Due to Steve’s travel schedule, we are going to try something new this quarter with our quarterly blog updates on individual stocks held widely in Northlake accounts. Rather than publish a separate commentary on each stock, we are going to produce two or three updates with each containing comments on several stocks. This will result […]
We are calling an audible on our 2021 purchase of AT&T (T). We have sold the shares and reinvested the proceeds into T Mobile USA (TMUS). We still see value in T shares. However, we see more upside in TMUS. Furthermore, we see the TMUS story playing out over a multiyear period vs. AT&T being […]
AT&T (T) reported mixed 4Q21 results and issued guidance for 2022 that was below expectations and back-half loaded. This is a setback to our investment thesis after several quarters of improved operational and financial performance. Some of the issues are one-time in nature which should allow 2H22 to reveal steady growth of the new communications-focused […]
AT&T (T) reported its first quarterly results since Northlake took a long position in client accounts in July. Virtually across the board, the results slightly exceeded estimates leading the company to modestly increase its 2021 guidance for financial results and subscriber counts. Our thesis is built upon a hated company that is showing improved execution […]
Surprisingly to Northlake, intermediate and long-term interest rates have fallen slightly over the last several months. We had been anticipating higher rates as the economy emerged from COVID impacts, inflation held at well-above pre-pandemic levels, the timing of the Federal Reserve’s monetary policy tightening grew closer. Instead, for reasons that most on Wall Street still […]
We added AT&T (T) to Northlake’s portfolio of individual stocks. Not all clients use individual stocks as part of their strategy, and a few that do may not have purchased T due to unique client constraints. In most cases, the purchase was financed by cash reserves in client accounts. T is a low-risk, moderate-reward way […]
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Bayfield, WI 54814
tim@northlakecapital.com
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