Morningstar Runs the Numbers
We take a numerical look through this week's Morningstar research. Plus, our most popular articles and videos for the week ended Sept. 16.
This article mentions funds that have an issuer-initiated rating and/or track a Morningstar Index. For full disclosure information, please refer to the specific funds, which are demarcated with a * symbol, listed below.
Inspired by Harper's Index (with a tip of the hat to FiveThirtyEight's Significant Digits blog), Morningstar Runs the Numbers uses a numbers-based approach to highlight recent Morningstar research, along with some outside news stories.
$185 Million
and thinks the firm is attractively priced today:
We established that Wells Fargo is not an outlier in terms of its customer relations. The CFPB database contains more than 10,000 customer complaints related to issues with Wells Fargo accounts and services. This represents only 9 complaints for every $1 billion of customer deposits held by the bank. For comparison, TCF Financial recorded more than 50 customer complaints for every $1 billion of customer deposits, and complaint rates at large regional competitors like Regions Financial, SunTrust, and Citizens Financial were more than 50% higher than those at Wells Fargo.
6.7%
After months of negotiation,
:
The purchase price values Monsanto 6.7% above our stand-alone fair value estimate of $120 per share. Our Bayer stand-alone fair value estimate is EUR 126 per share, versus a trading price of almost EUR 98 per share. We think Monsanto would be worth about $130 per share to Bayer as a result of our almost $1 billion annual synergy estimate (versus management's estimate of $1.5 billion). As such, we don't expect a dramatic change to our current Bayer fair value estimate if a deal is closed at $128. Bayer expects to fund the the $66 billion (including net debt) all-cash deal with $19 billion of equity and the rest in debt.
$20 Billion
Peak size of
$982 Million Current size of Marketfield as assets have rushed out following a rough patch of performance. But Josh Charlson doesn't think this is a sign that long/short funds or liquid alts in general should be dismissed:
To try to turn Marketfield's struggles into an indictment of alternative funds as a whole is to miss the point. Marketfield's woes, at least from an investment perspective, are more indicative of the problems of a certain brand of active management. Yes, Aronstein uses shorting in the fund, but not to hedge so much as to generate alpha by taking active stances against companies or industries. He has a proclivity for making concentrated thematic bets, and it was his degree of conviction and the overlapping of positions dependent on a resurgence in global inflation that got the fund wrong-footed. This is a pattern--a stretch of great performance followed by a high-conviction bet gone seriously awry that torpedoes both performance and assets--that we've seen historically from active fund managers like Legg Mason's Bill Miller, Fairholme's Bruce Berkowitz, and more recently the skippers of Sequoia Fund.
6,000 Scientists found a 6,000 year old piece of fabric dyed with indigo in Peru. Previously, the oldest indigo-dyed fabrics were thought to be only 4,400 years old and from Egypt.
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