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Growth Team Weekly Investment Insights
1) Conflicting Messaging: Strong Retail Sales vs Rising Delinquencies
Given its importance in the US economy, a lot of attention is on the consumer.
Growth Team Weekly Investment Insights
In this week’s blog post, we highlight some of our takeaways from the first quarter’s market returns.
Growth Team Weekly Investment Insights
1) Credit Card Data Suggests Consumer Weakness?
Like most things in this industry, looking at credit card data sends a nuanced message about the health of the consumer.
Growth Team Weekly Investment Insights
1) Inflation Progress Shows Signs of Slowing
Last week brought signs that progress towards the central bank’s inflation target may be slowing as both the Consumer Price Index (CPI) and Producer Price Index (PPI) metrics were higher than expected.
Growth Team Weekly Investment Insights
1) February Jobs Report
The big macro data point last week was the US employment report, which offered both upside and downside surprises.
Growth Team Weekly Investment Insights
1) The Shift from EVs to Hybrids
A recent Financial Times article explains how Toyota has been hesitant to significantly invest in fully electric vehicles (EVs) over the past few years, favoring hybrids instead.
Growth Team Weekly Investment Insights
1) NVIDIA Delivers Again
Fueled by its H100 chip, which has become the industry standard for AI development, NVIDIAs’ earnings have risen more than 700% from a year ago.
Growth Team Weekly Investment Insights
1) Why Central Banks May Be Reluctant to Declare Victory Over Inflation
This Financial Times article highlighted a few reasons global policymakers may hesitate to declare that inflation is under control. Most notably, economic strength, particularly in labor markets, may be too good.
Growth Team Weekly Investment Insights
1. Hot jobs report and Fed Speak takes March cut off the table
Last week the Fed held rates steady at the 5.25% - 5.5% level but pushed back a bit on expectations for near term cuts due to a desire for “greater confidence” that inflation will return to the 2% goal or if the labor market weakened.
Growth Team 5 in 5: Health Care
The Growth team has consistently found health care to be a key area of idea generation given the existence of companies with attractive franchise characteristics experiencing interesting profit cycles. From a franchise standpoint, many health care companies enjoy defensible competitive positions through intellectual property protection, strong brands or leading market share positions. From a profit cycle standpoint, this is an area of constant innovation, and innovation tends to breed profit cycles.