Joel Shulman on Varney & Co. (3.20) Discussing the Market Bottoms and Subsequent Performance.
Joel Shulman discusses the research that his firm produced discussing market bottoms and subsequent performance. He also discusses the advantages of avoiding passive indices in these markets and investing with common sense. Passive indices are forced to buy a basket of securities that will include a variety of energy, airline, tourism and restaurant stocks that savvy investors would otherwise avoid in these markets. Further, he notes that entrepreneurs often perform well in difficult markets and suggests investors seek out Entrepreneur-led companies for consideration.
Joel Shulman on Varney & Co. (3.13) Providing an Overview of the Markets with Coronavirus Reaction.
Early this morning Joel Shulman provided an overview of the markets and suggested that we need a fiscal policy stimulus instead of a monetary policy. Using an in-house analysis, he noted that, historically, Bear Markets reach bottom within a few weeks after the first 20% drop signal (from prior peak) and that this Bear Market was the fastest on record (22 days from peak). He suggested that individuals should start buying now as historically, markets rise 53%, 74%, and 83% in the 1, 2, and 3 year time periods after reaching bottom. He concluded with comments that the Chinese Markets have over 900 public companies (out of 7,500) that have already appreciated more than 5% since our US Markets started declining on February 19. He reiterated several times that investors should not panic and use this time to invest in the Markets now.
Joel Shulman on FOX Business (3.06) Discussing Current Market Volatility.
Joel Shulman discusses volatility in the marketplace and compares to other historical periods experiencing large swings in positive and negative market days. He mentions that volatility is currently high (3 days this week with either +3% movement or -3% drop), though notes it is nothing like 2008. Over the past 50 years, there have only been 13 weeks like the current one, but 9 of those weeks occurred in 2008. In the other years when we had similar volatility, the markets generally ended the year at a positive level and Dr. Shulman believes this will likely continue again this year.
Joel Shulman on FOX Business Varney & Co. (3.04) Discussing the Effect of Super Tuesday on Markets.
Joel Shulman discusses the effect of Super Tuesday and how it is impacting Markets. He notes that the strength of certain political candidates, such as Sanders and Warren, have negatively affected the Markets, while others have had neutral or positive effects. He also notes that China’s economy is returning to full strength and believes the effect of the Coronavirus will have, at most, a one or two-quarter influence. He remains confident that given low-interest rates, the strength of entrepreneurial innovation and employment that year-end stock prices will be higher.
Joel Shulman on FOX Business Varney & Co. (2.26) Discussing the Market Overreaction to Coronavirus.
Joel Shulman speaks this morning (pre-market) about the overreaction to Coronavirus and believes the Markets are providing a good buying opportunity. In particular, he mentions how some US stocks such as Square, StichFix and Cheesecake Factory have plummeted up to 11% over the past three days, despite having little exposure to China risk. He believes the Markets will continue to have volatility over the next 1 to 2 Quarters but will end the year on a high note (after the election).
Joel Shulman on FOX Business Varney & Co. (2.21) Discussing Virgin Galactic's Stock.
Joel Shulman discusses Virgin Galactic and its 300% YTD appreciation. He notes that well-known entrepreneurs including Richard Branson, Elon Musk, and Jeff Bezos have initiatives in this category, though only one company, SPCE, has publicly traded stock. He does not believe the current $7B valuation is justified given the $4M in revenues and $180M in losses, though recognizes future opportunities exist in the Space Exploration category.
Joel Shulman on Fox Business (2.11) Discussing Technology-Based Large Cap Companies.
Joel Shulman Founder & CIO joins Charles Payne and discusses technology large-cap companies. He notes that publicly traded Entrepreneurial Large Cap companies have performed 13.5% YTD and have been among the best performers in the stock market. He adds that FTC regulations that might oversee or limit prior transactions would not be good for the United States as these companies provide disproportionate job growth to the U.S. economy. He also disagrees with his fellow panelist and believes that these large entrepreneurial companies contribute tremendous innovation and billions of dollars to R&D growth. Dr. Shulman ends with optimism that the political and economic environment favor continued stock appreciation and he remains bullish especially for U.S. and Non-US Small Cap stocks.
Joel Shulman on Yahoo Finance (1.31) Discussing the Coronavirus and its Impact on the Market.
EntrepreneurShares Founder & CIO Joel Shulman discusses the Coronavirus and the impact on the markets. He notes that some well known US companies, such as WYNN and Las Vegas Sands have as much as 90% exposure in revenues and profits from China and neighboring states. He acknowledges that the slowdown in China will certainly reverberate throughout Global capital markets but believes that in many cases the decline has been an overreaction. By way of example, without diminishing the horrible consequences of the growth and death of the Coronavirus in China (approx 10,000 infected and 250 deaths) he contrasts with the flu, which in 2017 infected more than 60 million people, hospitalizing more than 600,000 resulting in over 60,000 deaths. He emphasizes that these numbers are for the United States, alone. Other pandemics including AIDS result in considerably more deaths in the world.
Dr. Shulman summarizes by stating that many US Small Cap companies have been hurt by news of the Coronavirus even though in many cases their cash flows are insulated from Asian influence. He encourages investors to take advantage of these buying opportunities and believes many stocks have been oversold. Finally, he comments on the recent earnings news of Amazon and credits the company with strong profit and job growth. The 23% increase in jobs corresponds with approximately 150,000 new hires. His proprietary research shows that most of the job growth among the SP 500 is from a handful of publicly-traded Entrepreneurial companies and most others have flat or declining job growth.
Joel Shulman on Varney & Co. (1.23) Discussing the Coronavirus and its Potential Effect on Casinos.
Joel Shulman, Founder & CIO of EntrepreneurShares, discusses the Coronavirus as it is now spreading through various parts of Asia. Though the number of fatalities has not yet reached high numbers, the response to a potential crisis has been very strong. Reports that China may severely limit travel to Wuhan (population 10M) and potentially shut down casinos in Macau can have a significant, negative impact to some global equities. In particular, stocks with major, potential exposure include WYNN and Las Vegas Sands (LVS) that command a majority of revenues and profits (90%) from China and surrounding areas.
Joel Shulman on CNBC (1.16) Discussing Strong Performance of U.S. and Non-U.S. Small Caps.
“The time is right for small caps to show strong growth." Today on CNBC our founder Joel Shulman discussed the strong performance of US Small Caps (+16% since October 1, 2019) and Non-US Small Caps (+5.3% in December). He noted that publicly-traded Entrepreneurial companies have been especially strong YTD 2020 with appreciation up to +5.8% for some Entrepreneur categories. He added that investors should be wary of indices such as Russell 1000 Growth that hold concentrated weights of Apple and Microsoft approaching 16.6%. He believes investors will perform better in many other US Large Cap stocks and is especially bullish on Non-US and US Small Cap stocks for 2020.
Joel Shulman on Yahoo Finance (1.10) Discussing Companies Losing Money Despite Hitting New Highs.
Joel Shulman, Founder of EntrepreneurShares, LLC, discusses job growth in the marketplace and notes the $3 trillion associated with M&A activity last year hampered growth. He believes that 2020 will be a good year for Entrepreneurial US and Non-US Small Cap stocks.
Joel Shulman on FOX Business Varney & Co. (1.10.20) Discussing Apple & Boeing & 2020 market outlook.
Dr. Joel Shulman discusses stocks such as Apple and Boeing as well as the market outlook for 2020.
Joel Shulman on FOX Business Varney & Co. (12.20) Discussing 2019 Performance and Outlook for 2020
EntrepreneurShares Founder & CIO Joel Shulman discusses the 2019 performance of the stock market and outlook for 2020. He reminds viewers that a year ago he was very bullish for US stocks despite extremely pessimistic forecasts from other experts. Since that time US Large Cap and technology stocks have grown over 30%. Moreover, since early October he has been very bullish on US Small Cap equities which have grown by 13.5% and have led all major equity categories. He continues to remain optimistic about US Small Caps but believes the best opportunities now reside in Non-US equities and Non-US Small Caps, in particular.
In the past year, Non-US Small Caps had among the lowest performance of all the major investment categories, generating 15.5% or approximately 1/2 the return of US large caps. He suggests taking money out of cash reserves, fixed income (bonds), real estate holdings, and redeploying those funds to this category. He does not recommend eliminating US stocks or technology stocks as he still sees opportunity, especially with publicly traded entrepreneurial companies and US Small Caps. As a final comment, Professor Shulman mentions briefly that speculative-grade debt (risky or junk bonds) only provide 35 basis points (4.35% vs 4%) compared to investment grade (quality) bonds. He believes this extra return is insufficient and suggests investors should seek US or (especially) Non-US Small Caps instead.
Joel Shulman on CNBC Worldwide Exchange (12.17.19): "I think money is going to shift to U.S. small caps, mid caps in 2020"
Dr. Joel Shulman discusses the continued rally of US Small Caps. This has been his view since early October and this investment category has led all other areas with a 12.5% gain since that time. He has also been predicting gains in Non-US equities, particularly Non-US Small Caps. This group has led December markets with a 2.5% return, thus far. He believes both US Small Caps and especially Non-US Small Caps will perform well in 2020.
Joel Shulman on FOX Business Varney & Co. (12.13) Discussing Year-End Performance.
EntrepreneurShares CIO and Managing Director Joel Shulman discusses year-end market performance and remains bullish on US Small Caps and Non-US equities as he has stated since early October. He notes that US Small caps have been the strongest performing sector for the past two months and expects them to continue appreciating through the Holidays and early January. Dr. Shulman also notes the recent IPO of Saudi Aramco and places them in distinct company with Amazon as the only two public companies in the world with sales above $250B, Market Cap above $400B and Gross Operating profit above $100B.
Joel Shulman on FOX Varney & Co. (11.15) Remains Optimistic While Markets Reach Record Levels.
During today’s broadcast on Fox Business, Dr. Shulman notes that in the past month US Small Caps have led all major equity categories (+6%) yet still remain 8% below last year’s highs. He believes this category along with US Mid Caps and non-US will continue to perform well in the weeks ahead. Other comments address recent moves by Warren Buffett and other individual stock names.
Joel Shulman on FOX Business Varney & Co. (11.8.19) Discussing Zillow's and Disney's Stock.
Babson College Professor Dr. Joel Shulman discusses Zillow and the changing revenue model orientation. He notes that they are shifting from being a riskless broker to a dealer of property engaged in home flipping. The latter incurs significant risk with borrowing costs, inventory positions, and greatly reduced margins. Dr. Shulman also discusses Disney earnings and new streaming service revenue.
Joel Shulman on FOX Business Varney & Co. (10.31.19) Discussing Earnings and Year-End Expectations.
Babson College Professor Dr. Joel Shulman addresses the earnings of well-known companies such as Facebook, Apple, and Starbucks. He also comments on year-end expectations, the potential for strong holiday sales and remains optimistic about the future of US Small-cap and Non-US stocks.
Joel Shulman on FOX Business Varney & Co. (10.18.19) Discussing US Small Caps and Several Stocks.
Babson College Professor Dr. Joel Shulman discusses a variety of stocks, such as Coke, American Express, Netflix, and Ford on Varney & Co. He notes that the American economy is strong and agrees with the host (Stuart Varney) that the US markets are the best place to be for investors. Professor Shulman reiterates that US Small caps look especially attractive in these markets.
Joel Shulman on FOX Business Varney & Co. (10.11.19) Discussing China Trade Deal & Market Movements.
Babson College Professor Dr. Joel Shulman discusses the China trade deal and market movements over prior discussion periods. He also offers insights on Bed Bath & Beyond and Walmart. Finally, he notes that US large Cap entrepreneurial companies such as the FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google), along with FedEx, will be beneficiaries if trade talks progress well.
Joel Shulman on CNBC Worldwide Exchange (10.08.19) Discussing year-end performance.
Babson College Professor Dr. Joel Shulman discusses opportunities with US Small Cap, US mid-cap, and shines a light on a specific healthcare company. He remains bullish for year-end performance.
Joel Shulman Appears on FOX Business Varney & Co. (9.27.19) Discussing Recent IPOs Including Peloton
Babson College Professor Dr. Joel Shulman discusses Peloton’s recent IPO and expresses reasons for concern. He mentions that the company recognizes revenues in full immediately, even though most customers finance 100% of their purchase. Notably, the company does not show any bad debts or high accounts receivables balances which could be a problem in the future. During the show, Dr. Shulman also discusses problems with recent IPOs (Uber, Lyft, We Work, Endeavor, etc and the current climate. It’s common knowledge that some IPOs have dropped significantly since inception or pulled the IPO altogether. He cites bad behavior among some executives who may be exhibiting poor judgment or self-dealing.
Dr. Shulman provides historical references to Lucent Technologies, a top technology firm during the dot.com era, that was cited by the SEC for fraudulent behavior associated with revenue recognition. Lucent quickly plummeted and went from one of the largest NYSE market cap companies to bankruptcy within 5 years from its peak.
Joel Shulman on FOX Business Varney & Co. (9.16.19) Discussing Saudi Oil Strikes and Market Response.
Babson College Professor Dr. Joel Shulman discusses the impact of drone strikes on Saudi oil fields and impact in financial markets. He notes that the large excess oil reserves will help stabilize the Market and minimize global concerns. He also points to the ability of other producers such as the U.S. and Iraq, who will be able to assume some of the burden as higher oil prices create incentives for high-cost producers (e.g. frackers) to enter production. Dr. Shulman adds that the somewhat muted response by Financial Markets this morning may be more focused on impending news expected from the U.S. Federal Reserve and China trade deal later this week. He also expresses concerns that the markets may not be pricing in risks associated with the potential for other, more damaging drone strikes or potential military conflict with Iran.
Joel Shulman on FOX Business Varney & Co. (9.3.19) Discussing the Impact of Negative Interest Rates in Europe.
Babson College Professor Dr. Joel Shulman discusses the inversion of short and long-term interest rates as well as negative interest rates now occurring throughout Europe and Japan. He notes that the inversion of short and long-term interest rates are largely a function of investor hedging and demand for certain bond maturities and not anticipated economic recession. He mentions that this is not his major worry. By contrast, the negative interest rates that now sweep across Europe and Japan contribute to a reduction in GDP and economic recession. For example, Switzerland, Germany, France, Netherlands, and Japan all have negative interest rates that approach -1.2% for 5-year bonds.
He suggests that negative interest rates, if brought to the US, will potentially wreak havoc on pension funds and other long-term investors, who need to build up assets to meet rising future liabilities. Dr. Shulman adds that continued interest rate reductions, that the Market may now be pricing into expectations, will only exacerbate problems faced by Pension Funds and other long-term investors.
Joel Shulman on FOX Business Varney & Co. (8.29.19) Discussing Recent News on China Trade Talks
Babson College Professor Dr. Joel Shulman discusses Best Buy earnings and compares their margins and relative valuation to Wall Mart and Game Stop. He also discusses the recent news on China trade talks and suggests that perhaps the Trump administration should use negotiating leverage (potential incentives) with the MITI-V (Malaysia, India, Thailand, Indonesia, and Vietnam) as a way to encourage China to agree to good terms (with the US) faster. Once the supply chain diverts from China to an alternative country, China will have lost that revenue forever. Dr. Shulman believes that rather than request that US companies move away from China, the current administration should consider economic incentives to do so.
Joel Shulman on FOX Business Varney & Co. (8.22.19) Discussing Apple and Job Growth in the Market.
Babson College Professor Dr. Joel Shulman discusses a variety of topics including Apple’s new product cycle, losses at The Limited and an Op Editorial in the New York Times that addresses compensation and job issues. He mentions that entrepreneurial companies create jobs at a much faster pace than bureaucratic companies (14% growth vs 3% last year). Dr. Shulman discusses the strong pace of current mergers & acquisitions activity and how companies have the incentive to borrow at low-interest rates and cut costs through layoffs. He notes that the Market has $1.4 trillion in pending M&A deals (5,800+ deals).
Joel Shulman on FOX Business News Varney & Co. (8.15.19) Discussing Walmart's earnings and Amazon.
Babson College Professor Dr. Joel Shulman discusses Walmart earnings and contrasts them with Amazon. He notes that Walmart has generated significant growth in revenues, particularly food services and offers superior pricing compared to Amazon. However, Amazon has more significant margins and has grown jobs while Walmart, net of mergers and acquisitions, has not. The growth of jobs at Amazon is consistent with the growth of jobs at other entrepreneurial companies.
Joel Shulman Appears on FOX Business News Varney & Co. (8.9.19) Discussing Recent Uber Earnings.
Babson College Professor Dr. Joel Shulman discusses recent Uber earnings and valuation issues relative to Lyft and other Companies. He mentions the significant increase in R&D (up 750% from prior periods) and additional ancillary businesses. He also notes increased competition in the industry. The discussion also includes comments regarding Boeing’s litigation and a separate comment regarding the risk exposure many companies now face with a few rogue employees.
Joel Shulman on FOX Business Varney & Co. (7.31.19) Discussing Earnings and Fed Rate Cuts.
Babson College Professor Dr. Joel Shulman discusses Apple's earnings and contrasts them with the other $1 trillion market cap company, Microsoft. He notes that Microsoft has 10x the revenue growth of Apple and higher margins. He also mentions that the CEO at Apple earns $140 million per year, which is at least 3-4x larger than CEO at Microsoft. In the interview, he also discusses GE, Boeing, the Federal Reserve rate cuts and Beyond Meat.
Dr. Shulman describes Beyond Meat as an over-priced food company that doesn’t trade anywhere close to basic fundamentals. He mentions that the company has 60 million public shares authorized/outstanding but only has 11 million available of “free float” that can trade in the marketplace. High volume and the high percentage of short sellers create extreme volatility for investors. He contrasts Beyond Meat valuation metrics with other food companies such as Kellogg and notes they are 30x higher! He states that the food industry is so hungry for the growth opportunity that they may over price some securities in the short term.
Joel Shulman on CNBC Worldwide Exchange (7.19.19) Discussing the June & July Stock Market Rally.
Babson College Professor Dr. Joel Shulman discusses how the June and July 2019 stock market rally has been the strongest since 1955 for S&P and 1938 for the Dow. He discusses how entrepreneur stocks tend to outperform bureaucratic stocks especially when there is a need to adapt to changes in the marketplace such as the China trade deal.
Joel Shulman Appears on FOX Business Varney & Co. (7.18.19) Discussing Netflix, IBM, and Microsoft.
Babson College Professor Dr. Joel Shulman discusses Netflix's missed guidance, IBM’s continued deterioration and expectations for Microsoft after-hours announcements. He notes that Netflix had a decline in U.S. subscribers and a slow down with international growth. He believes these two factors coupled with increasing competition and an aggressively priced stock will create headwinds on performance for the near future.
Dr. Joel Shulman on Fox Business News Varney & Co. 7.10.19 Discussing the Fed Market Announcements.
Babson College Professor Dr. Joel Shulman discusses last week’s Fed announcements and the effect on the Markets. He notes that publicly traded entrepreneurial companies have concentrations in IT, Healthcare, Consumer Discretionary, and Communication Services and are not likely to be strongly affected by modest changes in interest rates.
Dr. Joel Shulman on Varney & Co. FOX Business News (6.12.19) Discussing Beyond Meat Stock and More.
Babson College Professor Dr. Joel Shulman discusses the drop in mortgage rates and the valuation of Entrepreneurial startup Beyond Meat. He notes that the Beyond Meat stock price has appreciated approximately 600% in the five weeks since the IPO. The market capitalization is valued at 64x revenues in an industry that averages 2x. While he recognizes that the stock appears significantly overvalued, Dr. Shulman cautions that the stock does not trade like a typical stock.
For starters, the available share float available for purchase is only 11m shares out of the 60m shares authorized. This availability is very small since 49m shares are “Locked-Up” by insiders and unavailable for purchase or sale for 180 days. Notably, 1/2 of the 11m shares have been sold “short” by investors who expect the stock price to drop. These “short sellers” hope to profit in the future with a lower purchase price (which they need to complete their transaction). Given the high borrow costs of this stock (up to 134% annualized rate) and high trading volume (up to 25m shares of 11m available float), short sellers may panic, thus pushing the price up even higher. This is known as a “short squeeze” and can create significant losses for even highly sophisticated investors. Casual investors are strongly encouraged to avoid this stock for the immediate future.
Joel Shulman on CNBC Worldwide Exchange (6.6.19) Discussing U.S. Small Cap Performance in the Market
Babson College Professor and EntrepreneurShares Founder & CIO Dr. Joel Shulman discusses US Small Caps and their potential for further appreciation. He notes that historically Entrepreneurial Small Caps have enjoyed an additional 2% risk-adjusted excess return based on M&A activity. Dr. Shulman cites the current market with pending deals approaching $1 Trillion that is approximately 4x ahead of last year’s record numbers. Further, he mentions that proposed deals are above $550B and 4x ahead of last year. This growth coupled with low levels of terminated deals and low-interest rates suggest more deals will go through. When pressed for insight on how to identify potential acquisition targets, Dr. Shulman listed a few key traits of a CEO that might signal an opportunity such as: concentrated ownership, rising cash compensation, sell-off of stock, long tenure, approaching retirement age, low corporate debt and a recent reduction to an otherwise appreciating stock price. He believes given the recent drop-off in stock prices in May 2019 and Fed comments, this may be an attractive time to buy small caps.
Joel Shulman on FOX Business Varney & Co. (6.5) Discussing Interest Rate Policies & GameStop stock.
Babson College Professor and EntrepreneurShares Founder & CIO Dr. Joel Shulman discusses recent market advances associated with the perceived Fed interest rate policy. He also commented on Game Stop and noted the 90% price decline over the past 5 years, declining margins, rising debt levels, significant losses, extended accrual payments, and recent cash decline of over $1B. He could not understand how the top executives could justify significant pay raises that were 2x to 3x over the prior year.
Joel Shulman on Varney & Co. (FOX Business News) 5.30.19 Discussing Tesla and China Trade Issues.
Babson College Professor and EntrepreneurShares Founder & CIO Dr. Joel Shulman discusses China trade issues as well as news regarding Tesla. He notes that Tesla has been reducing cash by more than $2B, expanding payables, and accruals by more than $2B and has debt coming due. While he does not believe Tesla is at major risk of default, he remains concerned about refinancing risk and the lost potential for future growth initiatives.
Joel Shulman Appears on Varney & Co. (Fox Business News) 5.9.19 Discussing Uber's IPO.
Last Thursday, on the day before Uber's IPO, Babson College Professor Joel Shulman compared Uber to other publicly traded companies with a similar $90B market cap valuation such as UPS and Lowe’s. He noted that whereas the latter two companies had over $71B in revenues and profits above $5B, Uber had $11B in revenue and operating losses of approximately $4B. He reminded listeners that Lyft dropped more than 40% from its highs after IPO and that the former Founder CEO, Travis Kalanick has been the “poster boy” of bad corporate behavior. Dr. Shulman was very clear that even though he considered Uber an “Entrepreneurial” company at one time, that he preferred companies with the leaders remaining at the helm and questioned the company culture. He mentioned that he would not touch the stock at IPO and agreed with Mr. Varney. Dr. Shulman also restated his long-standing position that for the past two months the markets had more downside risk compared to upside potential given incomplete US-China trade talks. He expressed concern that if talks ended poorly, the markets could experience a significant correction in the ensuing 1-2 weeks.
Joel Shulman on Varney & Co. (Fox Business News) 5.2.19 Discussing the Fed and Market Events.
Babson College Professor Dr. Joel Shulman discusses yesterday's Fed statement (referring to inflation as “transitory”), and disagrees with the notion that the market is ripe for a “melt-up”. He also mentions that it’s been 20 years since Qualcomm was an entrepreneurial company and that adding CBD to cookies at Mondelez is nothing more than a “gimmick”. He notes that Mondelaz's revenue has dropped from $40B to $25B and that the cookie, cracker, and candy company (maker of Oreo, Cadbury, Tang, etc) has been on a downward decline for many years.
Joel Shulman on CNBC Worldwide Exchange (4.26.19) Discussing Entrepreneurial Companies' Performance
Babson College Professor Dr. Shulman discusses the performance of US Large, Mid and Small Cap publicly traded Entrepreneurial companies. He notes that these portfolios have generated up to 45% since Christmas and agrees that they appear to be fairly valued at this time. He suggests the best opportunities moving forward remain in US and Non-US Small Cap markets. He also comments how the movement of individual stocks, based on good and bad news, is now a more healthy market (then when stocks previously moved in lock-step regardless of company-specific information).
Joel Shulman on Varney & Co. (FOX Business News) 4.25.19 Discussing Microsoft and Facebook.
Babson College Professor Joel Shulman discusses Microsoft and Facebook earnings announcements and the merits of Entrepreneurial organizations. Though he differentiates between the two companies, he notes that Microsoft is no longer an entrepreneurial company since Bill Gates left. He agrees that Microsoft has experienced strong growth in Cloud technology and has many attractive attributes, but also recognizes that the company has experienced uneven job growth and inconsistent R&D investment.
As for Facebook, he describes them as currently entrepreneurial but likely headed down a different path. He likes the strong R&D investment, 40%+ annualized growth in revenues, profits, and exceptional job growth. He also applauds the ability for the firm to squeeze cost savings while expanding margins through acquisitions. However, despite Founder/CEO Mark Zuckerberg’s steadfast support in continuing to hold virtually all of his Founder’s stock since inception (worth approximately $66B) the same cannot be said for Facebook COO, Sheryl Sandberg. Ms. Sandberg has been the most highly compensated executive in the world over the past 3 years and has generated approximately $800M in total compensation. Moreover, her compensation does not include the sale of approximately 17.4m shares out of her original 18.5m shares (93% sold). Given the current price of Facebook $193, her stock value would be worth approximately $3.6B today rather than her current value of $230M! The Facebook CTO has also cashed out and has generated approximately $700M compensation in the past 4 years along with sales of 40% from his maximum stock positions. In the video, Dr. Shulman laments that this gluttonous corporate behavior sends a very poor message to all stakeholders associated with Facebook and worries about employee loyalty and aligned incentives going forward.
Joel Shulman on Varney & Co. (FOX Business News) 4.17.19 Discussing Various Stocks and China Market.
Babson College Professor Dr. Joel Shulman discusses Qualcomm, IBM, AMZN, the growth in China and the Martha Stewart brand. He notes that China has been the leader in Global markets and mentioned how his firm was fortunate to have been an early adopter of Amazon stock.
Joel Shulman Appears on Fox Business News Varney & Co. (4.8.19) Discussing Pinterest and Q1 Earnings
Babson College Professor Dr. Joel Shulman discusses first-quarter earnings announcements and the upcoming IPO of Pinterest. He notes that the IPO market is red hot now and that the company is coming to market at a multiple of 15x revenues. Pinterest has nearly doubled revenues in the past year (from $450m to $750m) though is still losing money. Losses dropped from $150m to $60m and margins are improving.
Joel Shulman Appears on Fox Business News Varney & Co. (4.3.19) Discussing Market Updates
Babson College Professor Dr. Joel Shulman discusses market updates on the China deal, as well as announcements regarding GameStop, Blue Apron, and Tesla. He notes that GameStop and Blue Apron have strongly deteriorating margins, while Tesla is dropping SGA cost percentages. He also provides a brief commentary on a proposed change regarding capital gains.
Joel Shulman on Fox Business Varney & Co. (3.28.19) Discussing the Inverted Yield Curve in the Market.
Professor Dr. Joel Shulman discusses the market as it currently stands with an inverted yield curve, litigation effects on Bayer as well as the valuation and IPO of Lyft. He contrasts the potential $20B market cap of Lyft with the $56B market cap of GM and notes that the first company has $2B revenue/$.9B in losses whereas GM has $133B in revenue with $8B in profits. He reminds viewers that Facebook IPO came out in $40s and then dropped to low $20s for much of the first year. He suggests that this Entrepreneurial company might be a better value in 6 to 12 months.
Joel Shulman on Fox Business News Varney & Co. (3.14.19) Discussing Performance of Several Companies
Dr. Joel Shulman discusses issues related to Boeing, Facebook, and J&J. He notes that Boeing shareholders still have plenty of downside risk given the significance of the 737 Max planes to the company (80% of $400 B future orders), increasing profitability (margins have improved 40% in past few years) and likely litigation and lost sales. He conceded that Facebook, while vulnerable to criticism, has handled it well and is now returning approximately 40% since Christmas 2018. He adds that it has been a key contributor to the Entrepreneur ETF (ENTR) generating about double the Dow on YTD performance (20% vs 10%).
Joel Shulman on CNBC Worldwide Exchange (3.8.19) Discussing 10 year anniversary of 08-09 Recession.
Babson College Professor Dr. Joel Shulman discusses the 10-year anniversary of the bottom of the 2008-2009 recession and offers commentary regarding market direction and composition since that time. He also provides a comparison between stocks in the Dow vs an Index of Entrepreneurial stocks.
Joel Shulman on Fox Business News Varney & Co. (3.7.19) Discussing China Deal and Facebook.
Dr. Joel Shulman discusses the significance of the China deal, with an expectation that the announcement could move the markets 5-10% within a two week period. He also discusses news announcements regarding Facebook (still entrepreneurial) and other US large cap stocks.
Joel Shulman on Fox Business News Varney & Co. (2.28) Regarding Negative News on China & the Market
Babson College Professor Dr. Joel Shulman discusses recent market movements, GDP growth, and notes a word of caution regarding the recent market run-up and potential exposure to negative news on China.
Joel Shulman on Yahoo Finance (2.22.19) Discussing the China Trade Deal and GDP Growth.
Dr. Joel Shulman discusses the China Trade deal, GDP growth and ramifications of earnings growth among companies globally. He mentions how valuations in US markets are approaching 2018's high levels though believes if the China Trade deal is positive we could see another 5% to 10% rise in equity prices (more significant decline if the news is negative).
Joel Shulman on Fox Business News Varney & Co. (2.22.19) Discussing Coca Cola and 2019 Outlook.
Dr. Joel Shulman discusses the brand value of Coca Cola and how it’s dropped over the past 20 years. He also points out how revenues dropped by a third ($48B to $32B) in the past 5 years and jobs have declined from 150,900 to 61,800 during the same time period. He describes how most jobs in the US are created by large and small cap entrepreneurial companies and are generally lost by bureaucratic companies (like Coca Cola and Kraft) who focus on acquiring companies and firing workers.
Joel Shulman on Fox Business News Varney & Co. (2.14.19) Discussing Different Sector Growth in Markets
Babson College Professor Dr. Joel Shulman discusses a variety of topics including Netflix and growth of their streaming in international markets. He also addresses the video game markets and the high cost of development for producers as well as the switching cost among users. He provides examples using his Babson College students as evidence.
Joel Shulman on CNBC Worldwide Exchange (2.8.19) Discussing US Small Cap Performance.
Babson College Professor Dr. Joel Shulman discusses the strong performance of ENTR (Entrepreneur US Large Cap ETF) YTD and US Small Cap companies. He notes they are still off 15% from 2018 highs. As an aside, Dr. Shulman mentions that later that day he will be at Closing Bell at New York Stock Exchange for the new Non US Small Cap Entrepreneur ETF (ticker: ERSX).
Joel Shulman on Fox Business News Varney & Co. (2.7.19) Discussing Performance Since the Holidays.
Babson College Professor Dr. Joel Shulman discusses the strong performance of US markets since Christmas and notes US Entrepreneurs have increased 25% since Christmas. He mentions how Non-US markets still have room to grow in 2019.
Dr. Joel Shulman Appears on Fox Business News Varney & Co. (2.1.2019) Discussing January Performance
Babson College Professor Dr. Joel Shulman discusses Amazon, Dow stocks, job growth, and Larry Kudlow's comments. Dr. Shulman notes that this is the 4th best January for US large cap stocks since 1931. He also reiterated how US large cap and US small caps (Entrepreneurial companies in particular) have performed extremely well YTD.
Joel Shulman Appears on Fox Business Varney & Co. (1.17.19) Discussing the Current State of Market.
Babson College professor Dr. Joel Shulman discusses a variety of topics including Brexit, Netflix, Apple, and Morgan Stanley. He notes how M&A activity in 2019 is already above last year’s record levels. He also notes how Netflix has been the top performer in the S&P 500 lately, with returns above 50% since Christmas and over 30% YTD.
Dr. Joel Shulman Appears on Varney & Co. (1.2.19) Discussing Market Opportunities in 2019
Dr. Joel Shulman discusses opportunities in 2019 and believes that Small Caps, Non-US Small Caps in particular, provide good value due to opportunistic valuations. He announces the 12/28/18 launch of EntrepreneurShares Non-US Small Cap ETF (NYSE Ticker: ERSX) as conviction of his beliefs. He believes that volatility will continue in the early part of the year, but that investors should start to accumulate positions during the first Quarter 2019. He suggests that a catalyst to Market movement, in addition to news on a potential US-China deal, includes earnings announcements that exceed pessimistic expectations.
Joel Shulman Appears on CNBC (12.28.18) Discussing New Non-US Small Cap ETF (ERSX)
Dr. Shulman discusses a new Non-US Small Cap Entrepreneur ETF (NYSE ticker: ERSX) that is being launched today. He notes that Non-US Small Cap categories have declined more than 22% YTD and have forward P/E ratios that are 10. This is a substantial decline from a few years ago and he believes the timing, as well as valuations, are now attractive for investors.
Joel Shulman Appears on Fox Business News (12.24.18) to Discuss Year End Performance.
Dr. Shulman notes that Markets are very close to being the worst December ever (-12.35% MTD vs -14.53% in 1931). He discusses year end performance and Entrepreneurial Technology companies, in particular. He argues that Markets have overreacted to negative news and suggests that investors have an opportunity to now acquire companies at attractive valuations.
Joel Shulman Appears on Yahoo Finance (12.17) Discussing the Month of December and Future Outlook.
Dr. Shulman noted that December 2018 currently stands as the worst December since the Great Depression (1931). He doesn’t believe the pessimism is justified given underlying strong corporate fundamentals but does express concerns over deteriorating political risks in the US. He reminds viewers that the Markets traditionally appreciate 1.49% between Christmas and New Year's. He also provides a note of optimism hinging on China trade details.
Joel Shulman Appears on Varney and Co. (12.17) Discussing Current Markets and Future Outlook.
Joel Shulman discusses the markets and how December 2018, if it ended at noon today, would be the worst December in the markets since 1931. He doesn’t believe this pessimism is justified given underlying corporate fundamentals but does express concerns over deteriorating political risks in the US. He reminded viewers that the Markets traditionally appreciate 1.49% between Christmas and New Years. He also provides a note of optimism that hinges on China trade details.
Joel Shulman on Varney & Co. (12.11) Discussing Market Volatility and Year-End Equity Investments.
Joel Shulman notes that the flat to negative performance of 2019, despite strong conditions, makes equity investments in US large cap, US Small Cap and international markets attractive. He also mentions how the last time in the past 50 years the Markets experienced such a strong negative December was 2002. Subsequent to that period, the Markets experienced a very strong rally.
Joel Shulman on FOX Business News (12.3) Discussing US-China Trade Deal Announcement.
Dr. Shulman addresses the US-China trade deal announcement and its effect on Capital Markets. He believes that if China actually operates on a new business model and eliminates forced technology transfers and majority joint venture control, the US will have earned a major win. He notes a word of caution that the Federal Reserve still has a meeting on December 19 (Markets have priced in no rate hike) and the skepticism that China may not follow through on its Trade negotiation pledge.
Dr. Joel Shulman on Varney and Co. (11.26) Regarding Regarding Holiday Sales and Impact on Markets.
Dr. Shulman discusses the strong retail sales from Holiday shopping and increases in online advertising. He focuses on potential winners from the record sales (AMZN, GOOG, FB, and FDX) and potential for a year-end rally. He concludes that within the next few days we should see whether or not we have clear direction.
Dr. Joel Shulman on Varney & Co. (11.21) Discussing the Potential for a Year-End Stock Market Rally.
Dr. Shulman discusses the impact that lower oil prices, rising corporate profits, M&A activity, and retail sales will have on Capital Markets for the remainder of 2018. He notes that with the recent Market decline, some stocks are now attractively priced as acquisition targets. A number of stocks have appreciated considerably based on rumors alone. He concludes that within a short period of time we will have a better sense of Holiday purchases and the potential for a year-end stock market rally.
Dr. Joel Shulman on Varney & Co. (11.13) Discussing GE's Slide and Year-End Expectations.
Dr. Shulman discusses Apple’s powerful influence on the overall market and provides a historical perspective of 126-year-old GE. He describes how GE stock has plummeted 86% over past 18 years and 52% YTD. He cites evidence of when GE was a powerful Finance company and issued $3 Billion in inexpensive commercial paper every day. Those days are over. He ends on a positive note citing optimism for Holiday Sales and a year-end rally for markets.
Dr. Joel Shulman on Varney and Co. (11.9) Discussing Corporate Profit Increase.
Dr. Joel Shulman discusses the strong rise in corporate profits from 3rd Quarter 2017 to 3rd Quarter 2018. He notes that overall, US Large Cap Entrepreneurial companies have grown profits 47% in the past year while US Small Cap profits have appreciated approximately 100%. He mentions that during this earnings season stock prices have experienced considerable volatility in both positive and negative directions.
Joel Shulman on CNBC (11.5) discussing Winning the Loser's Game + his views for remainder of 2018.
In his discussion, Dr. Shulman mentions the Markets and his views for the remainder of 2018. Though he recognizes the effect that China Trade Tariffs have had on corporate profits (412 of 1176 public companies reporting 3rd quarter profits and citing China issues have declined 12.5% upon announcement) he remains bullish on the remainder of the year. He addresses the notion of “Winning the Loser’s Game” with regard to “stock pickers”. In this situation, he describes the mathematical likelihood of beating a Market Basket, by simply removing the bottom performers or accentuating the top in a widely-held basket or index. He states that, net of fees, it is often difficult to outperform pure indices, but acknowledges that some Managers claim unique risk Factors that help. He concludes with a discussion regarding corporate profits, particularly for US Small Cap and Large Cap Growth companies and how they have improved considerably from last year. He predicts that the US will experience strong holiday sales and that the stock market will end the year on a positive note.
Dr. Joel Shulman on Varney & Co. (10.31) Regarding the Recent Market Collapse and Future Opportunity.
Professor Joel Shulman discusses the recent market collapse and the opportunity for a year-end recovery. In his discussion, he notes that there are 499 ETFs that hold approximately $1.82 trillion (up from $1.4 trillion last year) in US Large Cap stocks. He describes the strong return movements for high profile stocks (e.g. Amazon, Facebook, Netflix, Google, etc.) being associated with ebbs and flows of institutional investors (who reduced their equity exposure of $10.5 Billion in the third week of October). He believes the Markets have overreacted in October (its the third worst October in the past 50 years after October 1987 and October 2008) and remains confident that despite diminished potential based on China Tariffs, the overall growth in Corporate revenues, profits, research & development, and jobs will continue to support a strong end to 2018 in US equities.
Joel Shulman on Varney & Co. (10.16) About the Recent Market Drops and Provides Insights on Netflix.
Dr. Shulman discusses the recent Market drops and provides his insights regarding Netflix and other Information Technology companies. He describes the strong growth of Netflix over the past few years and mentions how the extraordinary growth in revenues, profits, Research & Development, and International profits cannot be sustained at the same rate going forward (e.g. international streaming profits doubled three consecutive quarters). He notes that key Wall Street analysts have dropped their price targets, though most still remain more than 20% above current levels. He remains optimistic that Market price levels will end the year higher.
Joel Shulman on Varney & Co. FOX News (10.12.18 Pre Market) Regarding Recent Market Declines.
Dr. Joel Shulman appears on FOX Business News Varney & Co. before the Market opened and addresses Market declines from last week. He offers his commentary about future directions of the Markets (remains bullish) and includes as support current interest rates, inflation, unemployment, China Tariffs, and corporate profits...
Dr. Joel Shulman on Varney & Co. (10/2/2018) Discussing USMCA changes and more.
EntrepreneurShares Managing Director Dr. Shulman discusses USMCA changes and payroll increases to US workers. He also defends US Colleges from criticism.
Dr. Joel Shulman on CNBC to discuss year-end market movements and emerging market developments.
Dr. Joel Shulman appears on CNBC World Wide Exchange on September 24th 2018 to discuss year-end market movements and emerging market developments.
Dr. Joel Shulman on TD Ameritrade Discussing the EntrepreneurShares Methodology and ETF
Dr. Joel Shulman appears on TD Ameritrade discussing the EntrepreneurShares Entrepreneur 30 ETF (ENTR) and the overall EntrepreneurShares methodology.
Dr. Joel Shulman on Bloomberg Discussing the EntrepreneurShares Methodology and ETF
Dr. Joel Shulman appears on Bloomberg discussing the EntrepreneurShares Entrepreneur 30 ETF (ENTR) and the overall EntrepreneurShares methodology.
Dr. Joel Shulman on FOX Business News (9.4) Discussing the Continued Growth in the U.S. Economy.
Dr. Joel Shulman, CIO and Managing Director of EntrepreneurShares and Professor of Entrepreneurship at Babson College, discusses the continued growth in the U.S. economy and the next company likely to hit a trillion dollar valuation.
Dr. Joel Shulman on Varney & Co. (8.29) Discussing Continued Market Growth and Recent Tesla Drama.
Dr. Joel Shulman, CIO and Managing Director of EntrepreneurShares and Professor of Entrepreneurship at Babson College, discussing the recent Tesla stock fluctuations and the continued market growth in GDP.
Dr. Joel Shulman on Varney & Co. (8.27) Regarding Market Appreciation and Entrepreneurial Development
Professor Dr. Joel Shulman provides a historical perspective of stock market growth and examines several popular indexes over various time periods.
Dr. Joel Shulman on CNBC Regarding the Growth in Small Cap Stocks
Professor Dr. Joel Shulman appears on CNBC on August 23, 2018, and speaks regarding the performance of small-cap stocks and funds during this year.
Dr. Joel Shulman Appears on FOX Business Varney & Co. Regarding Removing Quarterly Reporting.
Professor Joel Shulman and Managing Director & CIO of EntrepreneurShares appears on FOX Business News Varney & Co. and discusses President Trump's suggestion to move to a 6-month reporting schedule as opposed to quarterly reporting. He also speaks about Elon Musk, his recent comments on social media, and Tesla's performance.
Dr. Joel Shulman on Varney & Co. Discussing Latest Job Report and Continued Corporate Growth
Dr. Joel Shulman on Varney & Co. on August 3, 2018, addressing the latest job report and discusses the impact of M&A activity on these numbers. He also comments on concerns regarding growing power among Mega Cap companies and how bureaucracy tends to diminish their reign over time. Dr. Shulman ends with a note of optimism on the likelihood of new entrepreneurial growth emerging over time.
Dr. Joel Shulman on Varney & Co. (FOX News) With His Take on Growth in Quarter 2
EntrepreneurShares CEO and CIO Joel Shulman speaks regarding the Dow and its potential continued growth throughout the year, and economists predict 4% 2Q growth rate, which is out on Friday.
Dr. Joel Shulman on FOX Business News Varney & Co.: Money Pouring into US Markets
Dr. Joel Shulman, Managing Director of EntrepreneurShares and Babson College professor, on the outlook for the U.S. markets.
Joel Shulman on FOX Business. Investors Focus on Small-Cap Stocks to Reduce Impact of Trade Concerns
EntrepreneurShares CEO Joel Shulman on the outlook for stocks and the mounting trade war concerns.
Joel Shulman on Fox Business Varney & Co. Discussing the Continued Growth in the Stock Market
Dr. Joel Shulman appears on Fox Business Varney and Co on June 5th, 2018 to discuss the continued growth in the stock market.
Dr. Joel Shulman On FOX Business Varney & Co. Regarding the Stock Market after Trump's Tax Reform
EntrepreneurShares CEO and Babson College professor Joel Shulman on the state of the U.S. markets during FOX Business Varney and Co.
Joel Shulman on FOX News Regarding the Recent Tax Reform Wins.
Joel Shulman appears on FOX News' Mornings with Maria show to discuss the recent increases in earnings reports due to President Trump's tax reform.
Joel Shulman on Fox News Regarding Trump Undercutting Positive Economic News for Stocks
EntrepreneurShares Managing Director Joel Shulman on the impact of Trump administration on stocks.
Joel Shulman on Street Signs Asia CNBC Regarding the Effects of U.S. Tax and Trade Policies.
Joel Shulman on Street Signs Asia CNBC Regarding the Effects of U.S. Tax and Trade Policies on U.S. Markets.
Joel Shulman Appears on CNBC's Street Signs Asia Regarding the Future of the Market.
Joel Shulman speaks on CNBC's Street Signs Asia regarding the future of the market after the Fed's comments post January 2018.
Joel Shulman on FOX Business: How Should Investors Handle Market Volatility
FOX Business interviews Babson College Professor and EntrepreneurShares' Managing Director Joel Shulman during the recent volatility in the stock market. See how investors should handle market volatility.
EntrepreneurShares Rings The NYSE Closing Bell
The NYSE welcomes executives and guests of EntrepreneurShares LLC celebrating the launch of the Entrepreneur 30 Fund honoring the occasion, Joel Shulman, Managing Director, rings The NYSE Closing Bell.
Joel Shulman on New England Cable Network: Recent Market Frenzy
EntrepreneurShares' Managing Partner Joel Shulman Speaks About the Recent Market Frenzy!
Joel Shulman on Fox Business: How the New Tax Bill Will Help Stimulate Growth for Global Entrepreneurs
Babson College Professor and Managing Director of EntrepreneurShares, Joel Shulman, on FOX Business News on how the New Tax Bill Will Help Stimulate Growth for Global Entrepreneurs
Joel Shulman on CNBC Speaking on the New Tax Reform's Affect on Publicly Traded Entrepreneurial Companies
Joel Shulman on CNBC Speaking on the New Tax Reform and its Affect on Entrepreneurial Publicly Traded Companies
Joel Shulman on Cheddar: Why EntrepreneurShares Invests in Publicly Traded Entrepreneurs!
Joel Shulman Speaks on Cheddar about EntrepreneurShares' New ETF (ENTR) and What His Firm Considers an "Entrepreneurial" Company.
Joel Shulman at Fox Business: Investing in Entrepreneurs
Babson College Professor Joel Shulman on what to look for when investing in entrepreneurial companies.
Joel Shulman on CNBC Speaking on What it Means to be a Publicly Traded Entrepreneurial Company.
Joel Shulman at Get Tasted: Bootstrapping
Joel Shulman is a Professor of Entrepreneurship at Babson College, the world's leading program in this field and is Managing Director at EntrepreneurShares (publicly traded mutual fund that invests in global entrepreneurs). He has a Ph.D. in Finance and holds the Chartered Financial Analyst (CFA) designation. He called in to Get Tasted to chat with Tom and Tony about teaching entrepreneurship, and the next generation of entrepreneurs.
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Shares of big technology firms may appear overvalued, but the companies still have much room to grow, says Joel Shulman, founder of EntrepreneurShares.Read More →
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