Trian Builds Stake in Procter & Gamble -- 3rd Update
Stock price of money manager more than doubled since 2012 with new CEO and cost cuts as inflows return.
The firm is on the mend after a period of turmoil, but questions remain.
We've bumped up our fair value estimate for Mondelez as the firm's cost savings take hold.
This week's retail sales report was not so hot to stoke fears of Fed tightening, but not so cold to raise recession fears. Plus, Williams follows Kinder's lead, and more.
Our top managers remain cautious, focusing more on relative valuation and increasing their willingness to book gains in the face of a rising (but potentially overvalued) market.
Some static in the Comcast-TWC tie-up, Yellen and Pepsi stay the course, and slow and steady pays dividends for Realty Income.
A group of top managers continue to keep looking for good investment opportunities, while taking full advantage of a rising (and potentially overvalued) market to book some gains.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
Our top managers continue to focus on higher-quality businesses rather than seeking out bargains in a market that (in many of their minds) has become fully valued.