Alezor Research
Porsche: higher pressure down the road
When inflation flatters earnings, simple extrapolation fails
Accor: High operating and financial leverage is not fully discounted by the market
LVMH: Higher inventory potential pressure on margins
Why market turbulence is not like 2008 downturn
While retail data echoes 2007, structural shifts like retiring boomers and rising inventories create a new risk profile. Deferred costs and margin pressure could soon hit corporate earnings, suggesting that 2008 parallels may mislead investors.