Volume 1, Issue 32 - August 12, 2016
- Separating the SIGNAL from the NOISE in the Capital Markets -
R E S E A R C H   &   E D U C A T I O N

The Byzantine Business of PBM's is Shifting

The PBM business is an artifact of an opaque, Byzantine system of drug pricing in the U.S. and the relationships between drug manufacturers, PBMs and clients is phenomenally complex and interwoven. Express Scripts, the largest PBM and the last “pure-play” one, survives and has thrived in this tangled web of a business environmentRead More

The Verdict is In - WFM is overvalued

“Organic foods is in a secular upswing.” “Whole Foods’ new 365 markets are going to make a big impact with Gen-Xers and less affluent customers.” “The upscale shopping experience is worth the extra expense for Whole Foods’ core customers.” Investors hear a lot of anecdotes like these in research reports, investment websites, and country club lounges. Read More

NEW - IOI Tear Sheet on Express Scripts (ESRX) 

We first published a valuation of Express Scripts in July 2015, and a lot has happened in the Pharmacy Benefits Management industry since then. Insurance provider consolidation, drug company pricing, and intricate relationships between the players make this a difficult place to invest with a good bit of regulatory risk. Read More

WFM Learning Call - Group Valuation 

IOI Members and guests had a terrific discussion about Whole Foods Markets on the evening of August 11, 2016. We worked together to analyze the key valuation drivers and come to an understanding of the value of WFM. Here is the model we created together! Read More

E X T E R N A L    I N F L U E N C E S

Want To Become a Great Investor? Here's How

Credit Suisse’s strategist Michael Mauboussin, just published a research report entitled Thirty Years: Reflections on the Ten Attributes of Great Investors. I skimmed through the ten attributes and found myself nodding in agreement at each one, and am happy and proud to say that IOI’s training courses... Read More

I O I    C O U R S E S   &   N E W S
A Note on Changes to IOI Membership
You will be seeing some notes from us over the coming weeks about changes to IOI Membership.  Here are the highlights.
  1. There will be ONE level of IOI membership. This simplifies the purchase decision for new members and allows us to serve one set of member benefits with more benefits than in our "alpha" version.
  2. We will price this membership at $79.99 per month. Current members will continue at their agreed pricing. The new membership structure increases the amount and quality of research and mentoring content provided to IOI members. Our commitment to helping you practice your investing skill growth is higher than ever. The first 30 days of this new membership will be a FREE TRIAL phase that one can cancel before being charged.
  3. There will be an offer made to Free Trialists (current and expired) and Gold VIP members that grandfathers them into IOI's old pricing.  Be on the lookout for that as it will represent a real "DEAL" for those of you that have shown interest in IOI, but it will only be available for a limited time after the offer is made.
If you have ANY questions at all on this, please reach out to us.
"A Must Read"-The Intelligent Option Investor
Hedge Fund veteran Erik Kobayashi-Solomon covers core elements of behavioral finance, company valuation and the use of options to make the most of your valuation understanding in this widely acclaimed book. Start yourself NOW on the road to a more reliable, repeatable investment evaluation process and more confident investing execution.  Get it here.
I O I    M E M B E R S   O N L Y

IOI's "August Lite" Schedule

August will be a light month for IOI research and publications. Hey, everyone needs some time off!  Erik will be taking his son off to college and that's big deal for any dad. Hat's off to both of them! So, we wanted lay out our schedule of events and publications for this month so you'd know what to expect. Read More
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