Brian Bernard

We think business travelers will fly again in late 2021.

We think some estimates of the housing shortage are too severe.

But more-affordable homes will be needed to realize millennials' ownership potential.

We expect the U.S. to increase spending on missiles, missile defense, and space militarization.

Incoming administration could be a boon for infrastructure spending.

The aerospace, defense, and industrial distribution industries look undervalued.

Housing market has been a bright spot during the pandemic.

After a difficult first quarter and decline in revenue, we are maintaining our fair estimate for the no-moat firm.

No-moat-rated American Airlines reported a difficult first quarter as the COVID-19 pandemic has ground air traffic to a near-halt. We had previously priced in a very difficult 2020 and we are maintaining our $15.70 fair value estimate.

It's difficult to say with any certainty when air traffic will return, but we are confident that demand will eventually bounce back.

We decrease our fair value estimate for the no-moat firm after the airline industry has been grounded due to the COVID-19 pandemic.

Long-term opportunities now abound in the sector, but defense prime contractors are particularly smart plays right now.

Defense contractors could be a smart play in this volatile environment.

We don't predict any long-lasting changes to companies' supply-chain structures.

This firm's shares are currently undervalued pending its acquisition of Anixter. We suggest buying in before the market realizes the potential of this combined entity.

Equipment-rental firms are also worth watching.

Masco used acquisitions to become a powerhouse, but now it's slimming down.

We think demand is poised to rebound, despite recession fears, and we expect Lennar to benefit.

Wesco is trading almost 50% below our fair value estimate.

Even with our cooler outlook, there are values to be had.

Despite a drop in homebuilder sentiment recently, we see elevated levels of new residential construction in the coming years.

Brian Bernard says there's more to housing demand than just rising prices and higher mortgage rates, but we are bullish on our long-term housing outlook.

The wide-moat industrial distributor's growth is being driven by improving end market demand and the company's vending and onsite growth efforts.

Lennar's strong third-quarter results and fiscal 2019 guidance are hardly reflective of a housing recovery that has run its course.

This wide-moat security products company is attractively valued.

The company is looking at strategic alternatives for its power solutions segment.

he homebuilder's results topped consensus revenue and EPS estimates, despite rising mortgage rates.

We're maintaining our fair value estimate on the narrow-moat industrial distributor.

Recent performance has been choppy, but the narrow-moat firm's building technologies business has one of the most comprehensive product portfolios in the industry.

We continue to expect the wide-moat industrial distributor's top line to grow at a faster pace in 2018 than it did in 2017.

USG claims that Knauf's offer is far too low, but we believe it's is fair.

A well-structured spin-off or a favorable selling price could create shareholder value for the narrow-moat firm.

The company shared detailed financial projections during its inaugural investor day, signaling management's confidence in its strategy.

Our analysts don't see a big impact on industrial firms from the tariff threat.

Amazon's impact on industrial distributors will be more uneven than the market thinks, creating some buying opportunities.

We think this underfollowed small-cap electrical distributor is poised to outperform.

The company has successfully capitalized on its scale and expanding network of customers.

After back-to-back hurricanes, there will be disruptions and opportunities in construction, but we don't expect changes to our fair value estimates.

Though the narrow-moat distributor may not have the pricing power it once had, we think it can maintain high single-digit dividend growth.

The market has been growing frustrated with the narrow-moat company’s financial results and stock performance since its merger with Tyco in September 2016.

We share some concerns about the Amazon threat but think they’re overblown.

Our outlook for the industrial distributor hasn't changed.

Anixter International, WESCO International, and HD Supply all trade below our fair value estimates.

The narrow-moat industrial distributor's salse growth trajectory for fiscal 2017 is off to a strong start.

We have mixed thoughts on the near-term impact, but the election may spur increased confidence in some Americans, which could act as a tailwind for housing.

Battery manufacturer has intangible assets, consumer switching costs powering its moat.

Johnson Controls' transformation improves our moat trend outlook.

The Tyco merger and planned spin-off of its auto business should allow Johnson Controls to cut costs and become more profitable and less cyclical.

The sale of the L&W Supply business will improve this building-material maker's profitability while also dampening its cyclicality.

Strong results coupled with excellent new-home sales figures have propelled shares of this no-moat homebuilder close to our fair-value estimate.