Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.</li>
<li>Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.</li>
<li>Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.</li>
</ul>


Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.
Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.
Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.


After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>GE Aerospace has agreed to acquire Consolidated Precision Products (CPP) from Warburg Pincus and Berkshire Partners for $11.75 billion, a transaction expected to close in the second half of 2027.</li><li>The engine maker plans to fund roughly $7 billion with cash on hand and the balance with new debt, while maintaining that its broader capital-allocation framework remains unchanged.</li><li>The timing is notable.</li></ul>

GE Aerospace has agreed to acquire Consolidated Precision Products (CPP) from Warburg Pincus and Berkshire Partners for $11.75 billion, a transaction expected to close in the second half of 2027.The engine maker plans to fund roughly $7 billion with cash on hand and the balance with new debt, while maintaining that its broader capital-allocation framework remains unchanged.The timing is notable.

GE Aerospace’s $11.75 Billion CPP Buyout Could Reshape Engine Economics!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

<ul><li>General Electric Aerospace reported solid financial and operational results for the second quarter of 2026, showcasing continued growth in both its Commercial Engine Services (CES) and Defense, Power & Technology (DPT) segments.</li><li>Orders rose 17% year-over-year, supported by both main segments each growing at least in the low double digits.</li><li>Revenue increased 24%, with CES up 27% and DPT up 16%, while operating profit expanded 18%, driven by strong volume and pricing in services.</li></ul>

General Electric Aerospace reported solid financial and operational results for the second quarter of 2026, showcasing continued growth in both its Commercial Engine Services (CES) and Defense, Power & Technology (DPT) segments.Orders rose 17% year-over-year, supported by both main segments each growing at least in the low double digits.Revenue increased 24%, with CES up 27% and DPT up 16%, while operating profit expanded 18%, driven by strong volume and pricing in services.

GE Aerospace Goes All-In on LEAP — Can 41% Delivery Growth Continue?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Last month, the DOE published a paper about the <a href="https://liftoff.energy.gov/wp-content/uploads/2024/09/LIFTOFF_DOE_AdvNuclear-vX6.pdf" target="_blank" rel="noopener">commercial liftoff of Advanced Nuclear.</a> </li><li>Larry Ellison mentioned that SMRs (Small modular reactors) will power data centers in the future, and Microsoft will unshutter 3 Mile Island for one last puff of a half-smoked cigarette. Just a few years ago, it was closed for economic reasons.</li><li>This is going to be the first in a series about Nuclear Power. Today, I’ll talk about Nuclear Reactors and the basics.</li></ul>

Last month, the DOE published a paper about the commercial liftoff of Advanced Nuclear. Larry Ellison mentioned that SMRs (Small modular reactors) will power data centers in the future, and Microsoft will unshutter 3 Mile Island for one last puff of a half-smoked cigarette. Just a few years ago, it was closed for economic reasons.This is going to be the first in a series about Nuclear Power. Today, I’ll talk about Nuclear Reactors and the basics.

Nuclear Zeitgeist Part 1: A Reactor Primer

United States

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

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General Electric (GE US)

After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

In 2000, America's highest-return giants looked like the safest quality stocks. Most then lagged the market for 25 years. Several warning signs...

Urbem Capital

GE Aerospace’s $11.75 Billion CPP Buyout Could Reshape Engine Economics!

GE Aerospace has agreed to acquire Consolidated Precision Products (CPP) from Warburg Pincus and Berkshire Partners for $11.75 billion, a...

Baptista Research

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

GE Aerospace Goes All-In on LEAP — Can 41% Delivery Growth Continue?

General Electric Aerospace reported solid financial and operational results for the second quarter of 2026, showcasing continued growth in both...

Baptista Research

Nuclear Zeitgeist Part 1: A Reactor Primer

Last month, the DOE published a paper about the commercial liftoff of Advanced Nuclear. Larry Ellison mentioned that SMRs (Small modular...

Fabricated Knowledge

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