<?xml version="1.0" encoding="UTF-8"?><rss version="0.92">
<channel>
	<title>Sector &#38; Sovereign LLC</title>
	<link>http://www.sector-sovereign.com</link>
	<description>Providing in depth research leading to usable conclusions at the sector and subsector level</description>
	<lastBuildDate>Tue, 07 Feb 2012 19:02:30 +0000</lastBuildDate>
	<docs>http://backend.userland.com/rss092</docs>
	<language>en</language>
	<!-- generator="WordPress/3.2.1" -->

	<item>
		<title>The Pro-Cyclical US Healthcare Thesis – Impact of ROW Economic Risks</title>
		<description><![CDATA[US healthcare demand growth is slow for cyclical reasons; this implies an acceleration of US healthcare demand as the broader economy improves; we recommend hospitals (e.g. HCA, UHS, THC), HMOs (e.g. UNH, WLP), and non-Rx consumables (e.g. BAX, BDX, COV) as pro-cyclical bets Hospitals and HMOs obviously are US-focused; however non-Rx consumables generally are multinationals [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/02/the-pro-cyclical-us-healthcare-thesis-%e2%80%93-impact-of-row-economic-risks/</link>
			</item>
	<item>
		<title>Quick Thoughts: And You Thought Amazon and Google Didn’t Care About Investors</title>
		<description><![CDATA[&#160; -          Facebook S1 reveals sales a bit lighter than many thought, but very strong margins -          The addressable market could be huge IF Facebook decides to go after it -          Zuckerberg’s letter reveals his indifference to short term profitability &#160; So Facebook finally filed its S1, filled with titillating financial tidbits and blog fodder.  [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/02/quick-thoughts-and-you-thought-amazon-and-google-didn%e2%80%99t-care-about-investors/</link>
			</item>
	<item>
		<title>Quick Thoughts: Amazon Still Don’t Care About Your Quarterly Results</title>
		<description><![CDATA[-          34% organic growth for a $48B retailer in this economy is objectively strong, even if it is short of analyst guesses -          Amazon (and Google and Facebook and Apple) are playing for multi-trillion dollar markets -          The long term potential more than makes up for the short term frustration &#160; The frustrations of an [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/02/quick-thoughts-amazon-still-don%e2%80%99t-care-about-your-quarterly-results/</link>
			</item>
	<item>
		<title>Multichannel TV: What, Me Worry?</title>
		<description><![CDATA[Most multichannel TV forecasts assume a stable industry model facing incremental changes that will play out over many years.  We believe that assumptions for robust ARPU gains, higher ad sales, and a stable subscriber base are unrealistic, given high current prices, pressures on consumer budgets, and increasingly strong competition.  A accelerating cycle of a growing [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/multichannel-tv-what-me-worry/</link>
			</item>
	<item>
		<title>CB Q4 Earnings: It Looks Like the Commercial Cycle is Real For Now!</title>
		<description><![CDATA[Despite our skepticism, the commercial lines pricing cycle continues apace.  Chubb confirmed in its Q4 earnings report that it is seeing pricing similar to Travelers in Commercial Lines, with average pricing up 6% in Q4 and about 3% for the year.  Interestingly, they also report the beginnings of price increase in Professional Indemnity, although only [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/cb-q4-earnings-it-looks-like-the-commercial-cycle-is-real-for-now/</link>
			</item>
	<item>
		<title>Quick Thoughts: iBlowout – iPad and iPhone Lead the Way</title>
		<description><![CDATA[&#160; &#160; &#160; -          Unlike Amazon and Google, Apple cares about margins and proved it in 1QFY12 -          Set up for a strong 2012 if expectations don’t get too out of hand -          A successful transition to iCloud is the key to the next phase of Apple growth &#160; After Apple’s odd earnings miss in [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/quick-thoughts-iblowout-%e2%80%93-ipad-and-iphone-lead-the-way/</link>
			</item>
	<item>
		<title>TRV Q4 Earnings: Stronger Renewal Pricing, and Implied New Business Better, Too!</title>
		<description><![CDATA[Travelers reported Q4 operating EPS of $1.48 vs. SNL consensus estimates of $1.54.  But as was the case last quarter, the big question is the progress of potential price increases.  And this quarter, we see some progress on both renewal and new business pricing.  While new business pricing is still down, it appears to be [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/trv-q4-earnings-stronger-renewal-pricing-and-implied-new-business-better-too/</link>
			</item>
	<item>
		<title>Hospitals’ Stable to Improving Net Pricing Power</title>
		<description><![CDATA[Hospitals trade at a 30+% discount (’13 PE forward) to cap-weighted Healthcare and the SP500; fundamental concerns appear centered on a combination of weak volume / procedure mix, and the effect of Budget Control Act (BCA) related Medicare rate cuts in 2013 US healthcare demand has slowed for almost entirely cyclical reasons; 2010 was a [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/hospitals%e2%80%99-stable-to-improving-net-pricing-power/</link>
			</item>
	<item>
		<title>P&amp;C Pricing Expectations: Backing Off Reinsurance, Play It Through Specialty</title>
		<description><![CDATA[In preparation for Q4 earnings and the outlook for 2012, we have attempted to organize the available pricing data into an “expectations” analysis.  This is difficult given the quality of the various surveys and company commentary, but we do think this can be useful for thinking about stock performance when combined with harder data The [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/pc-pricing-expectations-backing-off-reinsurance-play-it-through-specialty/</link>
			</item>
	<item>
		<title>Quick Thoughts: Google, Intel, Microsoft and IBM</title>
		<description><![CDATA[&#160; -       Google miss may portend general economic weakness, but long term position is still extremely attractive -       Strong Intel sales curious given PC weakness reported by others, we’re still skeptical long term -       Microsoft gets strength from Xbox, beats despite weak PC biz, positioned for a play for the consumer market -       IBM is [...]]]></description>
		<link>http://www.sector-sovereign.com/2012/01/quick-thoughts-google-intel-microsoft-and-ibm/</link>
			</item>
</channel>
</rss>

