1) Starting off with updates on three stocks I've written about recently...

First, shares of Eli Lilly (LLY) were down 4% this morning due to President Donald Trump's comments on weight-loss drug pricing. But they're still up more than 10% since I wrote favorably about the company on September 25.

Next, Interactive Brokers (IBKR), which I took a first look at two weeks ago, reported third-quarter earnings yesterday. Adjusted earnings per share and revenue came in well above expectations. Its number of customer accounts grew 32%, and its pretax profit margin was a staggering 79%.

Like Lilly, this is an incredible company firing on all cylinders – it's just a question of getting comfortable with its high valuation.

Lastly, Salesforce (CRM) shares rose 4% yesterday after announcing financial targets for the next five years. It expects organic revenue to grow above 10% annually and total revenue to exceed $60 billion in 2030 (trailing 12-month revenue is $39.5 billion). It also unveiled a $7 billion share-buyback program over the next six months.

I remain neutral on this stock for reasons I outlined in my September 22, September 23, and September 24 e-mails.

2) Following up on yesterday's first look at United Airlines (UAL), this article in the New York Times highlights how United and Delta Air Lines (DAL) have beaten out industry peers:

Those two airlines have pulled ahead of the pack in recent years after making a few big bets. They expanded loyalty programs and leaned into selling more first- and business-class seats. And they operate lots of international flights.

That has paid off handsomely. Delta and United have generated most of the industry's profits since 2022. And some experts believe their lead is only expanding.

But two of my readers aren't fans of United... Stephen G. wrote:

Unfortunately, UAL is a piece-of-junk company. It treats its customers and employees miserably. Given a choice of just about any other carrier (Frontier and Spirit excluded), I wouldn't step foot on a UAL flight.

Just look at all the incidents this year – most have involved UAL. There's a reason.

I don't know anyone who works for UAL who's happy to be there and who wouldn't move to Delta or American in a heartbeat.

And Thomas P. added:

Have you flown on United recently? If you had you wouldn't even think of putting more money in this company, no matter how low its [price to earnings] might fall.

My answer: My preferred airlines are Delta and JetBlue Airways (JBLU). But, yes, I've flown United a few times in the past year and had no problems.

However, last year, I had a huge problem with United. As I wrote about in my June 24, 2024 e-mail, the airline made it very difficult for me to get a boarding pass because I had booked a Basic Economy ticket.

I also posted my complaint on Facebook, Instagram, and X, and e-mailed it to United's CEO Scott Kirby. I'm pleased to say that, within a week, United changed its policy and fixed the problem.

3) Speaking of writing complaint letters to CEOs...

Last month, I had a bad experience renting a car at San Francisco International Airport with Hertz (HTZ). So I sent this e-mail to Hertz's CEO Gil West, cc'ing a number of other people at the company:

I've been a Hertz Gold member longer than I can remember (25 years?) and specifically look to book Hertz Gold because I can go straight to my car without having to wait in line. I know they can be endless, especially at SFO.

Sure enough, at 11:30 this morning, there were HUGE lines upstairs at Avis and Budget, so I felt great about my decision to book Hertz Gold – until I got downstairs and looked at the board... and it said "go to the counter."

So there I sat, stewing, behind two other people for at least 20 minutes as the line wasn't moving at all – and it grew longer and longer behind me.

I try not to get worked up about delays, but I was already running late to have lunch with an old friend I hadn't seen in years who was going out of town – and ended up not seeing him at all.

Finally, a supervisor came over to help me, but her excuse for the wait made no sense:

She took my driver's license and came back a couple of minutes later with some story about how I'd booked it on the web (what other way is there to book?) so they had to verify my profile – and my car was now waiting for me in slot 371...

This is nonsense – I deliberately made the booking ON YOUR WEBSITE to avoid exactly this problem.

I said, "This is totally unacceptable. You need to fix this."

I'm passing this story along in the hopes that you do...

Eleven days later, I received an apology from a customer service executive, who credited my account with points for a free rental. She wrote:

Please accept my sincere apologies for the inconvenience and frustration caused by the delay at the counter. We understand how important it is for our Gold Members to enjoy a seamless rental experience, especially when time is of the essence.

While our Gold Rewards program is designed to allow members to bypass the counter and go straight to their vehicle, there are certain instances where a brief stop at the counter is necessary. This typically occurs when there is an update required on a member's profile, such as changes to credit card information or driver's license details. In these cases, a verification process is required to ensure the accuracy of the renter's information. This policy is in place to protect both our customers and Hertz from potential security and fraud concerns...

Although I do not have the exact reason for your delay at this time, please be assured we are actively reviewing the situation with our Area Manager to ensure proper procedures were followed. We are also identifying areas for improvement and will take corrective action if necessary.

I think this is a reasonable reply and look forward to using my credit.

4) Along those lines, this Washington Post article notes that it pays off to give companies feedback on their service and ask for discounts:

While some people have honed the art of negotiation, eager to bargain down the cost of a new car or streaming service, others are mortified at the very thought. But many consumers simply don't realize that rent, medical visits and other bills are not as fixed as they might appear.

"You should always just ask. Most people just don't think these things are possible or available, or it's too scary," said Jessica Chan, whose company Trim will negotiate your cellphone or internet bill for you if you'd rather not do it yourself. "Assume there are savings available. Don't be afraid to ask. I think a lot of customers have emotional resistance to asking for discounts or going through this negotiation. It's less scary than you think."

I try to be this sort of "activist customer" and encourage my readers to do the same.

Best regards,

Whitney

P.S. I welcome your feedback – send me an e-mail by clicking here.

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About the Editor
Whitney Tilson
Whitney Tilson
Editor

Whitney is the lead analyst for Stansberry Investment Advisory, our flagship newsletter.

Whitney graduated magna cum laude from Harvard with a bachelor's degree in government. Upon graduation, he helped Wendy Kopp launch Teach for America. He then went on to earn his MBA at Harvard in 1994. He graduated in the top 5% of his class and was named a Baker Scholar.

In his professional life, Whitney founded and ran Kase Capital Management, which managed three value-oriented hedge funds and two mutual funds. Starting out of his bedroom with only $1 million, Tilson grew assets under management to more than $200 million.

An accomplished writer, Tilson has published four books, the most recent of which is The Art of Playing Defense: How to Get Ahead by Not Falling Behind (2021). He has also co-authored two books, The Art of Value Investing: How the World's Best Investors Beat the Market (2013) and More Mortgage Meltdown: 6 Ways to Profit in These Bad Times (2009). And he contributed to Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger (2005), the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger.

Whitney has appeared dozens of times on CNBC, Bloomberg TV, and Fox Business Network, and has been profiled by the Wall Street Journal and the Washington Post. He has also written for Forbes, the Financial Times, Kiplinger's, the Motley Fool, and TheStreet.com.

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