Report by Daniel Insights

Peter Daniel hosts Zoom based calls with interesting industry (public & private companies) thought leaders for institutional equity investors. Here are some recent events. Stay tuned for future meetings...

Steve Saxon - Partner, McKinsey & Co., lives in Shanghai - Update on China Covid lockdown implications and supply chain issues.
Ward Nye - CEO - Martin Marietta Materials - Company update.
Dave Jackson - CEO - Knight-Swift Transportation - Company update.
Ryan Green - CEO - Gridwise - A mobile app that gig economy drivers use to track important job-related operating metrics.
Curtis Garrett - Former Chief Strategy Officer - Reconex - Update on the LTL Industry.
Bob Martin - CEO - Thor Industries - Company update and RVing industry review.
Spencer Patton - CEO - Route Consultant - Update on FDX ISP operators.

Industrials

Report by Hedgeye

Speeds + Inventory + Covid → Peak Trucking. The easing of the Covid pandemic portends the easing of capacity constraints and crucially higher network speeds. Jay Van Sciver expects pricing momentum to reverse sharply through mid-year. He sees a repeat of the painful 2H18 inflection with falling rates, earnings and valuations. The trucking industry structure (highly fragmented, capital intensive, low barriers-to-entry that is characterised by low returns even in the best of times) makes it a great source of funds for short positions. Jay expects ~30% relative underperformance from KNX in 2022, and for truckers to underperform more generally.