California and Florida housing market declines will hurt AutoNation in the short-term.
The corporate bond market will probably struggle to return much above break-even in 2014.
As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
The dealers are the only auto sector we cover in which all firms enjoy an economic moat.
Buffett will increase the competition for acquisitions, but there are still plenty of opportunities for the publicly traded dealers in this fragmented market, writes Morningstar’s David Whiston.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
Equal-weighting has merit, but make sure you measure with the proper benchmark.