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 […]
Northlake’s models are stable for April despite the recent stock market volatility. We are making no changes to our model-driven or thematic strategies. Client assets following our models will remain invested in the S&P 500 (SPY) and the Russell 1000 Value (IWD) reflecting our model signals and market and economic outlook. Thematic strategies not using […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-04-06 17:58:492022-04-06 17:58:49Still Favor Large Cap and Value Amid Market Headwinds
We are departing from our usual monthly blog update that focuses solely on our Market Cap and Style models and thematic strategies to provide our current thoughts on market volatility surrounding the Russian invasion of Ukraine and our decision thus far to sit tight and not make major changes to client portfolios. March 2022 Model […]
As a triple net lease real estate investment trust that owns casino real estate properties, VICI Properties (VICI) operates a highly predictable, low volatility business. VICI is a landlord that is paid rent by casino operators like Caesars Entertainment and MGM Resorts. 4Q21 was no exception to VICI’s consistent financial performance with all reported key […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-02-28 17:51:222022-02-28 17:51:22Boring is Beautiful at VICI Properties with Catalysts Ahead
Home Depot (HD) reported better than expected 4Q21 results driven continued upside in sales. However, investors chose to focus on conservative guidance and modest pressure on gross margins, accelerating the recent pullback in the shares. HD management has been very cautious about forward-looking commentary since the pandemic began despite consistently seeing sales growth well above […]
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 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-02-24 22:28:002022-02-24 22:28:00Riding a New Horse in Wireless
Nexstar Media Group (NXST) has been of the best stocks in Northlake’s portfolio, up over 3 times from initial purchases in 2017. The company’s latest earnings report for 4Q21 showed exactly why. The company exceeded consensus earnings estimates for revenue, EBITDA, and free cash flow. Management also rolled forward free cash flow guidance to a […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-02-22 21:43:342022-02-22 21:43:34Nexstar Good Again From “The Bottom Up”
Since we last published on Activision Blizzard (ATVI), the company agreed to be purchased by Microsoft for $95 per share in cash. The deal is expected to receive heavy scrutiny by regulators and Microsoft has suggested a deal close in mid-2023. The $95 buyout price is above our target of $90, which we had lowered […]
Meta (FB) reported a mixed 4Q21 but the big news was materially lower 2022 guidance accompanied by very cautious commentary about the company’s competitive position and challenges. In our 3Q21 update we discussed the company resetting its outlook. It turns out that was just a small first step as the new 2022 guidance and overall […]
Sony (SONY) reported another string of good quarterly results for 3Q21. As was the case after each of the last two quarters, the company raised guidance for its FY21 ending March 22. Strength was seen across most of the company’s diverse businesses with the biggest upside at Pictures (movie and TV production). We still think […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-02-03 02:00:422022-02-03 02:00:42Sony Raises Guidance for a Third Consecutive Quarter
1Q22 Earnings Update: Part One – IBM, GOOG, SONY, ATVI, TMUS
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 […]
Still Favor Large Cap and Value Amid Market Headwinds
Northlake’s models are stable for April despite the recent stock market volatility. We are making no changes to our model-driven or thematic strategies. Client assets following our models will remain invested in the S&P 500 (SPY) and the Russell 1000 Value (IWD) reflecting our model signals and market and economic outlook. Thematic strategies not using […]
Models, Strategies, and Ukraine Related Market Volatility
We are departing from our usual monthly blog update that focuses solely on our Market Cap and Style models and thematic strategies to provide our current thoughts on market volatility surrounding the Russian invasion of Ukraine and our decision thus far to sit tight and not make major changes to client portfolios. March 2022 Model […]
Boring is Beautiful at VICI Properties with Catalysts Ahead
As a triple net lease real estate investment trust that owns casino real estate properties, VICI Properties (VICI) operates a highly predictable, low volatility business. VICI is a landlord that is paid rent by casino operators like Caesars Entertainment and MGM Resorts. 4Q21 was no exception to VICI’s consistent financial performance with all reported key […]
Ignore The Stock Price, Home Depot Secular Growth Intact
Home Depot (HD) reported better than expected 4Q21 results driven continued upside in sales. However, investors chose to focus on conservative guidance and modest pressure on gross margins, accelerating the recent pullback in the shares. HD management has been very cautious about forward-looking commentary since the pandemic began despite consistently seeing sales growth well above […]
Riding a New Horse in Wireless
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 […]
Nexstar Good Again From “The Bottom Up”
Nexstar Media Group (NXST) has been of the best stocks in Northlake’s portfolio, up over 3 times from initial purchases in 2017. The company’s latest earnings report for 4Q21 showed exactly why. The company exceeded consensus earnings estimates for revenue, EBITDA, and free cash flow. Management also rolled forward free cash flow guidance to a […]
Activison Buyout Bails Out Weak Near-Term Fundamentals
Since we last published on Activision Blizzard (ATVI), the company agreed to be purchased by Microsoft for $95 per share in cash. The deal is expected to receive heavy scrutiny by regulators and Microsoft has suggested a deal close in mid-2023. The $95 buyout price is above our target of $90, which we had lowered […]
Full Reset of Growth Profile Creates Uncertainty at Meta/Facebook
Meta (FB) reported a mixed 4Q21 but the big news was materially lower 2022 guidance accompanied by very cautious commentary about the company’s competitive position and challenges. In our 3Q21 update we discussed the company resetting its outlook. It turns out that was just a small first step as the new 2022 guidance and overall […]
Sony Raises Guidance for a Third Consecutive Quarter
Sony (SONY) reported another string of good quarterly results for 3Q21. As was the case after each of the last two quarters, the company raised guidance for its FY21 ending March 22. Strength was seen across most of the company’s diverse businesses with the biggest upside at Pictures (movie and TV production). We still think […]