Ahead of expectations

Internet marketing group Taptica International (LSE: TAP) counts big-cap names such as GlaxoSmithKline and Starbucks among its clients. The group’s focus is on delivering data-driven advertising through mobile, video, and social media channels.

Taptica shares have fallen by about 25% so far this year, due to concerns that growth could slow. Today’s half-year results suggest to me that this price drop may have created a buying opportunity.

Revenue rose by 119% to $144m during the six months to 30 June, while operating profit climbed 34% to $13.9m. Profits for the full year are now expected to be ahead of previous expectations, according to management.

Based on analysts’ consensus forecasts, I now expect adjusted earnings per share to rise by more than 10% this year. Forecast for 2019 suggest a similar increase.

Too cheap to ignore?

One risk is that Taptica might start paying too much for acquisitions in pursuit of growth. A good way to measure this is with return on capital employed (ROCE), which compares operating profit with capital invested in a business.

The group’s ROCE was a healthy 17.4% in 2017 and has fallen to 16.7% over the 12 months to 30 June. I’m comfortable with this, given that the group is continuing to invest in its fast-growing Asian operations.

At the last-seen share price of 375p, this growth stock trades on a forecast P/E of about 11, with a dividend yield of 1.6%. That looks good value to me.

AIM’s biggest and best?

The biggest company on AIM is online fashion retailer ASOS (LSE: ASC), with a market-cap of £5.1bn.

The ASOS share price has risen by a staggering 25,400% since the firm listed in October 2001. Over the same period, the AIM All-Share Index has risen by just 32%, while the FTSE 100 has gained 44%.

This success shows how picking winning stocks (and sticking with them) can deliver life-changing gains. A £1,000 investment in ASOS in 2001 would be worth about £250,000 today.

Can ASOS keep rising?

ASOS currently trades on a 2018 forecast price/earnings ratio of 64, falling to a P/E of 52 for 2019. That’s a demanding valuation, as my colleague Rupert Hargreaves recently noted.

Analysts’ profit forecasts indicate that earnings per share were expected to rise by about 25% during the year ending 31 August. Earnings growth for the current year is expected to be about 22%.

These are impressive figures, if they can be maintained. ASOS’s track record suggests that this may be possible. During the first half of last year, the number of active customers rose by 17%, while total orders climbed 28% to 29.9m.

Some of this growth is coming from the group’s international expansion. At the moment, sales to the US and EU countries are still both lower than UK sales. This suggests there’s still plenty of opportunity for growth, despite increasing levels of competition from rivals such as Boohoo.com.

However, a premium valuation and a competitive marketplace means there’s a significant risk of disappointment. Because of this, I believe it makes sense to wait for the next market dip before considering a new investment in ASOS.

The post Have £1,000 to invest in September? Here are two stunning growth stocks to consider appeared first on The Twelfth Magpie.

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Roland Head has no position in any of the shares mentioned. The Motley Fool UK owns shares of and has recommended ASOS, GlaxoSmithKline, and Starbucks. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

The firm describes 2017 as “transformational” after new international offices and acquisitions drove “significant” revenue growth. The directors think that international expansion during the year created a solid foundation for building further growth in its performance and brand advertising businesses.

Organic and acquisitive growth

The figures speak for themselves. Revenue came in 68% higher than 2016, net cash from operations elevated 52% and adjusted diluted earnings per share lifted 31%. In a sign of confidence in the outlook, the directors pushed up the final dividend for the year by 25%.

Chief executive Hagai Tal said most of the growth came from new offices in the Asia-Pacific region, “where consumers continue to increase their use of apps and accessing the internet on their mobiles.”  During the year, Taptica bought Japan’s Adinnovation and America’s Tremor Video DSP to achieve wider coverage in the Asia Pacific region and in the US, which Mr Tal reckons are “the two standout regions for growth in digital ad spending.” Tremor also diversified the firm’s revenue into the growth area of brand advertising.

Taptica enjoys “sustained demand” supported by consumers embracing the use of apps, which is a strong trend. The outlook is positive, and the firm plans to build a business that is “truly global in scale.”  Meanwhile, City analysts expect earnings to grow 2% during 2018 and 12% in 2019, suggesting workmanlike progress ahead. But the current valuation looks reasonable. Today’s share price around 360p throws up a forward price-to-earnings (P/E) rating just below 11 for 2019 and a forward dividend yield around 1.5%.

Forward earnings rising

That’s a keener valuation than we are seeing with tech superstar IQE (LSE: IQE). Investors holding the advanced wafer supplier’s shares have enjoyed a rise of more than 230% since January 2017, although there’s been volatility in the price over the last few months. That’s not surprising because there’s a lot at stake given the high earnings multiple — today’s share price around 130p put the historical P/E rating at just over 36.

However, valuations are about looking forward and in this month’s full-year report the firm said that its record financial results reflect the mass-market adoption of its VCSEL technology while a broadening IP portfolio “sets the Group for continuing diversification and growth.” City analysts’ predictions are starting to look perkier. They expect earnings in 2019 to increase by as much as 39%, which brings the forward P/E rating down to a less-demanding 23 or so.

If IQE can sustain its high double-digit rate of earnings growth going forward, we could even see a valuation re-rating driving the shares up from here. Chief executive Dr Drew Nelson said wafer revenues rose 21% during 2017, pushing adjusted operating profit from wafer sales up 58%. He puts that outcome down to high operational gearing working alongside a more profitable sales mix. I think there is strong potential for higher profits down the line with IQE and that both these stocks would sit well in a longer-term diversified ISA portfolio aimed at growing capital towards a million.

The post IQE plc and this high-flying stock could help you become an ISA millionaire appeared first on The Twelfth Magpie.

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Kevin Godbold has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

A clean sheet

Workwear and textile rental group Johnson Service Group (LSE: JSG) provides clothing, bedding and table linen for a range of businesses. The group said today that after a strong second half last year, its 2017 results are expected to be “slightly ahead of management expectations”.

It also announced a small acquisition aimed at boosting its presence in the north west of England. Wrexham-based StarCounty is a specialist hotel and catering linen business for which it has paid £3.9m. No details of StarCounty’s sales or profits were provided, but JSG did note that this price tag includes a freehold site valued at £0.9m.

Buy, sell or hold?

Today’s news marks the second time in four months that management has upgraded profit guidance for the full year. There’s no doubt that this is a growing business.

However, I believe there are a couple of risks worth noting. The first is that Johnson is heavily exposed to the catering and hotel sectors. In the event of a recession, demand could fall sharply. This could leave the firm with surplus rental inventory that has very little cash value.

A second risk is that the group’s balance sheet isn’t very strong. Net debt at the end of June was £90m, representing around four times trailing net profit. That’s pretty much the upper limit of what I’d be comfortable with, especially as the group doesn’t have much asset backing.

The shares rose by 2% after today’s news and now trade on a forecast P/E of around 17. The 2% dividend stock is reasonable for a growth firm. I’d continue to hold these shares while market conditions remain favourable. But I’d sell quickly on any signs of a slowdown.

One stock I’m holding

AIM-listed tech stock Taptica International (LSE: TAP) won’t be everyone’s cup of tea. And I have to admit to some nerves myself when I added the shares to my portfolio last year.

One reason for this was that as a big data-powered mobile advertising company, it wasn’t easy for me to judge how sustainable Taptica’s growth will be. Sudden setbacks are not unknown in this sector.

On the other hand, the company’s strong cash generation, clean profits and high margins suggested to me that — at the right price — it could be too good to ignore.

So far, so good

It issued a statement on Thursday advising investors that full-year profits are likely to be ahead of previous expectations.

The main reason for this is last year’s $50m acquisition of video advertising firm Tremor Video, which has turned profitable sooner than expected.

A second piece of good news was that the group’s growing presence in the Asia-Pacific region generated a “significant contribution to revenues” last year.

Is the price still right?

Consensus forecasts suggest that Taptica’s earnings may have risen by 40% to 30.2p per share in 2017. That leaves the stock trading on a forecast P/E of 18.

The shares aren’t as cheap as they were, but with earnings expected to rise by another 23% in 2018, I plan to continue holding.

The post 2 multi-bagging growth stocks I’d hold onto for 2018 appeared first on The Twelfth Magpie.

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• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?

Roland Head owns shares of Taptica International. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

However in August, Italian newspaper Il Fatto Quotidiano reported that CEO Oozi Cats was in fact a fugitive who had fled the US back in the early 1990s after being indicted for fraud. Telit hired a law firm to investigate its CEO, resulting in a 33% fall in the company’s share price. While the stock has recovered somewhat from its August lows, it’s still down around 50% from the 370p mark it was trading at in May.

Taptica International 

Turning to another Israel-based tech company, Taptica International (LSE: TAP) has seen its share price decline recently too. The £214m market cap company, which offers artificial intelligence-based solutions for mobile advertising and counts Amazon, Facebook and Disney among its customers, has seen its share price fall from 440p in July to as low as 325p in recent weeks. Investors have been concerned that Apple’s new Adblock will cause problems for mobile advertisers. Could the stock be heading for a Telit-style collapse?

Taptica released half-year results this morning and the market appears to be impressed with the numbers. Indeed, the stock is up 10% as I write. Revenue for the half year increased 27% to $65.6m and adjusted EBITDA rose 42% to $13.1m. Net cash from operating activities was strong at $13.7m, resulting in a cash balance of $32.6m at 30 June, up from $21.5m at the end of December. Interestingly, Taptica said it welcomes the browser changes due to be implemented with Apple’s iOS11. The tech firm believes the changes represent an opportunity for the company, as it anticipates greater demand for its services related to in-app marketing.

With earnings of $0.38 forecast for FY2017, Taptica currently trades on a forward P/E ratio of 13.4. Given that many other UK-based smaller companies exhibiting similar growth are currently trading with P/E ratios in the 20s, the valuation is cheap. However, it suggests to me that the market is still a little hesitant about the company.

Safer to stick to the UK?

With that in mind, perhaps it’s a sensible idea to stick to UK-based tech stocks. One such stock that I like is Softcat (LSE: SCT). The FTSE 250-listed IT infrastructure specialist provides organisations with datacenter, business intelligence, cloud, networking and security solutions. It’s worth noting that Neil Woodford is an owner of the stock.

After enjoying a strong share price rise from 300p to 450p between January and May, the stock has retreated a little recently and now trades just over the 400p mark. I believe the pullback may have created a good buying opportunity.

Revenue is forecast to increase 19% this year, and analysts expect a dividend payout of 13.6p, which equates to a yield of 3.3% at the current share price. A forward looking P/E ratio of 20.2 looks fair to me and suggests the market acknowledges the growth story here, but has not got carried away with the valuation. Look out for full-year results on 18 October.

The post Will Israel-based Taptica International plc suffer the same fate as Telit Communications plc? appeared first on The Twelfth Magpie.

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• The CMC Markets share price is smashing the FTSE 100 in 2026. Is there an opportunity here?
• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?

Edward Sheldon has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

This is the future

Internet marketing group Taptica International (LSE: TAP) said this morning that the company’s full-year results are expected to be “higher than market expectations” thanks to continued expansion and an increase in ad spending by existing customers.

Shares of AIM-listed Taptica have risen by 113% so far in 2017 and by a staggering 428% over the last year. This Israel-based company was founded in 2007 and floated in 2014. It specialises in providing targeting mobile advertising services for corporate customers such as Sony and Starbucks.

Management said today that corporate clients and advertising agencies are increasing the amount they spend on mobile advertising with the firm. Expansion into the Asia-Pacific region is also progressing well. The company says that revenue for the six months to 30 June should be 25% above the same period last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) should be 40% higher.

Despite this meteoric growth, the firm’s shares still look relatively affordable. One reason for this is probably that some investors are wary about investing in overseas AIM stocks. These have gained a bad reputation over the last couple of years, but Taptica’s accounts look sound to me and I’m confident the group’s cash generation and profits are real.

Today’s update is likely to trigger a round of broker upgrades for the stock, which trades on a 2017 forecast P/E of about 13. Although the dividend yield is low, at 1.5%, the firm ended last year with net cash of $21.5m. It could offer bigger payouts if it wasn’t reserving cash for acquisitions. I plan to continue holding.

Shareholders could get a cash bonus

Redrow (LSE: RDW) is my pick of the housebuilders and is a stock I own myself. Although it’s not the largest in the sector, I feel it offers more upside from current levels than some rivals.

The group is controlled by chairman and founder Steve Morgan, who has a 29% stake in the business. Mr Morgan has overseen a strong recovery since 2009, when he returned after a period away from the firm. However, the investment needed in the business since then has meant that it has lagged key rivals in terms of free cash flow and dividend growth.

This has resulted in the company trading at a lower valuation than some peers. The stock currently has a forecast P/E of eight and a prospective dividend yield of just 2.8%, well below the average among big-cap housebuilders.

However, I believe the outlook is starting to change. I estimate that free cash flow rose by 135% last year. This helped the firm to cut net debt from £183m to £56m in 2016.

If the company can continue to generate surplus cash at this rate, I believe shareholders could be in line for a big dividend hike, potentially driving the shares higher.

The post 2 high-flying growth stocks I’d buy more of today appeared first on The Twelfth Magpie.

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• With a 7% yield, is this dividend share a no-brainer?
• The CMC Markets share price is smashing the FTSE 100 in 2026. Is there an opportunity here?
• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?

Roland Head owns shares of Redrow and Taptica International. The Motley Fool UK owns shares of and has recommended Starbucks. The Motley Fool UK has recommended Redrow. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

A broad customer base

The company reckons more than 10,000 fleet companies are using its vehicle tracking system, a figure growing at around 130 companies per month, which is a fair clip suggesting plenty of ongoing growth potential.

You’ll find the firm’s customer companies and organisations operating in sectors such as building, construction, excavation, and all the building services contractors as well as transportation-related firms such as truckers, taxis, patrol vehicles and many others. Back in the 1990s and early noughties I used to run an engineering services firm with a fleet of vehicles and it would have been useful to manage the operation with Quartix’s technology and services. I suspect demand will remain robust for some considerable time.

The firm says that trading has been “consistent with achieving market expectations for the year as a whole.” City analysts following the firm have an 8% decline in earnings per share pencilled-in for 2017 and a rise of 14% for 2018, so the firm seems to be on course to hit those figures.

Preserving margins

Underlying operational progress seems robust. New installations of tracking systems jumped up 44% to 14,300 vehicles during the past six months and the firm has 97,000 active vehicle subscriptions across its markets in the UK, France and the US. A recent shift away from low-margin insurance business to concentrate on the core fleet business is going well. The directors vow to “continue to invest in our fleet business in the second half and only add back insurance volume where our quality of service and product innovation mean that we can command attractive margins.”

With such a focus on controlling the quality of margins, I’m optimistic that Quartix can grow profitably from here and see the firm as well worth your further research as a potential long-term growth investment.

A shift to mobile delivers

Meanwhile, half-year results from Taptica International (LSE: TAP) aren’t due until the end of August, but we do know that the firm has been growing fast providing a global end-to-end mobile advertising platform for ad agencies and brands.

Back in March, the firm reported strong full-year results saying that 2016 was the first full year as a mobile-focused business. Mobile delivered 86% of revenue during the year, driving the overall figure for turnover up 66% compared to the year before, and earnings per share shot the lights out with a near 700% rise.

More to come?

Looking forward, City analysts following the firm reckon earnings per share will put on another 31% this year and 7% during 2018. The growth story remains on track and the directors reckon the company continues to gain traction with existing and new household-name clients, such as Amazon, Disney, and Expedia. Most of the company’s revenue originates in the US but a “meaningful contribution” came from the Asia-Pacific region last year too.

I think there is much more to come from Taptica and recommend you aim your investing radar in the firm’s direction for further research.

The post 2 quality growth stocks I’d buy right now appeared first on The Twelfth Magpie.

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• Forget meal deals! Here’s how £8 a day could be worth £357,000
• With a 7% yield, is this dividend share a no-brainer?
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• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?

Kevin Godbold owns shares in Taptica international (LSE: TAP). The Motley Fool UK owns shares of and has recommended Amazon and Walt Disney. The Motley Fool UK has recommended Quartix. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

XLMedia

XLMedia (LSE: XLM) is an online performance marketing company that assists in boosting internet traffic for its customers. The company has specific expertise in the online gaming sector, where it partners with over 150 online gaming operators in more than 20 countries.

Online gaming is a huge growth area at present, worth around $32bn globally, and XLMedia is enjoying strong momentum as a result. Indeed, over the last two years revenue has more than doubled from $50.7m to $103.6m and earnings per share have grown from 6 cents to 12 cents per share.

The growth looks set to continue, with City analysts pencilling-in revenue and earnings of $135.4m and 13 cents for FY2017, growth of 31% and 8% respectively. The group has no debt and had cash of $35m in the bank at the end of 2016. Another key attraction of the firm is the generous dividend on offer. The company paid out dividends of 7.6 cents last year, equating to a yield of 4.7% at the current share price. The payout is covered 1.6 times by earnings.

However, despite these impressive numbers, it does not have the same kind of lofty valuation that many of its small-cap peers have. Trading on a forward looking P/E ratio of just 12.5 right now, the company appears to offer strong value, given recent growth. The stock has trended up strongly over the last 12 months, rising nearly 100%, however with the valuation still relatively low, I don’t see why the uptrend can’t continue from here.

Taptica International

Also trading at what appears to be excellent value is mobile advertising technology company Taptica International (LSE: TAP). Headquartered in Israel, it offers artificial intelligence-based solutions for mobile advertising and has an impressive list of clients including Amazon, Disney and Facebook. Mobile advertising is another prolific growth area right now, and profitability at Taptica is booming, with adjusted earnings per share jumping from 10.6 cents in FY2014 to 26.3 cents last year.

Recent full-year results were excellent, with revenue surging 66% and adjusted EBITDA climbing from $7.4m to $25.7m. Analysts forecast earnings of 35 cents for FY2017, meaning that, despite a spectacular rise in the share price from 80p to 300p over the last year, the stock trades on a forward looking P/E ratio of just 11.3.

So why the low valuation? Several explanations come to mind. First, it’s possible that investors have become weary of companies headquartered outside the UK. Foreign-based stocks such as Globo, InternetQ, Plus 500 and Telit Communications have all seen their share prices punished heavily in recent years for various reasons, and perhaps investors are approaching Taptica with caution as a result.

Second, it’s worth noting that Chairman Tim Weller was also Chairman of InternetQ in the past, a stock that saw it’s share price fall dramatically back in late 2015. Lastly, with a market cap of just £185m, perhaps Taptica is genuinely flying under the radar of many investors. Either way, in my opinion, the stock warrants a closer look. 

The post Two spectacular small-caps trading at bargain valuations appeared first on The Twelfth Magpie.

More reading

• How much is needed in an ISA to unlock £1,220 of passive income a year?
• Forget meal deals! Here’s how £8 a day could be worth £357,000
• With a 7% yield, is this dividend share a no-brainer?
• The CMC Markets share price is smashing the FTSE 100 in 2026. Is there an opportunity here?
• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?

Edward Sheldon owns shares in Telit Communications. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Communications specialist Maintel Holdings (LSE: MAI) delivered a decent set of full-year results today that were dominated by the contribution from the firm’s acquisition of Azzuri, which completed during May.

Integration going well

Revenue expanded by 114% compared to the 2015 outcome, pre-tax profit ballooned by 52%, earnings per share went up 29% and operating cash flow improved around 56%. The acquisition caused net debt to surge by around 520%, to just over £20m, which is just over six-and-a-half times the level of operating profit achieved during 2016. This raises the stakes, but the directors underlined their confidence in the enlarged firm’s prospects by pushing up the full-year dividend by 5%.

Integrating Azzurri’s business with existing operations is going well and is ahead of the directors’ expectations, which provides some evidence that the gamble may be paying off. Maintel has its sights set on rapid growth in the cloud environment and recent contract wins are encouraging.

Growth on track

Chief executive Eddie Buxton reckons organic growth has been robust, too, with a strong recovery in the second half of 2016. Looking ahead, Maintel expects further synergies to materialise within the enlarged business that should drive cash inflow and debt-reduction. The company aims to grow both organically and by keeping an ear to the ground for further potential acquisitions.  

Today’s share price of 1,037p puts the firm on a forward price-to-earning (P/E) ratio of just over 12 for 2017, and the forward dividend yield runs at 3.3 %. City analysts following the firm expect forward earnings to cover the payout around 2.5 times, which doesn’t strike me as outrageous. I don’t think valuation seems likely to impede the upward momentum of the shares at the moment.  

Impressive figures

Data-focused marketing solutions provider Taptica International (LSE: TAP) delivered some impressive full-year results today. Revenue shot up by 66% compared to the year before, net cash from operations improved by 227% and cash on the balance sheet swelled 126% or so to sit at $20.3m. The directors of the Israel-based company pushed the full-year dividend up by a whopping 29%, which suggests they are confident about the firm’s forward prospects.

One of the difficulties for investors with firms like Taptica, if my experience is typical, is that it’s hard to gain visibility for the firm’s earnings because it’s difficult to see how the firm actually makes its money on a day-to-day basis. The firm tries to help by describing itself as, “a global end-to-end mobile advertising platform for advertising agencies and brands,” but it’s still hard for me to gauge how sales may behave in the future, unlike, say, a pie maker whose operations seem rather less opaque. However, advertising is often a cyclical business so I think it’s safe to assume that Taptica will see volatility in its operations as macroeconomic conditions undulate over time.

Fair-looking valuation

That said, the firm is growing fast right now and doesn’t seem to have an excessive valuation. At a share price of 295p, the forward P/E ratio runs at just under 11 for 2018 and the forward dividend yield is around 1.9%. City analysts following the firm expect forward earnings to cover the payout 4.75 times — a high level that suggests the directors see more room for growth ahead and thus better places to invest the cash than into the dividend.

The post 2 growth shares that deserve investors’ attention right now appeared first on The Twelfth Magpie.

More reading

• How much is needed in an ISA to unlock £1,220 of passive income a year?
• Forget meal deals! Here’s how £8 a day could be worth £357,000
• With a 7% yield, is this dividend share a no-brainer?
• The CMC Markets share price is smashing the FTSE 100 in 2026. Is there an opportunity here?
• With a yield of 6.8% and a P/E ratio of 12.1, is this a dirt cheap FTSE 250 stock to consider?

Kevin Godbold has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.