The following commentary summarizes recent media company earnings reports including Discovery Communications (DISCA), which remains widely held by Northlake clients. Since I wrote these comments, it was announced that DISCA will be added to the S&P 500. This provided about a 10% pop in the stock price. The past several weeks have witnessed a series […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-02-18 11:09:282010-02-18 11:09:28Quarterly Media Earnings Good But Stocks Trade Lower
Northlake’s Market Cap model continues to show unusual volatility, reflecting the volatile economic and financial market environment. For February the model is sending a small cap signal. As a result, all Northlake model-driven, client positions in mid cap (MDY) have been sold and the proceeds have been reinvested in small cap (IWM). The Style model […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-02-01 11:23:422010-02-01 11:23:42Back to Small Caps as Market Cap Model Volatility Continues
Earlier this week, I purchased a position in Google (GOOG) for all Northlake clients who use individual stocks as part of their portfolio strategy. GOOG pulled back from $630 in early January to $545 with the bulk of the drop occuring following the company’s 4Q09 earnings report. A general correction in tech stocks and the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-01-29 09:25:142010-01-29 09:25:14Searching for Profits in Google
Apple reported another good quarter (revenue +32%, EPS +44%) although investor reaction was unusually muted as the company unexpectedly switched its revenue recognition policy for iPhones. Apple has been reporting “adjusted” results based on the new accounting for several quarters and most investors new a switch was in the pipeline. However the company gave no […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-01-25 17:31:412010-01-25 17:31:41Another Good Quarter Validates Apple Bull Case Despite Confusion
I purchased a new position in Virgin Media (VMED) in all Northlake client accounts, including my personal accounts. Clients who have been at Northlake for awhile may remember owning Virgin Media previously, even as far back as when it was known as NTL. VMED is the largest cable company in the United Kingdom, with its […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-01-22 11:28:332010-01-22 11:28:33Virgin Media: Back Long An Old Friend
All Northlake positions in AT&T have been sold in the last couple of trading days. The stock has been a disappointment. It did not participate in the big market rally in 2009, providing only a minimal return through its dividend yield. Among the many issues that have been troubling the stock are (1) weak enterprise […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-01-19 14:21:362010-01-19 14:21:36Sold AT&T Due to Fear of Wireless Price War
Northlake’s Market Cap Model started 2010 with a new signal favoring Mid Cap. This reverses the change made at the start of December when the model moved from mid cap to large cap. As a result of the new signal, positions in the S&P 500 (SPY) linked to the model were swapped to the S&P […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-01-05 14:23:462010-01-05 14:23:46Back to Mid Cap to Start the New Year
Northlake’s Market Cap model shifted to Large Cap from Mid Cap for the month of December. The current signal is just barely in large cap territory. The shift reflects the lessening impact of a cyclical bottom in the economy and financial market conditions. When the financial markets and economy quickly decelerated following the collapse of […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-12-01 14:26:382009-12-01 14:26:38Market Cap Model Shifts to Large Cap for December
Last Thursday, shareholders of Liberty Media Entertainment (LMDIA) and DirecTV (DTV) formally approved the merger between the two companies. The merger closed Thursday night. Many Northlake clients owned shares in LMDIA. Each share of LMDIA is now one share of DTV. In addition, for every ten shares of LMDIA, shareholders received one share of Liberty […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-11-23 14:06:562009-11-23 14:06:56Liberty Media Entertainment Merger with DirecTV Closes
I am pleased to announce that beginning January 1, 2010, I will be co-managing Entermedia Growth Partners. Entermedia is a 16 year old hedge fund focused on media, communications, entertainment, and communications technology. Entermedia will be a separate business from Northlake but is highly complementary. The Entermedia investment portfolio contains long and short investments in […]
Quarterly Media Earnings Good But Stocks Trade Lower
The following commentary summarizes recent media company earnings reports including Discovery Communications (DISCA), which remains widely held by Northlake clients. Since I wrote these comments, it was announced that DISCA will be added to the S&P 500. This provided about a 10% pop in the stock price. The past several weeks have witnessed a series […]
Back to Small Caps as Market Cap Model Volatility Continues
Northlake’s Market Cap model continues to show unusual volatility, reflecting the volatile economic and financial market environment. For February the model is sending a small cap signal. As a result, all Northlake model-driven, client positions in mid cap (MDY) have been sold and the proceeds have been reinvested in small cap (IWM). The Style model […]
Searching for Profits in Google
Earlier this week, I purchased a position in Google (GOOG) for all Northlake clients who use individual stocks as part of their portfolio strategy. GOOG pulled back from $630 in early January to $545 with the bulk of the drop occuring following the company’s 4Q09 earnings report. A general correction in tech stocks and the […]
Another Good Quarter Validates Apple Bull Case Despite Confusion
Apple reported another good quarter (revenue +32%, EPS +44%) although investor reaction was unusually muted as the company unexpectedly switched its revenue recognition policy for iPhones. Apple has been reporting “adjusted” results based on the new accounting for several quarters and most investors new a switch was in the pipeline. However the company gave no […]
Virgin Media: Back Long An Old Friend
I purchased a new position in Virgin Media (VMED) in all Northlake client accounts, including my personal accounts. Clients who have been at Northlake for awhile may remember owning Virgin Media previously, even as far back as when it was known as NTL. VMED is the largest cable company in the United Kingdom, with its […]
Sold AT&T Due to Fear of Wireless Price War
All Northlake positions in AT&T have been sold in the last couple of trading days. The stock has been a disappointment. It did not participate in the big market rally in 2009, providing only a minimal return through its dividend yield. Among the many issues that have been troubling the stock are (1) weak enterprise […]
Back to Mid Cap to Start the New Year
Northlake’s Market Cap Model started 2010 with a new signal favoring Mid Cap. This reverses the change made at the start of December when the model moved from mid cap to large cap. As a result of the new signal, positions in the S&P 500 (SPY) linked to the model were swapped to the S&P […]
Market Cap Model Shifts to Large Cap for December
Northlake’s Market Cap model shifted to Large Cap from Mid Cap for the month of December. The current signal is just barely in large cap territory. The shift reflects the lessening impact of a cyclical bottom in the economy and financial market conditions. When the financial markets and economy quickly decelerated following the collapse of […]
Liberty Media Entertainment Merger with DirecTV Closes
Last Thursday, shareholders of Liberty Media Entertainment (LMDIA) and DirecTV (DTV) formally approved the merger between the two companies. The merger closed Thursday night. Many Northlake clients owned shares in LMDIA. Each share of LMDIA is now one share of DTV. In addition, for every ten shares of LMDIA, shareholders received one share of Liberty […]
Steve Birenberg to Co-Manage Entermedia Growth Partners Hedge Fund
I am pleased to announce that beginning January 1, 2010, I will be co-managing Entermedia Growth Partners. Entermedia is a 16 year old hedge fund focused on media, communications, entertainment, and communications technology. Entermedia will be a separate business from Northlake but is highly complementary. The Entermedia investment portfolio contains long and short investments in […]