it's also not just Apple. There are all
these payments companies out there, trying to get a little piece of that transaction.
Talk a little bit about your experience with Amazon Pay. Give us a little bit of your perspective
here as to what the endgame is with Amazon. Frankel: I was on a certain retailer's website.
I can't tell you what I bought, or who I bought it from, because it was an anniversary gift
for my wife, who listens to the show. Moser: Oh, so you really can't. I was going to say,
"You can't, or you won't?" But it's both.
Frankel: I really can't. It was a small business, something you would see featured on Shark Tank.
It struck me as somewhere that gets most of their sales from Amazon to begin with.
This was directly on their website. I went to check out, they were having a great Black Friday sale.
I went to their website, selected my products, and went to the checkout.
And there were two buttons. There was a PayPal button and an Amazon Pay button. I was curious,
because I had never seen that on a merchant's website. Amazon really hasn't pushed it until recently.
So, I clicked Amazon Pay, and it took me right to my Amazon checkout, where
I have my Amazon credit card already set up. It was just like checking out for a normal
Amazon purchase. It took me about two clicks. It was very easy. I was actually going to
use PayPal, and I like this alternative because it lets me keep all my purchases in one place.
I'd say about 50% of what my wife and I order is already through Amazon. It lets me organize
my purchases into one payment portal. I actually think PayPal might have something to worry about here.
Moser: That's a good perspective there.
I want to ask you, the initial thing that comes to mind here where I think they may have a
little bit of a challenge, we know that to date, the U.S. consumer isn't necessarily
all that digital-wallet-focused yet. That's still something that we're in the very nascent
stages of, and I think it's going to take a while for that behavior to really change.
You look at something like Apple Pay, for example, as clever as that is, consumers still
aren't embracing that wholeheartedly. Whether it's Apple Pay or Google Pay or Amazon Pay,
the digital wallet, there's a big opportunity there. That explains why Amazon is pursuing this.
The one hang-up here I have with Amazon and
the process that you just described, it sounds like there's a little bit more friction in
there vs. if I go somewhere, whatever website it may be, and I have the option to pay with
Apple Pay. When it says, "Do you want to use Apple Pay?" And you can just use your thumbprint
to verify the transaction, as opposed to having to go to another website and verify that purchase.
What I'm getting at here is ultimately, it feels like Apple, and to a degree Google,
have a hardware advantage that Amazon doesn't have to date. Does that make sense?
Frankel: Yes, but here's my perspective on that. I don't necessarily think this will
steal any market share from people who are already on Apple Pay or PayPal. Both of those are,
like you said, very easy portals. They both have hardware advantages over Amazon.
But there are a lot of people who are not using digital wallets yet who are already
comfortable with Amazon's checkout process. I don't necessarily think they're going to
steal market share or steal existing customers from any of the other ones, but I do think
it gives them an advantage recruiting new adopters to digital wallets.
Moser: Probably, you're right. We talk about this all the time, this is not a zero-sum game.
It's not as if one wins and everybody else loses. This is a massive opportunity
out there. At the end of the day, money is going everywhere. That's what dictates everything,
basically, is money getting from point A to point B. Pursuing even just a small piece
of that pie makes a lot of sense, particularly in Amazon's case, because really, you have
to figure for them, this is a very easy bet to make. The business certainly isn't hinging on it.
At the most, they get a tiny scrape of that transaction. When Apple Pay is used,
Apple gets a very, very tiny scrape of that transaction. It's not terribly meaningful.
It becomes meaningful if you have a billion people using it on a consistent basis.
And obviously, we're not to that point yet. But even beyond the financial implications,
I would imagine that a company like Amazon, as smart as they are about using data and
doing things with that data, just gleaning the data from transactions like these would
be seen as a reasonable pay-off. Frankel: Right, and that seems to really be
what they're after here. I've actually read that Amazon is subsidizing the swipe fees
for merchants -- not swipe fees, but whatever the swipe-fee-equivalent of digital wallet
fees are. They're actually subsidizing the fees to get retailers to put the Amazon Pay
button on their website at a lower cost to them. It's fair to say Amazon's not making
money on this, but it's expanding their reach. Anything that expands Amazon's reach, data-wise,
customer-wise, merchant-wise, is good for the long-term business.
Moser: Makes sense to me. I don't think Amazon's going to ever going to have a hardware advantage
at least on the smartphone side. They tried with the Fire phone. They were late to the game,
tried to do something a little bit different, but there was nothing terribly compelling
to get someone to switch, particularly if you're already used to a certain operating system.
I'm also skeptical when it comes to incorporating things like voice assistant
technology into actually paying for things. With all that said, things change very quickly.
Technology is evolving seemingly on a daily basis. I'm going to be interested to see where
Amazon takes this. Amazon Pay has been around for a while, they just haven't done much with it.
Perhaps we're entering this stage now where consumers are going to be a bit more
open to adopting digital payments and digital wallets and whatnot. If that's the case, clearly
we can see there's a lot of market share there to pick up. For Amazon to try to be a part
of that makes perfect sense. Frankel: To be perfectly clear, PayPal, Amazon Pay,
and Apple Pay all have tremendous growth runways. PayPal's growth rate could go from
20% to 19%. I'm not saying they're going to really suffer. To be clear, I still love PayPal
on a long-term basis.
Moser: Gotcha! We want to make sure we respond to the
inevitable e-mail we're going to get. We're not saying, "Short PayPal, long Amazon."
You're probably saying go long on both, right? It's reasonable to just diversify your portfolio,
own shares in both companies. Frankel: Right. Both companies are going to
be winners. I could just see the tweetstorm going off in my head when I was saying that.
Moser: Well, we'll get out in front of it if that does happen. Let's take a look here,
new topic for discussion. We got a tweet a few days back from @ChrisM_Jones. Chris said,
"Would love for the two of you to cover some small-cap financials. For example, AX, UVE.
Full disclosure, UVE was my first stock, and now is my largest position." The bottom line is,
Chris was hoping we could take a look into some more small-cap financial stocks.
Matt, you and I love talking stocks. When you get to find compelling small-cap financials,
we could probably talk about that for the next four hours. Unfortunately, we're not
going to be given that much time. We thought we would take an opportunity here to target
two companies each in the small-cap space that we like and see if we could give Chris
a couple of ideas, companies that we like, some things to keep an eye on with them.
We're going to start the discussion here with a company that Matt, you know, Synovus,
ticker SNV. Give us your elevator pitch for Synovus. Frankel: This is a bank that I drive by a lot
because it's a southern regional bank. The reason I like Synovus is, one,
they're profitable; two, they're growing very fast. On the side of profitability, return on assets
of a little over 1.3X, return on equity of 40%. Both are great numbers. The loan portfolio
is growing at a pretty impressive rate, about 4.5% a year. They're making acquisitions on
a pretty aggressive basis and they're actually getting really good deals. I reported over
the summer that Synovus decided to acquire a bank called FCB Financial, Florida Community Bank.
They actually wound up getting a discount to the share price. Generally, when you acquire
a company, you're paying a premium. That's why the shares jump up right after the acquisition's announced.
This will make them one of the biggest regional banks around. They got a
great price. They expect it to be immediately accretive to earnings. I really like Synovus.
Very profitable, well-run bank with big ambitions. Moser: Ameris Bancorp is the first one
I'm going to talk about here. Listeners have probably heard me talk about it before. The ticker
is ABCB. This is a not-so-little regional bank in the southeast. Home base is Moultrie, Georgia.
Full disclosure, my mom and dad actually live in Moultrie, Georgia. I've played golf
with a couple of these guys at Ameris Bancorp before. That wasn't through design, it's just
small town living there. Everybody knows everybody. And I do own shares of Ameris Bancorp,
as well. This is a company I found back in 2011, at the depths of the financial crisis, when
a lot of these small-cap banks, these tiny banks, particularly in Georgia, for whatever reason,
were going belly-up. They had bad loan books and really overextended themselves.
Ameris Bancorp has always been a very well-run, fairly conservative operation, not trying
to write checks that the bank can't cash. What that resulted in, over the course of
the few years in that recovery from the financial crisis, the FDIC recognized Ameris Bancorp's
excellence in operating and started using Ameris as a partner in rolling up some of
these failed financial institutions to give them at least a little bit of an exit strategy
so that everything didn't go completely to hell in a handbasket. What this ultimately
did for Ameris, it gave them a very risk-free way to build up their asset base and their
deposit base. The FDIC basically said, "Any losses are going to be on us. We just want
you to help us get these things rolled up, and there's going to be nothing ultimately
but upside there for you." Fast-forward to today, that really has worked
out for the company. They now have total assets near close to $11.5 billion. Tangible book
value per share is close to $18. All in all, what you have here in Ameris is a still small-cap bank,
around $2 billion market cap, that has grown its presence beyond that Georgia footprint.
They have plenty of opportunities to continue to make some smart acquisitions going forward.
And they certainly have done that. They recently purchased Atlantic Coast Financial, as well
as Hamilton State Bank. It's all helping them grow this business out. Longtime CEO Edwin Hortman
stepped down recently. The new CEO, Dennis Zember, who has been with the company
for a number of years, held positions of COO and CFO. That's all to say, I expect
that conservative, smart, long-term-focused mentality to continue here with Ameris Bancorp.
Certainly had developed a long track record of success. I suspect we will see that going forward,
as well. That's one of those little small-cap financials I really like.
Speaking of banks, Matt, you wanted to take a trip out west and talk a little bit about
Bank of Hawaii, right? Frankel: Yeah! Since we're talking about some
of your disclosures, disclosure: I've never been to Hawaii, so I've never been to a
Bank of Hawaii branch. Moser: I've been to Hawaii! I was looking
to see if we could get a Fool branch in Hawaii. That'd be pretty sweet, actually.
Frankel: If there was an office there, I might sign up for it.
Moser: I was pitching that and or/ the Bahamas. I would gladly take either post.
Frankel: [laughs] So, I've never actually been to a Bank of Hawaii, but I know a lot
about them as a bank. They're one of my favorite small-cap banks. I've been watching them for
a little while. Not only are they an extremely profitable bank, but along with one other bank,
they have a pretty dominant market share in Hawaii. If you're in Hawaii, you generally
don't go to a Bank of America or Wells Fargo. You're either at Bank of Hawaii or First Hawaiian Bank,
the other major bank out there. They have a very big market share. Great reputation
on the island. Don't expect too much growth as in geographic growth. You're not going
to have a Bank of Hawaii branch in Kansas or anything like that.
Hawaii's economy is doing great. It's growing at a faster rate than the rest of the U.S.
It's one of the fastest-growing economies. Great reputation. The loan portfolio,
for example, grew about 7% over the past year, most banks were in the 3-4% range, if you
look back at our episode where we covered the big banks. That's a testament to how strong
the Hawaiian economy is right now. Consistently profitable throughout any economy. A little
fun fact: after Citigroup almost collapsed during the financial crisis, they brought
in Bank of Hawaii's former CEO to be the new chairman of the board. The big guys on Wall Street
know how profitable Bank of Hawaii is and how well-run it is.
It's not a cheap bank stock. I put it in the valuation category of a U.S. Bancorp.
But just like Synovus, about a 1.3% return on assets, and 18% return on equity, which is
unheard of for a brick and mortar bank. Highly profitable. Very, very low default rate.
It was like a 0.2% non-performing assets rate, which is extremely low. Great economy, great
quality bank, great history of being a well-run institution. That's why it's one of my favorites.
Hopefully I get to visit one someday. Moser: I feel like this is the opportunity
to bring this thing under official coverage here at The Fool. The annual meeting is out
there in Hawaii, right? That has to be where they have the annual meetings. Then you have
to go out there, right? It's the biggest no-brainer. We'll look into that later this week, Matt.
Let's wrap it up here. Chris had made specific mention here of a company, Universal Insurance Holdings.
This is the company he said has grown into his biggest position. Let me tell you,
Chris, I think that's not actually such a bad move here. From what I have seen with
Universal Insurance Holdings, this is a pretty compelling company. This is the largest private
personal residential homeowner's insurance company in Florida. When I say Florida,
let's be very clear, most of their business is in Florida. Only 26% of their total insured business
is outside of Florida. This is a Florida play. They are in 16 states, but right now,
this is a Florida play. They are seeking to expand that footprint and diversify, geographically speaking.
But generally speaking, we love the insurance
business from the investor's perspective because insurance is one of those things that's always
going to be needed, particularly if you're a homeowner. Chances are, you've got a mortgage,
you have to pay that mortgage, your mortgage company is going to require it. Even if you've
got your mortgage paid off, nobody owns a home and isn't going to have some type of
insurance on it. Universal Insurance Holdings has been focusing
on its primary market of Florida for a number of years. It's a small company, $1.5 billion
market cap. But I tell you, if you bought this thing five years ago, you're feeling
really good about it. The stock's up close to 300% since then. A big measure for us when
we look at insurance companies is book value. We can see through Universal's book value
they are growing. In 2013, that book value was at $5.20 per share, vs. today, which is
$15.20 per share. Obviously, that indicates the company is growing, and growing at a healthy rate.
Another metric that we look to with insurance companies to understand if they're
writing good books of business is the combined ratio. We like to see that combined ratio
under 100%, that tells us that they are writing good business, profitable business. The combined
ratio for Universal in 2017 chalked up at 84.4%. That actually was a little bit up historically
from what we've seen in years past. This is a well-run business. CEO Sean Downes
has been there for a while, has plenty of experience in the industry. The risks with
a business like this, particularly in a state like this, is the natural disasters.
Florida is known for its storms. But the flip side of that is, every insurance company in Florida
is planning for that stuff. It's not a matter of if, it's a matter of when. So, I like to
believe that management is certainly keeping that on their radar. And the way that insurance
companies tend to hedge that risk is by reinsurance. So, all in all, it does look like Universal Insurance Holdings
is doing a lot of good things with the business. Based on the metrics,
the business looks very healthy. Strong balance sheet, appears to be very capable management there.
Chris, I think you can feel pretty good about owning that one. Congratulations
on your gains, and here's to many, many more dollars in the future!
Chris, thank you for the question! We always love taking a look at new stocks, and this
gave us a chance to dig into a few new names, and hopefully give our listeners a few additional
ideas for their watchlist. OK, Matt, let's take a look at some e-mail
questions we've pulled in over the past couple of weeks. We had a question from Jay Otto
in Oshkosh, Wisconsin. He says, "I love your podcast. I enjoy listening to you on the
other podcasts, as well." Thanks, Jay! I like being on those podcasts. I think he's talking
about me, Matt, but I'm not sure. He had a question on REITs. I'm going to give you this question,
Matt, because you're our REIT guy. "Is there any difference in investing in REIT
stocks vs. other equities? I think I've heard in the past that there are different tax implications
with these stocks. Is that true?" Frankel: Yes, that is absolutely true.
Provided that you hold them in a taxable account, most dividend stocks have what are called qualified
dividend status, which gets favorable tax treatment. Think long-term capital gains rates,
the same rates that apply to qualified dividends. Generally, most people pay a 15% dividend
tax rate if you're in any of the middle tax brackets. If you have a REIT, though,
it's considered pass-through business income for the most part, so you're generally taxed at
your ordinary income tax rate for a REIT. There are a couple caveats to mention.
One: your REIT dividend is actually a combination of a qualified dividend and a non-qualified dividend.
Depending on the quarter and the particular REIT, most of it is usually ordinary
income with a little bit that you'll get a favorable tax treatment on. The second thing
is that thanks to the tax reform bill, REITs qualify for that pass-through deduction as
small business income. Whatever income you do get from REITs, you can take a 20% deduction
for that before your ordinary income tax rates are applied.
There's a lot of moving parts here. The situation is definitely a little more complicated with
REITs than it is for other stocks. But I love them. I always recommend REITs in retirement
accounts so you don't have to worry about this. But, yes, if you hold them in a regular
brokerage account, there's a big tax differences. Long story short, REITs are a little more complicated.
Moser: Good information to know.
Jay has a follow-up, as well. "Another topic you hit on last week was Buffett's large investments
in the big banks in the last quarter. You guys talked about how it should be a good
environment for the big banks with rising interest rates. Can I assume the same opportunity
is there for smaller banks such as Axos or," a bank we just talked about a minute ago, "Ameris Bancorp?"
Frankel: The opportunity is definitely there.
You have to remember that certain banking products are tied to short-term interest rates
and some are tied to long-term interest rates. For example, if a bank is a big credit card business,
credit card rates go up immediately when the Fed raises rates. Those businesses
are already seeing a big benefit as the Fed has hiked rates about eight times far in this cycle.
On the other hand, if you don't have a big credit card operation and you rely on
long-term rates, such as mortgages and auto loans, those really haven't kept pace with
the shorter end of the spectrum. It depends which end of the yield curve is moving as
to which banks benefit the most. It's not really small-cap vs. large-cap, it's,
how is their loan portfolio made up. Short-term loans like credit cards or long-term loans
like mortgages and auto loans that are not at variable rates that move with longer-term
Treasury yields, not the Federal funds rate. The short answer to your question is yes,
but look into how the bank makes its money. That'll tell you what rates need to rise.
Moser: That's a great point! We have one more question, from Landon Boring. Landon,
come on, man, you're not boring. Just kidding! Landon says, "I really enjoy the
Industry Focus podcasts." Thanks, Landon, we enjoy doing them! "I have a question about
the war on cash podcast from November 19th, 2018. Jason and Matt mentioned that they like
the buybacks of Visa, but are OK with small dividends to fund future growth. I'm confused.
Don't both buybacks and dividends decrease the amount of cash to fund future growth?"
He goes on to say he would personally prefer dividends over buybacks. That's cash in the pocket.
But on the other hand, increasing dividends generally represents a much stronger
commitment by management in the faith of the business because companies generally do not
like to cut the dividend, and dividends provide a more direct reward to shareholders.
Landon, you make a very good point here. Regardless of whether it's a dividend or a buyback,
the company has to fund that one way or another. When you have a business like Visa, or MasterCard
for that matter, that is as big as they are, and have very high-margin business models,
as they both do, the nice thing about that type of investment opportunity for investors
is that while the growth is going to be there, the growth will generally be organic,
and it'll be tied to general consumer spending. These are business models that generate a
lot of surplus cash. They have to do something with it. There's only so much they can reinvest
in the business before they start getting a little bit outside of their circle of competence,
and you start seeing some deteriorating returns on those investments. So, you reward your
shareholders either through a dividend or share repurchases.
I tend to prefer dividends, just because, like you said, Landon, they are cash in the pocket.
But by the same token, these companies do know that material buybacks over the course
of time can play out on the share price. The fact of the matter is, when you reduce that
number of shares outstanding, that's going to give you a little bit of a different look
on the value of those shares. It should, in theory, make them a little bit more expensive over time.
All in all, we like to see a healthy mix there,
and feel like, with Visa and MasterCard, perhaps the opportunity there is to grow that dividend
a little bit more substantially over time. That's what we'll be hoping that they do.
Landon, thank you very much for the question! Jay, you as well!
We'll tap into Twitter here really quick for a couple of comments. One from @Cricket99238.
Neeraj says he was delighted to learn about the XLF Holdings SPDR ETF for financials.
"Thanks for introducing it. And with Berkshire Hathaway and JP Morgan as its
largest holding, it seems a no-brainer investment. The market is certainly giving a wonderful opportunity
to buy this stock basket." Matt, that fund is what you were talking about a couple of
weeks ago, right? Frankel: That's correct. It's basically if
you don't want to put all your money in one bank stock -- it's not practical for most
people listening to own 10 bank stocks like Warren Buffett does. If you're not comfortable
owning an individual bank, you're not really sure which ones are healthy, which ones are
not healthy, which ones are growing in the right way, which ones are growing in the wrong way,
things like that, an index fund like the XLF, especially one like that that has
very low fees, can be a great way to get exposure to the whole sector, if it does as well as
Warren Buffett thinks it's going to. Moser: Good deal. We also have a tweet from
@BuckyCat. BuckyCat wonders if buying Eventbrite stock gives you a discount on buying tickets
from them, because they buy a lot of event tickets from them between Eventbrite and Ticketfly.
Listeners may remember that Eventbrite was my One to Watch last week. A little bit of
a direction away from direct payments companies, but the relationship with payments companies
in the space. Generally speaking, the company itself, I think has a lot of opportunities
for investors. BuckyCat, I don't know if you get discounts there. That would be pretty sweet.
But it's good to know that you're buying a lot of tickets from them. I own Eventbrite shares,
and that, in all honesty, should mean their share price should be going up in the future,
if you keep on buying all those tickets. Frankel: A lot of people would own a lot more
stocks if they would offer discounts. A lot more people would buy things like Fitbit stock.
Berkshire Hathaway is the only one I know of that gives discounts to shareholders through
all of its subsidiaries. Moser: That would be pretty sweet, if that
was a more consistent behavior. Offer the shareholders a discount. I would utilize that all the time.
Frankel: If you're a Berkshire shareholder,
you can get a discount on Geico Auto Insurance. I don't know if you knew that.
Moser: That's a good point there. If you go to the Berkshire meeting, there's all sorts
of opportunities to buy the stuff that from the companies that they own, particularly
See's Candy. That line always seems to be stretching out the door.
Well, as always, we love it when you reach out to us via e-mail. Please e-mail us here
at industryfocus@fool.com. Of course, you can get us on Twitter @MFIndustryFocus.
Keep doing it! Clearly, if you do it, we're going to answer your questions here on the show. We just did.
Matt, it's about that time this week.
We're going to wrap things up with our one to watch. What is the stock that you'll be watching this week?
Frankel: It's not really a financial sector stock.
I'm looking at Amazon. We talked about them quite a bit. They're down roughly 25%
from the highs. I think their new payments system is going to have some traction.
Like I said, I personally think that PayPal and the others are going to lose a little bit
of their growth trajectory because Amazon has a big existing customer base for this
to really play well with. And not just because of that. I think Amazon is a good value.
I thought Amazon was a pretty decent value at about $2,000 a share. I really think it's
a good value now. There's talk of them offering some kind of co-branded checking account product.
Maybe they'll be a financial sector stock after all.
I love Amazon this week! Moser: Time will tell,
I put nothing past them. That's a good one! I'm going to go with Tiffany,
ticker TIF, this week. I know this may seem a little bit of an odd pick,
because it's not directly a financial. But I've covered Tiffany for a number of years now.
What I have found is that Tiffany is a very good indicator of how the economy is doing and
how the market thinks the economy is going to be doing in the coming quarters. You know
what we're in right now? It's what I like to call the Larry David economy. Everything
is pretty, pretty, pretty good. And I hope that will continue. But I think on Wednesday,
when Tiffany's earnings come out, we'll get a better idea.
Management recently had raised guidance last quarter, which was impressive. They're going
to be investing a lot in their New York flagship store in the coming year. That really does
matter for a company like Tiffany that depends on that physical presence. What they do that
I think is so phenomenal, they really protect that brand so well. It's a luxury brand.
They don't resort to fire sales. You're not going to find big Cyber Monday, half off deals with Tiffany.
They protect that brand and do a very good job. When times are good, like they
are right now, the stock feels it, and it looks like it's feeling it right now.
When times get a little tough, certainly, the stock feels it again. Honestly, that's where investors
need to consider potentially investing in a business like this, when times get a little bit tougher.
I'm sure on Wednesday, we'll get a better
idea of what management sees coming around for the next full year, certainly the holiday
quarter guidance. A lot of things you can glean from this luxury retailer in Tiffany's.
We'll keep an eye on it. Matt, thanks for joining us this week! I always
appreciate your Skyping in. Glad you guys had a good Thanksgiving!
Frankel: Hope you had the same! Moser: Yep, it was nice and quiet,
and I'm still full. [laughs] As always, people on the program may have interest in the stocks
they talk about, and The Motley Fool may have formal recommendations for or against,
so don't buy or sell stocks based solely on what you hear. This show is produced by Austin Morgan.
For Matt Frankel, I'm Jason Moser. Thanks for listening. And we'll see you next week!
For more infomation >> Music Rai 2019 Jdid اغنية راي عن الفراق ابكت الملايين من العشاق - Duration: 4:30. 
For more infomation >> ОБОЛОЧКИ ДЛЯ ТАБЛЕТОК Minipress.ru - Duration: 1:22. 
For more infomation >> ПРОИЗВОДСТВО ПОРОШКОВ ГРАНУЛЫ Minipress.ru - Duration: 1:21. 
For more infomation >> ПРОИЗВОДСТВО ГРАНУЛЫ ОБОРУДОВАНИЕ Minipress.ru - Duration: 1:21. 
For more infomation >> ПРОИЗВОДСТВО ГРАНУЛ ПОРОШОК Minipress.ru - Duration: 1:21. 
Không có nhận xét nào:
Đăng nhận xét