by Erik Kobayashi-Solomon | Nov 23, 2017 | Research
In two earlier posts about Union Pacific’s capital expenditures (first, second), we looked at the details of what projects the company has been funding. After this review, we found that…
by Erik Kobayashi-Solomon | Nov 21, 2017 | Research
In our first article in this series on Union Pacific, we sharpened our pencil regarding the different areas in which the company is spending on investments. This work has allowed…
by Erik Kobayashi-Solomon | Nov 21, 2017 | Research
With our bearish Union Pacific investment expiring last Friday, I have been reviewing each driver in our valuation model and my attention has focused on investment spending. Union Pacific’s earnings…
by Erik Kobayashi-Solomon | Nov 17, 2017 | Research
On June 21, 2017, we published a Tear Sheet highlighting a bearish option investment in Union Pacific UNP structured as a “short call spread.” The options we highlighted — a…
by Erik Kobayashi-Solomon | Nov 16, 2017 | Research
For General Electric and our analysis of the company, this has been a painful week after a painful few months. It is hard to describe my shock at GE’s very…
by Erik Kobayashi-Solomon | Nov 11, 2017 | Research
Framework member Ra’uf G. asked us to do a session on hedging. As the former risk manager of an $800 million global long-short equity hedge fund who was faced with…
