Monday, Jun 13th 2022

Three Things (6/13)

Commentary

"Kites rise highest against the wind, not with it"- Winston Churchill

1) Prices keep going higher: The consumer price index rose 8.6% in May, the fastest increase for the inflation metric since 1981. Energy prices spiked 34.6% from a year earlier, and groceries rose 11.9%. Stock and bond markets traded lower Friday on the news, with the S&P 500 closing at its lowest level in 2022.

Titan’s Takeaway: It's widely expected that the Fed will raise interest rates another 0.50% during its meeting this week, but the persistence and breadth of inflation pressures, could lead to the Fed hiking higher and faster.

2) Disney+ launches new markets: Disney expanded its streaming service, Disney+, to 16 markets in the Middle East and North Africa. Disney had 137.9 million subscribers in Q2 and has a goal of 230-260 million subscribers by 2024. The service will cost roughly $8/month, but there are a number of introductory offers throughout the rollout.

Titan’s Takeaway: Given Disney's global reach, management believes there's market share to be won in international markets. With competitor Netflix in 190 countries, time will tell if this cohort of consumers has the appetite for multiple streaming services.

3) Wyoming’s wind energy set to overtake coal: Developers plan to begin building two high-voltage transmission lines connecting electricity from Wyoming to several other western states. The $3 billion project will be the largest onshore energy facility in the United States, transporting electricity from over 900 wind turbines at a capacity of 3000 megawatts. 

Titan’s Takeaway: As of February 2022, coal generated nearly ten times more energy than solar did in the U.S. The secular tailwinds behind the shift to clean energy are in-place. Still, we don't expect any type of energy providers to roll back production near-term as energy prices remain at record levels.

As of this writing, DIS was a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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