Associate Director at Archdiocese of New York
Contributor's Links: Cambrian Capitalist

Charles is an experienced credit analyst having analyzed every part of the capital structure on an institutional level for nearly a quarter century.

ALL CONTRIBUTIONS

TLRD: A Defensible Long-Term Holding In The Retail Sector Not Named Amazon
After a disastrous 2016, TLRD has some investment qualities that make it attractive as a speculative buy in the retail sector.
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Who Is John Galt? A Capital Strike May Be In The Offing
The stock market hit several milestones. Given this happy state of affairs, it seems timely to take a look at some other signals the market is communicating to us.
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Comments

Latest Comments
America’s Gilded Age 2: On The Rocks
2 years ago

Aggregate margin debt is a real concern. Bankruptcy filings needs more context besides year over year comp. to give a sense of where we are in the business cycle.

TLRD: A Defensible Long-Term Holding In The Retail Sector Not Named Amazon
2 years ago

To the extent that Macy's has more aggregate foot traffic than TLRD, it is a net positive for their tuxedo rental business, which is their Macy's offering. It's a great platform to introduce customers to your offering. As I stated, AMZN is not getting into the tuxedo rental business, so I think it is a defensible business, just like tailored clothing is a defensible niche against the AMZN onslaught.

In this article: TLRD
Dear Mr President, My Suggestion For Infrastructure Spending
2 years ago

Conflating infrastructure spending with industrial policy is not sound public policy. The world is littered with horribly admiinistered government projects that are now tombstones marking capital destruction.

When I was growing up in western PA during the steel industry's decline, my Congressman was signing onto every pork-barrel project he could to buy jobs for the citizens of his district. One was a synthetic fuels plant that lasted not even for one Congressional term, because the business model was unsupportable. In the last decade, the US has spent hundreds of billions of dollars subsidizing 'renewable energy' and today renewable energy represents roughly the same proportion of our total energy supply that it did 10 years ago. Without any direct government support and against a great deal of government imposed adversity, private capital drove domestic oil and natural gas production dramatically higher over the same time period the government was destroying capital chasing renewable energy fads. I'm not suggesting that renewable energy is not a laudable endeavor, but that there is plenty of private capital to foster the growth of promising renewable technology,

More pointedly on the topic of infrastructure--I think assigning an aggregate amount of infrastructure spending turns a reasonable process on its head. Why not have the Federal Government set non-financial criteria for potentially green-lighting infrastructure projects, and then vet incoming proposals on their own merits. Why not learn from the last infrastructure binge in 2009 when nearly a trillion dollars were spent, but all we really learned was that there weren't that many 'shovel ready projects'.

1 to 3 of 3 comments

STOCKS I FOLLOW

AAL American Airlines Group Inc
AAPL Apple Inc.
AGN Allergan Inc.
AMZN Amazon.com Inc.
BX The Blackstone Group L.P.
CNQ Canadian Natural Resources Ltd.
DHI D. R. Horton Inc.
GE General Electric Company
GLW Corning Inc.
GOOG Alphabet Inc. (Google)
LC LendingClub Corp.
MDLZ Mondelez International, Inc.
MET MetLife Inc.
MGA Magna International Inc.
MPLX Mediaplex Inc
MS Morgan Stanley
OILB iPath B S&P GSCI Crude Oil TR ETN
ORBC ORBCOMM Inc.
PYPL PayPal Holdings, Inc.
RRC Range Resources Corporation
RTN Raytheon Company
STZ Constellation Brands Inc.
TLRD Tailored Brands, Inc.
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Work Experience

Associate Director
Archdiocese of New York
June 2016 - Present (2 years 11 months)

Performing financial planning and analysis for 30 Roman Catholic Institutions in Westchester County.

Director
Fitch Ratings
January 2015 - June 2015 (6 months)

Monitored midstream energy credit ratings, including oil and gas master limited partnerships and project finance vehicles; participated in the credit committee process for REITs, Media, coal, copper and oil and gas production credits (impromptu layoff inspired by dysfunctional management).

Consultant--Credit Analyst
RBS Markets and International Banking
June 2014 - January 2015 (8 months)

Reviewed the creditworthiness of merchant power, project finance, and midstream oil & gas companies; determined the criteria under which the bank would offer its financial products.

Education

University of Pittsburgh - Joseph M. Katz Graduate School of Business
MBA
1993 / 1994
Finance
Pennsylvania State University
B.S.
1985 / 1989
Finance

Publications