SID 0004 Advanced Energy

In 1965 Gordon Moore, co-founder of Intel, made an astounding prediction that transistor density on chips would double roughly every two years.  But few know that at the same time he warned chip fabricators would hit a wall when the geometries involved became as small as atoms or particles themselves.  IN this podcast, Bill Baker, CFA, describes how this nimble provider of precision power equipment has bucked a morose trend in the semiconductor industry and gained market share among a field of barely profitable competitors.  He also explains why industrial power equipment markets are being targeted by the management of Advanced Energy.

Om Podcasten

Stocks-in-Depth thoroughly examines the fundamentals of reasonably valued high-quality small and mid-cap growth companies. It is produced by GARP Research, a provider of equity research to institutions including many of the most well-known fund managers for over 20 years. GARP is known for its granular modelling of business lines and in-depth assessment of competition and served markets. Stocks-in-Depth searches for value and growth by researching stocks that may be out of favor, or where a major catalyst to earnings growth is hidden. Our financial models attempt to shed light on trends underneath opaque segment reporting. Stocks in Depth emphasizes balance sheet accounts and profitability margins to determine underlying return on capital, and maintains healthy skepticism regarding pro forma adjustments and undue reliance upon unconventional measures such as EBITDA. We emphasize field visits with managements, industry conferences, non-public competitors and ancillary fields to detect industry dynamics. In our search for the best companies and investment opportunities, we often challenge the consensus view. StocksinDepth forecasts over the long-term, typically over about a three year horizon, and review track records going back for years.