Recent MII Pitches

Teledyne Technologies, Long

March 12, 2020

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Richard Song, Co-President & Chief Operating Officer, pitched Teledyne long with two thesis points:

  1. Overreaction in stock price due to COVID-19 and the fall in oil prices

  2. Teledyne’s digital imaging segment to see continued high growth due to strategic acquisitions and industry growth

    Read the pitch here: TDY_Long_RSong_3.12.2020_vF 

Delta Air Lines, Long

March 5, 2020

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Jack Murphy, Co-President & Chief Investment Officer, pitched Delta long with three thesis points:

  1. Airlines have historically outperformed following viral outbreaks

  2. Delta’s differentiated fleet strategy has driven industry-leading financial, operating, and customer satisfaction metrics that will drive long-term value capture

  3. Delta has become dramatically undervalued even in worst-case cash flow scenarios under COVID-19

Read the pitch here: DAL_Long_JMurphy_3.5.2020_vF.pdf

American Airlines, Short

March 15, 2020

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Jack Murphy, Co-President & Chief Investment Officer, pitched American Airlines short to protect against short-term declines in Delta with two main thesis points:

  1. AAL extraordinary debt load and inability to recover from COVID-19

  2. Inferior market share and poor customer service

Read the pitch here: AAL_Short_JMurphy_3.15.2020_vF