TEK2day Podcast: Recent Episodes
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Proprietary LLM builders need to experience a valuation haircut as open source LLMs take share from proprietary LLMs.Proprietary LLM builders (OpenAI, Anthropic, Google, Microsoft, Amazon), have enjoyed lofty valuations over the past several years. Given the rise of open source competitors - which are on par with proprietary models from a performance standpoint and can be operated at a fraction of the cost - the proprietary model builders should suffer a valuation haircut.I believe that open source LLM builders such as DeepSeek and META will win the day and that 80% of LLMs and SLMs in production 5 years from now will be open source language models.https://open.substack.com/pub/tek2day/p/valuation-haircut-is-due-for-proprietary?r=1rp1p&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false
Originally published Dec 21st 2024. View the video version here on YouTube: https://youtu.be/6P0jQxZTuQo?feature=shared
We demo NotebookLM for a YouTube video, for a TEK2day article and for an EPS call transcript. Watch the video version of this episode here: https://youtu.be/wjqMhBdTxSQ?feature=shared
Watch the video version of this episode here: https://youtu.be/dc68lkZ1Bxo?feature=sharedAt some point cost and payback period will factor into frontier LLM building, especially as use cases are not well defined.We are at the $1 billion LLM level today. $10 billion will likely be the cost of developing frontier LLMs by 2026, $100 billion by 2027 and $1 Trillion by 2028 should the current pace of development continue.In episode 507 we make the case for smaller, “baseline” language models that are industry domain-specific, trained with opensource data as well as with proprietary enterprise data. These baseline models could power various applications and services and also be used to train third-party models. This scenario would create a natural selection/survivorship process for language models whereby smaller models power well-defined use cases that address specific commercial needs. This path makes more economic sense than developing ever larger monolithic LLMs in a vacuum.
We walk you through Google's AI-based podcast generation tool. Watch the video version of this podcast episode here: https://youtu.be/y2CNtayIBrU?feature=shared
View the video version of this podcast episode here on YouTube: https://youtu.be/dbwP3r6Nvqw?feature=sharedRead the related TEK2day article here: https://tek2day.substack.com/p/backtesting-the-tek2day-founder-ceoSee the backtested portfolio here: https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=3zih7QmbLhWF4jG4AUChu1See this podcast episode on X: https://x.com/JonathanMaietta/status/1828490305815093585
Watch the video version of this podcast episode on YouTube: https://youtu.be/7XHKgYLYZP0?feature=sharedRead the related Substack article here: https://tek2day.substack.com/p/founder-ceos-vs-compsWatch the video version of this podcast episode on X: https://x.com/JonathanMaietta/status/1828445724075254096
Eric Schmidt's comments regarding Agentic AI were overly bullish in our view whereas Deepmind co-founder Demis Hassabis has a more grounded perspective.View Schmidt's remarks on our Substack page: https://open.substack.com/pub/tek2day/p/former-google-ceo-eric-schmidt-speaks?r=1rp1p&utm_campaign=post&utm_medium=webView Schmidt's remarks on X: https://x.com/JonathanMaietta/status/1826427051693502607View Hassabis' talk on the subject of Agentic AI: https://youtu.be/pZybROKrj2Q?feature=sharedView the video version of this podcast episode on YouTube: https://youtu.be/EJRSNHKlQwo?feature=shared
View the video version of this podcast on YouTube: https://youtu.be/8Y9MCNVQlcY?feature=shared
A CrowdStrike update that was pushed this past week took down Microsoft, which had a cascading effect across the real economy. MSFT could use M&A to mitigate that risk going forward.Microsoft could acquire 100% of the equity or at least a meaningful equity stake in any technology company that strategically impacts Azure, Windows, and Microsoft in general in order to enforce a rigorous process around third-party software updates. Such an equity stake likely would have prevented this week’s CrowdStrike disaster.In addition, owning a material equity stake in strategic technology partners would enable Microsoft to influence product strategy and direction.The risk of a material, negative event caused by a third-party application is too great for MSFT to not want to take risk mitigation measures. Equity stakes are a great risk mitigation tool.Watch the video version of this episode here: https://youtu.be/kyN4RMAWibs?feature=shared
A back-end loaded year puts the FY'25 consensus revenue estimate of $120 Billion at risk.Watch the video version of this podcast here: https://youtu.be/RqVDLOhcSOc?feature=shared
We cover NVIDIA's insider activity which is heavily weighted toward insiders selling. In fact, over the past 3 months, 99% of NVDA insider transactions have been share sales. We also cover Gen AI.
MSFT is enjoying a 3,000x MVA to Gen AI Revenue multiple. Read the full TEK2day article here: https://tek2day.substack.com/p/msfts-3000x-market-value-added-toWatch the YouTube version of this podcast episode here: https://youtu.be/465MY47xG6Q?feature=shared
If Microsoft’s Gen AI effort is to be a success on the order of justifying MSFT’s share gains (up 87% since Dec 30th 2022), Copilot Pro ($20 per user per month) needs to be a success. Read the full article here: https://open.substack.com/pub/tek2day/p/microsoft-copilot-pro-show-me-the?r=1rp1p&utm_campaign=post&utm_medium=webWatch the YouTube version of this podcast episode here: https://youtu.be/LOOfcW7Rt3I?feature=shared
View the video version of this episode here on YouTube: https://youtu.be/0Lx7Njk4QLE?feature=shared
View the video version of this podcast here: https://youtu.be/wqQd88N0Mzw?feature=shared
See the video version of this podcast episode here: https://youtu.be/w4fevzZutZ8?feature=shared
Watch the YouTube version of this episode here: https://youtu.be/uf6E7YCPGi4?feature=shared
See our related article here: https://open.substack.com/pub/tek2day/p/recessions-happen-when-fed-funds?r=1rp1p&utm_campaign=post&utm_medium=web
Watch the video version of this episode here: https://youtu.be/9ZaFtnJaD58?feature=sharedRead the related TEK2day article here: https://open.substack.com/pub/tek2day/p/there-is-nothing-magical-about-the?r=1rp1p&utm_campaign=post&utm_medium=web
View the YouTube version of this episode here: https://youtu.be/vXVAWgm8Ghs?feature=sharedRead the related TEK2day article here: https://open.substack.com/pub/tek2day/p/adobe-creative-cloud-is-not-growing?r=1rp1p&utm_campaign=post&utm_medium=web
View the YouTube version of this episode here: https://youtu.be/r4spPWX9U1Q?feature=sharedRead the related article here: https://open.substack.com/pub/tek2day/p/worst-case-for-the-economy-and-markets?r=1rp1p&utm_campaign=post&utm_medium=web
See the YouTube version of this episode here: https://youtu.be/nlt71a6dnVI?feature=sharedRead the full article here: https://open.substack.com/pub/tek2day/p/fed-discount-window-borrowing-increased?r=1rp1p&utm_campaign=post&utm_medium=web
Watch the YouTube version here: https://youtu.be/hSyrR5uZSUw?feature=sharedRead our related article here: https://open.substack.com/pub/tek2day/p/which-companies-are-generating-meaningful?r=1rp1p&utm_campaign=post&utm_medium=web
The video version of this podcast is here: https://youtu.be/B1mF-zqklZY?feature=sharedOur related TEK2day article: The LLM Space Is Richly Valued Thanks To The Fed: https://open.substack.com/pub/tek2day/p/the-llm-space-is-richly-valued-thanks?r=1rp1p&utm_campaign=post&utm_medium=webRelated video: https://youtu.be/6g8Qi9AnjuM?feature=shared
View the video version of this podcast episode here: https://youtu.be/Zd30vLlKyJ8?feature=sharedRead the related article here: https://open.substack.com/pub/tek2day/p/execute-your-buyback-when-the-stock?r=1rp1p&utm_campaign=post&utm_medium=web
View the YouTube version of this podcast episode here: https://youtu.be/AbOfProg-AM?feature=shared
View the YouTube version of this episode here: https://youtu.be/qaDYZSiKdFQ?feature=shared
View the YouTube version of this episode here: https://youtu.be/REdvTVVVrr4?feature=shared
The video version of this episode may be found here: https://youtu.be/S3dXXtRGabc?feature=shared
Fed Chair Jerome Powell needs to channel Dr. No from the James Bond series. Powell needs to say “no” more often in order to help maintain the United States’ fiscal solvency (the U.S. of course is insolvent).Banks, CRE owners, PE firms, institutional and retail investors and of course the political class will all soon be clamoring for Powell to ease monetary policy. Too often Powell has caved and said “Yes” to ultra easy monetary policy – from ultra-low interest rates to growing the money supply as measured by M1 by 419% from February 2020 to March 2022.Treasury Secretary Janet Yellen will be in Powell’s ear on behalf of Congress and President Biden. The pressure on Powell to ease policy will be intense this election year. Biden would like to see lower rates to help spur the economy while Yellen would like to see lower rates to help ease the Treasury debt burden.In addition, I believe the Biden Administration will try to push through stimulus checks for a third time (stimulus 3.0: once under Trump, 2x under Biden) to buy votes ahead of the November election.My sense is that many Americans have not yet made the connection between money printing/stimulus checks and price inflation, and therefore would welcome stimulus checks, which of course is the last thing the United States needs.I am not confident the GOP would push back on a stimulus bill. Rather than have an adult conversation with Americans as to why stimulus checks are a poor idea (printed money creates price inflation and further increases the debt load), the liberal GOP may wrongheadedly reason that it would be a bad idea to fight a stimulus bill in an election year for fear of being viewed as non-compassionate by voters. This would be ironic since fiscal austerity is the compassionate course of action given the United States’ current fiscal predicament.
Here is the related TEK2day article: https://open.substack.com/pub/tek2day/p/the-jobs-picture-is-not-rosy?r=1rp1p&utm_campaign=post&utm_medium=web
Weekly Update: Bank Term Funding Program: https://tek2day.substack.com/p/weekly-update-bank-term-funding-program-1d3
Weekly Update: Bank Term Funding Program: https://open.substack.com/pub/tek2day/p/weekly-update-bank-term-funding-program-9a7?r=1rp1p&utm_campaign=post&utm_medium=webThe Fed’s Balance Sheet Reduction (QT) Update: https://open.substack.com/pub/tek2day/p/the-feds-balance-sheet-reduction-cd4?r=1rp1p&utm_campaign=post&utm_medium=web
Related TEK2day article: "The NFL Is Making A Strategic Mistake:"https://open.substack.com/pub/tek2day/p/the-nfl-is-making-a-strategic-mistake?r=1rp1p&utm_campaign=post&utm_medium=web
Here is our related TEK2day article: https://open.substack.com/pub/tek2day/p/bofas-unrealized-losses-taper?r=1rp1p&utm_campaign=post&utm_medium=web
Here is the YouTube video I referenced: https://youtu.be/A2aoS00Wqog?feature=sharedHere is our related TEK2day article: https://open.substack.com/pub/tek2day/p/the-second-tier-media-companies-are?r=1rp1p&utm_campaign=post&utm_medium=web
Subscribe to our YouTube channel here: https://www.youtube.com/@TEK2dayWe cover recent TEK2day articles around CPI, the Bank Term Funding Program (BTFP) and stagflation. CPI: Prices Will Remain Stubbornly High Unless Unemployment Increases: https://open.substack.com/pub/tek2day/p/cpi-prices-will-remain-stubbornly?r=1rp1p&utm_campaign=post&utm_medium=webThe Fed Is Going To Reverse Course Quickly It Seems: https://open.substack.com/pub/tek2day/p/the-fed-is-going-to-reverse-course?r=1rp1p&utm_campaign=post&utm_medium=webThe Big Four Banks and The Fed: https://open.substack.com/pub/tek2day/p/the-big-four-banks-and-the-fed?r=1rp1p&utm_campaign=post&utm_medium=webOur amazon kindle book: "Stagflation Is Imminent": https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M
Subscribe to the YouTube version of the podcast here: https://www.youtube.com/@TEK2dayThe article I reference is here: https://open.substack.com/pub/tek2day/p/jobs-data-if-the-government-says?r=1rp1p&utm_campaign=post&utm_medium=web
Most of today’s GenAI economics is at the infrastructure layer – whether it be money paid for AI chips, or money invested in the development of large language models (LLMs) or money paid for the right to license LLMs for inclusion in various applications. However, we are not at the point where users are demanding that various applications incorporate GenAI such that GenAI functionality in the aggregate is generating billions of dollars of revenue. GenAI is largely a productivity enhancer at the application layer at this juncture.
Some thoughts about 2024:Companies will provide conservative 2024 outlooks when they report Q4 results later this month and early next month.The Fed will likely renew its Bank Term Funding Program, further backstopping bank balance sheets against unrealized losses.The Fed will reinflate bond prices and asset prices in general as it cuts rates and eventually winds down QT.The Fed will quickly cut rates close to the zero bound if the economy rolls over sharply. QE could also be in the cards.Treasury debt will spike higher as a percentage of GDP in 2024. The 2024 fiscal deficit will exceed $2 Trillion, further devaluing the U.S. Dollar.The fiscal side will stimulate through heavy spending (fiscal spending is up 17% fiscal year-to-date through the end of November).Wars are active or actively brewing on multiple geographic fronts which could significantly impact oil prices as well as be a source of disruption both for the American economy and the capital markets. State-sponsored cyberattacks on critical infrastructure is a real threat.A contested election is my expectation for November 2024.Read the full TEK2day article: https://open.substack.com/pub/tek2day/p/2024-will-be-anything-but-boring?r=1rp1p&utm_campaign=post&utm_medium=webRead our Amazon Kindle book: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7MLearn more about TEK2day here: https://tek2day.com/about/John Ford reference here: https://youtu.be/POgWODZyUGQ?feature=shared
The Fed won’t allow the BTFP to expire on March 11th without first re-inflating the bond market.The banking industry had $684 billion of unrealized losses on the books at the end of Q3. Bank of America alone had $132 billion of unrealized losses on held-to-maturity securities, $107 billion of which were mortgage-backed securities at a yield of 2.12%. At such a low yield, those securities will be underwater unless the Fed Funds rate moves close to the zero bound.Banks typically pull back on credit when a significant amount of unrealized losses are carried on their balance sheets. Banks have not pulled back on credit to the extent they would have if the Fed had not created its Bank Term Funding Program (BTFP) back in March. The BTFP is attractive to qualifying banks as it allows them to borrow while valuing their underwater collateral at par. Further, in recent weeks the BTFP’s borrowing rate has been below Fed Funds (4.83% as of 12/28), which creates a short-term arbitrage opportunity for the banks.Without the BTFP crutch, it is likely that banks would tighten credit. Banks would likely tighten credit in the absence of the BTFP given their concern about the unrealized losses they carry combined with a softening macro economic environment. That is, unless the Fed rapidly reduces interest rates close to the zero bound in order to fully reinflate the bond market. How else will Bank of America and other banks that gorged on debt when the Fed Funds rate was at zero percent ever get their heads above water? I say allow the banks to suffer realized losses, but that is not how the Fed operates.Separate from the Banking unrealized loss issue, the U.S. has the problem of $34 Trillion of Treasury debt, approximately one-third of which is financed short term. Treasury needs to bring the cost of servicing its debt down. Today, the Fed Funds rate is pushing the average cost of servicing the Treasury debt higher. Interest expense will account for approximately 20% of Federal tax receipts in fiscal 2024 - a suffocating amount.Therefore, between Treasury’s debt mountain and the Banking industry’s enormous unrealized loss position, the Fed has sufficient motivation to move interest rates significantly lower in 2024.
Economic conditions are deteriorating. Revenue growth will slow in 2024 and operating margins will be squeezed. 1H 2024 will see conditions deteriorate for most companies. The Fed potentially cutting its Fed Funds rate by 25 BPS in March will not mean squat to companies carrying meaningful amounts of debt, especially high yield issuers. High yield credit spreads need to widen to reflect the increased cash flow risk for most companies in 2024.Read the full article here: https://open.substack.com/pub/tek2day/p/high-yield-credit-spreads-should?r=1rp1p&utm_campaign=post&utm_medium=web
There are an infinite number of serious threats posed by Advanced AI. OpenAI founder Sam Altman, OpenAI’s Board of Directors and Microsoft CEO Satya Nadella owe it to the American people (all people for that matter), to fully disclose what it was that Sam Altman lied to his Board about concerning ChatGPT’s capabilities. Mr. Altman going before Congress to say “sorry” post some horrific ChatGPT-related disaster will be too little too late.Here is our related article: https://open.substack.com/pub/tek2day/p/advanced-ai-some-concerns?r=1rp1p&utm_campaign=post&utm_medium=web
One measure of inflation is to compare growth in the money supply to GDP growth. Money supply growth should not exceed economic growth. When money supply growth exceeds economic growth, that resulting “slack” is inflation. Written another way, inflation exists when the money supply grows faster than GDP. See our related TEK2day article here: https://open.substack.com/pub/tek2day/p/inflation-in-pictures?r=1rp1p&utm_campaign=post&utm_medium=web"Inflation is the process of making addition to currencies not based on a commensurate increase in the production of goods." —Federal Reserve Bulletin (1919)
Here is the related TEK2day article: https://open.substack.com/pub/tek2day/p/reflecting-on-the-immorality-of-inflation?r=1rp1p&utm_campaign=post&utm_medium=web
A follow-up to today’s written article where we cover ODL and Bank liquidity. The article may be found here: https://open.substack.com/pub/tek2day/p/bank-liquidity-is-rising-but-at-what?r=1rp1p&utm_campaign=post&utm_medium=web
Fed Chair Powell and the FOMC run the risk of re-igniting inflation with last week’s dovish commentary. Market conditions have continued to ease since the FOMC meeting and press conference on December 13th. Powell’s Fed may be forced to further tighten monetary policy after loosening last week – a repeat of then Fed Chair Arthur Burns having pulled back on the Fed’s tightening effort too soon back in the late 1970s. Watch this episode on YouTube: https://youtu.be/kbCuOWMLv5Y?feature=sharedSubscribe to TEK2day’s YouTube channel: https://www.youtube.com/@TEK2daySubscribe to TEK2day on Substack: https://tek2day.substack.com/
We cover recent TEK2day articles concerning the Fed. Read TEK2day on Substack: https://tek2day.substack.com/p/tek2day-podcast-ep-455-the-fed-unrealized
Apologies for the several seconds of lost audio. The YouTube version of this episode does not have the audio issue and may be found here: https://youtu.be/FBhCY5nnkDY?feature=sharedThe Fed Is Setting Up A Stagflationary Decade: https://open.substack.com/pub/tek2day/p/the-fed-is-setting-up-a-stagflationary?r=1rp1p&utm_campaign=post&utm_medium=webOur Amazon Kindle book: "Stagflation Is Imminent": https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M
Don’t believe the hype around the Fed being well on its way to conquering inflation and achieving a “soft” landing. The Fed did irreparable damage to the economy in 2020, 2021 and 2002 with its ultra-dovish COVID response.See related TEK2day article here: https://open.substack.com/pub/tek2day/p/the-feds-feeble-attempt-to-tame-inflation?r=1rp1p&utm_campaign=post&utm_medium=web
It will be difficult for most streaming services to generate a profit, particularly if interest rates remain elevated. Deep-pocketed technology companies such as Amazon, Apple, Google and Microsoft are well-positioned to reassemble the traditional content bundle as a streaming bundle. Amazon is well ahead of the pack to this end.Recent Related TEK2day Articles:The A24, HBO Deal Is Indicative of Future Streaming Partnerships and Consolidation: https://open.substack.com/pub/tek2day/p/the-a24-hbo-deal-is-indicative-of?r=1rp1p&utm_campaign=post&utm_medium=webTEK2day Podcast Ep. 450: Disney CEO Bob Iger's Plate Is Full with ESPN: https://open.substack.com/pub/tek2day/p/tek2day-podcast-ep-450-disney-ceo?r=1rp1p&utm_campaign=post&utm_medium=webMore On ESPN and Disney: https://open.substack.com/pub/tek2day/p/more-on-espn-and-disney?r=1rp1p&utm_campaign=post&utm_medium=webESPN Will Require A Deep-Pocketed Partner To Successfully Transition To A Pure Streaming Service By 2025: https://open.substack.com/pub/tek2day/p/espn-will-require-a-deep-pocketed?r=1rp1p&utm_campaign=post&utm_medium=webDisney’s New CFO Is an M&A Guy: https://open.substack.com/pub/tek2day/p/disneys-new-cfo-is-an-m-and-a-guy?r=1rp1p&utm_campaign=post&utm_medium=web
Wages as measured in today’s ADP report are growing faster than inflation as measured by CPI. So why is the economy slowing? The answer is because CPI is understated.Today’s TEK2day article: https://open.substack.com/pub/tek2day/p/bad-economic-news-continues-to-be?r=1rp1p&utm_campaign=post&utm_medium=webToday’s ADP release: https://www.prnewswire.com/news-releases/adp-national-employment-report-private-sector-employment-increased-by-103-000-jobs-in-november-annual-pay-was-up-5-6-302007536.html
We cover the Fed, persistent inflation, the looming recession, our 2024 Tech outlook and more.
The overnight reverse repo market (ON RRP) sat at $887 billion last night, down from $2.6 Trillion at the peak on December 30th 2022. As the Fed slowly removes liquidity from the system through QT, Banks and Non-Bank institutions are parking less capital overnight at the Fed. Think of the reverse repo balance as excess liquidity in the system. The RRP balance could be at zero by March 2024 (or shortly thereafter) at the current RRP drawdown trajectory. Perhaps when the ON RRP balance gets close to zero this dovish, interventionist Fed will stop its QT program. Something to watch for.Full article here: https://tek2day.substack.com/p/the-reverse-repo-market-may-be-telling
A Full Bank Deposit Backstop Is ImpossibleThe Fed, Treasury and the FDIC are writing a check they can’t cash. Based on their rhetoric, the three Government organizations have implied that they will backstop all bank deposits. It would be impossible for this unholy triumvirate to do so given the tab could be north of $15 Trillion at the extreme.MORE BANK FAILURES ARE COMINGThere were 563 U.S. bank failures from 2001 through 2023 (chart below). 465 of those banks failed between 2008-2012. Those 465 banks had combined assets of $689 Billion.2 U.S. banks have failed with combined assets of $319 Billion year-to-date (through March 14th). The asset destruction this time around will be far worse than the Great Financial Crisis of 2008, even if the Fed was to take rates to zero percent tomorrow.A POTENTIAL MULTI- $ TRILLION LIQUIDITY CRUNCHAll FDIC banks had $19.2 Trillion of deposits (table below) with $12.0 Trillion of loans outstanding. This represents a loan-to-deposit ratio of 63% (as of 12/31/22). That is to say that at a minimum, 63% of deposits are not on hand. This obviously presents a problem should a majority of depositors wish to withdraw their money at the same time.However, the problem is even more serious. While 63% of all deposits were loaned out as of 12/31/22, that is not to say that the remaining 37% of deposits were on hand. No, that’s hardly the case. You can be certain that a significant portion of those deposits were deployed across various financial instruments, some of them long-term in nature.For example, Silicon Valley Bank (SVB), had a loan-to-deposit ratio of 43% at the time of its collapse as deposits not deployed as loans were deployed across other financial instruments (many of long duration). This duration mismatch created a liquidity crunch.If there was a full run on all FDIC banks, some number between $12.0 Trillion and $19.2 Trillion is deployed in the economy which would force the banks to generate liquidity by selling other assets. These actions would not cover the tab. Thus, the Fed, Treasury and the FDIC would be on the hook for more than half of U.S. GDP were it to provide a full deposit backstop. That’s not going to happen.Which banks are safe? The triumvirate could backstop J.P. Morgan, Bank of America, Wells Fargo and Citi, but not a full backstop if a bank run were to occur at all four banks simultaneously. To backstop 100% of deposits at all four banks simultaneously would be impossible as we are talking about $7.0 Trillion in deposits across the four banks (as of 12/31/2022), of which $3.8 Trillion have been extended as loans to say nothing of how the remaining $3.2 Trillion in deposits may be deployed.https://tek2day.com/2023/03/25/a-full-bank-deposit-backstop-is-impossible/
The Fed's actions on Sunday night amounted to a Bail Out / QE as we stated in episode 444. The question is will the Fed slow or halt the pace of its QT program? If so, monetary policy will essentially be squarely back in a QE stance. No chance at getting CPI back down to 2% in the next several years if that were to happen.
Read our related TEK2day articles:1.) Bail Out: https://tek2day.com/2023/03/13/bail-out/2.) Powell’s Puzzle. Dimon A Winner. https://tek2day.com/2023/03/13/powells-puzzle-dimon-a-winner/3.) Venture Debt & SVB: https://tek2day.com/2023/03/11/venture-debt-svb/4.) Tough Month For Banks: https://tek2day.com/2023/03/10/tough-month-for-banks/5.) The Fed’s Balance Sheet Reduction (QT) Update: https://tek2day.com/2023/03/09/the-feds-balance-sheet-reduction-qt-update-22/
A general catch-up on the looming recession, Tech earnings, Stagflation and more. Buy a copy of our Amazon Kindle book here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M
A quick review of our recent TEK2day published written content. Learn more at TEK2day.com
Scott Kurland and Dan Pallone of SS&C Technologies (ticker: SSNC), joined the TEK2day Podcast to cover the insurance industry as it relates to insurance carriers investing in alternative asset classes in the pursuit of yield.
We recently covered this topic in our TEK2day Spotlight report “THE EVOLVING INSURANCE INDUSTRY” which SS&C was kind enough to sponsor. SS&C recently published an e-book “10 CONSIDERATIONS THAT ‘LEND’ CREDIBILITY TO PRIVATE MARKET INVESTING”, that covers similar subject matter. Both the e-book and our spotlight report may be accessed below.
Access the SS&C e-book here: https://www.ssctech.com/resources-insights/pdfs/10-considerations-private-market-investing
Access the TEK2day Spotlight report here: https://tek2day.com/2021/07/29/tek2day-spotlight-the-evolving-insurance-industry/
For more TEK2day content visit https://tek2day.com/ For more on SS&C Technologies visit https://www.ssctech.com/
The TEK2day Podcast is available across all popular podcast playing platforms including Apple and Spotify:
Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408
Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
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Visit CEORater on LinkedIn: www.linkedin.com/company/ceorater
A Win for Intuit. A Loss for Facebook: Intuit (ticker: INTU), recently announced that it had agreed to acquire Mailchimp, the marketing platform used by small and medium-sized businesses (we are a Mailchimp customer). Intuit is in the business of serving the SMB market. Facebook (ticker: FB), also serves SMBs and made a smart acquisition last year (Kustomer acquisition) to bolster its SMB offerings. Mailchimp is the type of company that would have been a financial rounding error for Facebook in the near-term, yet would have tightened Facebook’s grip on the low-end of the market while simultaneously providing FB with the means to extend up market. Thus, missing this deal was a strategic blunder for Facebook.
For more TEK2day content visit TEK2day.com
The TEK2day Podcast is available across all popular podcast playing platforms including Apple and Spotify: Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Check out our parent company – CEORater – where you may anonymously rate your company and CEO at CEORater.com
Visit CEORater on LinkedIn: www.linkedin.com/company/ceorater
Elevated prices of goods and services are largely here to stay as a result of the Federal Reserve having dramatically inflated the money supply beginning in Q2 of 2020. These persistent price increases combined with stalling real GDP growth translate to stagflation. In April we wrote in our Amazon Kindle book that Stagflation Is Imminent. Stagflation is now here. Purchase a copy of our book “Stagflation Is Imminent”, here for only $9.99: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M
Read about the origin and evolution of the word “inflation” here: https://drive.google.com/file/d/1aUAXj0ooKmbIONVZXMu9vbKUCkmsEqS1/view?usp=sharing
Read about the Atlanta Federal Reserve’s Real GDP measure here: https://www.atlantafed.org/-/media/documents/cqer/researchcq/gdpnow/RealGDPTrackingSlides.pdf
For more TEK2day content visit TEK2day.com
The TEK2day Podcast is available across all popular podcast playing platforms including Apple and Spotify: Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Check out our parent company – CEORater – where you may anonymously rate your company and CEO at CEORater.com
Visit CEORater on LinkedIn: www.linkedin.com/company/ceorater
Quality Companies Outperform Over The Long-Term
We will say it until we are blue in the face: Management Teams Matter.
A high quality management team starts with a high-quality CEO. Quality management teams build quality companies. They do the hard, tedious work required to build the best products and processes in order to deliver maximum customer value. CEOs of these companies typically share certain attributes. For example, they invest for the long-term and work to drive long-term shareholder value. They will not for example chase a short-term “hype” opportunity to drive short-term gains as MicroStrategy (tkr: MSTR) CEO Michael Saylor has done in his pursuit of Bitcoin riches. Quality companies and CEOs such as Andy Florance of CoStar Group (tkr: CSGP), Henry Fernandez of MSCI (tkr: MSCI) and Bill Stone of SS&C Technologies (tkr: SSNC), are in it for the long haul. They won’t chase M&A targets with exorbitant valuations. They won’t roll out flavor of the month products that deliver negligible customer value. They will invest to deliver long-term shareholder value. This long-term approach may translate to underperformance during bubble periods such as the mother of all bubbles that we operate in today. However, quality management teams won’t blow you up. They won’t make poor capital allocation decisions nor deliver poor financial performance. Quality companies do tend to outperform when the economy and markets are soft and when markets are “normal”. Quality companies also tend to outperform over multi-year periods. Below we benchmark CSGP, MSCI and SSNC vs. the NASDAQ Composite. Read full article here: https://tek2day.com/2021/07/08/quality-companies-outperform-over-the-long-term/
1.) VCs are not aligned with Entrepreneurs.
2.) Many of these EV CEOs are frauds as are the companies. We told you so a long time ago. It matters who the CEO is.
3.) Fed Chairman Jerome Powell is campaigning for his job to be renewed in February rather than behaving as an adult as the Fed works to inflate the debt away.
CEORater Quick Take: We expect CEOs and CFOs to retire at a record pace by year-end 2021 due to the rigors of COVID. Last year it was establishing WFH environments. This year it is defining back-to-the-office policies and executing on them. Lots of CEO and CFO retirement announcements should come between October 2020 and December 2020. We may also see M&A activity spike near year-end as founder CEOs in particular step away from the non-revenue generating rigors of 2020 and 2021.
We compared the year-over-year percentage change in M2 (measured each month) to the year-over-year percentage change in the NASDAQ Composite (measured each month on a one-month lag) and found a strong correlation as measured by a correlation coefficient of 81.7%.
Our analysis covered the percentage change in M2 from April 2020 (when the money supply was increased to combat COVID), through March 2021. We used March 2021 as an endpoint as by then the NASDAQ Composite had traded off and had begun to plateau. Thus it would seem that some of the “free money” mailed to companies (PPP), individuals (federal unemployment relief), and used to purchase government agency bonds as well as corporate bonds (Fed Reserve actions) either directly made its way into NASDAQ-listed names or helped support NASDAQ valuations indirectly. This speaks to the asset inflation brought on by loose fiscal and monetary policy.
Read the full article at this link where you may access our data table in full: https://tek2day.com/2021/06/17/strong-correlation-between-m2-growth-nasdaq-composite-growth/
One of the great distortions caused by the joint fiscal and monetary policy of 2020 and 2021 is that equities and the lowest-rated non-investment grade credits are two of the all too rare places where investors may earn a return. Savers and Fixed Income investors be damned. Many companies are enjoying their stocks trading at all-time highs. Management teams are getting a pass on lackluster operating performance as a result of their stocks trading higher over 2020 and 2021. To this we say “What about opportunity cost?”
Consider Roper Technologies (tkr: ROP). ROP shares trade at an all-time high, yet organic revenue declined in the most recent quarter on a Y-O-Y basis (we have been critical of Roper’s M&A strategy). ROP is not alone. Many companies are enjoying record valuations with less than stellar operating performance. Don’t fall for the excuse that a company is victim to its industry which may be suffering from COVID or some other such exogeneous factor. If that’s the case, reduce waste, ensure the core business is strong, and look for opportunities to strengthen the company with smart, strategic partnerships and acquisitions. My advice would be to focus on the former at the present moment until such time as valuations begin to pull back.
"Rewarding Non-Productive Activities with New Money Leads to Price Inflation": The punchline is that a significant percentage of new money creation over the past year was allocated to non-productive use cases. “Helicopter” money to individuals and non-performing firms are two examples. When capital is deployed for non-productive use (acquiring cryptocurrencies for example), that capital invariably bids up prices causing asset price inflation. Conversely, recipients that are able to deploy capital in a productive manner (small software development firm for example), create value through production of goods and services (Software products in this case), which does not lead to asset price inflation. Below we have included two charts published by the Federal Government which illustrate our point and speak to the asset price inflation or “bubbles” we have voiced our concern about over the past 14 months. (more....)
Read the full article here: https://tek2day.com/2021/06/09/why-we-have-price-inflation/
More bogus CPI numbers reported yesterday. The CPI itself is a poor price inflation measure given it excludes so many asset classes such as equities, art and crypto. Let’s focus on one CPI line item – “food at home” which was up 0.7% over the past 12 months ended May. Sorry, that’s a bogus number. My family’s grocery bill is up 20-30%. That percentage increase is in absolute terms and does not contemplate the old retail trick of shrinking packaging while maintaining prices which is happening. We’ve sampled a couple of local restaurants over the past two weeks and noted that prices were flat yet portion sizes were reduced by 20-25%. These prices increases are not transitory. Food suppliers are not going to triple inventories simply to get prices down. Same for lumber and metals. It’s not happening. What is clear is that the Federal Government and the Federal Reserve are working in concert to inflate prices, thereby inflating GDP, thereby inflating tax receipts, thereby shrinking outlays to interest expense on the mountain of debt outstanding. Buckle up because price inflation will get worse, not better.
Don't believe the Fed's spin that asset price increases are "Transitory". Price appreciation is here to stay given that the Fed has inflated the Money Supply (M1) by 4.7x since January 2020.
“Inflation” to lead headlines again when CPI data is reported. Real-world price appreciation is well ahead of the Fed’s 2% target.
If last month was any indication the term “inflation” will dominate market-related headlines when May CPI data is released on Thursday June 10th at 8:30am ET (See Google Trends chart below for search term “inflation” as of Thursday May 27th). Recall that when April CPI data was released on May 12th, many were surprised to learn of the 4.2% annual increase (April 2021-April 2020 period). We don’t publish a TEK2day inflation model, but trips to the grocery store, farmers markets and Home Depot were sufficient to directionally indicate that prices have increased over the past few weeks. Price increases are a predictable by-product of a foolish monetary policy that has inflated the money supply (M1) by 4.7x since January 2020 (chart below). Stagflation is the end-game to this experiment in ultra-inflationary monetary policy. As to the question of “transitory inflation” – that is Fed marketing spin. A casual glance at housing prices, equities, building materials, precious metals, commodities, used car prices, art, food, etc. speaks to something more permanent. The catalyst of course is the Fed’s dramatic expansion of the money supply. However, don’t blame Mr. Powell for The Fed’s actions. COVID forced his hand after all. “Good times create weak men, and weak men create hard times”. – G. Michael Hopf
I’ve yet to be convinced of the value proposition of incorporating ESG into the investment decision-making process. What are the definitions of the “Environmental” and “Social” elements of ESG and how are each directly correlated to alpha generation? You are preaching to the choir as it relates to “Corporate Governance” – the “G” in ESG. No other variable is as important to a company’s success as is the Management Team/CEO. The composition of the Board of Directors is a close second.
Link to the full TEK2day ESG article: https://tek2day.com/2021/05/31/g-is-where-the-value-is-in-esg/
Here is the link to the TEK2day Electricity Generation article referenced in the episode: https://tek2day.com/2021/05/19/evs-musk-biden-and-homer-simpson/
Too few CEOs fully leverage the power of variable compensation to drive desired employee behavior and outcomes.
Last week we discussed the AI CEO vs. the Cyborg CEO. Assuming we could build a CEO with perfect intelligence there remains the question of how that CEO should communicate with his/her direct reports and employee base so as to achieve desired outcomes. For example, we structure M&A deals with detailed incentive compensation plans for acquired management teams. Those incentive compensation plans may incorporate various elements such as future Revenue and EBITDA levels, product launches and customer retention rates. Conversely, it is rare for a CEO’s direct reports to have that level of achievement-based detail built into their variable compensation plans. For example, in the case of a significant technology product launch it would make sense for a percentage of variable compensation to be at risk as it relates to those who worked on the budget, the product build and the product launch. Those with variable compensation at risk may include Product Managers, Software Developers, Sales Executives, Marketing Executives and Finance Executives. If you really want to go the extra mile, variable compensation for those employees would depend upon product performance over a defined period. “Product performance” could be defined as unit sales vs. budget, unit pricing vs. budget, and customer satisfaction (once the product has been deployed for a sufficient period so as to reasonably be able to conduct customer surveys). As the saying goes, “show me your compensation plan and I’ll predict your employees’ behavior.”
More Lines To Come With Price Controls: It is starting to feel like the 1970’s with out of control fiscal spending, inflation and now gas lines. We only have gas lines in certain parts of the country today as local government officials exercised gas price controls during the Colonial Pipeline shutdown. We could very well see similar price control policies from the Biden Administration and State Governments in the coming weeks and months in an effort to control inflation.
The correct way to tame inflation would be to allow interest rates to float and to stop printing money to subsidize fiscal spending. Doing so would put an end to inflation and the debt double that grows worse by the day. If we are not going to allow interest rates to rise, then we ought to allow prices for goods and services to find a natural equilibrium. If Government decides to place its heavy hand on market prices as it has with gas prices, then the equal and opposite reaction will manifest itself in long lines at the grocery store, farmers’ markets, pharmacies and more. Perhaps we are on the cusp of another self-inflicted disaster that will benefit Amazon (AMZN), Walmart (WMT) and the various delivery services.
Visit www.TEK2day.com for our latest articles and long-form reports.
Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Our related TEK2day articles may be found below:
Workers Choose To Collect Federal Unemployment Benefits Rather Than Work: https://tek2day.com/2021/05/07/workers-choose-to-collect-federal-unemployment-benefits-rather-than-work/
Federal Transfer Payments To Americans Don’t Equal Economic Strength: https://tek2day.com/2021/05/02/federal-transfer-payments-to-americans-dont-equal-economic-strength/
Inflation Is Here To Stay. Powell Likely Has Lost Control.: https://tek2day.com/2021/04/29/inflation-is-here-to-stay-powell-likely-has-lost-control/
The Fed’s Vicious Cycle and Gold: https://tek2day.com/2021/04/20/the-feds-vicious-cycle/
Enhanced Unemployment Benefits Are Hurting Retailers: https://tek2day.com/2021/04/14/enhanced-unemployment-benefits-are-hurting-retailers/
Visit www.CEORater.com Visit www.TEK2day.com
Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Visit www.CEORater.com
Access our CEORater Personality Analytics report (referenced in this podcast episode), here: https://drive.google.com/file/d/1yVs6K5LUs0Ndyc0aep91OKtxYbLzVJy8/view?usp=sharing
Visit www.TEK2day.com
Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Visit CEORater.com and TEK2day.com.
Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Read our related TEK2day article “Put Your Strategic M&A Team On Ice” here: https://tek2day.com/2021/05/05/put-your-strategic-ma-team-on-ice/
Perhaps that recommendation is a bit harsh and unexpected coming from me, someone who is a staunch advocate of strategic M&A. However, the fact is that interest rates are historically low and valuations will remain historically high until such time as interest rates begin to rise. As we recently wrote, equity valuations have the looming double whammy of higher interest rates and higher corporate taxes which are sure to haircut valuations. Until such time valuations will remain historically high, especially within the Tech sector where valuations rival the dot-com Bubble of 1999-2000. Rather than chase expensive deals, smart alternatives may include investing in Product Development, investing in your salesforce, investing in employee recruiting and training and paying or increasing a dividend. Strategic acquirers must live with the downside risk associated with their acquisitions. Contrast this to Private Equity firms and SPAC sponsors which are perfectly happy to chase deals with other people’s money. Their returns are cushioned by cheap debt, double-digit percentage fees and elements that limit downside participation. Now is not the time to chase but rather to focus on that which is in your control. M&A teams would be wise to focus on building a robust M&A landscape and to strengthen relationships with potential targets for when the time is appropriate to act. Last, throw out the preceding advice if your company is valued at multiples of competitors’ enterprise value in which case you ought to leverage your rich currency and pursue accretive acquisitions.
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Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Both Facebook (Facebook Blue and Instagram) and Twitter have an enormous Bot problem. Fake user accounts are included in active user counts and therefore contribute to Ad rates. Facebook said it took down 1.3 billion fake accounts October-December which is not to say it removed every last fake account or even a majority of them. Facebook has previously estimated that 5% of its active users are fake accounts but who is to say? No means exists by which to audit Facebook’s platform. Anecdotally, the Bot problem seemed to get worse in the few years that CEORater used Facebook before we exited the platform in 2020. Twitter to my knowledge has never self-reported the approximate number of fake accounts that exist on its platform. However, Twitter’s Bot problem seemed to grow in severity in our eight years on the platform before we exited in 2020. Further, Twitter has evolved from a platform primarily geared toward commercial activity where the Tech industry was the primary driver to a political platform marked by toxic political discourse. Commercial activity has been marginalized. The combination of Twitter’s toxic political discourse and fake account problem has placed Jack Dorsey’s company on a path to become a niche platform. What are Social Media Ad buyers truly getting in return for their Ad spend?
It would seem a better digital Ad buy would be “in-game” ad buys (i.e. product placement – it is more difficult to fudge the number of active gamers), and targeted ad purchases across premium content platforms – Amazon Prime, NY Times, Wall Street Journal, Bloomberg – where the buyer knows there is a paying, subscribing human on the receiving end.
Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Inflation Is Here To Stay. Powell Likely Has Lost Control.: https://tek2day.com/2021/04/29/inflation-is-here-to-stay-powell-likely-has-lost-control/
Biden’s Long-Term Capital Gains Tax Increase Will Spur Selling: https://tek2day.com/2021/04/26/bidens-long-term-capital-gains-tax-increase/
U.S. Trade Deficit With China To Explode: https://tek2day.com/2021/04/24/u-s-trade-deficit-with-china-to-explode/
Biden’s Climate Plan Is A Tax On Companies And Individuals: https://tek2day.com/2021/04/23/bidens-climate-plan-is-a-tax-on-companies-and-individuals/
The Fed’s Vicious Cycle and Gold: https://tek2day.com/2021/04/20/the-feds-vicious-cycle/
A Corporate Tax Hike Will Be A Double Whammy On Valuations: https://tek2day.com/2021/04/16/a-corporate-tax-hike-will-be-a-double-whammy-on-valuations/
Enhanced Unemployment Benefits Are Hurting Retailers: https://tek2day.com/2021/04/14/enhanced-unemployment-benefits-are-hurting-retailers/
Yellen’s Minimum Global Corporate Tax Is A Big Deal: https://tek2day.com/2021/04/10/yellens-minimum-global-corporate-tax-is-a-big-deal/
A Breakdown of Biden’s $2.3 Trillion Green New Deal: https://tek2day.com/2021/04/02/a-breakdown-of-bidens-2-3-trillion-green-new-deal/
The Ugliest Chart I Have Ever Seen: https://tek2day.com/2021/03/31/the-ugliest-chart-i-have-ever-seen/
Stagflation Is Imminent: https://tek2day.com/2021/03/30/stagflation-is-imminent/
The Fed’s Options To Fight Inflation Are Limited: https://tek2day.com/2021/03/29/the-feds-options-to-fight-inflation-are-limited/
Powell Just Told Us Why Interest Rates Will Remain Low: https://tek2day.com/2021/03/25/powell-just-told-us-why-interest-rates-will-remain-low/
More Inflation Is Coming: https://tek2day.com/2021/03/18/more-inflation-is-coming/
A More Hawkish Fed Is Not In The Cards This Year: https://tek2day.com/2021/03/15/the-fed-becoming-more-hawkish-is-not-in-the-cards-this-year/
A Breakdown of Biden’s Debt-Funded COVID Relief Program: https://tek2day.com/2021/03/13/a-breakdown-of-bidens-debt-funded-covid-relief-program/
Brace for Anemic Long-Term Real GDP Growth: https://tek2day.com/2021/03/06/brace-for-anemic-long-term-real-gdp-growth/
The Fed’s Next Move Is To Ramp QE, Not Raise Rates.: https://tek2day.com/2021/03/04/the-feds-next-move-is-to-ramp-qe-not-raise-rates/
Long Rates Continue To Climb As Inflation Persists. Nothing To See Here.: https://tek2day.com/2021/02/18/long-rates-continue-to-climb-as-inflation-persists-nothing-to-see-here/
The Fed’s Evolution From Independent Agency to Treasury Subsidiary: https://tek2day.com/2021/02/08/the-feds-evolution-from-independent-agency-to-treasury-subsidiary/
The Biden Administration’s latest debt-funded spending program will create increasing inflation and therefore tax the American people as the price of goods and services climb ever higher. This latest program ($ 1.8 Trillion) will further penalize Americans via the inflation tax = taxation without representation. Between the Trump Administration’s two spending programs ($2.3 Trillion, $900 Billion) and Biden’s three spending programs ($1.9 Trillion, $2.3 Trillion, $1.8 Trillion), we are rapidly losing the country to an out-of-control Federal Government that is hell-bent on creating $Trillions out of thin air to pursue spending programs it believes will win voters at the end of the day. Translation: The Federal Government will play an increasingly larger role in our daily lives. Recent related TEK2day articles are listed below:
Purchase our Amazon Kindle Book for $9.99 here: https://www.amazon.com/Stagflation-Imminent-Jonathan-Maietta-ebook/dp/B091NB9V7M/ref=sr_1_3
Biden’s Long-Term Capital Gains Tax Increase Will Spur Selling: https://tek2day.com/2021/04/26/bidens-long-term-capital-gains-tax-increase/
U.S. Trade Deficit With China To Explode: https://tek2day.com/2021/04/24/u-s-trade-deficit-with-china-to-explode/
Biden’s Climate Plan Is A Tax On Companies And Individuals: https://tek2day.com/2021/04/23/bidens-climate-plan-is-a-tax-on-companies-and-individuals/
The Fed’s Vicious Cycle and Gold: https://tek2day.com/2021/04/20/the-feds-vicious-cycle/
A Corporate Tax Hike Will Be A Double Whammy On Valuations: https://tek2day.com/2021/04/16/a-corporate-tax-hike-will-be-a-double-whammy-on-valuations/
Enhanced Unemployment Benefits Are Hurting Retailers: https://tek2day.com/2021/04/14/enhanced-unemployment-benefits-are-hurting-retailers/
Yellen’s Minimum Global Corporate Tax Is A Big Deal: https://tek2day.com/2021/04/10/yellens-minimum-global-corporate-tax-is-a-big-deal/
A Breakdown of Biden’s $2.3 Trillion Green New Deal: https://tek2day.com/2021/04/02/a-breakdown-of-bidens-2-3-trillion-green-new-deal/
The Ugliest Chart I Have Ever Seen: https://tek2day.com/2021/03/31/the-ugliest-chart-i-have-ever-seen/
Stagflation Is Imminent: https://tek2day.com/2021/03/30/stagflation-is-imminent/
The Fed’s Options To Fight Inflation Are Limited: https://tek2day.com/2021/03/29/the-feds-options-to-fight-inflation-are-limited/
Powell Just Told Us Why Interest Rates Will Remain Low: https://tek2day.com/2021/03/25/powell-just-told-us-why-interest-rates-will-remain-low/
More Inflation Is Coming: https://tek2day.com/2021/03/18/more-inflation-is-coming/
A More Hawkish Fed Is Not In The Cards This Year: https://tek2day.com/2021/03/15/the-fed-becoming-more-hawkish-is-not-in-the-cards-this-year/
A Breakdown of Biden’s Debt-Funded COVID Relief Program: https://tek2day.com/2021/03/13/a-breakdown-of-bidens-debt-funded-covid-relief-program/
Brace for Anemic Long-Term Real GDP Growth: https://tek2day.com/2021/03/06/brace-for-anemic-long-term-real-gdp-growth/
The Fed’s Next Move Is To Ramp QE, Not Raise Rates.: https://tek2day.com/2021/03/04/the-feds-next-move-is-to-ramp-qe-not-raise-rates/
Long Rates Continue To Climb As Inflation Persists. Nothing To See Here.: https://tek2day.com/2021/02/18/long-rates-continue-to-climb-as-inflation-persists-nothing-to-see-here/
The Fed’s Evolution From Independent Agency to Treasury Subsidiary: https://tek2day.com/2021/02/08/the-feds-evolution-from-independent-agency-to-treasury-subsidiary/
A Corporate Tax Hike Will Be A Double Whammy On Valuations: Consider the Fintech and Information Services sector. Depending upon how you define it, the sector trades at approximately 30x Operating Cash Flow (“OCF”). If Company X generates $1 billion in Operating Cash Flow today, the Net Income input will have been taxed at 28% under Biden’s proposal vs. the current 21% Federal corporate income tax (33% higher). Thus, 1.) the valuation multiple will be applied to a lower OCF figure all else held equal, and 2.) investors likely will apply a lower valuation multiple given the higher tax and lower cash flows. It feels to me that this phenomenon is not baked into Tech valuations and perhaps equity valuations more generally.
Federal programs such as the CARES Act/ Pandemic Unemployment Assistance and other COVID-related Federal handouts are hurting retail businesses. Retail used to be a great way for young people to gain valuable sales and customer experience early in their career. Many readers will have held hourly jobs at grocery stores, restaurants and the like during their high school and college years. Many adults work these jobs for additional income. The geniuses in Washington D.C. have turned this labor market on its head. Many Americans who would normally work these jobs now make more money collecting COVID-related Government benefits. As a result grocery stores, wine & liquor retailers, gyms, food service establishments and other retail operations are having difficulty staffing operations at a time when customers are returning. The penalty is two-fold: 1.) Opportunity Cost – lost revenue due to insufficient staff; 2.) Wage Inflation – businesses will be required to increase hourly wages in order to provide an incentive for people to return to work. Higher wages of course will cut into profits. It is one thing for a labor market to tighten due to a healthy, productive economy (the U.S. is not net productive as trade deficits are widening). However, it is quite another for labor markets to tighten because the Federal Government is competing with American businesses.
Check out our Amazon Kindle Book: "Stagflation Is Imminent": https://www.amazon.com/dp/B091NB9V7M/ref=cm_sw_em_r_mt_dp_D2TYT6MA6P6P3X7RH0YP
We had a conversation with Ken Bisconti and Bob Petrocchi who together co-lead Intralinks, an SS&C Technologies (tkr: SSNC) company. Intralinks is perhaps best known for its Virtual Data Room offering – “VDRPro“- part of a larger product portfolio that customers primarily use to securely manage M&A and related transactions. We covered a variety of topics including Intralinks’ customer value proposition across its three primary customer cohorts, go-to-market strategy, product offerings and more.
Our most recent TEK2day articles. In addition, check out our new Amazon Kindle book. Links below:
Amazon Kindle Book: “Stagflation Is Imminent”: https://www.amazon.com/gp/product/B091NB9V7M/ref=dbs_a_def_rwt_bibl_vppi_i0
PLM Software CEO Compensation Comparison: https://tek2day.com/2021/04/05/plm-software-ceo-compensation-comparison/
CEO Compensation Ought To Tightly Align With Company Performance: https://tek2day.com/2021/04/05/ceo-compensation-ought-to-tightly-align-with-company-performance/
Broadridge’s Acquisition of Itiviti. Nothing Is Cheap. https://tek2day.com/2021/04/03/broadridges-acquisition-of-itiviti-nothing-is-cheap/
Square, PayPal, and Apple Will Dominate A Digital Currency World: https://tek2day.com/2021/04/03/square-paypal-and-apple-will-dominate-a-digital-currency-world/
A Breakdown of Biden’s $2.3 Trillion Green New Deal: https://tek2day.com/2021/04/02/a-breakdown-of-bidens-2-3-trillion-green-new-deal/
Related TEK2day articles:
1.) The Ugliest Chart I Have Ever Seen: https://tek2day.com/2021/03/31/the-ugliest-chart-i-have-ever-seen/
2.) Stagflation Is Imminent (premium): https://tek2day.com/2021/03/30/stagflation-is-imminent/
3.) The Fed’s Options To Fight Inflation Are Limited: https://tek2day.com/2021/03/29/the-feds-options-to-fight-inflation-are-limited/
Selfish politicians over the past number of decades have led us to a point where generations to come will be paying down the U.S. Debt load. If you ask me it is too late to avoid a dollar crisis as we believe the U.S. will eventually default on its debt. Thank Bush, Obama, Trump and now clueless, selfish Joe Biden would plans to add $6-7 Trillion in new debt in 2021 alone.
We share our ideas as to how Biden ought to allocate his $3 Trillion Infrastructure program. A public-private partnership across two key areas makes sense: CyberSecurity and the Electric Grid. We have previously covered how Distributed Ledger Technologies ("DLT"), such as Blockchain could be used to replace legacy transaction processing systems from online payments to home and auto titling, to electronic healthcare records and more. In addition, we cover how The Fed seeks to control the money supply which does not bode well for Bitcoin and other cryptocurrencies over the long-term.
If you regularly listen to this podcast or read the pages of TEK2day you know that we are not fans of the debt-funded "stimulus" programs of Trump nor under Biden. These debt-funded, money printing efforts create havoc in the capital markets, engender moral hazard and have all sorts of unintended consequences. Let us not forget the amount of waste created by these "stimulus" programs which largely amount to politicians paying themselves vast sums of money to pursue various political initiatives geared to maintaining/gaining political power. The links below provide a breakdown of Biden's $1.9 Trillion COVID relief plan.
Read our TEK2day article here which includes a link to our COVID relief breakdown presentation: https://tek2day.com/2021/03/13/a-breakdown-of-bidens-debt-funded-covid-relief-program/
We cover our initial CEORater CEO Risk Report as well as the impact of rising Treasury yields on Technology M&A. Check out our related TEK2day articles below:
1.) More Inflation Is Coming: https://tek2day.com/2021/03/18/more-inflation-is-coming/
2.) Rising Yields Will Slow M&A Activity: https://tek2day.com/2021/03/16/rising-yields-will-slow-ma-activity/
3.) A More Hawkish Fed Is Not In The Cards This Year: https://tek2day.com/2021/03/15/the-fed-becoming-more-hawkish-is-not-in-the-cards-this-year/
4.) CEORater CEO Risk Report: https://tek2day.com/2021/03/15/ceorater-ceo-risk-report/
Is Salesforce COO Bret Taylor The Company’s Next CEO? Read our related TEK2day article here: https://tek2day.com/2021/03/10/is-salesforce-coo-bret-taylor-the-companys-next-ceo/
View CEORater's Bret Taylor profile here: https://www.ceorater.com/ceo/1847/10/Bret-Taylor
Read our related TEK2day article "Walmart E-Commerce Continues To Scale. A Spin-Off Could Unlock Shareholder Value." here: https://tek2day.com/2021/03/08/walmart-e-commerce-continues-to-scale-a-spin-off-could-unlock-shareholder-value/
Low labor participation, higher taxes and a large debt load translate to anemic long-term Real GDP growth.
Read our related TEK2day article here: https://tek2day.com/2021/03/06/brace-for-anemic-long-term-real-gdp-growth/
The Fed's next move is to ramp up QE, not raise rates. We have $1.9 Trillion in new debt coming as a result of fiscal "stimulus". Now is not the time to raise interest rates. Related TEK2day article: https://tek2day.com/2021/03/04/the-feds-next-move-is-to-ramp-qe-not-raise-rates/
Our related TEK2day articles may be found here:
A LinkedIn Spin-Off Could Unlock Significant Value For Microsoft: https://tek2day.com/2021/03/02/microsoft-should-consider-a-linkedin-spin-off/
We Are Taking A “Show Me” Approach To Gary Gensler As SEC Chairman: https://tek2day.com/2021/03/02/we-are-taking-a-show-me-approach-to-gary-gensler-as-sec-chairman/
Retail investors have misplaced their anger, a symptom of misguided Populism. Read our related articles at the URLs below.
The Social Media-Enabled Pump and Dump: https://tek2day.com/2021/01/28/the-social-media-enabled-pump-and-dump/
Elon Musk Is A Carnival Barker At Best, A Criminal At Worst: https://tek2day.com/2021/01/28/elon-musk-is-a-carnival-barker-at-best-a-criminal-at-worst/
Everyone Is A Stock-Picking Genius During A Bubble. Where Is The SEC? https://tek2day.com/2021/01/27/everyone-is-a-stock-picking-genius-during-a-bubble-where-is-the-sec/
Related TEK2day article is available here: https://tek2day.com/2021/01/15/it-will-be-difficult-to-ween-the-market-off-of-easy-money/
Weening the market and Americans off of easy fiscal and monetary policy will be no easy task. The Biden Administration’s proposed $1.9 Trillion COVID relief package is the first of two multi-Trillion debt-funded “stimulus” tranches to come in 2021. Between zero interest rate policy, debt-funded fiscal stimulus ($1,400 in direct payments to Americans plus extended unemployment benefits), Quantitative Easing and Fed asset purchase programs, we are creating enormous moral hazard, applying downward pressure to GDP, expanding the debt bubble and creating inflation across asset classes. We believe inflation could reach the upper band of what is acceptable to the Fed before 2023-2024 and that Chairman Powell & Company ought to start “thinking about” what tightening may look like in another year or two both in terms of trajectory and messaging to the market.
Read our related TEK2day article here: https://tek2day.com/2021/01/06/qualcomms-current-and-incoming-ceos-are-engineers-intels-ceo-is-not/
For more about TEK2day visit TEK2day.com
Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408
Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com
Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
Here is the link to the graph referenced in the episode: https://drive.google.com/file/d/1cMXaIEtaVnAZxH3eLMi3c1CYczHlvJsk/view?usp=sharing
For more about TEK2day visit TEK2day.com Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
Related TEK2day article: https://tek2day.com/2020/12/21/palantir-is-not-a-software-company/
For more about TEK2day visit TEK2day.com Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
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$2.3 trillion omnibus bill including $900 billion in COVID relief. At the rate we are incurring debt and printing money the USD is sure to plummet. Time to go back on the Gold standard.
Here is the Omnibus bill from Dec 21st 2020: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf
Read our related TEK2day article here: https://tek2day.com/2020/12/15/is-there-another-leg-to-drop-in-the-solarwinds-cyberbreach/
For more about TEK2day visit TEK2day.com
Read our related TEK2day article here: https://tek2day.com/2020/12/16/consumption-based-pricing-models-align-best-with-customer-value-propositions/
Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408
Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com
Twitter: @CEORater https://twitter.com/ceorater
Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/
LinkedIn: www.linkedin.com/company/ceorater
We discussed CEO Personality and its impact on stock returns with Dr. Joseph Harrison of TCU.
Joseph Harrison TCU profile page: https://neeley.tcu.edu/About_Neeley/Faculty_and_Staff/Harrison,_Joseph.aspx
HBR article we referenced: "How a CEO’s Personality Affects Their Company’s Stock Price": https://hbr.org/2019/10/how-a-ceos-personality-affects-their-companys-stock-price
Links to related TEK2day articles: - "More RE: CEO Personality & Implications for Stock Prices": https://tek2day.com/2019/11/22/more-re-ceo-personality-implications-for-stock-prices/
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"Cult of CEO Personality & Implications for Stock Prices": https://tek2day.com/2019/11/14/cult-of-ceo-personality/
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"Predicting CEO Actions and Financial Outcomes Based On CEO Personality": https://tek2day.com/2018/12/14/predicting-ceo-actions-and-financial-outcomes-based-on-ceo-personality/
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"GM’s Mary Barra vs. Tesla’s Elon Musk – A CEO Personality Comparison": https://tek2day.com/2018/11/01/gms-mary-barra-vs-teslas-elon-musk-a-ceo-personality-comparison/
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"Using CEO Personality Types to Identify Risk": https://tek2day.com/2018/06/14/using-ceo-personality-types-to-identify-risk/
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"Personality Analytics: Technology CEOs Analyzed: Part Deux": https://tek2day.com/2018/06/03/personality-analytics-technology-ceos-analyzed-part-deux/
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"Personality Analytics: Technology CEOs Analyzed": https://tek2day.com/2018/05/28/personality-analytics-technology-ceos-analyzed/
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"Your CEO’s Personality Influences His/Her Ability to Scale": https://tek2day.com/2018/05/17/your-ceos-personality-influences-his-her-ability-to-scale/
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Our 2018 CEORater Mid-Cap Software CEO Personality Analysis: https://drive.google.com/file/d/1yVs6K5LUs0Ndyc0aep91OKtxYbLzVJy8/view?usp=sharing
Related TEK2day article: https://tek2day.com/2020/11/26/salesforce-is-chasing-the-leader/
SCOTUS opinion I referred to: https://www.supremecourt.gov/opinions/20pdf/20a87_4g15.pdf
Not all EV CEOs are created equally. A large TAM is certainly not an indicator of OEM success in the EV space. The person leading the charge matters far more than any TAM measurement. A given founder/CEO's entrepreneurial perseverance, grit and luck are far more important attributes than any other when considering the probability of success for any EV start-up. Elon Musk has these attributes in spades. The other CEO's in the EV cohort do not. Listen to our podcast to learn more.
Related TEK2day articles: 1.) There Is Only One Elon Musk: https://tek2day.com/2020/11/23/there-is-only-one-elon-musk/
2.) Hydrogen Fuel Cell Powered Vehicles Are Here, Yet A Ways Off: https://tek2day.com/2018/01/13/hydrogen-fuel-cell-powered-vehicles-are-here-yet-a-ways-off/
Related article: What Does A Contested Election Mean for Markets? https://tek2day.com/2020/11/09/what-does-a-contested-election-mean-for-markets/
For more about TEK2day visit TEK2day.com Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
The Innovation Tax May Lead to Increased Share Repurchase Activity. Read our related TEK2day article here: https://tek2day.com/2020/10/28/high-debt-levels-and-negative-ma-bias-are-crowding-out-innovation/
For more about TEK2day visit TEK2day.com Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Cryptocurrency Is Starting To Gain Recognition As A Store of Value. Read our related article here: https://tek2day.com/2020/10/21/cryptocurrency-is-starting-to-gain-recognition-as-a-store-of-value/
Read about our CEORater CEO Hall of Fame Class of 2020 members here: https://tek2day.com/2020/10/19/the-ceorater-ceo-hall-of-fame-class-of-2020/
Read about the lasting impact of COVID-19 on public transportation here: https://tek2day.com/2020/10/21/covids-lasting-impact-on-mobility/
Read about: Fraud – A Sign of The Times - here: https://tek2day.com/2020/10/16/fraud-a-sign-of-the-times/
For more about TEK2day visit TEK2day.com Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity
LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Institutional Investors Forgot They Have A Voice. PLUS – Big Tech Regulation. It is amazing what institutional investors – especially large holders – put up with. Do Portfolio Managers communicate with CEOs any longer? PMs used to speak with management teams to provide feedback around capital allocation decisions, financial disclosures and more. My sense is that less of this interaction occurs today. Below we cover a few examples. We also cover yesterday’s proposed Big Tech regulation. Innovation will slow at each firm (Alphabet, Amazon, Apple, Facebook) regardless of what the FTC may or may not do.
Read the full article here: https://tek2day.com/2020/10/07/institutional-investors-forgot-they-have-a-voice-plus-big-tech-regulation/
For more about TEK2day visit TEK2day.com Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
We recently wrote about the “Speculation Era” in Tech stocks. It doesn’t have to be this way. Institutional investors don’t have a gun to their heads forcing them to chase performance in companies such as TSLA and SNOW. Yet many are doing just that, throwing time-tested investment principles out the window. Many justify their outrageously expensive portfolio holdings based on out-year earnings estimates. No earnings? No problem. 50x revenue for ABC Inc? Sure. 100x revenue for XYZ Corp? Yes, I’ll buy some. What’s driving this valuation mania? Two things in my view:
1.) Many portfolio managers don’t have a clue about the companies they own. They wouldn’t know a data mart from Walmart. Poor diligence and lack of understanding makes buysiders suckers for VC’s looking to float companies at exorbitant valuations. SNOW for example was valued at $12 billion in May – a rich valuation – only to go out at $30 billion on IPO day (Sept. 16th), and proceeded to more than double in value that same day. P.T. Barnum would love today’s buyside crowd.
2.) Buyside compensation models are too heavily-weighted to short-term performance. This leads to risky behavior and short-term decision making at the expense of long-term, consistent performance – i.e. “investing.”
Credit Spreads Will Widen as Job Losses Mount and Supply-Side Costs Increase.
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Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Upendra speaks about how insurance carriers are working to leverage data and advanced analytics to capture actionable insights. COVID has emphasized the benefit that these capabilities may provide insurance carriers. Many carriers have accelerated their investments in advanced analytics as a result.
Upendra leads TEK2day's "On-Demand Chief Analytics Officer" practice. Learn more about our practice here: https://drive.google.com/file/d/1m_mLBsEJSibeCpbsKG8-Dpa0_9n8MF-g/view?usp=sharing
Read our recent TEK2day article here: https://tek2day.com/2020/08/24/insurers-as-acquirers-and-tek2days-on-demand-cao-service/
Read Upendra's recent article here: https://www.belheanalytics.com/post/some-insurers-say-use-analytics-to-adapt-to-the-new-normal-or-else
To learn more, reach us at: info@tek2day.com
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Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
How Much Future Earnings Have We Pulled Forward?
Companies have pulled forward a significant amount of future earnings. The question is: “How much”? Back in April Microsoft (MSFT) CEO Satya Nadella said the company experienced two years of digital transformation in two months. Amazon (AMZN), Shopify (SHOP), Square (SQ), PayPal (PYPL) and other e-commerce players have undoubtedly pulled earnings forward as COVID accelerated the shift from offline to online commerce. Peloton (PTON) is benefiting from the home gym boom as fewer people are comfortable with visiting their local gym (if it remains in business) versus a year ago. Zoom Video (ZM) has benefited from remote meetings.
The earnings pull forward phenomenon is certainly something to consider along with a potential fiscal stimulus deal (we are in a game of political chicken at the moment), China turmoil and the specter of corporate and personal tax increases in 2021 or 2022.
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Technology companies are engaging in share buybacks again. If there was ever a waste of capital...
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Amazon’s AWS Unit Is Differentiating Via A “Verticalization” Strategy: Read about it here: https://tek2day.com/2020/08/17/amazons-aws-unit-is-differentiating-via-a-verticalization-strategy/
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
We are in a SPAC bubble. Read more about the topic Saturday August 8th at TEK2day.com
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Our Q2 2020 Tech earnings season expectations are unchanged.
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Regardless of who wins November’s general election we expect higher corporate income tax rates in 2021 or more likely 2022. Today’s 21% U.S. corporate tax rate will likely climb back to 35% or higher should Trump win re-election or to 40-45% should Biden win the Presidency. We expect companies to control expenses as a result primarily by leveraging AI and related technologies to automate workflows.
Read our related TEK2day article here: https://tek2day.com/2020/07/06/higher-corporate-income-tax-rates-are-likely-coming/
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
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Coordinated actions by the Federal Reserve and Treasury are not in the best interest of the U.S. economy or Americans. Not in the short term, the intermediate term nor the long term.
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Private markets are no longer primarily determined by the actions of private buyers and sellers. The State now controls private markets as the primary mover. Guessing the timing, scale and duration of massive fiscal and monetary programs has superseded if not largely replaced fundamental analysis. That’s not to say that fundamentals do not matter, but they clearly have taken a back seat to State programs. Like Frankenstein’s monster, the State means well (so it says). Yet like the monster its actions do more harm than good.
Read our related article here: https://tek2day.com/2020/06/30/state-led-capitalism/
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
The Fed disclosed its Corporate Bond purchases. Read our related TEK2day article here: https://tek2day.com/2020/06/29/federal-reserve-discloses-corporate-bond-purchases/
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
COVID-related Google searches across the Midwest (MI, IL, OH, WI) and northern TX have sharply increased. I would expect this search activity to begin to appear in case data in approximately two weeks. Our related TEK2day article: https://tek2day.com/2020/06/26/covid-related-google-search-trends-is-the-midwest-next/
For more about TEK2day visit TEK2day.com Twitter: @TEK2dayOfficial https://twitter.com/tek2dayofficial Instagram: @TEK2day https://www.instagram.com/tek2day/ LinkedIn: www.linkedin.com/showcase/tek2day Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Related TEK2day articles:
1.) This Dove’s Not Crying: https://tek2day.com/2020/06/17/this-doves-not-crying/
2.) The COVID Cold Shower: https://tek2day.com/2020/06/18/the-covid-cold-shower/
For more about TEK2day visit TEK2day.com Twitter: @TEK2dayOfficial https://twitter.com/tek2dayofficial Instagram: @TEK2day https://www.instagram.com/tek2day/ LinkedIn: www.linkedin.com/showcase/tek2day Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
Anonymously rate your company and CEO at CEORater.com Twitter: @CEORater https://twitter.com/ceorater Instagram: @CEORaterOfficial https://www.instagram.com/ceoraterofficial/ LinkedIn: www.linkedin.com/company/ceorater
About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Articles mentioned in this podcast episode: 1.) Q2’20 Insider Sales Activity: https://tek2day.com/2020/06/17/q220-insider-sales-activity/
2.) Pt. I: Amazon Prime vs. Netflix & Disney+. Pt. II: Is Amazon Sitting On AWS 2.0? https://tek2day.com/2020/06/15/pt-i-amazon-prime-vs-netflix-disney-pt-ii-is-amazon-sitting-on-aws-2-0/
3.) Expect A Bumpy Ride For The Economy and The Capital Markets Over The Next Several Years. https://tek2day.com/2020/06/12/expect-a-bumpy-ride-for-the-economy-and-the-capital-markets-over-the-next-several-years/
4.)Apple Is Not Going to Acquire A Search Engine: https://tek2day.com/2020/06/11/apple-is-not-going-to-acquire-a-search-engine/
5.) The Looming Bank Collapse: https://www.theatlantic.com/magazine/archive/2020/07/coronavirus-banks-collapse/612247/
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
For more about TEK2day visit TEK2day.com Twitter: @TEK2dayOfficial https://twitter.com/tek2dayofficial Instagram: @TEK2day https://www.instagram.com/tek2day/ LinkedIn: www.linkedin.com/showcase/tek2day Apple Podcasts: https://podcasts.apple.com/us/podcast/tek2day-podcast/id1270002408 Spotify: https://open.spotify.com/show/3IybCrJs9ZPZTFPYlDg78b
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Read our full article on the subject at TEK2day.com
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Loose monetary and fiscal policy is infecting the capital markets and negatively impacting the United States' long-term growth prospects.
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About Our Sponsor: SS&C Technologies (www.ssctech.com) is a global, market-leading provider of cloud-based investment accounting software, services and fund administration. SS&C’s AI-powered investment operations and accounting platform – Singularity – provides real-time, multi-basis accounting across a wide range of asset types with unparalleled automation and operational efficiency. Singularity is offered on a Software as a Service basis or via SmartSource – SS&C’s intelligent middle and back-office outsourcing service.
For more information about SS&C Singularity visit: www.ssctech.com/singularity LinkedIn: www.linkedin.com/company/ss-c-technologies/ Twitter: @SSCTechnologies https://twitter.com/SSCTechnologies
Read our related TEK2day article here: https://tek2day.com/2020/05/21/passive-investing-makes-for-less-efficient-markets/
Read our recent articles here:
Market Euphoria & Perspective: https://tek2day.com/2020/05/20/market-euphoria-perspective/
Mr. Market Is Trading On Speculation. Fundamentals Will Matter Again: https://tek2day.com/2020/05/18/mr-market-is-trading-on-speculation-fundamentals-will-matter-again/
Bingeing On Buybacks At Innovation’s Expense - Read our related TEK2day article here: https://tek2day.com/2020/05/18/buybacks-are-outpacing-rd-investments/
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Read our related TEK2day article here: https://tek2day.com/2020/05/15/the-pain-is-coming-the-recovery-will-be-uneven/
TEK2day Podcast episode 364: “Intelligent Outsourcing” with guests Scott Kurland and Kyle Fields of SS&C Technologies (ticker: SSNC).
We cover SS&C’s experience delivering outsourced Investment Operations services to customers during the COVID-19 crisis.
Subscribe to the TEK2day Podcast wherever you enjoy podcast content.
Podcast highlights: 1.) We discuss operational issues that are top of mind with customers; 2.) Scott and Kyle identify operational challenges that customers face; 3.) We describe attributes that make SS&C Technologies unique from a domain expertise and technology standpoint; 4.) Scott and Kyle provide words of advice to Asset Managers, Insurers and REIT organizations who are working through the COVID crisis.
Read our recent TEK2day note about SS&C Technologies here: https://tek2day.com/2020/05/01/transparency-playing-offense-in-a-down-economy/
Read SS&C’s new whitepaper “Outsourcing in a Time of Crisis” here: https://www.ssctech.com/resources-insights/whitepapers/outsourcing-in-a-time-of-crisis
Scott Kurland’s LinkedIn profile: https://www.linkedin.com/in/scott-kurland-aa432b
Kyle Fields’ LinkedIn profile: https://www.linkedin.com/in/kyle-fields-cpa-19356423
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The Federal Reserve is crowding out private capital. It has engaged in what feels like perpetual quantitative easing (“QE”) since 2008. The Fed buying corporate credit is the latest perversion from this increasingly political institution. Read the full article here: https://tek2day.com/2020/05/11/the-fed-is-crowding-out-private-capital/
The economy will not enjoy a “V” recovery. A combination of defaults, bankruptcies, market disruption and high unemployment will make for a gradual recovery. Read the full article here: https://tek2day.com/2020/05/06/a-v-recovery-is-not-in-the-cards/
This market recovery is doomed to fail. Investors will get weak knees coming off of the June quarter reports.
There is insight to be gleaned from recent earnings conference calls. We have highlighted a few from this past week. Many companies assume a deterioration in business from Q1 to Q2 and a potential recovery beginning in Q3. A majority of companies did not provide formal Q2 nor calendar 2020 guidance. Two key questions are: 1.) “How bad will Q2 results be?” and 2.) “Should the economy begin to recover in Q3, what will be the rate of recovery?” Two difficult questions to answer, especially the second. Different communities across the U.S. will re-open at different times and re-engage at different rates. Read our full article here: https://tek2day.com/2020/04/25/it-is-a-mistake-to-look-through-q2-and-2020-earnings/
Congress will vote on a $484 Billion stimulus plan later this week which includes $250 Billion for the Paycheck Protection Program (“PPP”) and $60 Billion for the SBA’s Disaster Relief Fund. Read more here: https://tek2day.com/2020/04/21/expect-more-smb-failures-despite-latest-310b-sba-relief/
Layoffs are not only taking place across the retail, restaurant, travel and hospitality industries. A number of other industries including the Technology industry have absorbed their fair share of layoffs as well. Some early-stage Technology companies are conserving cash by replacing cash compensation with equity. The list below includes approximately 60 companies (primarily Tech companies) and more than 13,000 people that have been laid off. While not a comprehensive list, it is a good proxy for layoff activity over the past several weeks across a variety of Technology sectors.
Access the full article and data tables here: https://tek2day.com/2020/04/20/layoffs-have-extended-beyond-hotels-and-restaurants/
The macro trade where stocks fall in unison in late March only to recover in unison in early April is doomed to fail. We will re-test market lows. A staggered economic recovery will require that investors identify “winning” stocks coming out of the downturn and avoid “value traps”. Life is about who you choose to partner with and we advocate that investors “partner” with market leading companies. Below are a few reasons why a “normal” economy is not around the corner. Read the full TEK2day article HERE: https://tek2day.com/2020/04/19/investors-sharpen-your-pencils/
Brace yourself for a soft Q1 and an UGLY Q2. The April and July earnings calls will test the will of those investors that have jumped back into the market with both feet.
This market is irrational. All news is good news and at present most news is anything but good. See our related TEK2day article here: https://tek2day.com/2020/04/14/strange-market-indeed/
FIS revises 2020 outlook: https://www.sec.gov/Archives/edgar/data/1136893/000113689320000086/ex991pr-fiscoronavirus.htm
Excerpt from press release:
"...Consequently, we now estimate that we will generate revenue of $3,060 to $3,080 million during the first quarter of 2020, which represents an increase of approximately 49% to 50% over the prior year period, primarily due to the acquisition of Worldpay.
Organic revenue growth is estimated to be 1% to 2% during the first quarter of 2020, including approximately $20 million in anticipated negative foreign exchange impact. We had previously projected revenue of $3,180 to $3,210 million during the first quarter of 2020, representing an increase of approximately 55% to 56% over the prior year period.
Organic revenue growth was previously estimated to be 5% to 6% during the first quarter of 2020, including approximately $10 million in anticipated negative foreign exchange impact.
During the first quarter of 2020, we now estimate that our Merchant Solutions segment revenue will increase significantly over the prior year period, primarily due to the acquisition of Worldpay, with organic growth estimated to be approximately flat; our Banking Solutions segment revenue will increase approximately 7% over the prior year period with organic growth estimated to be approximately 1%; and our Capital Market Solutions segment revenue will increase approximately 9% over the prior year period with organic growth estimated to be approximately 7%. Segment revenue growth is primarily being impacted by declines in payment processing volumes within our Merchant Solutions segment as well as lower issuer processing, debit network and account transaction volumes within our Banking Solutions segment.
In response to COVID-19, we are taking several actions to manage discretionary expenses and achieve cost synergies, including limiting travel, reducing incentive compensation and decreasing third-party spending as well as accelerating automation and functional alignment across the organization.
During the first quarter of 2020, we now estimate that we will generate Adjusted EPS of $1.26 to $1.28 as compared to $1.16 in the prior year period. We had previously projected Adjusted EPS of $1.30 to $1.34 during the first quarter of 2020.
While we remain confident in the long-term fundamentals of our business, due to the speed at which the COVID-19 situation is developing and the unknown duration of this pandemic event, we are withdrawing our Full-Year 2020 financial guidance. We anticipate providing further updates and details on our first quarter 2020 earnings call."
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Vince McMahon's CEORater Profile: https://www.ceorater.com/ceo/412/399/Vince-McMahon
YouTube version of this podcast episode: https://youtu.be/aO0lJLF51jo
CEORater CEO of the Week April 11th 2020 Prepared Remarks:
Welcome to the inaugural CEORater “CEO of the Week”.
Our first “CEO of the Week” is WWE Chairman & CEO Vince McMahon. This is as much a memorial as it is a celebration because Vince McMahon buried his XFL on Friday – Good Friday no less.
This was version 2.0 of the XFL. It was killed not by poor ratings or fan indifference, rather by the Coronavirus.
XFL 2.0 was funded entirely by Vince McMahon who sold approximately $270 million of WWE stock on March 27th 2019.
At the time, speculation was that McMahon was positioning himself to purchase the Carolina Panthers of the National Football League. The Panthers were sold to David Tepper, founder of hedge fund Appaloosa Management.
McMahon wasn’t interested in acquiring the Panthers however. McMahon took the world by surprise on January 25th 2018 when he held a press conference announcing the return of the XFL – version 2.0.
For those who are not familiar, XFL v1.0’s inaugural season took place in 2001 after the conclusion of the NFL season. The original incarnation of the XFL was a partnership between the then WWF (now WWE) and NBC, which was then part of GE.
Version 1.0 of the XFL was sort of a cheesy production, it had a professional wrestling over-the-top promotional feel to it. Ratings dropped off each week before NBC pulled out of the partnership during the inaugural season. ESPN did a 30 for 30 on that initial season which we have linked to in show notes.
XFL 2.0 was very different. It was a serious football league with a promotional strategy that focused on the game and on-field play rather than sensationalism.
XFL 2020 was fairly popular from a ratings standpoint. The league was even more popular from a live gate standpoint. Game attendance grew each week. XFL 2020 also had some exciting in-game innovations.
So… why is Vince McMahon worthy of being named CEORater “CEO of the Week”? After all, he presided over a “failed” football league – twice…
Well, McMahon is an entrepreneur and risk taker. If you follow us you know that CEORater celebrates entrepreneurs and risk takers. We respect their ingenuity, their resourcefulness, their toughness and grit. McMahon placed a material amount of skin in the game, he did not rely on Other People’s Money.
Therefore, rather than poke fun at McMahon and the XFL, we choose to celebrate the spirit of an entrepreneur who was willing to revisit a past failure in an attempt to make it right.
Were it not for the great destroyer of health and value known as the Coronavirus, McMahon very well may have led this latest incarnation of the XFL to the endzone. And for that, we declare Vince McMahon as CEORater’s first “CEO of the Week.”
“This Was the XFL” ESPN 30 for 30 link: https://youtu.be/MVTi1g1MTOg
The SBA lacks the infrastructure to efficiently process the $350 billion capital allotment it received from the recent $2 trillion economic stimulus plan. Read our full TEK2day article here: https://tek2day.com/2020/04/09/sba-loan-processing-every-which-way-but-smooth/
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This market rally does not make sense as we have little visibility into a recovery. When will it begin? How long will it take?
Read more at TEK2day: https://tek2day.com/2020/04/08/a-gradual-return-to-normal/
We walk through CEORater's CEO due diligence offering for institutional investors. To learn more reach out to info@ceorater.com
Boeing (ticker: BA) CEO David Calhoun scores a perfect zero on our CEORater platform: https://www.ceorater.com/ceo/1717/1032/David-Calhoun
Follow the video version of the podcast on CEORater's YouTube channel.
Crowds won’t gather for ballgames and other social occasions until fear begins to dissipate. This portends a gradual economic recovery that will look different in different parts of the country. Read the full article at TEK2day: https://tek2day.com/2020/04/08/a-gradual-return-to-normal/
We provide an update about our CEORater mock equity portfolio. Read more here: https://tek2day.com/2020/04/06/ceorater-mock-portfolio/
We would prefer to see that Operating Cash Flow be included as a metric when calculating CEO compensation. See our recent TEK2day article on the subject here: https://tek2day.com/2020/02/04/operating-cash-flow-executive-compensation/
Bars and Restaurants hit hardest within the 701,000 jobs lost in March. Likely to get worse as the CMBS market struggles to resolve itself.
We provide a breakdown of the 701,000 jobs the U.S. economy shed in March 2020. Here is the link to our full TEK2day article: https://tek2day.com/2020/04/04/a-breakdown-of-the-701000-jobs-the-u-s-economy-shed-in-march/
More Market Uncertainty Is Coming. However, Don’t Paint with A Broad Brush. Align Yourself with Market Leaders.
We expect Enterprise Software companies to provide conservative outlooks for the 2020 calendar year. We do not expect Enterprise Software companies to completely yank their respective 2020 outlooks as have other Technology companies. We anticipate negative investor sentiment coming off of the Q1 earnings reports that is likely to overshoot the operating reality of most leading Enterprise Software companies. If your mandate requires you to stay invested, align yourself with market leading Enterprise Software companies. Read the full article at TEK2day.com
Related TEK2day article: "Industries Best-Positioned To Go Mobile Post COVID." Read the article here: https://tek2day.com/2020/03/30/industries-best-positioned-to-go-mobile-post-covid/
The Trump Administration extended the current social distancing program through the end of April. What does that mean for an economic recovery?
Read more about the $2 Trillion economic stimulus package at TEK2day.com
1.) Read our breakdown of the table here: https://drive.google.com/file/d/1yMvdPV8DZHvkWeEAxPj9pB5EJFuezb5q/view?usp=sharing
2.) Read the full bill here: https://drive.google.com/file/d/1y7jqmYPyIQsLsxBHOiiXk4C9EP523Sie/view?usp=sharing
Policy makers have held interest rates artificially low since the 2008 financial crisis. This unnatural act – preventing interest rates from finding a natural equilibrium – made it difficult for investors to find yield and equity market valuations ballooned as a result. The cheap debt train has pulled into the station. Read the Full TEK2day Article HERE: https://tek2day.com/2020/03/28/cheap-debt-the-gift-that-kept-on-giving/
Related TEK2day content: "The Return of Actively-Managed Funds" https://tek2day.com/2020/03/27/the-return-of-actively-managed-funds/
Related TEK2day content "A Common Sense Approach to Crisis Management. Leveraging A 6-Step Plan." https://tek2day.com/2020/03/22/a-common-sense-approach-to-crisis-management-leveraging-a-6-step-plan/
Federal and state governments are taking a fear-based, Socialist approach to battling COVID and are destroying the economy in the process. Related TEK2day article: https://tek2day.com/2020/03/22/a-common-sense-approach-to-crisis-management-leveraging-a-6-step-plan/
During a crisis leaders act with imperfect information. A reactionary approach is never the optimal approach. We offer a 6-step plan.
YouTube version of this episode: https://youtu.be/gqCPb7XL1eA
CEORater.com TEK2day.com
We 100% disagree with Barron’s that General Electric’s deal to sell its BioPharma business to Danaher (tkr: DHR), for $21.4 billion (original deal announced February 2019), should close soon. This is precisely the type of large deal struck at a peak market that will either get delayed indefinitely or negotiated down. Danaher has the upper hand in negotiations as they do not necessarily need to complete this deal. General Electric (tkr: GE) may be facing a cash crunch and is a motivated Seller. Stay tuned. Related TEK2day article: https://tek2day.com/2020/03/18/ges-biopharma-deal-is-at-risk/
Disney Ought to Spin Off the Parks Business. Related TEK2day article: https://tek2day.com/2020/03/18/disney-ought-to-spin-off-the-parks-business/
On today's TEK2day Podcast: 1.) Our parent company - CEORater - is partnering with the j. David Group on Executive Search for C-Level opportunities. Visit j.David Group here: https://thejdavidgroup.com/hiring
2.) More tax payer-funded bailouts? It is 2008 all over again. The taxpayer is owed an equity stake in any companies/industries it bails out.
3.) The time for social distancing in the battle against COVID-19 has passed. It is time to mobilize healthcare.
We advocate eliminating income taxes for individuals and companies to stimulate the economy in the face of COVID-19. Replace the income tax with a sales tax on finished goods and services.
We compare COVID-19 to influenza and estimate that the U.S. economy could suffer $60-100 billion in lost wages due to COVID-19.
Related TEK2day article: https://tek2day.com/2020/03/13/covid-19-60-100-billion-in-lost-wages/
Investors continued the bloodletting in Thursday's trading session. Despite the blood and emotions, there is plenty of room for stocks to drift further downward. Many technology companies have seen their stocks reach levels last seen in Q3/Q4 2019 which was hardly a trough. TEK2day article: https://tek2day.com/2020/03/12/let-it-bleed/
We prefer dividends, investment in R&D and M&A programs to share repurchases. However, for those companies that include share repurchases as part of their capital allocation strategy, today would be a good day to exercise a portion of that repurchase authorization. Markets hate uncertainty. Markets like it when companies and insiders step-up and buy their own stock. Better for companies and insiders to buy now and look smart later than to have executed buybacks at the lofty multiples of several months ago.
We have seen this movie before. The economy is slowing. This Coronavirus-led slowdown feels much like 2003’s SARS outbreak exacerbated by the social media echo chamber. When entering an economic slowdown investors would be wise to understand the level of exposure that portfolio holdings have to discretionary revenue. In Software & Services land this primarily means revenue generated from Consulting and Professional Services.
Related TEK2day article: https://tek2day.com/2020/03/09/history-repeats-itself-and-often-rhymes/
Time waits for no one. Fortunes change quickly. Look no further than the case of General Motors (tkr: GM) and Tesla (tkr: TSLA). Read our related TEK2day article here: https://tek2day.com/2020/03/06/time-waits-for-no-one/
Learn more at TEK2day.com Visit our Fintech platform: CEORater.com
The timing of Disney's announcement that Bob Iger was stepping down from the CEO role flies in the face of everything we know about Bob Iger. Iger is meticulous in planning and process-oriented. To announce a CEO change intra-quarter does not make sense from a timing standpoint. It suggests an outside catalyst in our view. Our best guess would be that Apple reached out to negotiate an acquisition of the Walt Disney Corporation, specifically the direct-to-consumer and content-related assets. See our related TEK2day article entitled "Disney’s Sudden CEO Change – What Does It Foreshadow?" here: https://tek2day.com/2020/02/25/disneys-sudden-ceo-change-what-does-it-foreshadow/
Related TEK2day article: "Go Vertical or Go Home" (premium): https://tek2day.com/2020/02/17/go-vertical-or-go-home/
Unless your name is Amazon, Apple, Facebook, Google or Microsoft, it is best to pursue vertical go-to-market and product strategies. Only the previously mentioned Technology giants have the requisite scale to take a horizontal approach. We provide examples of “Vertical Leaders” and “At-Risk Horizontal Players”.
Tickers mentioned: ACN, AMZN, AAPL, AVGO, BOX, CCC, CRM, CSCO, CSGP, DBX, DDOG, FB, FDS, GOOG, IBM, INFO, INFY, MFGP, MSFT, NEWR, NOW, ORCL, OTEX, SAP, SPLK, SSNC, TEAM, TWLO, VRSK, WDAY, WORK
It is increasingly risky to pursue a horizontal strategy when the platforms giants – Amazon, Apple, Facebook, Google and Microsoft – are doing the same. For example, Apple invested $4.5 billion in R&D during the most recent quarter, Microsoft $4.6 billion and Google/Alphabet $7.2 billion. Quarterly R&D spend for these giants is larger than annual revenue for most technology companies.
Therefore, we believe the best growth strategy for young technology companies is to build industry vertical expertise into products, services, user experiences and everywhere that domain expertise may provide your company with a sustainable competitive advantage.
The SEC’s proposal to improve stock-price data available to the public is a step to further democratize financial market data. This weakens the position held by incumbent market data providers such as Bloomberg, FactSet (FDS), Intercontinental Exchange (ICE), S&P Global (SPGI), The London Stock Exchange/Refinitiv (LSE) and others.
Related TEK2day article: https://tek2day.com/2020/02/15/financial-market-data-ripe-for-disruption/
We cover a variety of items:
1.) CVS Health's integration with Aetna and the Pharmacy Benefit Management landscape: https://tek2day.com/2020/02/08/cvs-health-aetna-post-deal-integration-hiccups/
2.) Crypto currency: https://tek2day.com/2020/02/11/will-cryptocurrencies-turbocharge-online-marketplaces/
3.) Share repurchases are a corporate governance risk: https://tek2day.com/2020/02/10/insider-selling-and-share-repurchases/
4.) Jes Staley and Barclays: https://tek2day.com/2020/02/13/why-does-jes-staley-remain-barclays-ceo/
5.) Our upcoming article: "Go Vertical Or Go Home".
We cover The ICE's proposed acquisition of EBAY as reported by the WSJ. The deal is in-line with ICE founder Jeffrey Sprecher's affinity for exchange/marketplace type businesses. The deal becomes especially interesting when you factor in the potential for incorporating crypto currencies to EBAY's marketplace platform.
Related articles: 1.) eBay for The ICE? https://tek2day.com/2020/02/04/ebay-for-the-ice/
2.)Operating Cash Flow & Executive Compensation: https://tek2day.com/2020/02/04/operating-cash-flow-executive-compensation/
3.)Not All Clouds Are Created Equal: https://tek2day.com/2020/02/04/not-all-clouds-are-created-equal/
4.)CEORater CEO Churn Report: https://tek2day.com/2020/02/03/ceorater-ceo-churn-report/
- We cover ServiceNow's "verticalization" strategy.
- We cover IBM's CEO change and its place in cloud and cognitive computing.
- We cover why we believe AT&T will sell WarnerMedia.
- We cover our new CEORater CEO Churn report.
Related articles: 1.) CEORater CEO Churn Report: https://tek2day.com/2020/02/03/ceorater-ceo-churn-report/
2.) AT&T Should Sell WarnerMedia: https://tek2day.com/2020/01/31/att-should-sell-warnermedia/
3.) IBM Names A New CEO: https://tek2day.com/2020/01/31/ibm-names-a-new-ceo/
4.) ServiceNow to Go Vertical: https://tek2day.com/2020/01/28/servicenow-to-go-vertical/
Follow-up to our TEK2day article: "Here’s How Roper Technologies (tkr: ROP) Can Raise Its Game": https://tek2day.com/2020/01/16/heres-how-roper-technologies-tkr-rop-can-raise-its-game/
1:51: Examples of companies that have effectively used M&A: ANSS, SSNC.
2:08: Roper historical Software M&A examples.
Additional referenced TEK2day article: "3 Stages of Market Awareness": https://tek2day.com/2019/12/27/3-stages-of-market-awareness/
CEORater CEO Profile: https://www.ceorater.com/ceo/1610/1323/Neil-Hunn
Listening to the sportscaster talking heads discuss "culture" within the context of NFL coaching searches makes it painfully clear that few if any understand the substance of the word.
34 second mark: PropTech related article: "TEK2day PropTech Outlook & Landscape" article link: https://tek2day.com/2020/01/02/tek2day-proptech-outlook-landscape/
50 second mark: 3 Stages of Market Awareness related article: "3 Stages of Market Awareness" article link: https://tek2day.com/2019/12/27/3-stages-of-market-awareness/
1 minute 41 second mark: "2019 Technology CEO's of the Year" related article: CEORater 2019 Technology CEOs of the Year article link: https://tek2day.com/2020/01/04/ceorater-2019-technology-ceos-of-the-year/
4 minute 10 second mark: M&A at Accenture and General M&A Outlook related article: "One M&A Prophecy Fulfilled. More to Come." article link: https://tek2day.com/2020/01/07/one-ma-prophecy-fulfilled-more-to-come/
It is not accurate to suggest that Tesla's Autopilot and fully autonomous capability are equivalent to Waymo's autonomous platform. Tesla's autonomous vehicle miles traveled are highway miles whereas Waymo's LiDAR training largely occurred on city streets. Mr. Jeff Brown recently gave an interview and stated that Tesla is the autonomous vehicle leader and has established a significant competitive moat because it has approximately 2 Billion autonomous vehicle miles traveled. We have a different opinion. Waymo (the company we view as the autonomous vehicle leader) has trained its LiDAR platform largely on city streets (approximately 16 Million vehicle miles traveled) which are far more nuanced and complex than highway travel.
If Charlotte NC-based B2B payment network AvidXchange is worth $2 billion, what is the valuation of similar-sized Paymode-X? If something similar, this would imply that Paymode-X parent company - Bottomline Technologies (ticker: EPAY)- is undervalued given its $2.3 billion Market Cap.
With Michael Bloomberg throwing his hat into the ring for the 2020 Democratic nomination, many have speculated as to how Bloomberg would divest his equity stake in his namesake firm were he to win the Presidency. We don’t expect Mr. Bloomberg to win the Office of the President nor would a sale necessarily be required in order to serve. We can speculate nonetheless. Related article: https://tek2day.com/2019/11/29/prospective-bloomberg-lp-acquirers/
Google and Ascension Act Brazenly with Patient Medical Records. Unbelievable. I was always of the belief that patients/consumers would soon port their medical records to the cloud. It is outrageous that Google and Ascension acted on patient medical records without patient permission. Google CEO Sundar Pichai and Ascension CEO Joseph Impicciche ought to step down. Commandeering medical records makes a mockery of privacy law. Pichai, Impicciche and their respective companies should be punished. https://tek2day.com/2019/11/11/google-and-ascension-act-brazenly-with-patient-medical-records/
TikTok article: https://www.nytimes.com/2019/11/03/technology/tiktok-facebook-youtube.html
Recent TEK2day articles: 1.) Episodic Television Is the Key to Winning the Streaming Wars: https://tek2day.com/2019/10/31/episodic-television-is-the-key-to-winning-the-streaming-wars/
2.) A Corporate Culture Failure: CEO’s Who Do Not Hold Themselves Accountable: https://tek2day.com/2019/10/28/a-corporate-culture-failure-ceos-who-do-not-hold-themselves-accountable/
3.) E-Commerce Continues to Drive Demand for Industrial Space: https://tek2day.com/2019/10/27/e-commerce-continues-to-drive-demand-for-industrial-space/
4.) For These FinTech Names Staying the Course Paid Off: https://tek2day.com/2019/10/26/for-these-fintech-names-staying-the-course-paid-off/
A bit of insight as to how Investment Banking firms price IPOs. Hint: it's not merit-based.
Related TEK2day article: "Public Company Earnings Call Survival Kit": https://tek2day.com/2019/05/01/public-company-earnings-call-survival-kit/
Tesla: an investment by an Auto OEM is more likely than an acquisition in our view.
Uber: There isn't a lot of operating leverage in Uber's business model. Our re-cast P&L details a 31% Gross Margin which makes it difficult to invest in technology that will result in a sustainable competitive advantage. UBER's P&L does not have much operating leverage. See UBER's June Q P&L with our commentary here: https://drive.google.com/file/d/1wxMz2Z71tzlAF-jqyHd0cSWWZ-cNS4T2/view?usp=sharing
Related TEK2day article: "FinTech for Growth & Profitability": https://tek2day.com/2019/10/14/fintech-for-growth-profitability/
Related TEK2day content: "The Long Tail Will Differentiate You from Everyone Else": https://tek2day.com/2019/10/07/the-long-tail-will-differentiate-you-from-everyone-else/
1.) SS&C Deliver: https://www.ssctech.com/deliver
2.) WE S-1 Filing: https://www.sec.gov/Archives/edgar/data/1533523/000119312519220499/d781982ds1.htm
3.) SEC charges GE with Accounting Fraud (2009): https://www.sec.gov/news/press/2009/2009-178.htm
1.) WeWork holders exiting completely on the IPO; 2.) Activist Investor targets: AT&T, IBM, ROP; 3.) M&A Strategy; 4.) Private Equity's scam; 5.) Paycom's (tkr: PAYC) aggressive accounting.
I. Our TEK2day article on Stripe Capital: https://tek2day.com/2019/09/09/stripe-capital-the-latest-fintech-disruptor/
II. Our TEK2day article on 3 activist investor targets: AT&T, IBM, Roper Technologies: https://tek2day.com/2019/08/13/three-activist-investor-targets/
Amazon's scale enables it to innovate in a controlled, scientific manner which provides a competitive edge over smaller competitors.
Related TEK2day articles: https://tek2day.com/2019/09/04/dont-bite-the-hand-that-feeds-you/
In this episode we cover Harry Markopolos's GE report, more on the Capital One cyberbreach and three companies that we believe activist investors have their eyes on: AT&T, IBM and Roper Technologies. See links below:
1.) GE Report: https://www.gefraud.com/
2.) Capital One - Our Recommendation for standing up a CyberSecurity operation: https://tek2day.com/2019/08/05/cybersecurity-is-not-someone-elses-problem/
3.) AT&T, IBM & Roper: https://tek2day.com/2019/08/13/three-activist-investor-targets/
We are not fans of AVGO's M&A strategy. Here in episode 302 we follow-up on episode 301 and explain why it will essentially be impossible for AVGO to grow SYMC's Enterprise business so long as it runs EBITDA margins hot at around 50%.
Run rate revenue on March 2019 quarter Enterprise Revenue of $584 million implies $2.336 Billion run rate revenue for SYMC's Enterprise Business. -A 35% Op Margin applied to $2.3B revenue implies a 12x multiple at the $10B valuation reported by the WSJ. -A 40% Op Margin implies 11x. -A 45% Op Margin implies 10x. -A 50% Op Margin implies 9x. -These implied multiples are what one would expect for a slow-growth to flat topline business. -The Enterprise Business is a flat-ish topline business (run rate revenue flat with FY19 reported revenue of $2.3B). Should AVGO wish to grow this business expanding Op Margin beyond 35% would make growing the topline difficult.
Companies remain slow to act and investors are increasingly desensitized to cybersecurity breaches. None of this is positive.
Related TEK2day article: https://tek2day.com/2019/08/05/cybersecurity-is-not-someone-elses-problem/
Facebook branding Insta and WhatsApp "Instagram by Facebook" and "WhatsApp by Facebook". We believe Facebook exercising control over Insta and WhatsApp will harm user growth and engagement - particularly Facebook's forcing more ads down Insta's throat.
We critiqued WeWork's (aka "the We Company") business model in episode 292 of this podcast. Now comes the news that co-founder CEO Adam Neumann has sold $700 million worth of stock per the Wall Street Journal. This type of a stock sale by a founder CEO ahead of a prospective IPO is unprecedented in our 20-plus years in the capital markets and is a huge red flag. It would take a small miracle for WeWork to pull off an IPO in our view given the fact that the company does not match lease durations and given news of this $700 million stock sale by Neumann.
It's only going to get increasingly difficult for Netflix to compete.
https://tek2day.com/2019/04/12/disney-new-king-of-the-jungle/
Julie Sweet's appointment as Accenture's next CEO can mean only one thing - ACN plans to double-down on M&A. We have some ideas about target areas and companies. Read about them Monday July 15th at TEK2day.com
We like CyberSecurity as a focus area for Broadcom's Enterprise Software acquisition strategy. We explain why.
Related TEK2day content: https://tek2day.com/2019/07/08/we-applaud-creative-ma-strategies/
Part 1.) WeWork: we don't understand why WeWork does not match lease durations. Not doing so is a significant risk to the company as a going concern should the CRE market roll over.
Part 2.) Slack at the 3:41 mark. A highly competitive space with MSFT and TEAM as the two largest competitors.
Part 3.) Amazon's drone-powered surveillance service at the 11:04 mark.
We covered a number of topics around AI, cloud computing, edge computing and more with CloudBloom Systems founder & CEO Raghav Kamran. Learn more about CloudBloom below. Links to our recent related TEK2day content is also included below.
CloudBloom: Website: https://www.cloudbloom.io/ LinkedIn: https://www.linkedin.com/company/cloudbloom Twitter: https://twitter.com/cloudbloomsys
TEK2day related content:
1.) AI: Today’s Mysterious Miracle Technology Is Tomorrow’s Electricity: https://tek2day.com/2019/06/04/ai-todays-mysterious-miracle-technology-is-tomorrows-electricity/
2.) Amazon Wants To Know How You Feel: https://tek2day.com/2019/05/31/amazon-wants-to-know-how-you-feel/
3.) No Time Like Now to Leverage AI: https://tek2day.com/2019/05/23/no-time-like-now-to-leverage-ai/
4.) Google Has Raised the Bar for Technology Companies: https://tek2day.com/2019/05/14/google-has-raised-the-bar-for-technology-companies/
5.) It’s Good To Be King: https://tek2day.com/2019/05/08/its-good-to-be-king/
6.) Microsoft is the Cloud: https://tek2day.com/2019/05/07/microsoft-is-the-cloud/
7.) The Industrial Cloud: https://tek2day.com/2019/03/28/the-industrial-cloud/
Anonymously review your company and CEO at CEORater.com Check out our Technology and Capital Markets-related content at TEK2day.com
TEK2day Podcast episode 290: Our Conversation with SS&C (tkr: SSNC) Managing Director and Global Product Marketing Head for SS&C Singularity Scott Kurland.
SS&C Homepage: https://www.ssctech.com/
SS&C Singularity: https://www.ssctech.com/landing/ss-c-singularity
SS&C on LinkedIn: https://www.linkedin.com/company/ss-c-technologies/
SS&C on Twitter: https://twitter.com/SSCTechnologies
Related TEK2day content:
AI - Today’s Mysterious Miracle Technology Is Tomorrow’s Electricity: https://tek2day.com/2019/06/04/ai-todays-mysterious-miracle-technology-is-tomorrows-electricity/
No Time Like Now to Leverage AI: https://tek2day.com/2019/05/23/no-time-like-now-to-leverage-ai/
The supply of Data Scientists is a constraint toward building Advanced Analytics practices including broadly-defined AI: https://tek2day.com/2019/06/10/salesforce-to-acquire-tableau-software-expect-more-such-deals/
Insurance Companies Are Undervalued Tech Companies: https://tek2day.com/2019/06/03/insurance-companies-are-undervalued-tech-companies/
It’s Good To Be King: https://tek2day.com/2019/05/08/its-good-to-be-king/
Microsoft is the Cloud: https://tek2day.com/2019/05/07/microsoft-is-the-cloud/
Amazon Wants To Know How You Feel: https://tek2day.com/2019/05/31/amazon-wants-to-know-how-you-feel/
Part 1.) Salesforce.com (tkr: CRM) to acquire Tableau (tkr: DATA). Part 2.) Machine Teaching as a way to leverage business users during the machine learning model building process.
www.TEK2day.com
1.) First American Financial (ticker: FAF) leaked approximately 885 million PII documents.
2.) Facebook removed more than 2 billion fake accounts in the January-March 2019 quarter.
Visit us Monday June 3rd 2019 at 1pm for the IASA OnPOINT panel "Intelligent Automation" where we will cover a variety of C-suite topics around leveraging Artificial Intelligence, Machine Learning and more. Our related preview article "No Time Like Now to Leverage AI", may be found at the following link: https://tek2day.com/2019/05/23/no-time-like-now-to-leverage-ai/
Link to our TEK2day "Real Estate Tech" report: https://tek2day.com/2019/05/20/real-estate-tech/
Companies mentioned in our TEK2day report: Airbnb (private); Alarm.com (ALRM); Amazon (AMZN); Apple (AAPL); ARCHIBUS (private); Autodesk (ADSK); CoStar Group (CSGP); DigitalGlobe/ Maxar Technologies (MAXR); DocuSign (DOCU); EagleView (private); Ellie Mae (private); ESRI (private); Facebook (FB); Fidelity National Financial (FNF); Google (GOOG); Harris Recording Solutions/ Constellation Software (CNSWF); Intercontinental Exchange (ICE); RealPage (RP); Redfin (RDFN); Solera (private); SS&C (SSNC); Yardi (private); Zillow Group (ZG).
Don't hold your breath waiting for Apple and Tim Cook to ramp up their M&A effort with sizable acquisitions. Large acquisitions are not in Cook's nor Apple's DNA.
TEK2day articles referenced in this podcast episode:
1.) It’s Good To Be King: https://tek2day.com/2019/05/08/its-good-to-be-king/
2.)Microsoft is the Cloud: https://tek2day.com/2019/05/07/microsoft-is-the-cloud/
3.)Microsoft’s Open Design Strategy Has Its Roots in Auto: https://tek2day.com/2019/05/06/microsofts-open-design-strategy-has-its-roots-in-auto/
Our CEORater earnings call survival kit for public company management teams: https://drive.google.com/file/d/1B2uoENk_E0gY7MW0z4IWwWWMIDgkl3Nu/view
Here is the link to our CEORater slide presentation about Tesla $2.3B CEO Compensation Package: https://drive.google.com/open?id=1hgqS-0H_UBg2szgxqwo3f_mefWI3gB6S
Find the full article tomorrow at TEK2day.com
Tesla #CorporateGovernance #ElonMusk #CEOCompensation
Here's the earlier TEK2day Podcast about Instagram cofounder Kevin Systrom: https://soundcloud.com/ceorater/ep-213-instagrams-founders-are-out-and-its-a-big-deal
email us at: info@ceorater.com to receive our May 2018 CEO Personality Analytics report.
Check TEK2day.com next week to see our Mark Zuckerberg CEO Personality Analysis.
Uber S1 filing: https://www.sec.gov/Archives/edgar/data/1543151/000119312519103850/d647752ds1.htm
The Subscription Economy - Our Conversation with “Subscription Economy” Pioneer and Zuora (tkr: ZUO), co-founder and CEO Tien Tzuo. Look for the full article tomorrow at TEK2day.com
Tien's book "Subscribed": https://www.amazon.com/Subscribed-Subscription-Model-Companys-Future/dp/0525536469
Zuora's Subscription Economy Index ("SEI"): https://www.zuora.com/2018/09/19/the-subscription-economy-index-update-fall-2018/
CEORater Profile: https://www.ceorater.com/ceo/956/923/Tien-Tzuo
Here are links to the articles we mentioned in the podcast:
1.)“Google By the Numbers” or, “How We Feed the AI”: https://tek2day.com/2019/03/29/google-by-the-numbers-or-how-we-feed-the-ai/
2.)Apple’s Strategy – The Good, The Bad & The Retro: https://tek2day.com/2019/03/26/apples-strategy-the-good-the-bad-the-retro/
3.)Google “Stadia” – Cloud Gaming’s New Giant: https://tek2day.com/2019/03/23/google-stadia-cloud-gamings-new-giant/
Alexa's first HIPAA-compliant skills: https://techcrunch.com/2019/04/04/amazon-alexa-launches-its-first-hipaa-compliant-medical-skills/
Here are the links to the two TEK2day articles I referenced:
1.) Fintech Founder 5: https://tek2day.com/2019/04/02/fintech-founder-5/
2.) CEORater Technology Founder CEO Index Remains Undefeated: https://tek2day.com/2019/04/02/ceorater-technology-founder-ceo-index-remains-undefeated-2/
Adobe, Microsoft, SAP ODI press release: https://news.microsoft.com/2019/03/27/adobe-microsoft-and-sap-announce-new-open-data-initiative-details/
MSFT SAP merger talks from 2004: https://www.infoworld.com/article/2666725/microsoft--sap-say-they-considered-merging.html
VW and AWS to develop the "Industrial Cloud". An example of how the large platform players such as AWS, Google Cloud and Microsoft Azure obviate the need for enterprise software point solutions and systems integrators: https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-and-amazon-web-services-to-develop-industrial-cloud-4780
We are fans of Google's Stadia strategy and integrating it tightly with YouTube, the preferred social media and game watching platform among teens. Conversely, Apple's content strategy feels dated, mired in the past. Too much focus and investment in legacy content, too little focus on gaming. See our TEK2day article links below:
1.) Apple’s Strategy – The Good, The Bad & The Retro: https://tek2day.com/2019/03/26/apples-strategy-the-good-the-bad-the-retro/ 2.) Content Wars & Investing for Tomorrow: https://tek2day.com/2019/03/25/content-wars-investing-for-tomorrow/ 3.) Google “Stadia” – Cloud Gaming’s New Giant: https://tek2day.com/2019/03/23/google-stadia-cloud-gamings-new-giant/
Our recent TEK2day.com written content. Get it before it goes premium next quarter:
1.) How AI Will Conquer Financial Services: https://tek2day.com/2019/03/21/how-ai-will-conquer-financial-services/
2.) The FinTech Consolidation Wave Continues. Incumbents Fear the Mobile Wallet. https://tek2day.com/2019/03/18/the-fintech-consolidation-wave-continues-incumbents-fear-the-mobile-wallet/
3.) The Age of Autonomous Video Games: https://tek2day.com/2019/03/17/the-age-of-autonomous-video-games/
4.) Apple’s New Video Service – How Many Subscription Services Can We Eat? https://tek2day.com/2019/03/14/apples-new-video-service-how-many-subscription-services-can-we-eat/
5.) Amazon is Making Smart Home Bundles Easy: https://tek2day.com/2019/03/13/amazon-is-making-smart-home-bundles-easy/
TEK2day articles referenced in this podcast episode: https://tek2day.com/2019/03/11/google-needs-to-acquire-walmart/ https://tek2day.com/2019/03/10/rideshare-as-an-investment-dont-be-spun-by-the-vcs/
Amazon has effectively used M&A as a strategic lever. Apple has not. It's not too late for Apple to change its approach.
Why Apple Needs to Build the Apple Car: https://tek2day.com/2019/02/14/apples-autonomous-vehicle-apple-car/
Our recent TEK2day article "Supervoting Shares = Poor Corporate Governance": https://tek2day.com/2019/02/12/supervoting-shares-poor-corporate-governance/
Too Little Too Late. BB&T & SunTrust: https://tek2day.com/2019/02/08/too-little-too-late-bbt-suntrust/
Which fintech companies are lions and which are lambs? Check out our list at TEK2day.com: https://tek2day.com/2019/01/31/acquire-or-be-acquired-fintech-lions-and-lambs/
This is when it pays to have an Operator CEO like Tim Cook at the helm - to drive execution on AAPL's two largest initiatives: Healthcare IT ("Apple Health") and streaming content - in that order.
Link to Apple Aetna Healthcare IT news: https://www.cnbc.com/2019/01/28/apple-aetna-team-up-on-attain-health-tracking-app.html
Link to Apple streaming service: https://www.theverge.com/2019/1/29/18202178/apple-streaming-service-launch-spring-2019-apple-disney-netflix-hulu
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Our forthcoming TEK2day.com article covers Outsourcing within the Insurance industry.
Here is the link to the Android Auto article by the Verge: https://www.theverge.com/2019/1/25/18196234/google-android-auto-in-car-systems-apple-carplay-interview
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Technology Buyers Would Do Well to Think Like Investors. There are three legs to the technology evaluation stool: 1.) What is the technology provider’s value proposition? 2.) Who is the technology provider? (corporate buyers often pay insufficient attention here) 3.) What is the total cost of ownership? We break down each of the three elements in some detail: https://tek2day.com/2019/01/23/technology-buyers-would-do-well-to-think-like-investors/
The Fiserv First Data deal stresses the importance of innovation and tells you what we already knew - the legacy players aren't truly innovating in the payments space. Thus the string of payments-related mergers of the past several years.
We expect Amazon and Google to dominate the connected home space. It helps to be a platform company.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
We walk through the three types of RPA business models and how we would value them: 1.) IT Services model: IT Services firms create custom bots for clients. This is a people-intensive business model that you may find at companies such as Infosys, Wipro, Tata, Accenture and IBM Global Services
2.) Tools model: Software robotics companies that develop tools which are sold to customers. Customers use those tools to build their own bots. There is a consulting/services/training element to this model as business user customers need to be educated about the bot building process. Automation Anywhere is an example of a tools company. This type of business is more scalable and profitable than the first scenario.
3.) Software Robotics: software companies that build robotics into their cloud-based technology offering. Robotics are embedded into the platform, customers are not required to build the bots themselves. This model is the most scalable of the three and most profitable. Investors may ask "Wouldn't model 2 be more profitable given that customers are building the bots?" The answer is "No", because that consulting layer isn't going away. Users will always have questions that need to be answered - vendors can't simply deliver a portfolio of tools and walk away from the customer. SS&C Technologies is an example of a company in scenario 3 where the RPA capability is embedded in the technology platform ("Singularity")
We cover our outlook for the large platform technology companies as well as some domain-specific companies. M&A is part of our outlook. We also touch on AI, ML and RPA.
Here's the Amazon Key press release: https://www.businesswire.com/news/home/20190107005925/en/
Here is our TEK2day article: "The Three Rings of Amazon": https://tek2day.com/2018/03/02/three-rings-amazon-amzn/
Here's a link to the TEK2day.com article that we reference in the podcast: https://tek2day.com/2019/01/07/ces-week-device-oems-should-not-underestimate-consumers-concerns-around-data-privacy-and-cybersecurity/
If you follow this podcast or follow us at TEK2day.com you are aware that we have been negative on Apple's lack of innovation for the better part of two years. Recently most of the company's revenue growth has come from iPhone price increases rather than unit sale growth. Apple's recent decision to pull unit sale disclosures was a tell tale sign that the hardware/phone business was not great. Hardly a surprise as competitive offerings from lower-priced competitors (think OnePlus) offer beautiful phones with essentially the same features at a lower price point - not to mention an opportunity to differentiate from your parents in terms of your phone! Further, the camera/pics/video are what most people care about and Apple doesn't have any great camera innovations to speak of. Meanwhile, Google has included military grade night-vision capability in its camera. If AAPL does not plan to innovate on the device itself, time to accelerate innovation as it relates to software & services. Electronic Medical Records ("EMRs") is a great place to start. Apple recently announced a deal with the VA to this end.
View the CEORater Technology Founder CEO Index article at TEK2day complete with component stocks: https://tek2day.com/2018/12/31/ceorater-technology-founder-ceo-index-outperformed-in-2018/
From our recent TEK2day.com piece: Innovation as a LOB or Innovation as a Service: https://tek2day.com/2018/12/26/smart-innovation-innovation-as-a-lob-or-innovation-as-a-service/
Our recent TEK2day.com article on the topic: https://tek2day.com/2018/12/13/stock-buybacks-overzealous-cookie-consumption/
Our related article on the topic may be found at TEK2day.com: https://tek2day.com/2018/12/08/now-is-the-time-for-apple-to-acquire-soundcloud/
We covered SSNC’s M&A strategy, decentralized operating model / management approach, balancing short-term expectations with investing for the future as well as the Company’s Singularity initiative. Thanks to Bill Stone and SSNC.
Bill Stone / SSNC CEORater Profile: https://www.ceorater.com/ceo/58/58/Bill-Stone
SSNC Analyst Day deck: https://s22.q4cdn.com/211474323/files/doc_presentations/2018/11/2018-Analyst-Day-presentation_vFINAL_11-28-18.pdf
TEK2day – decentralized operating models (premium article): https://tek2day.com/2018/08/10/centralized-operating-models-dont-work-even-for-the-narcissist-ceo/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta
In a User-Metric driven world, don't give investors a reason to say "No".
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
On this podcast and at TEK2day.com we have advocated for over a year that Apple is well-positioned to "consumerize" healthcare by pushing into EMRs more aggressively. It's been reported by the WSJ that Apple is working on a deal with the Department of Veterans Affairs to provide veterans access to EMRs on the iPhone. See our previous posts at TEK2day:
1.) Apple Should Double Down on Apple Health Now: https://tek2day.com/2018/11/02/apple-should-double-down-on-apple-health-now/
2.) Apple Is Well-Positioned to Lead A Consumer-Driven Healthcare Revolution: https://tek2day.com/2018/01/26/apple-is-well-positioned-to-lead-a-consumer-driven-healthcare-revolution/
Centralized Operating Models Don’t Work. Even for The Narcissist CEO: https://tek2day.com/2018/08/10/centralized-operating-models-dont-work-even-for-the-narcissist-ceo/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Every Company Is A Content Company: https://tek2day.com/2018/11/17/every-company-is-a-content-company/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
AMZN to select Queens and Arlington VA per WSJ for HQ2 locations. NYC is optimal market for same day delivery and services. Northern VA (NoVA) is the intelligence capital of the Fed Govt. We expect that AMZN will be the key service provider to the Federal Govt. within 20 years, displacing many of the legacy service providers. CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Share your story on the CEORater Podcast and at TEK2day.com. If you are a Technology company CEO, start-up founder, venture capital partner, etc. - share the story of your portfolio companies or the company you lead with us where investors, customers and employees may find you. To learn more, reach us at info@ceorater.com
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Have a bundle price discussion with your customers rather than negotiating at the product level. We cover this topic at TEK2day.com: https://tek2day.com/2018/11/11/have-a-bundle-discussion-with-customers-not-a-product-discussion/
We call out institutional investors for being emotionally invested in companies led by CEOs who aren't 100% vested/engaged/dedicated. #FiduciaryResponsibility
It's a good idea for companies to have a product portfolio that consists of a mix of products ranging from profitable "bread-and-butter" products that drive the company from a sales and "flexibility" standpoint as well as "disruptive" products that designed to drive the business forward over the long-term. Disruptive products typically are not profitable but have significant long-term profit potential and position the company to succeed over the long-term.
TEK2day.com: https://tek2day.com/2018/11/02/apple-should-double-down-on-apple-health-now/
You don't have pricing power when you are little more than a commodity. Apple is beginning to learn this economic reality.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
If you wish to run a personality analysis on a public company CEO, send an email to us: info@ceorater.com Be sure to include CEO name and ticker symbol. No charge as we are in the R&D stage with this offering.
Access our Tesla vs. GM CEO Personality Report for free here: https://tek2day.com/2018/11/01/gms-mary-barra-vs-teslas-elon-musk-a-ceo-personality-comparison/
Our advice to Uber is to save the drones initiative for after the IPO: 1.) Price your IPO. 2.) Execute flawlessly versus guidance for 4 quarters. 3.) Execute your follow-on offering. 4.) Once steps 1-3 are accomplished and you have established trust and credibility with investors, then take on major new initiatives.
Uber ought to stick to its knitting - especially ahead of a potential IPO. Uber has not earned the right to compare itself to Amazon. We detail why. Uber Vanity Fair article: https://www.vanityfair.com/news/2018/10/uber-the-next-amazon-but-others-see-the-next-yahoo
Must Have Leadership Qualities: 1.) Have a Point-of-View 2.) Communicate Effectively 3.) Be Transparent with Others
The I-Banks pursuing Uber's IPO suggested the company could price at a valuation of $120 Billion or approximately 11-12x 2018 trailing revenue (estimated at $10-11 Billion for 2018). The combined market caps for GM, Ford and Tesla are $121 Billion at the close of today's market. I don't believe that Uber's ride share service is a differentiated service compared to GM's autonomous unit Cruise Automation (which will likely grow its ride share service over time) or Waymo to name two. As the auto OEMs roll out autonomous technology expect them to test it in part by rolling out ride share services. in addition, they will sell early autonomous vehicles to fleet operators some of which will roll out ride share services or expand existing ride share services.
Snap "Originals" - the company's original content experiment is an interesting one. Unfortunately it is too little too late for SNAP. NFLX is will spend $8 billion-plus on original content in 2018 while FB, GOOG/YouTube, AAPL and AMZN each spend approximately $1 billion. How will SNAP compete given these investment levels? Mobile-optimized content isn't enough of a "pull". Further, sellside analysts that say SNAP is an acquisition candidate are dreaming. Private Equity isn't going to acquire a company burning hundred of millions of cash each quarter. Further, why would Facebook, YouTube or Amazon acquire? Low probability that a media laggard (Verizon/Oath for example) would acquire.
Here is our recent piece on Facebook from TEK2day.com entitled "Facebook - Things Will Get Worse Before They Get Better": https://tek2day.com/2018/10/12/facebook-things-will-get-worse-before-they-get-better/
Given the backdrop of user declines and security breaches facebook needs to give users a reason to engage. Original content may be the answer. Facebook will need to get more aggressive on this front however if it wants to compete effectively with the likes of NFLX, AMZN and AAPL.
from our sister publication - TEK2day.com - "CEOs Must Be Intellectually Engaged to Remain in the Chair": https://tek2day.com/2018/10/04/ceos-must-be-intellectually-engaged-to-remain-in-the-chair/
Tesla and SEC settle. Weak outcome in our view. Here's the WSJ article: https://www.wsj.com/articles/elon-musk-can-remain-tesla-ceo-but-must-step-down-as-chairman-in-sec-settlement-1538257394
SEC sues Elon Musk (we told you so in Ep. 205): https://www.wsj.com/articles/elon-musk-sued-by-the-sec-for-securities-fraud-1538079650
NBA a la carte: http://www.espn.com/nba/story/_/id/24811436/fans-purchase-4th-quarter-nba-games-league-pass
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
It is a big deal that Instagram's founders are out. We expect that user engagement will decline on the Instagram platform within 12-18 months.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
The 2010 iPhone 4 and the 2018 iPhone XR share the same screen resolution. That’s right. Apple has lost its innovation mojo. Look no further than CEO Tim Cook – an "Operator" – as to who is responsible for Apple’s shift from innovator to profit taker. We discussed this previously in out TEK2day article: “Steve Jobs vs. Tim Cook – Innovator vs. Operator – It’s In Their DNA” which may be accessed here: https://tek2day.com/2018/06/24/steve-jobs-vs-tim-cook-innovator-vs-operator-its-in-their-dna/
Our personality analytics capability can help identify CEOs who are at risk of not innovating, of not generating organic revenue growth on par with the peer group amongst other financial metrics and key performance indicators.
The CEORater Technology Founder CEO Index outperformed its peer group Year-to-Date through September 18th 2018.
The CEORater Technology Founder CEO Index returned 32.3% and 28.5% on a Weighted and Unweighted Stock Price Return basis respectively during the January 2nd 2018 – September 18th 2018 period.
The S&P 500 Information Technology (TKR: S5INFT) returned 16.0% on a Weighted basis over the same period.
The Powershares S&P 500® Equal Weight Technology ETF (TKR: RYT) returned 16.6% on an Unweighted basis over the same period.
For a list of stocks that comprise the CEORater Index visit our TEK2day publication here: https://tek2day.com/2018/09/18/ceorater-technology-founder-ceo-index-continues-to-outperform/
It is important for the DOJ to perform a criminal investigation RE: Elon Musk's take Tesla private "funding secured" tweet. Why, because it's potentially illegal manipulation of the stock by a named executive. Waste of your taxpayer dollars you say? Guess what - it is your retirement income that capitalizes mutual funds as well as institutional equity funds (yes, even hedge funds that may be long or short the stock). We can't have cowboy CEOs whipsawing stocks with off-the-cuff Tweets or verbal remarks. Sorry ladies and gentleman. We have securities law for a reason.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
No Rhyme or Reason to CEO Compensation Models. CBS is the poster child for outsized CEO and Executive compensation.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
We introduce the TEK2day/CEORater “Technology Hype Curve”
3dprinting #investing #venturecapital #IOT #blockchain #fintech #cryptocurrency #valuation #autonomousvehicles #autonomousdriving #bigdata
Related TEK2day article: https://tek2day.com/2018/09/13/dont-believe-the-hype/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Learn from the mistakes of independent content producers, independent retail and review services. Don't allow your business to be disintermediated. Our recent TEK2day article on the subject available here: https://tek2day.com/2018/09/08/dont-be-disintermediated/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Every company is a Technology company regardless of whether CEOs and Boards know it or not. Most every company leverages some combination of financial/accounting software, CRM software, customer analytics technology, marketing and related analytics technology, warehouse optimization technology, email, collaboration software, HR software etc. If as a CEO or Board member you don't think of your company as a "technology" company you are missing the boat. From a corporate governance standpoint you ought to be removed as your best days are behind you.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Our TEK2day article about Founder CEOs – Creators vs. Builders: https://tek2day.com/2018/09/05/founder-ceos-creators-vs-builders/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Check out our recent TEK2day post at TEK2day.com
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
1.) walk to kickstart your creative problem solving juices
2.) CEOs - take a conservative approach to your communications with the Street.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Every CEO and Board member should contemplate migrating to a subscription revenue model (or at a minimum to offer certain products and services via subscriptions) regardless of industry. Subscriptions have the benefit of driving revenue predictability which enables companies to think more strategically and longer-term than competitors that don't have the benefit of revenue predictability. Further, recurring revenue models enjoy premium valuations to other companies all else held equal.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Toyota acquires a piece of Uber’s rideshare DNA for $500 million, implying a valuation of $72 billion.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Spending time on your Plan B ensures your startup will fail.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Entrepreneurs: to maximize learning, to minimize time to Product Market Fit ("PMF"), start now.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Our best guess is that Tesla names a new CEO by calendar year-end 2018 at the latest. Were this to be the case, we wouldn’t be surprised to see Elon Musk return to the CEO chair within 36 months of January 2019.
New York Times article link: https://www.nytimes.com/2018/08/19/insider/elon-musk-interview.html
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
As we push more data and services into the cloud – particularly PII data – blockchain-based networks are better equipped than legacy technologies to mitigate the risk of identity theft.
Facebook to Banks: Give Us Your Data, We’ll Give You Our Users: https://drive.google.com/file/d/1v5LU710mVMsoVtumY98pcpMR_g93YTQW/view?usp=sharing
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Tesla's CEO Elon Musk is a corporate governance nightmare.
Elon Musk's Tweets: https://drive.google.com/open?id=1YSvnXaOOS4lRvfUtciQhDd33U5tgmId_
Elon Musk's blog post about a potential take private transaction: https://drive.google.com/open?id=1EJ3lTHdUJix78fZrfG8CKqqB78KouiEi
Barron's is dead wrong. Dual CEO (TWTR & SQ), Jack Dorsey is performing a disservice to employees, users and shareholders. What can't be measured is opportunity cost - particularly with respect to Twitter which significantly lags Instagram from a usage and engagement standpoint. How is Twitter expected to catch - much less leapfrog - Instagram with a time-share CEO?
Read the Full Article at TEK2day.com: https://tek2day.com/2018/08/10/centralized-operating-models-dont-work-even-for-the-narcissist-ceo/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
We estimate the probability of a Tesla go-private deal at less than 10%. Difficult to get such a deal done with a company that's burning cash and a CEO that we believe would be unwilling to be kept on a short leash. An acquisition by a large auto OEM such as Toyota, perhaps with PE joining in and a new, operationally-focused CEO at Tesla's helm would be an easier deal to get done.
Instagram is the best-in-class media platform (not just social media, but all media). User engagement on Instagram far surpasses that of all platforms we engage with at CEORater. Thus, isn't Facebook (by dint of owning Instagram), a more attractive media property than SNAP - a "platform" that is bleeding users? (2% sequential decline doesn't begin to tell the story).
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Has the disruption of Apple begun?
Our recent piece about disruption at TEK2day.com: https://tek2day.com/2018/08/06/disruption-its-the-punch-you-dont-see-that-hurts/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Technology founder CEOs embrace smart risk, push for perfection and don’t shy away from conflict in the pursuit of excellence. They are motivated to build, not to maintain. To extend market leadership positions, not run with the pack.
TEK2day.com article: https://tek2day.com/2018/08/04/apple-from-innovator-to-fast-follower/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
1.) Why is Nike CEO Mark Parker still employed? 2.) Why is CBS CEO Les Moonves still employed? 3.) Facebook/Instagram and Twitter are not equals.
Why do companies allow themselves to become disintermediated by Google? Worse yet - companies such as Yelp and Glassdoor voluntarily share their value-added content with Google, in many cases obviating the need for customers to visit their respective websites. This for sure will result in users contributing less content (reviews) both in the case of Yelp and Glassdoor - diluting the value of each.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
How To Keep Activist Investors At Bay. Based on my two decades as a Buyside investment professional, Sellside analyst and Corporate Development head. -Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta jmaietta@ceorater.com
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Ep. 181: Zombie Blockchain Companies
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
How a Powerful Spy Camera Invented at Duke Ended Up in China’s Hands: https://www.wsj.com/articles/how-a-powerful-spy-camera-invented-at-duke-ended-up-in-chinas-hands-1528714895
Ep. 179: Our Prescription for Fixing Nuance (NUAN): invest in Healthcare. Right-size the declining biz units (50%-plus EBITDA margins). Sell the Automotive biz.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Amazon should acquire EMR company Cerner while Apple is asleep at the switch regarding its "Apple Health" initiative.
Expect Amazon to leverage its currency and distribution network by dropping in acquisitions - a plug n' play M&A strategy.
The NFL coach of tomorrow looks more like Bill Parcells than Bill Belichick. Listen to learn why. Hint: AI and Machine Learning have something to do with it.
The Two Bills: http://www.espn.com/30for30/film?page=thetwobills
IGTV: https://www.wsj.com/articles/instagram-unveils-new-long-form-video-hub-1529526598
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Ep. 174: Steve Jobs vs. Tim Cook – Innovator vs. Operator – It’s in Their DNA
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
We believe that Disney will ultimately defeat Comcast in its pursuit of Fox because Disney places greater strategic value on content than does Comcast.
With Jon Bush out, we believe it will be materially easier to execute a sale of athenahealth. We discuss potential acquirers.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater Podcast Ep. 171: Ferruccio Lamborghini: A Leadership Model Built on Trust & Creativity
Inspiration for this episode was the recent Wall Street Journal article: “In Chasing Perfection, Ferruccio Lamborghini Took the Fast Lane” which may be found at this link: https://www.wsj.com/articles/in-chasing-perfection-ferruccio-lamborghini-took-the-fast-lane-1527771601
Link to our recent research RE: Personality Analytics: https://drive.google.com/open?id=1yVs6K5LUs0Ndyc0aep91OKtxYbLzVJy8
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
We scored Technology CEOs based upon Personality Traits. Access our report here: https://tek2day.com/2018/05/28/personality-analytics-technology-ceos-analyzed/
Amazon should acquire Andy Rubin's phone manufacturer - Essential - in order to drive adoption of its AI platform. The more endpoints the better if you're Amazon.
Jamie Dimon Is Not Messing Around: https://www.institutionalinvestor.com/article/b189czlk410ggh/jamie-dimon-is-not-messing-around
AWS Rekognition: https://aws.amazon.com/rekognition/ AWS Rekognition YouTube vid: https://youtu.be/sUzuJc-xBEE
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Here’s the link to the piece I wrote about CEO Personality Analytics at TEK2day.com: “Your CEO’s Personality Influences His/Her Ability to Scale” https://tek2day.com/2018/05/17/your-ceos-personality-influences-his-her-ability-to-scale/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Wall Street has a habit of under-estimating declines. The bursting of cable's bundled video packages appears to be no different.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Apple: rather than repurchase $100 billion of AAPL shares, why not accelerate investment in strategic areas: Auto; Healthcare IT; Content, etc.?
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Here is the WSJ article that I referenced (and disagree with): https://www.wsj.com/articles/why-amazon-and-google-havent-attacked-banks-1524758594
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Hey Sales & Marketing professionals – try Magic Leap! If you have deployed, we would love to hear from you on the podcast!
Magic Leap: https://www.ceorater.com/ceo/896/864/Rony-Abovitz
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Corporate balance sheet cash is at an all-time high. Expect to see increased activist investor activity, C-Suite turnover and accelerated M&A activity as a result (especially within the Technology sector). Some thoughts RE: Technology M&A covered in this episode.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
It's time that Apple acquired one of the leading EMR companies in order to accelerate its HealthcareIT initiative.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater Technology Founder CEO Index Outperformed in Q1’18:
The CEORater Technology Founder CEO Index returned 8.2% and 8.4% on a Weighted and Unweighted Return basis respectively (click here for detail) during the January 2nd 2018 – March 29th 2018 period.
The S&P 500 Information Technology (TKR: S5INFT) returned 1.8% on a Weighted basis over the same period.
The Guggenheim S&P 500® Equal Weight Technology ETF (TKR: RYT) returned 4.7% on an Unweighted basis over the same period.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial https://tek2day.com/2018/04/02/ceorater-technology-founder-ceo-index-outperformed-in-q118/
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Walmart Exploring Humana Acquisition
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Distracted CEO Article referred to in CEORater Podcast episode 144: “Distracted CEOs and CEO Overreach”: https://tek2day.com/2017/12/30/distracted-ceos-and-ceo-overreach/
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day.com: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
Recent TEK2day.com Post: Thinking Through Opportunity Cost & Corporate Strategy: https://tek2day.com/2018/03/27/thinking-through-opportunity-cost-corporate-strategy-as-eps-season-approaches/
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
The Facebook uproar - wow! I’m shocked that people are shocked. We put our lives online for the world to see – the temptation for nefarious actors to act is there. We can’t be surprised at the result.
What happened? Facebook and UK-based Cambridge Analytica (“CA”) are at the eye of the storm. It was NOT a data breach. It was NOT a cyber-attack. It was a case of poor supervision on the part of Facebook with regard to how a 3rd party developer accessed and used Facebook member data.
Who is Cambridge Analytica? Other than dead in the water, CA is a data mining/data analytics firm. There are thousands of companies like CA that aggregate and analyze data for various purposes.
What did CA do wrong? CA’s sin was that the firm misrepresented itself and how it would access and use Facebook member data. CA positioned itself as a personality survey application. Approximately 300,000 Facebook members downloaded the app. CA designed the app to capture your data and that of your Facebook friends. So for every person that downloaded the application, CA captured data on not only the 3000,000 people that downloaded the app, but also on an additional 166 people for every one person – or 50 million people in total. While you may have provided consent, your Facebook friends did not. That’s strike one against CA and Facebook.
Second, CA used this data to inform the Trump campaign’s political targeting effort. The Facebook members who gave their consent did so never knowing that their data would be used for a political campaign, much less their friends whom never consented to anything.
By the way, the Obama campaign did something similar. It too created an app for political purposes. It too captured Facebook data not only for those members who provided consent, but also for Facebook members who were friends of those who consented but never provided content themselves. So CA and the Obama campaign had strike one in common. The Obama campaign however was “a bit” more upfront in that its application was clearly a political application. I say “a bit” because none of these apps ever spell out in detail the extent of data collection and analytics that will be applied so that the average non-techie can understand it.
Thus, it pays to be tech-literate. One failsafe – if you don’t understand something – don’t provide your consent. You should assume that any time you download an application or browse a website that the app or Website will ingest your personal data. As a precaution, set your privacy settings to “closed” “or at the extreme – don’t download the darn application.
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
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CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Follow-up to recent Uber & Nuance podcasts:
Uber autonomous vehicle crash video: https://www.wsj.com/articles/video-shows-final-seconds-before-fatal-uber-self-driving-car-crash-1521673182
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Autonomous vehicles are here to stay – they are not nearly as dangerous as humans who text while driving. The question for Uber investors is can the company along with Geely and Softbank ever catch Waymo?
Uber autonomous crash video: https://www.wsj.com/articles/video-shows-final-seconds-before-fatal-uber-self-driving-car-crash-1521673182
The CEORater platform consists of CEORater.com, the CEORater Podcast and TEK2day.com
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Meet Luminar Technologies – the LiDAR Company Powering Toyota’s Autonomous Vehicle Program: https://tek2day.com/2018/02/04/meet-luminar-technologies-the-lidar-company-powering-toyotas-autonomous-vehicle-program/
The CEORater platform consists of CEORater.com, the CEORater Podcast and TEK2day.com
CEORater: CEO & Company Profiles. Crowdsourced Reviews Website: https://www.ceorater.com/ Facebook & Twitter: @CEORater Instagram: @CEORaterOfficial LinkedIn: linkedin.com/company/ceorater/
TEK2day: Technology, Capital Markets, Corporate Governance, Leadership, Entrepreneurship Website: https://tek2day.com/ Facebook & Instagram: @TEK2day Twitter: @TEK2dayOfficial
CEORater Founder & CEO Jon Maietta LinkedIn: linkedin.com/in/jonathanmaietta Twitter: @jonathanmaietta Medium: @jonathanmaietta
Guest Information: Our Interview with Email Marketing Technology entrepreneur Jay Webb
Guest: Jay Webb, Founder & CEO: Follow-UpFuel LinkedIn: linkedin.com/in/jaydwebb
Follow-UpFuel Website: https://followupfuel.com/ Facebook: @FollowUpFuel
Share Your CEO Succession Process Framework with Institutional Investors: - Define the CEO selection criteria – then share publicly; - Define the Attributes you wish the next CEO to embody – then share publicly; - Define the timeline – then share publicly; - No need to inform investors where you are in the process – i.e. number of candidates and other minutiae
Website: CEORater.com Twitter & Facebook: @CEORater sister publication: TEK2day.com
Our view is that Disney's OTT service will be more than a worthy competitor to Netflix. In a world where original content matters most - Disney has a treasure trove of hit original content: legacy Disney, Lucasfilm/StarWars, Marvel and Pixar. Meanwhile, Netflix is playing catchup on the original content side of the ledger.
Trump Admin blocks Broadcom's (AVGO) proposed acquisition of Qualcomm (QCOM). We believe this to be a dangerous precedent based on flawed logic. You can't regulate innovation.
Why is it taking Nuance’s (https://www.nuance.com/index.html) Board so long to name the next CEO? • Disagreement at the Board Level? • No qualified candidates? • Nuance in-process selling itself?
Speaking from experience we believe that Satish Maripuri would be a fine CEO: https://www.linkedin.com/in/satishmaripuri
If Nuance is indeed working to sell itself we believe private equity is the logical buyer and that one of the three following PE firms would win the day: o Vista Equity Partners: https://www.vistaequitypartners.com/ (active in software M&A) o Thoma Bravo: https://thomabravo.com/ (active in software M&A) o Warburg Pincus : http://www.warburgpincus.com/ (prior relationship with Nuance)
Here's the link to the WSJ article we referenced: https://www.wsj.com/articles/companies-sharpen-cyber-due-diligence-as-m-a-activity-revs-up-1520226061
1.) GE's former CEO and Board asleep at the switch: https://soundcloud.com/ceorater/ep-81-ges-board-is-a-mess 2.) Ken Langone Interview: https://www.cnbc.com/2018/02/28/ken-langone-ge-destruction-happened-after-jack-welch-left-as-ceo.html 3.) Mario Gabelli PHDs: https://www.forbes.com/sites/davidwismer/2012/12/10/billionaire-fund-manager-mario-gabelli-i-like-phds-poor-hungry-and-driven-and-some-investment-themes/#7d6d43b6a5d5 4.) Allocate more time toward making your strengths world class vs. suring-up weaknesses. 5.) MBWA: management by wandering around: https://en.wikipedia.org/wiki/Management_by_wandering_around 6.) Andy Grove: High Output Management: https://www.amazon.com/dp/0679762884/ref=rdr_ext_tmb
Ep. 131: Ford’s Autonomous Food Delivery Experiment; Amazon Extends Its Reach by TEK2day
1.) Uber: rift at the Board level. 2.) Magic Leap: NBA deal. First product coming this spring. 3.) Tech's Four Horsemen and public schools/ AI: https://tek2day.com/2018/02/24/its-people-its-people/ 4.) Tech CEOs: which Tech CEOs are the best value? https://tek2day.com/2018/02/25/squares-jack-dorsey-technologys-best-ceo-value/
An Uber IPO is a tough sell. What sustainable competitive advantage does the company have vs. Waymo and Cruise Automation? Uber is at a Balance Sheet disadvantage vs. its two larger competitors who have a lead in the autonomous space where it will be difficult to play catch-up. a.) Waymo: https://waymo.com/ b.) Cruise Automation: https://getcruise.com/ c.) FT article: https://www.ft.com/content/a0f2af96-1117-11e8-940e-08320fc2a277 d.) Crowdsourcing article I authored: https://www.hrtechnologist.com/articles/recruitment-onboarding/crowdsourcing-levels-the-playing-field-for-prospective-job-seekers/
Our Top Tech CEO piece at TEK2day.com: https://tek2day.com/2018/02/18/top-tech-ceos-bezos-best-measured-total-stock-return/
TEK2day.com AMZN post: https://tek2day.com/2018/02/15/amazon-healthcare-trust-payments-and-price-discovery-amazongo-for-healthcare/ AmazonGo: https://youtu.be/NrmMk1Myrxc
Check out our latest post at TEK2day.com: https://tek2day.com/2018/02/09/technology-companies-led-by-founder-ceos-outperform-the-benchmark/
Apple HomePod may be the best sounding smart speaker, but it's AI lags the peer group. The bad news for Apple is that it will be significantly easier for competitors to improve speaker sound quality than it will be for Apple to improve the speed and accuracy of natural language search/ AI/ Siri.
Here's the Techcrunch review: https://techcrunch.com/2018/02/06/a-four-sentence-homepod-review-with-appendices/
Check out our sister publication at TEK2day.com Write an anonymous review at CEORater.com
Media M&A. It's all going to happen very quickly once the bell rings. Everything from DIS & NFLX being acquired by some combination of the Tech Four Horsemen (AAPL, AMZN, FB, GOOG) to sports franchises being acquired outright by the same tech giants.
We wrote about this subject back in December at TEK2day.com: https://tek2day.com/2017/12/23/the-content-game-has-just-begun/
Also, visit CEORater.com to view CEO and Company profiles.
Learn more at TEK2day.com : https://tek2day.com/2018/02/04/meet-luminar-technologies-the-lidar-company-powering-toyotas-autonomous-vehicle-program/
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Details are scarce at this juncture but we believe that Amazon's ultimate contribution to healthcare will be the "consumerization" of healthcare. This process will initially begin by Amazon facilitating price discovery.
Visit CEORater.com for Company and CEO Profiles. Visit our sister publication TEK2day.com
TEK2day.com article URL: https://tek2day.com/2018/01/30/15-minutes-of-fame-the-intersection-of-user-generated-video-social-media-and-mobile-devices/
CEORater.com
Alphabet's CyberSecurity unit - Chronicle - gets the shine. Meanwhile, Amazon's AWS unit is the CyberSecurity giant that nobody talks about. Chronicle via the Verge: https://www.theverge.com/2018/1/24/16929320/google-x-cybersecurity-chronicle-spin-off-alphabet Graduation Day: Introducing Chronicle via Astro Teller on Medium: https://blog.x.company/graduation-day-introducing-chronicle-318d34b80cce
Apple is well-positioned to lead a consumer-driven healthcare revolution. One significant advantage that Apple has over earlier efforts by Microsoft and Google? The iPhone. Here's the WSJ article: https://www.wsj.com/articles/apple-dives-into-complex-field-your-medical-records-1516832897
Introducing the CEORater Technology Founder CEO Index derived from CEORater. We've started to test our hypothesis that founder CEOs will generally outperform non-founder CEOs in terms of total stock returns. Learn more about the CEORater index by reading our posts which may be found here: https://tek2day.com/2018/01/23/twos-a-trend-ceorater-technology-founder-ceo-index-wins-second-match/
We know that employee turnover is expensive. What's the cost of not having the right CEO in the job? Using Microsoft as a proxy - tens if not hundreds of $billions of Market Value. What would Apple look like today were the late, great Steve Jobs at the helm? Would the iPhoneX have been such an expensive dud?
Carl Icahn is slow out of the blocks. We have been on the Xerox case since 2012. Here is the letter from our founder Jon Maietta: https://drive.google.com/open?id=13UUh4Z_OPuNOmcLbBRKNFtMTjT5nGORA
Amazon Top 20 City Candidates for HQ2 (alphabetical order): Atlanta, GA Austin, TX Boston, MA Chicago, IL Columbus, OH Dallas, TX Denver, CO Indianapolis, IN Los Angeles, CA Miami, FL Montgomery County, MD Nashville, TN Newark, NJ New York City, NY Northern Virginia, VA Philadelphia, PA Pittsburgh, PA Raleigh, NC Toronto, ON Washington D.C.
BlackRock is going "activist" on the passive side. Regardless of whether or not you agree with the approach (we don't entirely agree with the social activist element nor the activist approach to passive funds) there is great merit to the idea of holding public company management teams and Boards accountable from a strategic, tactical, operational and general Corporate Governance standpoint. Both institutional investors and company management teams need to do a better job of engaging one another. We share our ideas in episode 111.
Here is Larry Fink's open letter: https://www.blackrock.com/corporate/en-us/investor-relations/larry-fink-ceo-letter
We operate in a post algo-trading equity market. When you conduct your macro analysis/ build your quant models, how do you normalize for (or do you) the algo-driven volatility that has impacted the equity markets since 2007? We would love to hear from you!
Principles to consider when conducting public company CEO due diligence: https://drive.google.com/file/d/1ArnTfBo-rK3razIiT8EDEnCnQWH8PYCz/view
There will never be another Facebook. There will never be another Google. There will never be another Amazon. However, there will be specialization which will drive new company formation and new investment opportunities, job opportunities and general economic opportunities.
a.) How to save Uber? Hint: real-time intelligence. b.) The Autonomous Vehicle industry feels like the Pharma industry to us. Innovation is largely outsourced by the large Auto OEMs to autonomous vehicle startups, similar to how drug innovation is typically diven by pharma startups. This is also true in the Software industry albeit to a lesser degree.
To the extent smart speaker owners run voice queries through their speakers vs. phones it benefits the two smart speaker leaders - Amazon and Google vs. Apple. Apple's Siri lags Amazon's AI and Google's AI in terms of speed and accuracy. This dynamic will only increase the performance delta between the two market leaders and Apple. AI's need "reps" to improve. Less share means less reps, fewer learning opportunities.
The threat of Cyberbreaches is still underappreciated by Corporate America at the Board and Operating levels. Only 38% of Corporate Boards view cyberthreats as having the potential to meaningfully impact their companies in 2018. https://www.nacdonline.org/
The Cybersecurity market feels overheated to us. Only so many of these cybersecurity companies are going to work from a venture capital ROIC standpoint. Amazon and other cloud firms will only acquire so many cybersecurity vendors. There are only so many engineers that understand the space. Musical chairs anyone? Limited Partners beware. Do you due diligence!
We still believe Uber has an uphill battle in front of it competing in the rideshare space with Waymo and the various automobile OEMs (including Apple). Here is the link to the Wall Street Journal article: https://www.wsj.com/articles/softbank-succeeds-in-tender-offer-for-large-stake-in-uber-1514483283
Brilliant move by Facebook/Instagram to give users another reason to engage on the platform.
Ep. 100: CEOs Have A Fiduciary Responsibility to Investors – Under Armour, Twitter & Square by TEK2day
Spotify - if successful in executing a Direct IPO - could potentially change the game for investment banks - at least for large Tech IPOs.
Government entities lack accountability. It is impossible to create a culture of accountability at Amtrak so long as it remains controlled by the Federal Government - regardless of who the CEO is. Amtrak customers/passengers and U.S. taxpayers won't be well-served so long as Amtrak remains under the Govt's thumb. Our solution is to entirely remove the Government from Amtrak's ownership structure.
In light of Oracle's Board authorizing an additional $12 Billion for share repurchases we thought it would make sense to share our view which runs counter to the institutional investor community.
The Three "I"s may be used to help select an Investment Bank similar to how they help select Board members.
It is increasingly important to own content in today's media/ technology landscape. Disney is the winner and Netflix the loser in a Disney Fox deal.
Cinemark's new subscription service - Movieclub - a good start, however bolder steps are required. Movieclub subscription service: $8.99 per month; 1 2D movie per month per subscriber; Unused tickets roll over and never expire; Members may share unused allocations with other members and non-members; No online fees; Additional tickets may be purchased at member price of $8.99; 20% discount on concessions;
Notes, Assumptions and Our Advice to Theater Owner/Operators: - Avg ticket price for a Friday/Saturday night 2D movie = $11. Therefore Movieclub subscription is approx. an 18% discount per ticket (before the 20% concession discount); - Positive for Cinemark in that this offering will increase Cinemark's revenue visibility, albeit at discounted prices; - My view is that theater owner/operators need to take bolder steps to further mitigate the risk associated with the mega-trend that is in-home viewing (which applies downward pressure to theater-owner revenues). Our advice: make the capital investment and partner with movie studios and technology companies to offer premium services such as Augmented Reality ("AR") and Virtual Reality ("VR") in-theater experiences.
Disruption will come from below (i.e. start-ups) that come to market with new business models (peer-to-peer for example). Startups that embrace technology and creativity.
Change ultimately will be driven by consumers. Consumers will be empowered as personal health data becomes readily available through new technologies such as the Apple Watch and various health data apps.
Local care centers like MedExpress (now Optum) and online marketplaces owned and operated by Amazon, Walmart and the like are the future.
These marketplace changes combined with de-regulation/ forced competition (wishful thinking?) will eliminate the bloat and the "wag the dog" administrative state forced upon us by the political class. Only through deregulation will the insurance companies be forced to compete for our business. Only then will premiums come down as insurance oligopolies are replaced with a competitive market place across state lines and nationally. Competition will force drug prices down as well.
We will only maximize the potential offered by tools such as the Apple Watch and enjoy the benefits of providers with new business models if we eliminate regulations put in place by politicians whom have been bought off by lobbyists employed by healthcare insurers and large pharmaceutical companies. If we don’t change the status quo – as citizens our tax bill will only grow as we continue to subsidize a system that benefits insurance carriers and pharmaceutical companies at our expense.
Time for a CEO change and Board swap out at IBM. Neither IBM's CEO Ginni Rometty nor IBM's Board understand the nuances of crafting a story for Wall Street nor executing a strategic M&A program to offset the negative impact to IBM's revenue as a result of the strategic shift to recurring revenue products & services.
Our brief recap of GM's Autonomous Vehicle ("AV") event. GM's 11-30-2017 slide preso: https://drive.google.com/open?id=1GaYoCqRmB_tH6wJY_7hCPPgHkZinkFtW
- Amazon's straight-through-processing ("STP") retail experience provides the company with an edge vs. Google in the AI war.
- Here is the link to the CEORater CEO Compensation study we referenced in the podcast: https://drive.google.com/open?id=1dJt4d7wenI4ibrH3_Csvs2xzS_w9Xt7K -Here's the link to GM's investor day: https://www.gm.com/events/5265893.html
The Justice Department ought to let AT&T's proposed acquisition of Time Warner go through without forcing the divestiture of content businesses such as CNN. Follow our sister publication TEK2day.com where you may read in-depth analysis across Technology, Media, Telecom ("TMT"), the Capital Markets, Corporate Governance and Entrepreneurship.
Podcast about our Autonomous Vehicle report in which we state that AI-Powered Personalization wins the day. Read more here at TEK2day.com: https://tek2day.com/2017/11/24/autonomous-vehicle-ecosystem-winners-and-losers/
If you enjoy the podcast please post a review: https://itunes.apple.com/us/podcast/ceorater-podcast/id1270002408?mt=2 If you enjoy writing reviews visit us at CEORater.com - the only online forum where Employees, Customers and Investors may anonymously review their Company and/or CEO.
Our word of advice to CEOs & Boards - disclose cyberbreachs when you learn of them. Sitting on a cyberbreach is not an option.
We cover: 1.) Autonomous driving teaser.. 2.)Perhaps Microsoft (MSFT) ought to acquire Anaplan and other SaaS/cloud Financial Management tools to create an upgrade glide path for Excel? We think so. Infor would do well to follow a similar M&A path. 3.) Uber the latest company to suffer a publicized data breach. We sound like a broken record regarding the subject of Cybersecurity. 4.) Meg Whitman steps down at HPE. IT Services and Technology-Enabled Services companies would be wise to acquire Enterprise Software companies. Such acquisitions would be margin accretive, EPS accretive, would bolster valuations and perhaps most importantly would begin to move the Services vendors out of the commodity services space and into a sector where they would own IP.
GE needs to decide what kind of company it wants to be when it grows up. Board members are there to advise and complement the CEO - not to further their own careers - not to be deadwood and collect a check.
We discuss Uber's in-process deal with Softbank and Williams Sonoma's acquisition of AR company Outward. Magic Leap on CEORater: https://www.ceorater.com/ceo/896/864 Magic Leap Website: https://www.magicleap.com/
The final chapter in our CEO Analysis trilogy where we tackle "Operations-Related" Attributes on the CEORater.com platform.
Cultural fit between merger/acquisition partners is essential in order to maximize the probability of a successful transaction. We define successful M&A transactions as those where the parties who agree to merge/be acquired have engaged employee bases that are motivated to work and create new products and services together over time. To engage with customers together. This goes beyond ROIC calculations. We cite the example of Amazon’s acquisition of WholeFoods as one that will “work” in no small part because the two companies share a similar culture.
Part II of our “CEO Analysis” series. We walk through the four categories of CEO Attributes as defined by CEORater. CEORater has created a total of 42 pre-defined CEO Attributes which speak to a given CEO’s management/leadership style. We have divided the 42 Attributes into four categories which are visually represented as four quadrants on CEORater.com. The four Attribute categories consist of the following: “Personality-Related”, (which we covered in Part I); “Investor-Related” and “Strategy & Tactics” (which we cover here in Part II) and "Operations-Related" which we will cover in Part III. The categories and Attributes are based upon the experience of our founder & CEO Jon Maietta. Jon is a former sell-side Equity Research Analyst (coverage areas: Enterprise Software, Financial Technology “Fintech”, Technology-Enabled Services and Information Services) and former Corporate Development senior executive. CEORater is Jon’s second entrepreneurial venture. For more detail on the four Attribute categories, the 42 individual Attributes and the CEORater platform, visit CEORater.com Users are encouraged to allocate Attributes to various CEOs on the platform as well as to write reviews about various companies and CEOs. All user activity on the CEORater platform is anonymous.
Part I of our “CEO Analysis” series. We walk through the four categories of CEO Attributes as defined by CEORater. CEORater has created a total of 42 pre-defined CEO Attributes which speak to a given CEO’s management/leadership style. We have divided the 42 Attributes into four categories which are visually represented as four quadrants on CEORater.com. The four Attribute categories consist of the following: “Personality-Related”, (which we cover in Part I); “Investor-Related”; “Operations-Related” and “Strategy & Tactics”. The categories and Attributes are based upon the experience of our founder & CEO Jon Maietta. Jon is a former sell-side Equity Research Analyst (coverage areas: Enterprise Software, Financial Technology “Fintech”, Technology-Enabled Services and Information Services) and former Corporate Development senior executive. CEORater is Jon’s second entrepreneurial venture. For more detail on the four Attribute categories, the 42 individual Attributes and the CEORater platform, visit CEORater.com Users are encouraged to allocate Attributes to various CEOs on the platform as well as to write reviews about various companies and CEOs. All activity on the CEORater platform is anonymous.
The fact that Siri significantly lags Amazon Alexa and Google Home is material to Apple's story. We believe that should Apple lag Google/Alphabet and Amazon from a Market Cap standpoint over the next 3-5 years and in future decades, we will look back at Siri's underperformance as the primary reason why. The AI War is being fought between Google and Amazon - Apple has lost.
CEORater's ("CR")Top CEO - ULTI's Scott Scherr: https://www.ceorater.com/ceo/8/8 Plus - An Overview of the CEORater Platform.
Uber needs to reign it in - learn how to set expectations with investors prior to its IPO.
Equifax interim CEO not sure whether the Company's is encrypting customer data. How is this possible after September's disasterous cyberbreach in which 143 million customer accounts (including sensitive PII data) were exposed to the hackers? Interim CEO and Board should be fired immediately.
The Justice Department to potentially block the AT&T Time Warner deal. Makes zero sense to us given that AT&T is in the distribution business, Time Warner the content business. Listen to the podcast for additional detail.
Yes, time to leave SNAP behind, we told you so in Ep. 58. Meanwhile, Google (GOOG) makes the most sense in terms of potential future acquirers of Salesforce.com (CRM).
Access our CEO Compensation study here: https://drive.google.com/open?id=19gEBKCUy6l1z62kpiI9k2f--0UIRy_O7
Uber's corporate governance - or lackthereof - is a hurdle in consumating a deal with Softbank. We are not fans of entrenched founders and out-sized voting stakes.
Our Autonomous Ride-Sharing post: https://tek2day.com/2017/10/31/uber-killer-waymo-autonomous-ride-hailing/
Amazon ought to acquire Netflix to boost Prime membership and to accelerate Amazon's learning curve on the original content production side. Netflix's original content library is an added bonus.
We do not take issue with corporate jets. We take issue with mediocre performance and a lack of accountability.
What is the most important factor in identifying companies that will be successful over time? Answer: the senior leadership team. Quality leaders should be offended when they are referred to as “managers”. Effective senior leadership teams don’t “manage” – they “lead”. Quality senior leadership teams have a greater influence on a given company’s success (however you want to define it) than any other one variable. End market you say? Quality teams will capitalize on strong end-markets and have the courage to exit weak end-markets even when it may be politically difficult to do so. Quality teams set the culture. Quality teams insist on hiring quality people and won’t sacrifice quality to satisfy a growth expectation. Quality teams will push back on venture board members who have overly aggressive growth expectations that will jeopardize the company’s foundational core. Quality leadership teams will pursue new, exciting product initiatives that have promise – even when data points and milestones are few during the early days of that product’s life cycle. Even when doing so may mean cannibalizing the core and pissing off investors. Nobody said it was easy.
Instagram has taken share from Twitter and Snapchat. Analysts lamenting Twitter user growth (or lack thereof) are missing the larger picture. In the case of Snapchat, Instagram stories has single-handedly hammered SNAP's market cap.
Our view on various operating metrics that co's such as FB, SNAP & TWTR share with the Street. We comment on the WSJ article RE: DAU vs. MAU. From investors' perspective the more information a company publishes the better. The more operating data you share that may help investors' evaluate your business the better from investors' perspective. However, once you share an operating metric with investors it is difficult to not sure that metric in future earnings releases.
Amazon rolled out its AmazonKey service for Prime members. Learn more here: https://www.amazon.com/b?ie=UTF8&node=17285120011 and here: https://youtu.be/wn7DBdaUNLA
Link to the WSJ article we review: https://drive.google.com/open?id=0BxzCwbwg_jmIYkluaUV4bFhlbHc
As per usual, we cover a number of topics in today's episode including Amazon's HQ2 process and the importance of IP; Amex's CEO change (insufficiently bold for our taste); Twitter needs fixing; our Kickstarter experiment.
Viacom should run Netflix's OTT subscription model. Pull its movie and serial programming content from pay TV/ Netflix & Hulu and publish via a proprietary content platform. This drastic change would require a new management team and culture of innovation - not a Viacom hallmark.
Equifax breach resulted in $100 Billion of Economic Value Destruction ("EVD") at the high-end of our estimate range. Here is a link to our report: https://drive.google.com/open?id=0BxzCwbwg_jmIbng0bEhiV1JkV1U
Apple's AI - Siri - is deeply inferior to Google's AI. Both Google and Amazon have an advantage over Apple in terms of search query capture which means the quality of the output for Google and Amazon will be superior for the foreseeable future.
We cover authentication and illicit trade across multiple industries and use cases with Dr. Jeff Conroy, Chief Scientist of Authentix.
- Jeff Conroy's blog post: http://authentix.com/blog/are-counterfeiters-innovators/
- Visit Authentix here: http://authentix.com/
- Jeff Conroy's LinkedIn profile: https://www.linkedin.com/in/conroyjeff/
Is Tesla a "short" given increased EV competition from the various auto OEMs? We can look to Netflix, Apple, Amazon (original content) and Apple, Samsung, Google (mobile phones) as proxies.
Yahoo's reported 1 Billion email account breach (back in 2013) was actually EVERY Yahoo email account - some three Billion plus. This figure was discovered during Verizon's due diligence.
Entrepreneurs often make the mistake of pricing their products and services too low. Price-to-value! If you're selling a product with a fair market value of $5, sell it for $5 as opposed to $1.
Uber's Board is a Corporate Governance disaster. Founder Travis Kalanick and Benchmark Capital continue to beef. Kalanick hired former Xerox CEO Ursula Burns and former Merrill CEO John Thain to the Board. This was unbeknownst to new Uber CEO Dara Khosrowshahi (wonder how long Khosrowshahi's tenure will last?). Toxic Board situation - we side with Benchmark. Hard to believe Jeff Immelt and Marissa Mayer threw their hats in the ring for the CEO post this summer.
LinkedIn post as referred to on podcast: https://www.linkedin.com/feed/update/urn:li:activity:6318535926104489984
We believe that the larger Private Equity (PE) firms (KKR, Silver Lake, TPG and Carlyle to name a few) would be prospective logical acquirers of Equifax.
We believe that fighting cybercrime may be cost-prohibitive for some companies or at a minimum make it significantly less attractive to remain independent. Thus, we believe that the need to deploy Cybersecurity solutions will act as a catalyst for M&A.
Advice for private & public company CEOs for communicating with investors. Reach out with questions: jmaietta@ceorater.com
I don't understand why insurance carriers have allowed price quoting comparison websites to step between them and prospective customers. Regarding Equifax, how is Richard Smith still employed as CEO? Where are the activist investors?
Regardless of what business you are in, technology & people are the lifeblood of that business. Ignore technology at your on peril.
Follow-up to Ep. 33. CEOs and Institutional Investors should want more Insider Board members.
We advocate that Corporate Boards weigh their Board membership toward Insiders vs. Outsiders as the former has the relevant industry experience to push back on the CEO. Also, we believe that the risk of Insiders "falling in line" with the CEO is outweighed by Insiders who do not wish to risk the value of their compensation packages - particularly equity compensation - to a given CEO's foolish strategy and therefore will challenge that CEO. A rich discourse with give & take, a discourse that sets ego aside, a Board atmosphere that is focused on seeking truth is the optimal environment for maximizing shareholder value.
Link to WSJ article: https://drive.google.com/open?id=0BxzCwbwg_jmIRlhFSnVwdWdVX0E
The Three "I"s for Selecting Board Members: 1.) Intellectual Curiosity 2.) Industry Experience 3.) Inquisitive IBM lacks Board members that have Software industry experience other than CEO Ginni Rometty. We recommend that IBM turn over its Board and replace BoD members with new members (both Insiders and Outsiders) who have Software industry experience given that Software - particularly a strategic M&A plan focused on Software/AI/ML acquisitions - is what will lead IBM out of its slump. If IBM does not address its BoD and Executive shortcomings proactively an Activist investor will do it for IBM. The latter will not be a pleasant experience for IBM senior executives and BoD members.
- Uber working to close an $8-10 Billion financing;
- IBM should acquire Solera, let SLH SMT run the entire company;
- CEORater should be incorporated into ALL Executive Compensation models;
- Contact: sales@ceorater.com for Executive Compensation-related inquiries.
Apple's augmented reality ("AR") developer platform - ARKit - will be available this fall on iOS11.
Equifax's CEO needs to be removed. The three senior executives who sold shares prior to EFX disclosing the data breach need to have their employment terminated and potentially serve jail time for front-running the bad news. Certain EFX Board members ought to resign. I would not be surprised to see an activist investor swoop in. I am thinking through how we at CEORater may incorporate reporting on data breaches into our CEORater platform.
Equifax's Board needs to hit the reset button. Remove CEO Rick Smith. Adopt best-practices for PII data storage. Consider Blockchain/ distributed databases.
Equifax Reports Data Breach Possibly Affecting 143 Million U.S. Consumers. Social Security numbers, birth dates, addresses and driver’s license numbers exposed. Link to WSJ article RE: Equifax databreach: https://www.wsj.com/articles/equifax-reports-data-breach-possibly-impacting-143-million-u-s-consumers-1504819765
Our metropolitan scoring matrix RE: AMZN HQ2: https://drive.google.com/file/d/0BxzCwbwg_jmISGVYUDBHc3JIZnc/view?usp=sharing
Google's ARCore SDK: 1.) Google blog: https://www.blog.google/products/google-vr/arcore-augmented-reality-android-scale/ 2.) AR Experiments: https://experiments.withgoogle.com/ar 3.) Magic Leap :https://www.magicleap.com/#/home
Amazon's acquisition of Whole Foods should bolster Amazon Prime membership and therefore Amazon's long-term revenue visibility and ability to compete effectively in the original content space vs. Netflix, Apple and the traditional content players.
Rules for Public Company Management Teams when Communicating with Wall Street: 1.) Make Your Numbers 2.)Under-Promise & Over-Deliver 3.)Tell Your Story Concisely 4.)Organic Growth is Worth More than Acquired Growth
We speak with Greg Walls, founder of PE28 about the importance of movement and the relationship between physical activity and achievement. https://pe28.com/ https://twitter.com/performance28 https://www.instagram.com/performance28/ https://www.facebook.com/thePerformanceExperience/ https://www.linkedin.com/company/25014732/ https://plus.google.com/114100153875276568650 https://www.youtube.com/channel/UCcvELnAIMTAJh-piB2xraXg/featured
Microsoft Cortana and Amazon Alexa to partner via WSJ: https://www.wsj.com/articles/amazons-alexa-and-microsofts-cortana-will-soon-be-able-to-talk-to-each-other-1504120490
Most entrepreneurs under-price their products and services. Some tools for the entrepreneur to help with the Price-to-Value equation.
Lack of standardization across the insurance industry makes it difficult to pursue technological advancement.
It’s one thing for CEOs to make “difficult decisions” when their own skin is on the line. Some may argue those aren’t difficult for many CEOs as many CEOs put “self” first when it is their own weakness or blind spots that led to circumstances around the difficult decision.
• For example, having to reduce employee headcount because a large customer announced they will no longer use your under-invested in product or service. • Heavy employee cuts due to mass customer defections because your product or service is no longer relevant in a dynamic market. How many times have we seen that? • I would argue those employee layoffs are easy decisions for most CEOs because if those actions aren’t taken companies will disappoint investor expectations and if that were to happen once or twice investors would clamor for a CEO change. • IBM under CEO Ginni Rometty and Microsoft under former CEO Steve Ballmer are two examples of the above where customer markets moved away from IBM (Saas/Cloud) and Microsoft (mobile, search, cloud). Each company was slow to react had multiple restructurings and continue to pay the consequences for decisions made and note made. years ago.
More difficult decisions for CEOs - ones that take real courage of conviction - are the decisions that won’t be popular with investors in the near-term. However, as CEO you believe those decisions will pay significant dividends in the long-term.
Remember in years past when investors would complain about Jeff Bezos/ Amazon investing in distribution centers and fulfillment capability? Investors were angry because near term profits were going to be swapped for near-term investments and future growth & profitability. Bezos took the long view – something that investors of all shapes and sizes rarely do – and was right. Today the Company can do no wrong - whether it’s producing original content; creating Amazon Web Services (“AWS”)- which is the largest and fastest-growing service of its kind; acquiring Whole Foods. Bezos/ Amazon made decisions prior to the Company becoming a Wall Street darling that pay off enormously today. I recall that Amazon’s push into content wasn’t hugely popular with investors early on and today Amazon is a leader in OTT content and I believe AMZN will distance itself from Netflix and others over time. See our earlier podcast about the subject of original content. So, there’s a reason why Jeff Bezos has a 100% CRScore over at CEORater.
Speaking of Netflix, founder CEO Reed Hastings and the Company have done a great job of not caving to investor short-term demands. Recall when Hastings and the Company faced investor pressure when Netflix wanted to push into digital content, believing it to be the future and to not invest in its DVD business. “Why”? investors asked. The DVD business is profitable… Hastings of course was right, OTT was the future and is the “here and now” today. There was pressure at the time from Carl Icahn’s group who owned a large stake to sell the company to Microsoft or some other larger tech company believing Netflix to be to small to pursue its OTT strategy. Hastings of course was correct.
These are but two examples of CEOs who had the courage of their convictions to not cave to short-term pressures. There are many other examples on a smaller scale, inside and outside of the technology industry where founders and CEOs had the courage of their convictions to do what they believed was best for their Company in the long-run, despite that path running in the opposite direction of the investor community and occasionally other stakeholder groups.
Cintas does not know how to organically grow its business and therefore cheats by over-charging customers.
Netflix (NFLX) Apple (AAPL) Disney (DIS) Amazon (AMZN) Facebook (FB) Google/YouTube (GOOG) AT&T (T) Verizon (VZ) Microsoft (MSFT) Twitter (TWTR) Samsung
The name of the game is original content. It’s more profitable than third party content and nobody can threaten to “pull” it from your platform if you are the creator (i.e. Disney and Netflix)
Amazon and Apple have an advantage over other players in the original content game primarily because of their size and the fact that they are either already producing their own original content (AMZN) or are about to be (AAPL).
Apple has a potentially unique advantage in that it could integrate advanced technologies such as AR/VR into the iPhone creating unique viewing experiences. Should the iPhone incorporate AR/VR it would likely accelerate the democratization of content creation/production, potentially positioning Apple as the device make of choice for amateur content creators. This won’t necessarily help “Apple Studios”, but it will help Apple in its mobile device business vs. competitors such as Samsung and Google.
DIS pulling its content from NFLX effectively puts NFLX in play. Long-term I don’t believe that DIS is large enough to compete with AAPL, AMZN, FB and GOOG and ultimately will be acquired, most likely Apple given that the two companies have a history (originally nurtured by Disney CEO Bob Iger and the late Steve Jobs).
NFLX doesn’t have the capital structure to compete with the big boys. If content providers continue to pull content from the Netflix platform, and given competition from others such as Amazon’s “Channels” effort, Netflix will face an increasingly uphill battle in terms of producing quality original content at an accelerated rate. Accelerated rate because Netflix must offset the loss and potential loss of third party content.
Content production is a commodity. AAPL, AMZN, FB and GOOG all have the balance sheet to effectively compete in the original content production space (short, medium and long-form content). Further, because of their robust balance sheets, each of AAPL, AMZN, FB and GOOG all better positioned to pursue and incorporate advanced technologies into their content offerings. AR/VR are examples.
We give AMZN the edge over AAPL, GOOG and FB in the near-term as AMZN has been in the original content production game for some years.
AAPL could potentially leapfrog the competition if they are able to incorporate AR/VR and other advanced viewing technologies into their original content production capability by integrating the experience into iOS and Apple TV.
NFLX in our view will have to rely on old-fashioned quality writing for their original programming. This is the best way to stay relevant in the face of an inferior balance sheet.
TWTR the dark horse. In our view the company should continue to work to secure original programming rights, sports in particular so long as Twitter is an independent company.
MSFT always a threat given the strength of its balance sheet.
T, VZ, CMCSA: the largest of the traditional content providers, dwarfed by the largest tech co’s. We expect AT&T’s WB unit will be poached for talent by AAPL in particular as Apple ramps its original programming effort.
Why do insurance carriers allow themselves to become dis-intermediated from their customers - particularly younger customers whom transact online?
Link to our full show notes presentation: https://drive.google.com/open?id=0BxzCwbwg_jmIbjJrTW5ZekhxaTg
Words to live by for the entrepreneur: "Always bear in mind that your own resolution to succeed is more important than any other one thing" - Abraham Lincoln
See link for full show notes: https://drive.google.com/open?id=0BxzCwbwg_jmIZ0NwVUxteDg1Vjg
The investor group that published the letter (see link below) is using flawed logic and crying over spilled milk. The damage is done. Steps to put Uber on the only path forward as we see it: 1.) remove Kalanick from the Board, 2.) Hire a quality CEO - someone who has Tech "chops" and is a proven operator (call me for advice), 3.) Execute. Shareholder letter link: https://drive.google.com/file/d/0BxzCwbwg_jmIaGc4c29fLVh1TVU/view?usp=sharing
Our founder - Jon Maietta - provides a brief overview of CEORater. CEORater is a platform for employees and customers to share their experiences. Over time we plan to enable CEOs to use the platform as a means to communicate their thoughts and workplace initiatives. Visit us at CEORater.com - it's free to use as a visitor or registered user.
It feels to us that companies have politicized the subject of diversity for competitive gain. Shouldn't the first filter be meritocracy? Shouldn't we first look to the pool of qualified applicants to fill a post rather than make gender the primary filter? For companies that have hired Chief Diversity Officers - what are these executives actually doing with shareholder capital to improve diversity and presumably shareholder returns? Look for a longer form podcast post Labor Day.
Benchmark Capital Files Lawsuit Against Uber Co-Founder, Former CEO Travis Kalanick. A power-play by Benchmark. Uber is a story with significant "hair" on it. Having Kalanick - the former CEO who was removed amidst a storm of controversy - remain on the Board makes it especially difficult to recruit the next CEO, especially given Kalanick's comments that he wants back into the CEO chair. Further, the cloud of controversy, executive turnover, etc. makes it difficult for Uber to maximize its valuation potential.
Today's podcast short: Uber's CEO search. Our perspective is that Uber's Board would be wise to hire a CEO who has demonstrated him/herself to be a strong operator. A candidate with proven technology chops who thinks and acts like an entrepreneur as opposed to a candidate who has "administered" from an "ivory tower." It would be a mistake for Uber to hire outgoing GE CEO Jeff Immelt.