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The Diamond Hill Mission Statement calls on us to serve our clients by providing investment strategies that deliver lasting value through a shared commitment to our intrinsic value-based investment philosophy, long-term perspective, disciplined approach, and alignment with our clients’ interests....
Vail Resorts: A Mountain Sized Moat
Industry Perspectives: A Monthly Research Analyst Series
By Aaron Monroe, CFA
The lack of new resorts enhances the value of the established ones, and Vail has accumulated some of the best.
Revisiting Excess Cash in the Technology Sector
Industry Perspectives: A Monthly Research Analyst Series
By Nate Palmer, CFA, CPA
“While there is inherent uncertainty associated with the specific timeframe within which each company may elect to repatriate overseas cash, recognizing the value of cash is likely to prove worthwhile for investors.”
Global Energy: Positioning for the Long Term
Industry Perspectives: A Monthly Research Analyst Series
By Suken Patel, CFA
“Unsurprisingly, many major oil producers continue to plan for a business-as-usual case in demand growth.”
Mechanics and Benefits of Securitization
Fixed Income Insights: An Educational Series
  • Securitization is not a new concept. In its most basic form, securitization dates back to the late 18th century. The first modern residential mortgage-backed security was issued by the Government National Mortgage Association in 1970, fueling a dramatic expansion in the housing market.
  • A securitized deal begins with an agreement between a lender and a borrower as to the amount borrowed, interest rate paid, collateral to secure the loan, and loan maturity. The borrower’s obligation is then sold or pledged to a trust along with a variety of other similar loans, creating the securitized product.
  • Securitized issues are split into tranches, which are categorized into varying degrees of subordination. Each tranche is separate and distinct from the other tranches, and each has a different level of credit protection or risk exposure.
  • The primary benefit of securitization is to reduce funding costs. Through securitization, a company that is rated BB but maintains assets that are very high in quality (AAA or AA) can borrow at significantly lower rates, using the high quality assets as collateral, as opposed to issuing unsecured debt.
CommScope’s Strengthening Competitive Position
Industry Perspectives: A Monthly Research Analyst Series
By Grady Burkett, CFA
“Although CommScope’s financial results vary significantly from year to year, the firm’s steady improvements become clearer when viewed over longer time periods. ”
What to Buy in an Overvalued Sector?
Industry Perspectives: A Monthly Research Analyst Series
“We believe that investors chasing yield might be missing the big picture.”
Investing in the Midst of Disruption: The Internet’s Effect on Media and Retail
Industry Perspectives: A Monthly Research Analyst Series
“Technological shifts are often accompanied by increased uncertainty, but they also tend to present interesting investment opportunities.”
SVB: Market Uncertainty Creates Investment Opportunity
Industry Perspectives: A Monthly Research Analyst Series
By John Loesch, CFA
“In an environment in which banks are struggling to grow revenue, SVB enjoys a unique model that generates growth rates at multiples of peers.”
Value Creation in the Transportation Industry
Industry Perspectives: A Monthly Research Analyst Series
By Jason Downey, CFA
“As long-term investors, we welcome near-term weakness in the industry given the capital deployment opportunities it presents.”
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