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June 9, 2015

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This Could Be "The Best Deal Retail Has Ever Seen" | $RL


Hedgeye's Retail Team held a Ralph Lauren Idea Vetting Book call today exclusively for institutional subscribers. In this brief excerpt Retail Sector Head Brian McGough explains why Ralph Lauren purchasing Tory Burch could be the best deal retail has ever seen.

REPLAY: Healthcare Q&A [Jobs Report Implications & OB/GYN Survey Results] $HCA $HOLX $MD $WOOF

This is a must-see video if you're an investor in the Healthcare space.

Hedgeye Healthcare Sector Head Tom Tobin and Analyst Andrew Freedman hosted a live Q&A session earlier today.


They discussed key takeaways from Friday's jobs report and results from our monthly OB/GYN survey. The team also provided brief updates to HCA, HOLX, MD, WOOF, XRAY and ZMH.



Early Look

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Relied upon by big institutional and individual investors across the world, this granular morning newsletter distills the latest and most vital market developments and insures that you are always in the know.

Cartoon of the Day: Late Cycle (Wishful Thinking)

Cartoon of the Day: Late Cycle (Wishful Thinking) - It s different cartoon 06.08.2015


Editor's Note: Below is an excerpt from today's Morning Newsletter written by Hedgeye CEO Keith McCullough. Why settle for an excerpt? Click here to subscribe.


"...I’m not capitulating on the Slower-For-Longer (lower rates) cycle call this morning. If US growth was accelerating, I would. On jobs, #history students know that Non-Farm Payrolls rising is what happens AFTER the US economic cycle has already peaked.


...Yeah, I know – the Fed and its Old Wall research departments are all over it, reminding you about that this morning. But, unless it’s “different this time”, US non-farm payrolls are in the #process of peaking. And I’m not a big fan of capitulating at peaks..."

Winter Is Coming: The U.S. Growth Cycle Is Coming to An End


In today’s “Game of Thrones” inspired edition of The Macro Show on Hedgeye TV, U.S. Macro Analyst Christian Drake channels the numbers-first approach of the Iron Bank of Braavos to explain how Hedgeye is approaching the end of this economic growth cycle.


Subscribe to The Macro Show today for access to this and all other episodes. 


TOMORROW 11am: Speaker Series Call - The Impact of Currency Wars on S&P500 Earnings

We will be hosting a Speaker Series call with Jack Ciesielski, the CEO of the Accounting Observer (AO), tomorrow (June 9th) at 11 a.m. EST.


Our topic will be the ongoing impact of overly volatile foreign currencies on the financial statements of some of America's most important companies. While most analysts and portfolio managers are up-to-speed on the earnings impact of FX translation, there are less obvious consequences including: 

  • Devaluation of foreign cash reserves which impacts cash flow
  • Common equity degradation which increases financial leverage
  • ROE implications depending on the direction of financial leverage

The AO will outline which sectors in the S&P 500 have the most sensitivity to various FX implications and also distill impact to the company specific level for the largest constituents of the index.


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CLICK HERE to add this call to your Outlook Calendar for Tuesday, June 9th at 11 a.m. EST or simply dial:


Toll Free Number:

Direct Dial Number:

Conference Code: 39894189# 

Call Materials HERE


About Jack Ciesielski and the Accounting Observer:


Jack Ciesielski is the owner of R.G. Associates, Inc., an investment research and portfolio management firm located in Baltimore, MD. Mr. Ciesielski is the publisher of The Analyst's Accounting Observer, which is an accounting advisory service for security analysts. Before founding R.G. Associates in 1992, Jack spent seven years as a security analyst with the Legg Mason Value Trust. Prior to that, he worked in the accounting profession as an auditor with Coopers & Lybrand, as an internal auditor with Black & Decker, and as an educator at the University of Maryland. The AO focuses on deep dive issues to assist analysts and portfolio managers to completely understand a financial problem set.  



Jonathan Casteleyn, CFA, CMT 




Joshua Steiner, CFA